ISSN 1597 - 8842 Vol. 1 No. 37
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The Monthly NCM Report for May ‘10 Issued on June 02, 2010
Contents
Executive Summary 3 Introduction 6 All-Share Index Movement 9 Market Dynamics 10 Comparison of 2009 and 2010 Market Performance 11 Sectoral Index Movements 12
NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index Sectoral Analysis 17 Transactions Volume and Value Trend 17 Top Ten Trades in the Month 18 Top Ten Traded Sectors in the Month 19 Top Ten Gainers in the Month 20 Top Ten Year to Date Appreciation 20 Top Ten Decliners in the Month 21 Top Ten Year to Date Depreciation 21 Supplementary Listing in the Month 22 Forecast Results in the Month 22 Corporate Declarations in the Month 23 Dividends Declared 32 Sectoral Analysis 33 Outlook/ Analyst Opinion 39 Time Lines (April Market News/Information) 40
The Monthly NCM Report for May 2010 www.proshareng.com Page 2
The Monthly NCM Report for May 2010 ISSN 1597 - 8842 Vol. 1 No. 37
Executive Summary
“Market performance in the month reflected weak economic fundamentals as ASI posts 2.44% decline. Just as in February, at the height of the political uncertainty, the equities market has gone south – hopefully temporarily”
In a month in which the market was expected to consolidate its recovery – significant drop in the inter-bank rates as a result of the Federation Account Allocation Committee (FAAC) release of around N415.16bn and Treasury Bill (TB) maturity of about N35bn that hit the system ( source: FSDH ); the Nigerian equities market performance posted a negative performance of -2.44% to close at 26,183.21 compared with marginal appreciation of 0.89% recorded in the preceding month.
This was the worst monthly performance of the year so far, coming immediately after the month of April – trending out and deflating enthusiasm for the steady and robust recovery ‘baby-steps’ forecasted for the second quarter as investors’ activities swerved.
ASI: FIVE MONTHS COMPARABLE PERIODS CHARTS
Recall that the month opened with a spill over of the positive trend of the last two trading days of the previous month (April); which could not be sustained - The positive outlook only lasted four trading days after which the bears took the centre stage and remained in charge for most of the remaining trading days of the month till Thursday and Friday, when the bulls dominated the equities market again – the same cycle as for April month end.
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Notwithstanding the overriding bearish trend recorded in the month under review and the marginal appreciations of 1.73% and 0.89% for the months of February and April respectively, the All-Share Index still closed on a positive note with +25.65% YTD appreciations. The month of March stands out as the best performing month in the year - but for the buoyant growth recorded in the month, the year to date outlook would have waned much more considerably.
There was noticeable volatility in the entire market with most of the activities riding on speculative note; these showed evidence of lack of commitment/conviction from investors. Majority of buyers on the floor seemed to have adopted a ‘survivalist mindset’ - buy and sell within a short period of time.
This scenario did not even spare the blue chip stocks which used to lift market indices and create robust outlook in the market, as the NSE-30 which measures blue chip performance recorded very insignificant appreciation in the month under review.
Unexpectedly, the influx of returns in form of dividends and bonuses could not really lift the gloom and stimulate a rally in spite of the fact that about sixteen quoted companies rewarded investors with dividends while three doled out bonus in the period under review. While some stocks got expected response from investors, some others notwithstanding the returns declared had their prices continued to lag.
The negative performance recorded in the month under review could be attributed to a number of factors, some of which include: The uncertainties that surrounds the nations’ economic fundamentals and state of finances (especially in an election year); The consequential ‘dumping’ of shares by the investors, reflecting operating environment issues and systemic impact; The improved returns on the money market which created swerving of funds from the capital market in anticipation of safer and better yields. The impact-assessment of the Central Bank of Nigeria (CBN) insight/ pronouncements on the risk involved in using bank shares as collateral for margin loans – for which most operators are hugely exposed; Portfolio restructuring by some investors; Poor corporate declarations by some quoted companies; and The non-release of the common year end results in the banking sector, increasing concerns about the going-concern status of these banks.
We are adopting a cautionary stance in the month of June 2010, as the operating environment does not seem to reflect or is just about factoring in the lack of inflows that matches the positive results declared to date.
It is however anticipated that in the coming weeks, with the maturing T/bills, some level of relative liquidity can be achieved in the financial system causing inter-bank rates to drop further or at least remain low to create an attraction and wherewithal to pick up some stocks whose prices had declined relative to their fair prices (see report).
The strong resolve by the regulatory authorities to entrench more discipline, limited transparency and increased compliance by the operators in the market, may prove discomforting and strain the adjustment capabilities of most players, given that we now have a higher rate of change from the outside than within most systems – a situation that truly tasks management capabilities and may be the reason for the sometimes irrational responses to some of the policy changes.
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It is noteworthy though that the system is approaching a period of burn-out and the regulators must now make the decision on the following: 1. How much more uncertainty and change can the system take? 2. Where does regulation stop and over-regulation begin? 3. When does the use of incentives and rewards, rather than sanctions become an acceptable approach to institutionalise the changes that have taken place?
This report allows you to appreciate the market in a more personal way; and empower you to engage it and attempt answering these questions in a much more intelligent manner.
We thank you for reading the report and do encourage you to take out time and share your thoughts with us on market, your investment and your needs. Feel free to e-mail our analyst at [email protected]
We value your feedback and comments.
For additional References
NSE Activity Report - May 2010 - http://www.proshareng.com/reports/view.php?id=2696
State of the Market Reports - http://www.proshareng.com/state.php
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Introduction
“Notwithstanding the bearish trend recorded in the month and the marginal appreciation of the preceding month, activities on the floor of the NSE continue to suggest that the indicators of a positive trend still remain. The level of transactions on the NSE remains on the sustained uptrend on the monthly basis. ”
Equities market in the month of May commenced on a positive note with the upbeat of the last two trading days of the month of April extending into the month, to last only for the first four trading days after which the bears took the centre stage and held sway for most of the trading days of the month till the last two days before the May 31, 2010 public holiday.
The first trading week of the month recorded the highest appreciation of 3.97% to close at 27,503.37 , followed by a marginal appreciation by +0.91% in the following week to close at 27,753.13. The remaining two trading weeks recorded depreciations of higher magnitudes which closed at -3.49 % and -2.25% for the third and fourth week respectively.
The transaction trend in the month showed a decline in the investors’ commitment to the capital market, and this was noticed to have commenced in the month of April where the impact of bears was evident as the month consequently closed with marginal appreciations. The cyclical month start and close patterns indicate an adjustment of sorts.
A cursory review of the NSE sectoral indexes revealed that the financial stocks contributed more to the negative outlook recorded in the month, followed by the depletion suffered by many of the blue chips stocks in the third and fourth weeks respectively.
The declines recorded in the first and third weeks in the Petroleum Marketing sector was overridden by the positive outlook of the remaining two weeks of the month. The Petroleum sector Index depreciated by 4.54% in the first week and by 2.20% in the third week. However, there was impressive growth of 7.23% in second week and further appreciation by 1.39% in the fourth week. Food and Beverages eventually recorded the highest appreciation in the month followed by Petroleum Marketing sector.
The trend showcased the trend recorded in the market in the month under review. It showed the investors’ appetites did not swing in favour of financial stocks as such were subjects of high rate of volatility. The bearish trend recorded in these financial stocks could be attributed to dearth of returns in these sectors, most especially in the insurance stocks and the CBN rescued banks.
Notwithstanding the bearish trend recorded in the month and the marginal appreciation of the preceding month, activities on the floor of the NSE continue to suggest that the indicators of a positive trend still remain. The level of transactions on the NSE remains on the sustained uptrend on the monthly basis.
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The transaction volume in the month of May posted lower figures when compared with the preceding month figures, the transaction value closed as the third lowest after January and February. However, there are indications that investors’ confidence may grow in the days ahead, even as the political atmosphere gets clearer by the day.
This expectation is hinged on the commitments given by the Central Bank of Nigeria to ensuring more ease of liquidity into the system which should stimulate activity on the floor and price movements of stocks; to reverse the slide in the rate of recovery of the market.
The real progress recorded in the passing of the Asset Management Company of Nigeria (AMCON) bills by the House of Reps and Senate respectively must therefore represent a key turning point in resolving the niggling issue of huge margin loans and deteriorating assets and collaterals. The bills, now undergoing harmonisation; should help deal with the niggling margin loan problems accentuated by declining assets quality and deteriorating collaterals.
The passage of the bill has been impacted by a timing issue arising from the common year end and 2010 Q1 results of banks released so far, which has seen investors wary of each bank position become a source of further enquiry.
The commitment of the regulatory authorities at ensuring a more disciplined and professional capital market continues to impact the market and the change process. It is expected that some semblance of stability will have been reached by the half year to ensure a clearer market in terms of reform direction and enabling opportunities.
For the month of May, the equities market recorded 8.244bn units valued at N76.112bn (US$504.06m) exchanged in 180,388 deals compared with a total of 12.598bn units valued at N108.311 billion (US$722.07m) exchanged in 206,206 deals recorded in the month of April.
The transaction in the preceding year comparable period stood at 7.595bn units valued at N54.16bn (US$338.42m) exchanged in 131,647 deals . Comparing the volume and value traded in the month with the previous year’s comparable period showed +8.59% and +40.52% rise above the volume and value recorded in the previous year’s May respectively.
Monthly and Average Monthly Volumes (Billion)
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In the same vein, comparing the volume and value traded in the most recent previous month showed that the transactions activities closed on the downward note. The volume traded in the previous month to April 30th 2010 which stood at 12.597bn units valued at N108.311bn (US$723.520m) exchanged in 206,206 deals was -35.56% below the volume traded this month.
In the course of the month, the All-Share index recorded a -2.44% to close at 25,183.21 as against +0.89% marginal appreciation of the previous month. The negative performance was in contrast with +38.51% appreciations recorded in 2009 May to close at 27,700.24.
The ASI trend this month when compared with the preceding month to April 30th, 2010 was showed the trend of sustained decline in market performance as the previous month recorded marginal growth of +0.89% compared with +12.97% growth recorded in March appreciations .
Market capitalisation in May depreciated by N29.597bn (US$197.707m) as against with N117.781bn (US$ 786.781m) market capitalisation gain recorded in the previous month and. The preceding year comparable period recorded N1.887trillion (US$12.608bn) appreciation
This trend recorded in the month was in part impacted by the factors outlined in page 4 above.
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The NSE All-Share Index Movement The NSE index which began on an impressive note in the month of May with sustained appreciations for the first four trading days turned south and remained with the trend for most of the remaining trading days of the month. The month declined by -2.44% to close at 26,183.21 as against +38.51% appreciations recorded in the preceding year comparable period to close at 29,700.21, and the preceding month appreciation by +0.89% to close at 26,453.20. The month of May closed at the worst performing month in the year.
The major decline in the month occurred on 17 th , 21 st , 24 th , 25 th and 26 th of the month with -1.33%, -1.62%, -1.43%, -1.87% and -1.29% depreciations respectively. These major declines contributed mostly to the decline recorded in the month. Barring any unforeseen negative news in the coming trading days, the upbeat that resumed in the latter days of the month should continue (with reasoned caution based on last months pattern) in the month of June, though not without declines in between.
Meanwhile, at the end of the last trading days of the month, All-Share Index closed below the figure recorded at the close of 2nd January 2009 by -16.50%.
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At the close of the last trading day of the month, All-Share Index traded below its 20 days and 50 days moving averages of 26,934.03 and 26,601.81 respectively but above its 200 days moving averages of 23,361.03.
The All-Share Index started trading below its 20 days moving average on the 21st May, 2010 and below its 50 days moving averages on the 24th May 2010 . This was due to depletion recorded in the All-Share Index towards the latter part of the month. The ASI trading above its 200 days moving averages is technically suggesting a sustained bullish trend.
Market Dynamics
The market dynamics as graphically illustrated below showed the appreciation and depreciations on the daily basis. The profit taking activities and all the other causative activities in the month were responsible for the dynamics recorded.
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MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (MAY , 2009)
Source: NSE, Proshare Research
Comparison of 2009 and 2010 Market Performance
The market performance in May 2010 when compared with 2009 comparable period showed a declining trend. In the period under review, ASI recorded -2.44% appreciation compared with +38.20% appreciations recorded in 2009 May. The scenario revealed that the in the preceding year comparable period was a clear departure from the month under review.
In May 2009, the ASI recorded only five depreciations in the entire month, as against massive declines in the nine trading days recorded in the month under review.
Market Market Capitalisation Capitalisation ($ Dates NSE ASI (trillion) billions)
Jan-02-09 31,357.24 6.93 43.31 May-04-09 21,442.25 4.87 30.44 May-28-09 29,700.24 6.75 42.19 Yearly Return -5.28% -2.60% -2.60% Monthly Return 38.51% 38.60% 38.60%
Jan-04-10 20,838.90 4.99 33.27 May-04-10 26,837.03 6.49 42.98 May-28-10 26,183.21 6.37 42.19 Yearly Return 25.65% 27.66% 26.81% Monthly Return -2.44% -1.85% -1.85%
Source: NSE, Proshare Research
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From the table above, the year to date performance of 2009 closing at -5.28% indicated a woeful performance when compared with the positive year to date performance of 2010 closing at +25.65%.
The positive growth of +8.15% recorded in April 2009 and 38.51% appreciations recorded in May 2009 when compared with +0.89% appreciations and -2.44% depreciations of April and May 2010 respectively showed that the first three months in 2009 posted more of declines.
Sectoral Index Movements
NSE - NSE - NSE - Oil NSE - 30 NSE - Food Banking Insurance & Gas Dates % Change % Change % Change % Change % Change 04/05/2010 1.45% 1.91% 1.49% 1.23% -0.75% 05/05/2010 0.84% 1.80% 0.79% 1.51% -3.60% 07/05/2010 1.46% -0.54% 2.42% -0.62% -0.23% 10/05/2010 1.13% 0.99% 1.30% -1.88% 0.19% 11/05/2010 -0.34% -0.73% -1.01% 1.09% -0.03% 12/05/2010 0.42% 0.21% 1.02% -0.07% 1.68% 13/05/2010 0.61% 1.50% 0.43% -2.12% 2.15% 14/05/2010 -0.03% 1.68% -1.34% 1.48% 3.08% 17/05/2010 -1.34% 0.08% -2.45% -0.75% 0.22% 18/05/2010 0.36% 0.42% 0.52% -0.78% 1.22% 19/05/2010 0.13% 0.06% 0.64% -1.40% -0.94% 20/05/2010 -0.76% -1.14% -0.68% -1.20% -2.61% 21/05/2010 -1.51% -1.42% -2.24% -0.24% -0.07% 24/05/2010 -1.37% -0.40% -2.55% 1.17% 1.63% 25/05/2010 -1.97% -1.37% -2.55% -0.60% -0.33% 26/05/2010 -1.71% -1.21% -1.47% -0.44% -2.08% 27/05/2010 1.12% 2.70% 1.48% -0.36% 1.60% 28/05/2010 1.65% 1.87% 0.75% 0.34% 2.25% Monthly Return 0.01% 6.45% -3.62% -3.62% 3.16% Source: NSE, Proshare Research
In the month under review, NSE-Food and Beverages index emerged the best performing sector with +6.45% appreciation, followed by Oil and Gas index which appreciated by +3.16% and NSE-30 index followed with insignificant growth by +0.01% appreciation. However, the declining trends recorded in Banking and Insurance sectors stood at -3.62% and -3.62% compared with -4.22% and -5.48% recorded in these sectors in the previous month. This shows the pattern of financial stocks performances.
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April and May 2010 Sectoral Indexes Compared
In the chart above, all the sectoral indexes in the preceding comparable period outperformed the month under review very significantly. This could also be seen as a pointer to the impressive performance recorded in the All-Share Index for the period. As against the bearish outlook of the financial stocks in May 2010 (NB: financial stocks in May 2009, especially the banking stocks, were among the best performing sectors in the period).
May 2010 and May 2009 Sectoral Indexes Compared
NSE -30 INDEX
Source: NSE, Proshare Research
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The sell pressures were still evident in the blue chip stocks in the month under review just as it was in the previous month. The performance would have dipped further but for appreciations recorded in Food and Beverages and Petroleum Marketing stocks in the year. The contributions of blue chips stocks in this sector must have aided the outlook of the index. The sector Index eventually closed with +0.01% appreciations in the month compared with +4.20% recorded in the preceding month.
NSE -FOOD INDEX
Food and Beverages stocks still enjoyed strong investors’ patronage in the month. The sector index recorded the highest appreciations for the month among the NSE sectoral indexes. Though sell pressures featured in the sector as well, the sector posted a level of resilience which in a way mitigated the negative impact of such. Seven-Up, Cadbury Nigeria Plc and Nestle Nigeria Plc contributed more to the positive outlook recorded in the sector. Food and Beverages sector recorded monthly performance of +6.45% growth compared with +10.45% appreciations recorded in the preceding month.
NSE -BANKING INDEX
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Thirteen of the stocks traded in the sector recorded decline of different magnitude in the course of the month while only seven recorded appreciations, most of which were marginal. First Inland Bank Plc recorded the highest depreciations of -17%, followed by Access Bank Plc with -16% depreciations. However, IBTC Bank Plc posted the highest appreciation in the sector standing at +15%. The untimely release of common year end results of some banks coupled with the unimpressive returns declared by some of the banks that published their results accounted in part for the decline recorded in the month of May. The sector recorded -3.62% decline compared with -4.22% depreciation recorded in the preceding month. As it stands, only a few of the banks can be considered as a long term value stock while many others remain uncertain for a longer period than would have been expected were there conditions not severe.
NSE -INSURANCE INDEX
Stocks in Insurance sector are still subjected to the market volatility caused by high speculation. Investors are not so keen about the stocks in the sector despite the fact that they look so cheap and less risky given their close to nominal value prices, even some of them now trading at their nominal prices. The main factor responsible for the trend in the sector is the dearth of return to the investors, most especially in form of dividends. The sector closed with -3.62% in the month as against -5.48% appreciation of the previous month.
NSE -OIL INDEX
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The Oil and Gas sector of the capital market remains attractive for investment consideration as the performance trend remains northward for the most part of the month. The performance growth at the end of May closed at +3.16% compared with +32.36% growths recorded in the preceding month.
The sector’s trend till the last trading of the month still showed the possibility of maintaining positive outlook in the trading days ahead. The sector looks like a safe haven for investors, most especially those with long term view.
LAST TRADING DAY – S NAPSHOT
http://www.proshareng.com/investors/theAnalyst.php
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SECTORAL ANALYSIS : YTD SECTORAL ANALYSIS TO THE MONTH UNDER REVIEW
Sector Symbol 4 Jan 10 - May 28 % 4 Jan 10 - April 30 % HOTEL & TOURISM 99.08% 116.56% AIRLINE SERVICES 50.85% 65.61% FOOD/BEVERAGES & TOBACCO 49.49% 47.75% ROAD TRANSPORTATION 49.21% 43.84% MEDIA 33.65% 38.34% LEASING 32.20% 36.60% HEALTHCARE 30.37% 36.03% CONSTRUCTION 25.81% 32.95% PETROLEUM(MARKETING) 24.40% 32.47% MARITIME 20.55% 31.36% BUILDING MATERIALS 20.02% 31.11% COMMERCIAL/SERVICES 18.11% 22.44% BREWERIES 13.33% 22.24% PRINTING & PUBLISHING 13.19% 20.81% CHEMICAL & PAINTS 12.97% 19.76% REAL ESTATE 11.13% 19.49% AGRICULTURE 10.76% 17.29% CONGLOMERATES 10.15% 16.93% ENGINEERING TECHNOLOGY 9.77% 16.67% THE FOREIGN LISTINGS 7.90% 13.50% BANKING 6.30% 11.72% PACKAGING 4.82% 7.72% INFO & COMMUNICATION TECHNOLOGY 0.00% 5.81% COMPUTER & OFFICE EQUIPMENT -2.78% 4.89% AVIATION -4.38% 0.00% INSURANCE -4.42% -1.23% MORTGAGE COMPANIES -4.87% -2.98% OTHER FINANCIAL INSTITUTIONS -5.67% -3.89% SECOND-TIER SECURITIES -7.47% -4.71% FOOTWEAR -14.08% -9.62% INDUSTRIAL/DOMESTIC PRODUCTS -17.86% -15.38% AUTOMOBILE & TYRE -23.25% -19.83% TEXTILES -25.26% -25.26% Source: NSE, Proshare Research
Transactions Volume and Value Trend
The transaction volume in the month of May when compared with the preceding year comparable period closed higher by +8.59% to close at 8.248bn units compared with 7.595bn units traded in May 2009 . This could be an indication that the investors’ patronage of the market in the month under review was significantly different.
Also, the transaction value in the month under review closed higher by +180.27% at N76.113bn ($504.06m) compared with N54.164bn ($338.52m) of May 2009. The reason that could be adduced to the upward trend in transaction value was the impact of massive sell pressures in the month.
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May 2010 vs. 2009 Daily Volume Chart
Source: NSE, Proshare Research
Top Ten Trades for the Month of May
Eight banking stocks emerged in the top ten trades for the month with six of them as the first most traded - UBA Plc topped the transaction volume for the month. The price movement of these stocks did suggest impact of sell pressure on most of them, hence the negative performance of different magnitude recorded in almost all the stocks.
Company Total Trades Total Volume Total Value UBA 5358 469,753,677.00 6,013,219,257.08 FIDELITYBK 2934 442,863,022.00 1,280,267,633.91 FIRSTBANK 15034 421,278,493.00 6,316,284,872.78 ZENITHBANK 7751 419,228,067.00 6,192,635,654.97 SKYEBANK 3504 398,694,812.00 3,374,639,323.05 GUARANTY 9346 360,879,172.00 6,245,833,158.40 GTASSURE 907 355,123,657.00 918,478,794.13 ACCESS 3933 235,373,484.00 2,180,073,454.39 CAPHOTEL 56 201,473,445.00 727,059,718.63 DIAMONDBNK 1690 185,139,874.00 1,513,703,192.30
Recall Top Ten Trades for May 2009
Company Total Trades Total Volume Total Value WEMABANK 2543 1,103,812,103.00 2,862,824,531.42 ACCESS 5419 482,093,076.00 4,016,396,391.81 GUARANTY 7734 350,553,884.00 4,041,401,557.65 UBA 7865 325,228,504.00 4,735,025,230.14 CHAMS 1094 300,150,200.00 412,020,654.59 SKYEBANK 4141 290,742,412.00 1,608,793,056.82 FIRSTBANK 14814 259,853,838.00 4,818,055,347.30 DIAMONDBNK 2186 231,099,218.00 1,662,688,387.00 ETI 1433 210,655,895.00 1,801,433,575.57 PLATINUM 2901 209,744,379.00 1,580,838,326.52
Source: NSE, Proshare Research
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Top Ten Traded Sectors for the Month of May
As reflected in the top ten traded stocks chart, banking sector traded the highest volume in the month standing at 47.03% of the entire market volume compared with 41.84% of the entire market volume transactions traded in the previous month. The volume traded in Insurance sector followed.
The volume traded in the banking sector closed at 3.877 bn units valued at N36.285bn (242.382m) exchanged in 66,186 deals compared with 5.271 billion units valued at N59.754bn ($399.161m) exchanged in 88,246 deals in the previous month.
The volume traded in Insurance sector closed at 1.602bn valued at N2.001bnn (US$ 13.360bn) exchanged in 8,978 deals compared with 3.162bn units valued at N3.082bn ($20.586m) of the previous month. Insurance volume traded accounted for 19.43% of the market volume exchanged in the month.
% Sector Total Trades Total Volume Total Value Contribution BANKING 66186 3,877,294,313.00 36,284,551,830.73 47.03% INSURANCE 8978 1,601,882,144.00 2,001,088,129.51 19.43% FOOD/BEVERAGES & TOBACCO 17533 389,760,448.00 8,334,730,930.11 4.73% MORTGAGE COMPANIES 1440 317,770,923.00 176,615,132.35 3.85% INFO & COMM. TECHNOLOGY 1496 260,566,945.00 489,910,438.24 3.16% HOTEL & TOURISM 568 247,483,305.00 830,201,288.86 3.00% MARITIME 3533 176,266,173.00 332,682,247.19 2.14% HEALTHCARE 2648 164,232,397.00 617,067,774.02 1.99% CONGLOMERATES 5035 131,242,564.00 3,407,920,490.78 1.59% BREWERIES 5160 125,177,704.00 7,629,508,152.70 1.52% Total 180388 8,244,365,064.00 76,090,630,415.75
Source: NSE, Proshare Research
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Top Ten Gainers in the Month
COMPANY 4-May-10 28-May-10 Change % Change GLAXOSMITH 21.89 27.55 5.66 25.86% CADBURY 24.79 30.8 6.01 24.24% TOTAL 195 242 47 24.10% IBTC 9.43 10.85 1.42 15.06% INTBREW 5.4 6.06 0.66 12.22% NESTLE 314 350 36 11.46% CHEVRON 69.79 76.93 7.14 10.23% JAPAULOIL 1.62 1.78 0.16 9.88% LIVESTOCK 0.86 0.94 0.08 9.30% CUSTODYINS 3.55 3.86 0.31 8.73%
As at May 2009 DATE 4/5/2009 28/5/2009 Change % Change UNITYBNK 1.28 2.82 1.54 120.31% ASHAKACEM 8.31 17.5 9.19 110.59% FLOURMILL 17.3 35.38 18.08 104.51% WEMABANK 1.99 4 2.01 101.01% DIAMONDBNK 5 9.95 4.95 99.00% ZENITHBANK 13.7 26.46 12.76 93.14% FIDELITYBK 2.36 4.41 2.05 86.86% MULTIVERSE 0.52 0.97 0.45 86.54% MAYBAKER 3.89 7.06 3.17 81.49% NAHCO 6.7 12.12 5.42 80.90% Source: NSE, Proshare Research
Top Ten Year to Date Appreciation
COMPANY 4-Jan-10 28-May-10 Change % Change CADBURY 10.49 30.8 20.31 193.61% INTBREW 2.27 6.06 3.79 166.96% IKEJAHOTEL 0.87 2.17 1.3 149.43% CAPHOTEL 1.38 3.42 2.04 147.83% COSTAIN 3.8 8.35 4.55 119.74% BERGER 3.2 7 3.8 118.75% DANGFLOUR 10.42 22.12 11.7 112.28% JBERGER 25.79 52.01 26.22 101.67% NASCON 4.56 9.08 4.52 99.12% NEIMETH 1.5 2.93 1.43 95.33% Source: NSE, Proshare Research
The top ten appreciations for the month and for the year to date further explain the swing in investors’ taste as there was dearth of financial stocks in the top ten gainers for both the month and year to date. The stocks in this category are mainly non-financials.
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This was a reverse of what obtained in May 2009 where banking stocks featured in the top ten gainers for the month and none in the top ten decliners.
Top Ten Decliners in the month
COMPANY 4-May-10 28-May-10 Change % Change DAARCOMM 1.09 0.7 -0.39 -35.78% BECOPETRO 1.63 1.1 -0.53 -32.52% WAPIC 0.97 0.66 -0.31 -31.96% OANDO 120 83.02 -36.98 -30.82% MAYBAKER 7.98 6.01 -1.97 -24.69% TANTALIZER 1.18 0.89 -0.29 -24.58% UACN 52.82 42.02 -10.8 -20.45% ABCTRANS 1.1 0.88 -0.22 -20.00% Presco 7.79 6.31 -1.48 -19.00% CHELLARAM 11.53 9.41 -2.12 -18.39%
As at May 2009 DATE 4/5/2009 28/5/2009 Change % Change CAPOIL 13.83 2.6 -11.23 -81.20% DEAPCAP 4.22 2.31 -1.91 -45.26% AIRSERVICE 9.55 5.69 -3.86 -40.42% CILEASING 5.19 3.14 -2.05 -39.50% CRUSADER 3.11 2.18 -0.93 -29.90% UTC 3.01 2.31 -0.7 -23.26% EQUITYASUR 1.06 0.82 -0.24 -22.64% CUTIX 6.39 4.97 -1.42 -22.22% AGLEVENT 6.14 4.96 -1.18 -19.22% GCAPPA 24.1 19.65 -4.45 -18.46% Source: NSE, Proshare Research
Top Ten Year to Date Depreciation COMPANY 4-Jan-10 28-May-10 Change % Change UNITYKAP 2.38 0.6 -1.78 -74.79% ALUMACO 27.71 8.15 -19.56 -70.59% BECOPETRO 2.53 1.1 -1.43 -56.52% STACO 1.19 0.52 -0.67 -56.30% OASISINS 1.49 0.68 -0.81 -54.36% INCAR 4.12 1.97 -2.15 -52.18% ECOBANK 10.1 5.29 -4.81 -47.62% CRUSADER 1.5 0.85 -0.65 -43.33% WAPIC 1.15 0.66 -0.49 -42.61% AFRINSURE 0.87 0.5 -0.37 -42.53% Source: NSE, Proshare Research
The Monthly NCM Report for May 2010 www.proshareng.com Page 21
Supplementary Listing in the Month
Company Units Purpose UACN Plc 320,144,065 1 for 4 bonus Chemical and Allied Products Plc 70,000,000 1 for 3 bonus UACN Property Plc 275,000,000 1 for 4 bonus Tourist Company Plc 634,585, 472 Placing to Sun International Plc Oando Plc 603,389, 752 1 for 2 Oando Plc 301,694, 876 Rights Issue Access Bank Plc 1,643,725,927 1 for 10 bonus United Bank of Africa Plc 4,311,292,493 1 for 5 bonus
Source: NSE, Proshare Research
Forecast Results in the Month
DECLARED FORECASTS FOR MAY Gross Earnings PAT Company Year End Period (N' bn) (N' bn) ASO Savings March Q1 2010 4.338 0.477 African Paints December Q2 2010 1.201 0.166 Abbey Building Society December Q2 2010 1.169 0.377 Juli Plc March Q1 2010 0.107 7up Bottling Company March Q1 2010 11.926 0.65 Lafarge Cement Wapco Plc September Q3 2010 14.615 2.235 International Breweries Plc December Q1 2010 2.149 2.111 Sovereign Trust Insurance Plc October Q3 2010 1,200 0.429 Consolidated Hallmark Ins. Plc December Q3 2010 0.680 0.79 Nampak Plc September Year End 4.659 0.271 Tripple Gee Company Plc September Q2 2010 0.14 0.106
Source: NSE, Proshare Research
The Monthly NCM Report for May 2010 www.proshareng.com Page 22
Corporate Declarations in the Month
May 4th 2010: ECOBANK NIGERIA PLC May 4th, 2010: BOC GASES PLC AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09 2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 59,864.00 55,156.00 8.54 Gross Earnings 2,223.00 1,871.00 18.81
Profit Before Tax (5,944.00) (898.00) 561.92 Profit Before Tax 429.79 317.75 35.26 Profit/Loss After Tax (4,588.00) 5,000.00 (191.76) Profit/Loss After Tax 249.48 221.46 12.65 Balance Sheet Information Balance Sheet Information Fixed Assets 21,382.00 18,818.00 13.63 Fixed Assets 1,110.00 1,080.00 2.78 Cash and Bank Balances 9,524.00 18,768.00 -49.25 Cash and Bank Balances 104.97 186.07 -43.58 Other Debit Balances 125,921.00 228,716.00 -44.94 Other Debit Balances 124.83 147.15 -15.17 Trade Credits 243,831.00 310,714.00 -21.53 Short Term Borrowing 32.35 NIL Other Credit Balances 38,297.00 89,996.00 -57.45 Other Credit Balances 810.35 850.93 -4.77 Working Capital 172,442.00 33,416.00 416.05 Working Capital 31.56 129.03 -75.54 Net Assets 73,534.00 31,756.00 131.56 Net Assets 910.66 763.38 19.29 http://www.proshareng.com/investors/company.php?ref=ECOBANK http://www.proshareng.com/investors/company.php?ref=BOCGAS
May 4th, 2010: JULI PLC May 5th, 2010: ETERNA OIL PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31ST MARCH 2010 FIRST QUARTER RESULT FOR THE PERIOD ENDING 3-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings (60.61) (72.29) (16.16) Gross Earnings 6,376.00 1,820.00 250.33
Profit Before Tax (8.61) (5.23) 64.63 Profit/Loss Before Tax 350.61 (250.55) (239.94) Profit/Loss After Tax (8.61) (5.26) 63.69 Profit/Loss After Tax 238.41 (356.87) (166.81) Balance Sheet Information Balance Sheet Information Fixed Assets 50.22 54.91 -8.54 Fixed Assets 1,175.00 1,239.00 -5.17 Cash and Bank Balances (11.50) (3.50) 228.57 Cash and Bank Balances 499.10 1,034.00 -51.73 Other Debit Balances 8.00 8.00 0.00 Other Debit Balances 5,959.00 6,086.00 -2.09 Trade Creditors 42.10 23.60 78.39 Trade Credits 6,149.00 3,648.00 68.56 Working Capital (18.32) 13.64 -234.31 Other Credit Balances 1,438.00 260.84 451.29 Net Assets 37.66 74.20 -49.25 Working Capital (494.36) (1,803.00) -72.58 http://www.proshareng.com/investors/company.php?ref=JULI Net Assets 4,676.00 4,772.00 -2.01 http://www.proshareng.com/investors/company.php?ref=ETERNAOIL
May 5th, 2010: ECOBANK NIGERIA PLC May 5th, 2010: A.G. LEVENTIS NIGERIA PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31ST MARCH 2010 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31ST MARCH 2010
2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 13,703.00 14,904.00 (8.06) Gross Earnings 3,247.00 1,333.00 143.59 Profit before tax 1,207.00 2,703.00 (55.35) Profit Before Tax 119.64 202.07 (40.79) Profit/Loss After Tax 1,071.00 1,838.00 (41.73) Profit/Loss After Tax 81.36 137.41 (40.79) Balance Sheet Information Balance Sheet Information Fixed Assets 21,144.00 18,442.00 14.65 Fixed Assets 9,906.00 10,001.00 -0.95 Cash and Bank Balances 8,676.00 27,795.00 -68.79 Cash and Bank Balances 1,572.00 916.81 71.47 Other Debit Balances 125,127.00 116,768.00 7.16 Other Debit Balances 2,265.00 1,894.00 19.59 Other Credit Balances 23,852.00 131,952.00 -81.92 Other Credit Balances 5,298.00 4,826.00 9.78 Net Assets 74,692.00 42,596.00 75.35 Working Capital 1,511.00 1,352.00 11.76 http://www.proshareng.com/investors/company.php?ref=ECOBANK Net Assets 10,285.00 10,308.00 -0.22 http://www.proshareng.com/investors/company.php?ref=AGLEVENT
May 5th, 2010: OKOMU OIL PALM PLC May 5th, 2010: TANTALIZERS PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31ST MARCH 2010 AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2009 2010 N'm 2009 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 1,926.00 4,741.00 (59.38) Gross Earnings 5,390.00 4,531.00 18.96 Profit Before Tax AND Extra- Profit Before Tax 736.06 661.74 11.23 ordinary items 177.53 345.35 (48.59) Profit/Loss After Tax 730.06 516.06 41.47 Profit/Loss After Tax 56.62 305.40 (81.46) Balance Sheet Information Balance Sheet Information Fixed Assets 6,286.00 6,253.00 0.53 Fixed Assets 4,599.00 3,929.00 17.05 Cash and Bank Balances 1,700.00 (21.78) -7905.33 Cash and Bank Balances 261.73 322.55 -18.86 Other Debit Balances Other Debit Balances 701.40 697.73 0.53 Trade Credits 1,909.00 1,371.00 39.24 Short Term Borrowing 76.27 136.81 -44.25 Other Credit Balances 1,987.00 1,987.00 0.00 Other Credit Balances 734.32 592.39 23.96 Working Capital 785.17 87.44 798.00 Working Capital (146.62) 231.99 -163.20 Net Assets 5,083.00 4,353.00 16.77 Net Assets 3.65 3.77 -3.21 http://www.proshareng.com/investors/company.php?ref=OKOMUOIL http://www.proshareng.com/investors/company.php?ref=TANTALIZER
The Monthly NCM Report for May 2010 www.proshareng.com Page 23
May 5th, 2010: JULIUS BERGER PLC May 5th, 2010: JAPAUL OIL AND MARITIME SERVICES PLC FIRST QUARTER INTERIM REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER INTERIM REPORT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 31,414.00 37,106.00 (15.34) Gross Earnings 1,615.00 1,096.00 47.35 Profit Before Tax 1,420.00 2,342.00 (39.37) Profit Before Tax 531.89 315.57 68.55 Profit/Loss After Tax 780.96 814.78 (4.15) Profit/Loss After Tax 425.52 252.46 68.55 Balance Sheet Information Balance Sheet Information Fixed Assets 48,565.00 48,411.00 0.32 Fixed Assets 18,483.00 18,255.00 1.25 Cash and Bank Balances 12,349.00 8,968.00 37.70 Cash and Bank Balances 1,905.00 1,499.00 27.08 Other Debit Balances 36,474.00 63,614.00 -42.66 Other Debit Balances Trade Creditors 2,521.00 4,000.00 -36.98 Trade Credits 621.94 879.34 -29.27 Other Credit Balances 133.96 134.27 -0.23 Other Credit Balances 1,452.00 1,847.00 -21.39 Working Capital (31.39) (32.04) -2.03 Working Capital 3,112.00 3,361.00 -7.41 Net Assets 8,503.00 7,722.00 10.11 Net Assets 21,898.00 21,725.00 0.80 http://www.proshareng.com/investors/company.php?ref=JBERGER http://www.proshareng.com/investors/company.php?ref=JAPAULOIL
May 5th, 2010: AFROMEDIA PLC May 5th, 2010: ABBEY BUILDING SOCIETY PLC SECOND QUARTER INTERIM REPORT FOR THE PERIOD ENDED 31-MAR-10 AUDITED REPORT FOR THE PERIOD ENDED 31-OCT-09 2010 N'm 2009 N'm % Change 2009 N'm 2008N'm % Change Gross Earnings 1,550.00 1,321.00 17.34 Gross Earnings 1,507.00 1,164.00 29.47 Profit before tax 489.55 446.74 9.58 Profit Before Tax 354.23 229.93 54.06 Profit/Loss After Tax 342.69 312.72 9.58 Profit/Loss After Tax 235.33 189.46 24.21 Balance Sheet Information Balance Sheet Information Fixed Assets 2,077.00 2,133.00 -2.63 Fixed Assets 1,118.00 1,073.00 4.19 Cash and Bank Balances 7.54 80.66 -90.65 Cash and Bank Balances 4,168.00 5,136.00 -18.85 Other Debit Balances 1,989.00 1,730.00 14.97 Other Debit Balances 80.98 72.45 11.79 Other Credit Balances 1,197.00 2,162.00 -44.63 Other Credit Balances 1,002.00 887.86 12.86 Working Capital 2,762.00 2,602.00 6.15 Working Capital 5,097.00 5,004.00 1.86 Net Assets 5,069.00 4,928.00 2.86 Net Assets 5,404.00 5,295.00 2.06 http://www.proshareng.com/investors/company.php?ref=AFROMEDIA http://www.proshareng.com/investors/company.php?ref=ABBEYBDS
May 5th, 2010:DEAP CAPITAL MGT PLC May 7th, 2010: FINBANK PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-2010 FRIST QUARTER REPORT FOR THE PERIOD ENDED31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 167.88 203.62 (17.55) Gross Earnings 12,498.00 17,341.00 (27.93) Profit Before Tax (360.81) (337.61) 6.87 Profit Before Tax 1.17 2.64 (55.82) Profit/Loss After Tax (362.68) (344.11) 5.40 Profit/Loss After Tax 990.00 2,268.00 (56.35) Balance Sheet Information Balance Sheet Information Fixed Assets 46.72 61.17 -23.61 Fixed Assets 15,979.00 16,120.00 -0.87 Cash and Bank Balances 4,158.00 4,462.00 -6.81 Cash and Bank Balances 9,534.00 9,278.00 2.76 Other Debit Balances Other Debit Balances 144,573.00 94,829.00 52.46 Trade Credits 4,174.00 4,062.00 2.76 Other Credit Balances 120,392.00 86,005.00 39.98 Net Assets (835.75) 5,398.00 -115.48 Net Assets (120,615.00) 125,851.00 -195.84 http://www.proshareng.com/investors/company.php?ref=DEAPCAP http://www.proshareng.com/investors/company.php?ref=FIRSTINLND
May 7th, 2010: STANBIC IBTC BANK PLC May 7th, 2010: MOBIL OIL NIGERIA PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 14,483.00 13,009.00 11.33 Gross Earnings 16,074.00 14,719.00 9.21 Profit/Loss Before Tax 3,446.00 3,793.00 (9.15) Profit Before Tax 1,554.00 532.82 191.66 Profit/Loss After Tax 2,588.00 2,655.00 (2.52) Profit/Loss After Tax 1,104.00 360.02 206.65 Balance Sheet Information Balance Sheet Information Fixed Assets 25,061.00 26,878.00 -6.76 Fixed Assets 12,260.00 11,669.00 5.06 Cash and Bank Balances 6,519.00 7,772.00 -16.12 Cash and Bank Balances 19.97 21.80 -8.37 Other Debit Balances 298,025.00 184,750.00 61.31 Other Debit Balances 6,008.00 4,861.00 23.60 Trade Creditors 160,189.00 169,200.00 -5.33 Trade Credits 6,749.00 6,434.00 4.90 Other Credit Balances 78,634.00 90,589.00 -13.20 Other Credit Balances 11,002.00 11,785.00 -6.64 Working Capital Working Capital (3,227.00) (3,044.00) 6.01 Net Assets 81,497.00 84,070.00 -3.06 Net Assets 5,231.00 4,176.00 25.26 http://www.proshareng.com/investors/company.php?ref=IBTC http://www.proshareng.com/investors/company.php?ref=MOBIL
The Monthly NCM Report for May 2010 www.proshareng.com Page 24
May 10th, 2010:International Breweries Nigeria Plc May 10th, 2010: INTERNATIONAL BREWERIES PLC AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 1,616.00 931.92 73.41% Gross Earnings 777.52 341.43 127.73 Profit before tax and Exceptional Items (76.57) 142.46 -153.75% Profit Before Tax 390.28 (1.44) (27,259.15) Exceptional Items (208.96) (78.95) 164.67% Profit/Loss After Tax 390.28 (1.44) (27,259.36) Profit Before Tax (285.54) 63.50 -549.67% Balance Sheet Information Taxation Nil Nil Fixed Assets 3,129.00 3,069.00 1.96 Profit/Loss After Tax (285.54) 63.50 -549.67% Cash and Bank Balances 20.26 48.70 -58.40 Balance Sheet Information Other Debit Balances 331.54 145.23 128.28 Fixed Assets 3,069.00 952.77 222.11% Other Credit Balances 4,698.00 1,006.00 367.00 Investments 1.00 1.00 0.00% Working Capital 1,066.00 854.46 24.76 Stocks 1,821.00 362.34 402.57% Net Assets 106.92 (283.35) -137.73 Trade Debtors 5.41 4.12 31.31% http://www.proshareng.com/investors/company.php?ref=INTBREW Cash and Bank Balances 48.69 175.06 -72.19% Other Debit Balances 145.23 159.70 -9.06% Trade Creditors 271.05 107.73 151.60% Short Term Borrowings 69.51 60.93 14.08% Other Credit Balances 810.01 292.30 177.12% Working Capital 854.46 191.85 345.38% Net Assets (283.35) 2.19 -13038.36% http://www.proshareng.com/investors/company.php?ref=INTBREW
May 11th, 2010: Capital Hotels Plc May 10th, 2010: NAMPAK PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 1,205.00 976.29 23.43% Gross Earnings 2,215.00 1,962.00 12.90% Profit before tax and Profit before tax and Exceptional Items NIL NIL NIL Exceptional Items Nil Nil Exceptional Items NIL NIL NIL Exceptional Items Nil Nil Profit Before Tax 336.33 245.59 36.95% Profit Before Tax 203.51 (108.85) -286.97% Taxation (107.63) (78.59) 36.95% Taxation (59.19) (13.46) 339.70% Profit/Loss After Tax 228.70 167.00 36.95% Profit/Loss After Tax 144.32 (122.31) -218.00% Balance Sheet Information Balance Sheet Information Fixed Assets 1,675.00 1,730.00 -3.18% Fixed Assets 700.61 732.27 -4.32% Investments NIL NIL NIL Investments Nil Nil Stocks 242.81 229.29 5.90% Stocks 1,550.00 1,766.00 -12.23% Trade Debtors 641.17 554.52 15.63% Trade Debtors 332.04 309.57 7.26% Cash and Bank Balances 2,036.00 1,648.00 23.54% Cash and Bank Balances 60.52 82.92 -27.01% Other Debit Balances 206.01 754.53 -72.70% Other Debit Balances 105.29 84.66 24.36% Trade Creditors 59.62 184.09 -67.61% Trade Creditors Nil Nil Short Term Borrowings NIL NIL NIL Short Term Borrowings 402.53 402.53 0.00% Other Credit Balances 925.58 690.79 33.99% Other Credit Balances 1,777.00 2,351.00 -24.42% Working Capital 2,141.00 2,312.00 -7.40% Working Capital (94.12) (270.11) -65.15% Net Assets 2,720.00 2,491.00 9.19% Net Assets 568.74 424.42 34.01% http://www.proshareng.com/investors/company.php?ref=CAPHOTEL http://www.proshareng.com/investors/company.php?ref=NAMPAK
May 11th, 2010: Longman Nigeria Plc May 11th, 2010: Longman Nigeria Plc AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 1,111.00 1,012.00 9.78% Gross Earnings 128.33 325.57 -60.58% Profit before tax and Profit before tax and Exceptional Items Nil Nil Nil Exceptional Items Nil Nil Nil Exceptional Items Nil Nil Nil Exceptional Items Nil Nil Nil Profit Before Tax Nil Nil Nil Profit Before Tax (184.82) (30.36) 508.81% Taxation (402.44) (342.75) 17.41% Taxation Nil Nil Nil Profit/Loss After Tax 709.49 669.36 6.00% Profit/Loss After Tax (184.82) (30.36) 508.81% Balance Sheet Information Balance Sheet Information Fixed Assets 280.80 247.73 13.35% Fixed Assets 340.34 280.80 21.20% Investments Nil Nil Investments Nil Nil Stocks 831.22 629.30 32.09% Stocks 1,007.00 831.22 21.15% Trade Debtors Nil Nil Nil Trade Debtors 1,267.00 1,622.00 -21.89% Cash and Bank Balances 2,219.00 2,410.00 -7.93% Cash and Bank Balances 1,849.00 2,219.00 -16.67% Other Debit Balances 401.44 291.81 37.57% Other Debit Balances 130.15 401.44 -67.58% Trade Creditors 316.77 412.19 -23.15% Trade Creditors 397.33 316.77 25.43% Short Term Borrowings Nil Nil Nil Short Term Borrowings 402.53 402.53 0.00% Other Credit Balances 1,402.00 850.93 64.76% Other Credit Balances 452.84 1,046.00 -56.71% Working Capital 3,355.00 3,144.00 6.71% Working Capital 3,403.00 3,330.00 2.19% Net Assets 3,551.00 3,227.00 10.04% Net Assets 3,709.00 3,520.00 5.37% http://www.proshareng.com/investors/company.php?ref=LONGMAN http://www.proshareng.com/investors/company.php?ref=LONGMAN
The Monthly NCM Report for May 2010 www.proshareng.com Page 25
May 13th, 2010: Greif Nigeria Plc May 13th, 2010: Guinness Nigeria Plc AUDITED REPORT FOR THE YEAR ENDED 31-OCT-09 THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 823.24 643.71 27.89% Gross Earnings 80,576.00 64,258.00 25.39% Profit before tax and Profit before tax and Exceptional Items 813.00 58.41 -98.61% Exceptional Items Nil Nil Nil Exceptional Items Nil (65.62) -100.00% Exceptional Items Nil Nil Nil Taxation 18.02 9.78 84.19% Profit Before Tax 13,754.00 16,084.00 -14.49% Profit/Loss After Tax 17.26 2.58 568.91% Taxation (4,704.00) (5,050.00) -6.85% Balance Sheet Information Profit/Loss After Tax 9,049.00 11,034.00 -17.99% Fixed Assets 253.83 253.83 0.00% Balance Sheet Information Stocks 144.10 128.74 11.93% Fixed Assets 36,678.00 38,104.00 -3.74% Trade Debtors 105.51 78.47 34.47% Investments Nil Nil Nil Cash and Bank Balances 70.53 41.08 71.70% Stocks 19,235.00 16,847.00 14.17% Other Debit Balances 156.24 212.10 -26.34% Trade Debtors 7,216.00 6,347.00 13.69% Trade Creditors 186.85 206.45 -9.49% Cash and Bank Balances 3,398.00 5,820.00 -41.62% Other Credit Balances 245.61 192.76 27.42% Other Debit Balances 4,657.00 6,748.00 -30.99% Working Capital 216.23 149.15 44.97% Trade Creditors 12,877.00 5,992.00 114.90% Net Assets 297.75 315.01 -5.48% Short Term Borrowings 1,067.00 6,897.00 -84.53% http://www.proshareng.com/investors/company.php?ref=VANLEER Other Credit Balances 27,728.00 29,454.00 -5.86% Working Capital 15,905.00 16,126.00 -1.37% Net Assets 29,512.00 31,524.00 -6.38%
http://www.proshareng.com/investors/company.php?ref=GUINNESS
May 12th, 2010: Fidelity Bank Plc May 12th, 2010: UAC Plc AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 34,716.00 72,274.00 -51.97% Gross Earnings 56,495.00 53,652.00 5.30% Profit Before Tax and Non- Profit Before Tax 2,054.00 3,815.00 -46.16% controlling interest 6,177.00 6,846.00 -9.77% Taxation (497.00) (2,358.00) -78.92% Non-controlling interest (2,157.00) (2,604.00) -17.17% Profit/Loss After Tax 1,557.00 1,430.00 8.88% Balance Sheet Information Taxation (1,899.00) (2,004.00) -5.24% Fixed Assets 24,645.00 23,536.00 4.71% Profit/Loss After Tax 4,019.00 4,241.00 -5.23% Treasury bills 164,092.00 161,066.00 1.88% Balance Sheet Information Loans and advances 160.30 214,922.00 -99.93% Fixed Assets 30,131.00 27,171.00 10.89% Cash and Bank Balances 23,721.00 24,895.00 -4.72% Investments 2,204.00 2,073.00 6.32% Other Debit Balances 62,911.00 81,849.00 -23.14% Stocks 10,244.00 9,620.00 6.49% Customer deposits 288,096.00 355,770.00 -19.02% Trade Debtors 3,796.00 4,705.00 -19.32% Other Credit Balances 16,978.00 20,790.00 -18.34% Cash and Bank Balances 5,530.00 4,091.00 35.17% Net Assets 130,691.00 129,419.00 0.98% Other Credit Balances 28,545.00 28,380.00 0.58% http://www.proshareng.com/investors/company.php?ref=FIDELITYBK Working Capital (366.17) 13.95 -2725.45% Net Assets 37,498.00 38,765.00 -3.27% http://www.proshareng.com/investors/company.php?ref=UACN
May 12th, 2010: Fidson Healthcare Plc May 12th, 2010: Oando Plc THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 3,969.00 4,024.00 -1.37% Gross Earnings 91,316.00 77,534.00 17.78% Profit Before Tax 543.10 536.29 1.27% Profit Before Tax 5,082.00 2,434.00 108.79% Taxation (173.79) (171.61) 1.27% Taxation (1,948.00) (616.00) 216.23% Profit/Loss After Tax 369.31 364.67 1.27% Profit/Loss After Tax 3,134.00 1,818.00 72.39% Balance Sheet Information Balance Sheet Information Fixed Assets 2,116.00 2,014.00 5.06% Fixed Assets 156,454.00 131,713.00 18.78% Stocks 740.98 666.21 11.22% Stocks 22,411.00 9,693.00 131.21% Trade Debtors 1,703.00 1,104.00 54.26% Trade Debtors 11,045.00 49,774.00 -77.81% Cash and Bank Balances 4,593.00 79.22 5697.56% Cash and Bank Balances 49,691.00 25,760.00 92.90% Other Debit Balances 2,019.00 1,895.00 6.54% Other Debit Balances 102,692.00 89,722.00 14.46% Trade Creditors 375.68 373.91 0.47% Trade Creditors 26,011.00 40,129.00 -35.18% Other Credit Balances 2,281.00 1,712.00 33.24% Short Term Borrowings 149,306.00 140,474.00 6.29% Working Capital 2,168.00 1,974.00 9.83% Other Credit Balances 359,082.00 291,336.00 23.25% Net Assets 5,665.00 5,411.00 4.69% Working Capital (112,021.00) 93,150.00 -220.26% http://www.proshareng.com/investors/company.php?ref=FIDSON Net Assets 57,410.00 53,520.00 7.27% http://www.proshareng.com/investors/company.php?ref=OANDO
The Monthly NCM Report for May 2010 www.proshareng.com Page 26
May 12th, 2010: CHEMICAL & ALLIED PRODUCTS Plc May 12th, 2010: UACN Property Dev Co. Plc AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09 2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 3,027.00 2,679.00 12.99% Gross Earnings 13,331.00 13,328.00 0.02% Profit Before Tax 619.30 997.28 -37.90% Profit Before Tax 2,828.00 3,716.00 -23.90% Taxation (278.32) (261.63) 6.38% Taxation (441.98) (33.73) 1210.55% Profit/Loss After Tax 340.98 735.64 -53.65% Profit/Loss After Tax 2,386.00 3,682.00 -35.20% Balance Sheet Information Balance Sheet Information Fixed Assets 245.15 236.97 3.45% Fixed Assets 16,262.00 13,820.00 17.67% 2,204.00 2,073.00 6.32% Trade Debtors 1,094.00 2,262.00 -51.64% Stocks 333.89 193.02 72.98% Cash and Bank Balances 516.35 260.78 98.00% Trade Debtors 137.43 87.96 56.25% Other Debit Balances 44,410.00 47,668.00 -6.83% Cash and Bank Balances 1,271.00 1,486.00 -14.47% Trade Creditors 5,809.00 9,711.00 -40.18% Other Debit Balances 175.18 111.98 56.43% Short Term Borrowings 9,280.00 5,243.00 77.00% Trade Creditors 150.44 80.95 85.85% Other Credit Balances 17,350.00 18,042.00 -3.84% Other Credit Balances 1,258.00 1,454.00 -13.48% Working Capital (5,952.00) (3,396.00) 75.27% Working Capital 643.82 582.06 10.61% Net Assets 44,410.00 47,668.00 -6.83% Net Assets 754.44 686.46 9.90% http://www.proshareng.com/investors/company.php?ref=UAC-PROP http://www.proshareng.com/investors/company.php?ref=CAP
May 14th, 2010: Vitafoam Plc May 12th, 2010: Unilever Plc SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 5,227.00 4,840.00 27.89% Gross Earnings 10,931.00 10,427.00 4.83% Profit before tax 612.02 426.31 -98.61% Profit Before Tax 1,384.00 1,642.00 -15.71% Nil (65.62) -100.00% Taxation (426.79) (520.57) -18.02% Taxation (195.85) (136.42) 43.56% Profit/Loss After Tax 957.99 1,122.00 -14.62% Balance Sheet Profit/Loss After Tax 416.17 289.89 43.56% Information Balance Sheet Information Fixed Assets 9,964.00 9,975.00 -0.11% Fixed Assets 1,677.00 1,643.00 2.07% Investments NIL NIL NIL Stocks 2,278.00 2,260.00 0.80% Stocks 6,122.00 4,927.00 24.25% Trade Debtors 680.78 334.47 103.54% Trade Debtors 2,525.00 3,494.00 -27.73% Cash and Bank Balances 258.66 160.79 60.87% Cash and Bank Balances 3,152.00 1,980.00 59.19% Other Debit Balances 834.41 1,051.00 -20.61% Other Debit Balances 2,950.00 3,303.00 -10.69% Trade Creditors 803.77 807.84 -0.50% Trade Creditors 3,832.00 2,255.00 69.93% Short Term Borrowings 218.49 334.63 -34.71% Other Credit Balances 11,721.00 11,723.00 -0.02% Other Credit Balances Here 192.76 #VALUE! Short Term Borrowings NIL 1,500.00 NIL Working Capital 216.23 149.15 44.97% Working Capital 2,287.00 1,301.00 75.79% Net Assets 297.75 315.01 -5.48% Net Assets 9,160.00 8,202.00 11.68% http://www.proshareng.com /investors/company.php?ref =VANLEER http://www.proshareng.com/investors/company.php?ref=UNILEVER
May 14th, 2010: A.G. Leventis Plc May 14th, 2010: Presco Plc AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 13,589.00 11,221.00 21.10% Gross Earnings 1,145.00 1,039.00 10.20% Profit Before Tax & Extra- ordinary item 1,589.00 1,743.00 -8.84% Profit Before Tax 457.60 239.17 91.33% Exceptional items 174.06 Nil Taxation (148.49) (78.44) 89.30% Taxation (528.24) (525.37) 0.55% Profit/Loss After Tax 309.11 160.72 92.32% Balance Sheet Profit/Loss After Tax 1,234.00 1,218.00 1.31% Information Balance Sheet Information Fixed Assets 4,977.00 4,740.00 5.00% Fixed Assets 10,001.00 8,434.00 18.58% Stocks 986.26 1,107.00 -10.91% Investments 188.47 209.77 -10.15% Trade Debtors 78.86 327.72 -75.94% Stocks 3,284.00 1,657.00 98.19% Cash and Bank Balances 1,500.00 1,335.00 12.36% Trade Debtors 335.55 184.78 81.60% Other Debit Balances 97.53 77.13 26.44% Cash and Bank Balances 916.81 2,144.00 -57.24% Trade Creditors 116.53 1,132.00 -89.71% Other Debit Balances 1,706.00 1,104.00 54.53% Other Credit Balances 4,591.00 3,833.00 19.78% Trade Creditors 993.28 307.53 222.99% Working Capital 1,162.00 855.49 35.83% Short Term Borrowings 304.63 121.05 151.66% Net Assets 2,932.00 2,623.00 11.78% Other Credit Balances 4,826.00 3,936.00 22.61% http://www.proshareng.com/investors/company.php?ref=PRESCO Working Capital 1,352.00 1,884.00 -28.24% Net Assets 10,308.00 9,370.00 10.01% http://www.proshareng.com/investors/company.php?ref=LONGMAN
The Monthly NCM Report for May 2010 www.proshareng.com Page 27
May 20th, 2010: ADSWITCH PLC May 14th, 2010: Courteville Plc THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-JAN-10 AUDITED REPORT FOR THE YEAR ENDED 31-DEC-09 2010 N'm 2009 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 131.28 47.03 179.14% Gross Earnings 776.83 515.80 50.61% Profit Before Tax 14.18 2.77 412.40% Exceptional Items (552.53) Nil Profit Before Tax & Extra- Taxation (4.25) (0.83) 412.41% ordinary items 271.46 303.25 -10.48% Profit/Loss After Tax 9.92 1.94 412.34% Taxation (34.49) (29.90) 15.36% Balance Sheet Information Profit/Loss After Tax 181.44 273.35 -33.62% Fixed Assets 21.71 19.71 10.18% Balance Sheet Information Stocks 45.60 35.22 29.48% Fixed Assets 220.55 134.28 64.25% Trade Debtors 38.47 49.92 -22.93% Investments 572.04 627.57 -8.85% Cash and Bank Balances 11.59 0.97 1093.51% Stocks 93.93 50.70 85.28% Trade Creditors 53.41 50.34 6.10% Trade Debtors 118.35 212.00 -44.18% Other Credit Balances 16.60 13.05 27.24% Cash and Bank Balances 117.00 160.57 -27.13% Working Capital 26.81 23.88 12.25% Other Credit Balances 229.51 302.57 -24.15% Net Assets 47.36 42.43 11.63% Working Capital 470.19 333.79 40.86% http://www.proshareng.com/investors/company.php?ref=ADSWITCH Net Assets 2,447.00 2,384.00 2.64% http://www.proshareng.com/investors/company.php?ref=LONGMAN
May 20th, 2010: CUSTODIAN AND ALLIED INSURANCE PLC May 20th, 2010: Fidelity Bank Plc AUDITED REPORT FOR THE PERIOD ENDED 31-OCT-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 5,277.00 4,102.00 28.64% Gross Earnings 14,113.00 19,175.00 -26.40% Profit Before Tax 2,019.00 1,850.00 9.14% Profit Before Tax 1,851.00 6,966.00 -73.43% Taxation (132.15) (290.74) -54.55% Taxation (370.21) (1,393.00) -73.42% Profit/Loss After Tax 1,886.00 1,559.00 20.97% Profit/Loss After Tax 1,480.00 5,573.00 -73.44% Balance Sheet Information Balance Sheet Information Fixed Assets 549.85 565.93 -2.84% Fixed Assets 24,839.00 24,628.00 0.86% Stocks 869.64 1,106.00 -21.37% Stocks 118,942.00 132,397.00 -10.16% Trade Debtors 160.06 23.73 574.54% Loans And Advances 167,862.00 176,398.00 -4.84% Cash and Bank Balances 590.90 239.63 146.59% Cash and Bank Balances 47,393.00 52,294.00 -9.37% Other Debit Balances 11.99 10.01 19.79% Other Debit Balances 50,789.00 48,333.00 5.08% Trade Creditors 39.88 22.28 79.03% Deposits 263,066.00 288,808.00 -8.91% Other Credit Balances 2,976.00 2,972.00 0.13% Other Credit Balances 16,486.00 15,903.00 3.67% Net Assets 11,143.00 8,946.00 24.56% Net Assets 130,821.00 129,340.00 1.15% http://www.proshareng.com/investors/company.php?ref=COSTODYINS http://www.proshareng.com/investors/company.php?ref=FIDELITYBK
May 21st, 2010: SCOA NIGERIA PLC May 20th, 2010: SECURE ELECTRONIC TECHNOLOGY PLC THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 721.12 692.22 4.17% Gross Earnings 606.52 398.01 52.39% Profit Before Tax 102.61 107.26 -4.33% Profit Before Tax 60.36 140.42 -57.01% Taxation (30.78) (14.53) 111.82% Taxation (3.00) Nil Profit/Loss After Tax 71.83 92.72 -22.54% Profit/Loss After Tax 57.36 140.42 -59.15% Balance Sheet Information Balance Sheet Information Fixed Assets 144.35 238.63 -39.51% Fixed Assets 5,391.00 5,410.00 -0.35% Stocks 1,027.00 1,250.00 -17.84% 869.64 1,106.00 -21.37% Trade Debtors 452.21 439.71 2.84% Trade Debtors 236.31 521.13 -54.65% Cash and Bank Balances 895.77 365.78 144.89% Cash and Bank Balances 2,905.00 2,899.00 0.21% Other Debit Balances 1,657.00 1,406.00 17.85% Other Debit Balances 3,736.00 3,346.00 11.66% Short Term Borrowing 356.67 367.12 -2.85% Trade Creditors 61.08 414.06 -85.25% Trade Creditors 7.78 8.78 -11.39% Other Credit Balances 5,322.00 4,917.00 8.24% Other Credit Balances 1,376.00 1,517.00 -9.29% Working capital 5,963.00 5,868.00 1.62% Working Capital 2,389.00 1,707.00 39.95% Net Assets 6,886.00 6,847.00 0.57% Net Assets 2,502.00 1,867.00 34.01% http://www.proshareng.com/investors/company.php?ref=NSLTECH http://www.proshareng.com/investors/company.php?ref=SCOA
17th May, 2010: Unity Bank Plc May 21st, 2010: SCOA NIGERIA PLC AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 SECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-09 2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % Change Gross Earnings 46,420.00 42,982.00 8.00% Gross Earnings 376.32 502.20 -25.07% Profit before tax and Extra Profit before tax and ordinary Items (21,098.00) (21,371.00) -1.28% Exceptional Items (41.86) (35.93) 16.52% Exceptional Items (20.79) 8.61 -341.49% Exceptional Items 582.28 339.91 71.31% Taxation 5,006.00 (133.43) 3851.78% Profit Before Tax 540.42 303.98 77.78% Profit/Loss After Tax (16,112.00) (12,895.00) -24.95% Taxation (58.88) (34.48) 70.78% Balance Sheet Information Profit/Loss After Tax 481.55 269.51 78.68% Fixed Assets 15,697.00 14,028.00 11.90% Balance Sheet Information Treasury Bills 9,500.00 31,714.00 -70.04% Fixed Assets 159.01 238.63 -33.37% Loans and Advances 87,822.00 51,891.00 69.24% Cash and Bank Balances 9,345.00 19,834.00 -52.88% Stocks 1,018.00 1,250.00 -18.56% Other Debit Balances 135,570.00 300,284.00 -54.85% Trade Debtors 472.25 439.71 7.40% Trade Creditors 214,986.00 320,262.00 -32.87% Cash and Bank Balances 995.28 365.78 172.10% Other Credit Balances 35,790.00 26,231.00 36.44% Other Credit Balances 1,020.00 1,517.00 -32.76% Net Assets 6,911.00 19,282.00 -64.16% Working Capital 2,315.00 1,707.00 35.62% http://proshareng.com/investors/company.php?ref=UNITYBNK Net Assets 2,403.00 1,867.00 28.71% http://www.proshareng.com/investors/company.php?ref=SCOA
The Monthly NCM Report for May 2010 www.proshareng.com Page 28
18th May, 2010: MULTIVERSE RESOURCES PLC 17th May, 2010: DAAR COMMUNICATIONS PLC AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-08 2009 N'm 2008 N'm % Change 2008 N'm 2007 N'm % Change Gross Earnings 552.63 417.02 32.52% Gross Earnings 3,678.00 2,822.00 30.33% Profit before tax and Extra ordinary Items 82.65 144.16 -42.67% Profit before tax 194.98 396.21 -50.79% Exceptional Items - 142.58 Taxation (576.47) 199.70 -388.67% Taxation 11.14 (57.16) 119.49% Profit/Loss After Tax (381.48) 595.92 -164.02% Profit/Loss After Tax 93.80 229.57 -59.14% Balance Sheet Information Balance Sheet Information Fixed Assets 23,058.00 9,765.00 136.13% Fixed Assets 3,728.00 2,251.00 65.62% Stocks 581.95 - Stocks 405.24 136.38 197.14% Trade Debtors 1,034.00 1,767.00 -41.48% Trade Debtors 8.96 3.34 168.26% Cash and Bank Balances 374.92 67.54 455.11% Cash and Bank Balances 1.19 1,645.00 -99.93% Other Debit Balances 308.67 326.05 -5.33% Other Debit Balances 122.88 25.79 376.46% Trade Creditors 516.40 84.42 511.70% Trade Creditors 88.64 26.87 229.88% Other Credit Balances 6,263.00 592.07 957.81% Other Credit Balances 341.88 140.97 142.52% Working Capital (63.65) 1,321.00 -104.82% Working Capital (127.49) 1,360.00 -109.37% Net Assets 17,528.00 11,416.00 53.54% Net Assets 3,698.00 3,614.00 2.32% http://proshareng.com/investors/company.php?ref=DAARCOMM http://www.proshareng.com/investors/company.php?ref=MULTIVERSE
18th May, 2010: FIRST CITY MONUMENTAL BANK PLC 17th May, 2010: FIRST CITY MONUMENT BANK PLC FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-10 AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 2010 N'm 2009 N'm %Change 2009 N'm 2008 N'm % Change Gross Earnings 14,439.00 18,766.00 -23.06% Gross Earnings 35,789.00 72,698.00 -50.77% Profit Before Tax 1,129.00 2,188.00 -48.40% Profit before tax 856.00 4,773.00 -82.07% Taxation (225.81) (437.80) -48.42% Taxation (292.26) (779.22) 62.49% Profit/Loss After Tax 903.23 1,751 -48.42% Profit/Loss After Tax 564.33 3,994.00 -85.87% Balance Sheet Information Balance Sheet Information Fixed Assets 21,298.00 21,817.00 -2.38% Fixed Assets 21,817.00 21,001.00 3.89% Cash and Bank Balances 11,316.00 9,010.00 25.59% Treasury Bills 8,521.00 4,429.00 92.39% Other Debit Balances 136,636.00 178,257.00 -23.35% Loans and Advances 238,732.00 271,103.00 -11.94% Trade Debtors 279,628.00 266,012.00 5.12% Cash and Bank Balances 9,010.00 1,769.00 409.33% Trade Creditors 278,265.00 266,012.00 4.61% Other Debit Balances 185,538.00 167,218.00 10.96% Other Credit Balances 67,459.00 68,014.00 -0.82% Trade Creditors 266,012.00 321,219.00 -17.19% Net Assets 130,469.00 129,593.00 0.68% Other Credit Balances 68,014.00 65,326.00 4.11% http://www.proshareng.com/investors/company.php?ref=FCMB Net Assets 129,593.00 129,055.00 0.42% http://proshareng.com/investors/company.php?ref=FCMB
19th May, 2010: AIRLINE SERVICES & LOGISTICS PLC 18th May, 2010: FTN COCOA PROCESSORS PLC AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 2009 2008 % Change 2009 2008 % Change Gross Earnings 3,942.00 3,601.00 9.47% Gross Earnings 1,361.00 969.25 40.42% Profit before tax and Extra ordinary Items 498.65 213.29 133.79% Profit before tax 259.71 282.35 -8.02% Exceptional Items (317.50) (102.38) -210.12% Taxation (51.00) (86.32) -40.92% Profit/Loss After Tax 181.15 110.90 63.35% Profit/Loss After Tax 259.65 196.02 32.46% Balance Sheet Information Balance Sheet Information Fixed Assets 767.03 827.29 -7.28% Fixed Assets 1,946.00 2,046.00 -4.89% Investments 1.14 38.34 -97.03% Investments 838.00 164.22 410.29% Stocks 216.24 285.52 -24.26% Stocks 625.44 431.21 45.04% Trade Debtors 715.13 608.16 17.59% Trade Debtors 394.65 112.76 249.99% Cash and Bank Balances 215.11 64.98 231.04% Cash and Bank Balances 46.06 137.55 -66.51% Other Debit Balances 648.34 1,457.00 -55.50% Other Debit Balances 467.62 302.97 54.35% Trade Creditors 344.54 435.44 -20.88% Trade Creditors 111.49 76.30 46.12% Other Credit Balances 289.77 355.70 -18.54% Other Credit Balances 980.65 637.40 53.85% Working Capital 568.51 (109.41) 619.61% Working Capital 1,303.00 858.09 51.85% Net Assets 1,432.00 1,324.00 8.16% Net Assets 2,389.00 2,481.00 -3.71% http://proshareng.com/investors/company.php?ref=AIRSERVICE http://www.proshareng.com/investors/company.php?ref=FTNCOCOA
19th May, 2010: GUARANTY TRUST ASSURANCE PLC 19th May, 2010: CUSTODIAN AND ALLIED INSURANCE PLC AUDITED RESULT FOR THE PERIOD ENDED 31-DEC-09 FIRST QUARTER RESULT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm %Change 2010 N'm 2009 N'm %Change Gross Earnings 5,377.00 4,143.00 29.79% Gross Earnings 2,248.00 1,502.00 49.67% Profit Before Tax 1,312.00 2,001.00 -34.43% Profit Before Tax 701.26 650.05 7.88% Taxation (769.01) (125.31) 513.68% Taxation (91.16) (97.51) -6.51% Profit/Loss After Tax 516.59 1,876.00 -72.46% Profit/Loss After Tax 610.09 552.55 10.42% Balance Sheet Information Balance Sheet Information Fixed Assets 910.03 794.94 14.48% Fixed Assets 555.62 548.65 1.27% Cash and Bank Balances 459.44 350.27 31.17% Short Term Investments 9,644.00 8,145.00 18.40% Other Debit Balances 6,335.00 4,533.00 39.75% Cash and Bank Balances 539.00 591.80 -8.92% Trade Debtors 809.56 562.69 43.87% Other Debit Balances 3,083.00 3,359.00 -8.22% Trade Creditors 355.42 362.77 -2.02% Trade Debtors 2,689.00 1,490.00 80.47% Other Credit Balances 3,802.00 4,705.00 -19.19% Trade Creditors 39.88 22.18 79.84% Net Assets 12,625.00 12,526.00 0.79% Other Credit Balances 4,728.00 3,163.00 49.48% http://www.proshareng.com/investors/company.php?ref=GTASSURE Net Assets 11,743.00 11,133.00 5.48% http://www.proshareng.com/investors/company.php?ref=CUSTODYINS
The Monthly NCM Report for May 2010 www.proshareng.com Page 29
19th May, 2010: SECURE ELECTRONIC TECHNOLOGY PLC 19th May, 2010: BERGER PAINTS PLC AUDITED RESULT FOR THE PERIOD ENDED 31-DEC-09 AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 2009 N'm 2008 N'm %Change 2009 2008 % Change Gross Earnings 1,897.00 2,295.00 -17.34% Gross Earnings 2,379.00 2,534.00 -6.12% Profit before tax and Extra Profit Before Tax 45.21 664.66 -93.20% ordinary Items 322.86 244.82 31.88% Taxation (34.37) (33.04) 4.03% Exceptional Items - 56.89 Profit/Loss After Tax 10.84 631.61 -98.28% Taxation (129.59) (96.08) -34.88% Balance Sheet Information Profit/Loss After Tax 193.27 205.63 -6.01% Fixed Assets 5,410.00 5,484.00 -1.35% Balance Sheet Information Stocks - 500.00 -100.00% Fixed Assets 1,060.00 1,093.00 -3.02% Cash and Bank Balances 2,899.00 2,630.00 10.23% Stocks 307.58 399.03 -22.92% Other Debit Balances 3,346.00 2,697.00 24.06% Trade Creditors 164.77 170.71 -3.48% Short Term Borrowings 4,432.00 3,981.00 11.33% Other Credit Balances 771.75 653.28 18.13% Other Credit Balances 898.94 1,116.00 -19.45% Working Capital 486.70 314.04 54.98% Net Assets 6,847.00 6,394.00 7.08% Net Assets 1,344.00 1,216.00 10.53% http://proshareng.com/investors/company.php?ref=NSLTECH http://proshareng.com/investors/company.php?ref=BERGER
21st May, 2010: NIGERIAN BREWERIES PLC 21st May, 2010: SCOA NIGERIA PLC FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-10 FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09 2010 N'm 2009 N'm %Change 2009 N'm 2008 N'm %Change Gross Earnings 40,574.00 40,405.00 0.42% Gross Earnings 1,276.00 755.27 68.95% Profit Before Tax 9,426.00 11,816.00 -20.23% Profit Before Tax 208.51 8.71 2294.41% Taxation (2,969.00) (3,810.00) -22.07% Taxation (62.55) (2.61) 2294.79% Profit/Loss After Tax 6,456.00 8,006.00 -19.36% Profit/Loss After Tax 145.95 6.10 2294.24% Balance Sheet Information Balance Sheet Information Fixed Assets 68,479.00 69,003.00 -0.76% Fixed Assets 177.63 238.63 -25.56% Cash and Bank Balances 6,573.00 11,812.00 -44.35% Cash and Bank Balances 318.60 365.78 -12.90% Other Debit Balances 3,295.00 2,039.00 61.60% Other Debit Balances 1,473.00 1,406.00 4.77% Trade Debtors 2,650.00 2,068.00 28.14% Trade Debtors 442.25 439.71 0.58% Short Term Borrowing Nill 502.20 0.00% Trade Creditors 12.25 8.78 39.59% Other Credit Balances 58,284.00 60,407.00 -3.51% Short Term Borrowing 352.55 367.12 -3.97% Working Capital (9,363.00) (4,689.00) 99.68% Other Credit Balances 1,344.00 1,517.00 -11.40% Net Assets 41,683.00 46,570.00 -10.49% Working Capital 1,827.00 1,707.00 7.03% http://www.proshareng.com/investors/company.php?ref=NB Net Assets 1,948.00 1,867.00 4.34% http://www.proshareng.com/investors/company.php?ref=SCOA
26th May, 2010: GUARANTY TRUST ASSURANCE PLC 26th May, 2010: UACN PROPERTY DEVELOPMENT COMPANY PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER RESULT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm %Change Gross Earnings 3,708.00 2,843.00 30.43% Gross Earnings 1,153.00 4,174.00 -72.38% Profit before tax 506.03 404.84 25.00% Profit Before Tax 305.69 525.34 -41.81% Taxation (125.75) (247.59) -49.21% Taxation (102.11) (168.11) -39.26% Profit/Loss After Tax 380.29 157.25 141.84% Profit/Loss After Tax 203.58 357.23 -43.01% Balance Sheet Information Balance Sheet Information Fixed Assets 910.06 910.03 0.00% Fixed Assets 16,244.00 16,262.00 -0.11% Trade Debtors 2,367.00 809.56 192.38% Trade Debtor 1,086.00 1,094.00 -0.73% Cash and Bank Balances 746.81 459.44 62.55% Cash and Bank Balances 545.78 516.35 5.70% Other Debit Balances 17,071.00 14,986.00 13.91% Other Credit balances 17,870.00 17,350.00 3.00% Trade Creditors 1,407.00 355.42 295.87% Working Capital (5,771.00) (5,952.00) -3.04% Other Credit Balances 6,683.00 4,190.00 59.50% Net Assets 29,700.00 29,844.00 -0.48% Net Assets 13,004.00 12,625.00 3.00% http://www.proshareng.com/investors/company.php?ref=UAC-PROP http://proshareng.com/investors/company.php?ref=GTASSURE
25th May, 2010: AIRLINE SERVICES & LOGISTICS PLC 25th May, 2010: WEMA BANK PLC FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER RESULT FOR THE PERIOD ENDED 31-MAR-10 2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm %Change Gross Earnings 853.79 903.16 -5.47% Gross Earnings 8,433.00 8,077.00 4.41% Profit before tax and Extra ordinary Items 49.64 148.97 -66.68% Profit Before Tax 795.00 (2,029.00) -139.18% Exceptional Items (13.00) (25.60) -49.21% Taxation (119.00) (24.00) 395.83% Profit/Loss After Tax 36.64 123.37 -70.30% Profit/Loss After Tax 676.00 -2,053.00 -132.93% Balance Sheet Information Balance Sheet Information Fixed Assets 855.92 767.04 11.59% Fixed Assets 15,130.00 14,284.00 5.92% 1.14 38.34 -97.03% Loans and Advances 36,140.00 30,464.00 18.63% Stocks 188.15 216.24 -12.99% Cash and Bank Balances 67,554.00 71,695.00 -5.78% Trade Debtors 648.45 715.13 -9.32% Other Debit Balances 51,942.00 34,490.00 50.60% Cash and Bank Balances 304.96 215.12 41.76% Deposits 113,916.00 94,526.00 20.51% Other Debit Balances 342.80 552.87 -37.99% Other Creditors 14,795.00 13,574.00 9.00% Trade Creditors 95.76 344.54 -72.21% Net Assets (45,045.00) (45,837.00) -1.73% Short Term Borrowing 364.98 496.52 -26.49% http://www.proshareng.com/investors/company.php?ref=WEMABANK Other Credit Balances 555.95 289.78 91.86% Working Capital 467.67 568.52 -17.74% Net Assets 1,442.00 1,432.00 0.70% http://proshareng.com/investors/company.php?ref=AIRSERVICE
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25th May, 2010: ALUMINIUM EXTRUSION IND. PLC 25th May, 2010: CHEMICAL AND ALLIED PRODUCTS PLC AUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 31-DEC-09 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % Change Gross Earnings 1,518.00 1,311.00 15.79% Gross Earnings 838.18 688.10 21.81% Profit before tax 125.84 86.25 45.90% Profit before tax 220.11 217.39 1.25% Taxation (48.14) (14.80) 225.18% Taxation (70.41) (69.56) 1.21% Profit/Loss After Tax 77.70 71.45 8.75% Profit/Loss After Tax 149.61 147.83 1.21% Balance Sheet Information Balance Sheet Information Fixed Assets 534.76 536.83 -0.39% Fixed Assets 248.83 245.15 1.50% Stocks 118.23 100.02 18.20% Stocks 527.09 333.89 57.86% Trade Debtors 0.03 - #DIV/0! Trade Debtors 177.64 137.43 29.26% Cash and Bank Balances 5.83 5.36 8.70% Cash and Bank Balances 1,347.00 1,271.00 5.98% Other Debit Balances 28.32 4.82 487.78% Other Debit Balances 159.45 175.18 -8.98% Trade Creditors 59.31 97.01 -38.86% Trade Creditors 164.55 150.44 9.38% Short term borrowing 136.69 113.07 20.89% Other Credit Balances 1,117.00 1,258.00 -11.21% Other Credit Balances 255.79 265.59 -3.69% Working Capital 1,074.00 643.82 66.82% Working Capital (228.95) (291.77) -21.53% Net Assets 1,178.00 754.44 56.14% Net Assets 235.37 157.67 49.28% http://proshareng.com/investors/company.php?ref=CAP http://proshareng.com/investors/company.php?ref=FIRSTALUM
27th May, 2010:TRANSNATIONWIDE EXPRESS PLC 26th May, 2010: EVANS MEDICAL PLC AUDITED RESULT FOR THE YEAR ENDED 31-DEC-09 AUDITED REPORT FOR THE PERIOD ENDED 31-OCT-08 2009 N'm 2008 N'm %Change 2008 N'm 2007 N'm % Change Gross Earnings 533.01 480.69 10.88% Gross Earnings 4,465.00 3,151.00 41.70% Profit before tax & Extra- Profit Before Tax 66.04 59.43 11.12% ordinary items 162.06 (373.44) -143.40% Taxation (10.30) (11.94) -13.71% Exceptional items (549.89) Nil Profit/Loss After Tax 55.74 47.50 17.36% Profit before tax (387.82) (373.44) 3.85% Balance Sheet Information Taxation (122.27) 56.42 -210.12% Fixed Assets 258.29 78.11 230.67% Profit/Loss After Tax (510.10) (317.02) -60.90% Investment 926.31 1,271.00 -27.12% Balance Sheet Information Stock 2.45 1.85 32.36% Fixed Assets 1,735.00 1,598.00 8.57% Trade debtors 175.71 119.85 46.61% Stocks 1,460.00 1,707.00 -14.47% Cash and Bank Balances 4.20 24.10 -82.57% Trade Debtors 748.46 602.15 24.30% Other Debit Balances 69.40 44.85 54.76% Cash and Bank Balances 493.78 387.64 27.38% Trade Creditors 13.58 8.14 66.79% Other Credit Balances 2,943.00 1,570.00 87.45% Other Credit balances 132.88 115.73 14.82% Working Capital (533.06) 35.56 619.61% Working Capital 92.65 44.85 106.59% Net Assets 823.78 1,323.00 -37.73% Net Assets 381.85 154.22 147.60% http://proshareng.com/investors/company.php?ref=EVANSMED http://www.proshareng.com/investors/company.php?TRANSEXPR
24th May, 2010: UACN PLC 24th May, 2010: WEMA BANK PLC FIRST QUARTER RESULTS FOR THE PERIOD ENDED 31ST- MAR-2010 AUDITED RESULT FOR THE PERIOD ENDED 31-DEC-09 2010 N'm 2009 N'm %Change 2009 N'm 2008 N'm %Change Gross Earnings 10,912.00 14,027.00 -22.21% Gross Earnings 18,994.00 16,551.00 14.76% Profit Before Tax 1,024.00 1,668.00 -38.61% Profit Before Tax (8,868.00) (28,306.00) -68.67% Taxation (299.95) (495.61) -39.48% Taxation 1,337.00 7,850.00 -82.97% Profit/Loss After Tax 724.88 1,172.00 -38.15% Profit/Loss After Tax (7,530.00) -20,455.00 -63.19% Balance Sheet Information Balance Sheet Information Fixed Assets 28,535.00 30,131.00 -5.30% Fixed Assets 14,284.00 14,833.00 -3.70% Stocks 11,222.00 10,244.00 9.55% Treasury Bills 5,049.00 2,923.00 72.73% Trade Debtors 3,197.00 3,796.00 -15.78% Loans and Advances 30,001.00 46,166.00 -35.01% Cash and Bank Balances 5,010.00 5,530.00 -9.40% Cash and Bank Balances 6,354.00 5,810.00 9.36% Other Debit Balances 42,407.00 42,159.00 0.59% Other Debit Balances 95,245.00 59,874.00 59.08% Trade Creditors 11,478.00 7,688.00 49.30% Trade Creditors 94,058.00 108,825.00 -13.57% Short Term Borrowing 15,429.00 12,857.00 20.00% Other Credit Balances 102,715.00 60,960.00 68.50% Other Credit Balances 21,007.00 28,557.00 -26.44% Net Assets (44,991.00) (39,921.00) 12.70% Net Assets 44,478.00 44,963.00 -1.08% http://www.proshareng.com/investors/company.php?ref=WEMABANK Working Capital (1,323.00) (86.59) -1428.00% http://www.proshareng.com/investors/company.php?ref=UACN
28th May, 2010 ABPLAST PRODUCTS PLC AUDITED RESULTS FOR THE YEAR ENDED 31ST- DEC-2009 2009 N'm 2008 N'm %Change Gross Earnings 8.90 2.56 247.50% Profit Before Tax (12.75) (54.77) -76.71% Taxation (80,000.00) Nil 0.00% Profit/Loss After Tax (12.83) -54.77 -76.57% Balance Sheet Information Fixed Assets 22.39 24.42 -8.32% Stocks 1.02 684.00 -99.85% Trade Debtors 43,000.00 Nil 0.00% Cash and Bank Balances 24,000.00 335,000.00 -92.84% Trade Creditors 4.83 4.83 0.00% Short Term Borrowing 32.63 32.63 0.00% Net Assets (57.61) (57.16) 0.79% Working Capital (35.22) (32.74) 7.58% http://www.proshareng.com/investors/company.php?ref=ABPLAST
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Dividends Declared
DIVIDENDS DECLARED FOR MAY Dividend Bonus S/No. Company Declared Declared AGM Date Price Adjustment Date 1 Boc Gases N0.30 June 23rd, 2010 June 1st to 4th 2010 2 Abbey Building Society Plc 4k 3 Longman Nigeria Plc 50k June 3rd, 2010 May 24th to 28th, 2010 4 UACN Plc N1.30k 1 for 4 May 24th to 28th, 2010 5 UACN Prop 50k 1 for 4 May 17th to 21st, 2010 6 Cap Plc N1.60k 1 for 3 May 24th to 25th, 2010 7 Fidelity Bank PLc N0.025 Later 8 Guaranty Trust Assurance Plc 4k Nil Nil 9 Airline Services and Logistics Plc 10k June 29th, 2010 7th to 11th June, 2010 10 Berger Paints 50k June 8th, 2010 20th to21st May, 2010 11 Multiverse 1k July 8th, 2010 24th June to 7th July, 2010 12 FTN Cocoa 0.035k June 25th, 2010 11th to 15th June, 2010 13 FCMB 5k Nil Nil Nil 14 Nigeria Breweries Plc N1.15k 28th June, 2010 15 A.G. Leventis 10k 16 Courteville 4k July 13th, 2010 17 Transnationwide Express Plc 5k Source: NSE, Proshare Research
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Sectoral Analysis
SECTOR ANALYSIS Symbol 28-May-10 4-Jan-10 4 Jan-date 4 Jan - date 2-Jan-09 2-Jan - date 2-Jan - date Price Price Change % Change Price Change % Change AGRICULTURE AFPRINT 0.86 0.86 0 0.0% 2.05 -1.19 -58.05% ELLAHLAKES 4.26 4.26 0 0.0% 4.26 0 0.00% FTNCOCOA 0.87 0.54 0.33 61.1% 1.5 -0.63 -42.00% LIVESTOCK 0.94 0.59 0.35 59.3% 2.28 -1.34 -58.77% OKITIPUPA 6.21 6.53 -0.32 -4.9% 6.87 -0.66 -9.61% OKOMUOIL 14.58 22.75 -8.17 -35.9% 32.79 -18.21 -55.54% Presco 6.31 5.6 0.71 12.7% 10.11 -3.8 -37.59% Average 13.2% Average -37.36% AIRLINE SERVICES AIRSERVICE 3.49 2.65 0.84 32% 14.72 -11.23 -76.29% NAHCO 11.97 7.18 4.79 67% 11.15 0.82 7.35% Average 49.2% Average -34.47% AUTOMOBILE & TYRE DUNLOP 0.5 0.5 0 0% 1 -0.5 -50.00% INCAR 1.97 4.12 -2.15 -52% 9.22 -7.25 -78.63% RTBRISCOE 5.07 6.15 -1.08 -18% 17.1 -12.03 -70.35% Average -23.2% Average -66.33% AVIATION ALBARKAIR 0.58 0.58 0 0% 0.58 0 0.00% Average 0.0% Average 0.00% BANKING ACCESS 8.13 7.55 0.58 8% 7.3 0.83 11.37% AFRIBANK 2.13 2.43 -0.3 -12% 9.13 -7 -76.67% DIAMONDBNK 7.77 7.19 0.58 8% 7.09 0.68 9.59% ECOBANK 5.29 10.1 -4.81 -48% 27.96 -22.67 -81.08% FCMB 7.76 7.01 0.75 11% 6.15 1.61 26.18% FIDELITYBK 2.85 2.52 0.33 13% 4.69 -1.84 -39.23% FIRSTBANK 14.32 14 0.32 2% 21 -6.68 -31.81% FIRSTINLND 0.52 0.55 -0.03 -5% 4.4 -3.88 -88.18% GUARANTY 17.25 15.78 1.47 9% 13 4.25 32.69% IBTC 10.85 7.16 3.69 52% 10.36 0.49 4.73% INTERCONT 1.8 1.69 0.11 7% 13.46 -11.66 -86.63% OCEANIC 1.63 1.77 -0.14 -8% 12.02 -10.39 -86.44% PLATINUM 1.52 1.38 0.14 10% 9.99 -8.47 -84.78% SKYEBANK 8.29 5.48 2.81 51% 8.17 0.12 1.47% SPRINGBANK 0.86 0.73 0.13 18% 5.59 -4.73 -84.62% STERLNBANK 2 1.26 0.74 59% 2.4 -0.4 -16.67% UBA 11.05 10.81 0.24 2% 13.4 -2.35 -17.54% UBN 5.56 6.25 -0.69 -11% 15.5 -9.94 -64.13%
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UNITYBNK 1.11 0.87 0.24 28% 3 -1.89 -63.00% WEMABANK 1.17 0.97 0.2 21% 14.29 -13.12 -91.81% ZENITHBANK 13.5 13.5 0 0% 20.98 -7.48 -35.65% Average 10.2% Average -41.06% BREWERIES CHAMPION 2.58 3.15 -0.57 -18% 3.31 -0.73 -22.05% GOLDBREW 0.54 0.54 0 0% 0.54 0 0.00% GUINNESS 153 127.5 25.5 20% 98.01 54.99 56.11% INTBREW 6.06 2.27 3.79 167% 5.15 0.91 17.67% JOSBREW 3.24 3.58 -0.34 -9% 5.9 -2.66 -45.08% NB 64.3 53 11.3 21% 40 24.3 60.75% PREMBREW 0.93 0.93 0 0% 0.93 0 0.00% Average 25.8% Average 9.63% BUILDING MATERIALS ASHAKACEM 21 11.39 9.61 84% 17.5 3.5 20.00% BCC 66 43.01 22.99 53% 18.9 47.1 249.21% CCNN 20.94 13 7.94 61% 5.59 15.35 274.60% WAPCO 41 30 11 37% 25 16 64.00% NIGERCEM 5 5 0 0% 5 0 0.00% NIGROPES 9.14 9.14 0 0% 11.88 -2.74 -23.06% NIGWIRE 2.58 2.58 0 0% 2.46 0.12 4.88% Average 33.7% Average 84.23% CHEMICAL & PAINTS AFRPAINTS 3.49 3.49 0 0% 3.49 0 0.00% BERGER 7 3.2 3.8 119% 8.12 -1.12 -13.79% CAP 27.04 28 -0.96 -3% 42.37 -15.33 -36.18% DNMEYER 4.98 5.39 -0.41 -8% 11.51 -6.53 -56.73% IPWA 1.09 1.45 -0.36 -25% 4.75 -3.66 -77.05% NIG-GERMAN 14.29 15.04 -0.75 -5% 19.42 -5.13 -26.42% PREMPAINTS 13.4 13.4 0 0% 16.09 -2.69 -16.72% PORTPAINT 5.67 5.67 0 0% Average 11.1% Average -32.41% COMMERCIAL/SERVICES COURTVILLE 0.57 0.5 0.07 14% NSLTECH 3.4 4.35 -0.95 -22% 14.61 -11.21 -76.73% REDSTAREX 4.04 2.15 1.89 88% 3.69 0.35 9.49% TRANSEXPR 6.45 6.45 0 0% 8.04 -1.59 -19.78% Average 20.0% Average -29.01% COMPUTER & OFFICE
EQUIPMENT HALLMARK 3.22 3.22 0 0% 3.24 -0.02 -0.62% NCR 7.35 8.51 -1.16 -14% 9.91 -2.56 -25.83% OMATEK 0.62 0.5 0.12 24% 1.62 -1 -61.73% THOMASWY 1.38 1.84 -0.46 -25% 3 -1.62 -54.00% TRIPPLEG 4.37 4.84 -0.47 -10% 8.17 -3.8 -46.51% WTN 2.92 2.92 0 0% 1.27 1.65 129.92%
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Average -4.9% Average -37.74% CONGLOMERATES AGLEVENT 4.18 2.47 1.71 69% 7.9 -3.72 -47.09% CHELLARAM 9.41 14.13 -4.72 -33% 22.36 -12.95 -57.92% JOHNHOLT 9.28 9.28 0 0% 13.95 -4.67 -33.48% PZ 31.74 25 6.74 27% 11.8 19.94 168.98% SCOA 8.71 8.81 -0.1 -1% 12.73 -4.02 -31.58% TRANSCORP 0.5 0.52 -0.02 -4% 0.76 -0.26 -34.21% UACN 42.02 36.75 5.27 14% 36.33 5.69 15.66% UNILEVER 25 19 6 32% 10.89 14.11 129.57% Average 13.0% Average 13.74% CONSTRUCTION ARBICO 26 26 0 0% 26 0 0.00% CAPALBETO 95.49 95.49 0 0% 105.8 -10.31 -9.74% COSTAIN 8.35 3.8 4.55 120% 11.47 -3.12 -27.20% GCAPPA 14.46 14.46 0 0% 24.1 -9.64 -40.00% JBERGER 52.01 25.79 26.22 102% 55.6 -3.59 -6.46% MULTIVERSE 0.5 0.5 0 0% 0.73 -0.23 -31.51% ROADS 3.01 3.3 -0.29 -9% 3.9 -0.89 -22.82% Average 30.4% Average -19.68% ENGINEERING TECHNOLOGY CUTIX 3.8 3 0.8 27% 8.67 -4.87 -56.17% INTERLINK 5.15 5.15 0 0% 5.42 -0.27 -4.98% NIWICABLE 1.15 0.97 0.18 19% 2.6 -1.45 -55.77% Average 13.3% Average -30.58% FOOD/BEVERAGES &
TOBACCO 7UP 45 29.4 15.6 53% 38.61 6.39 16.55% BIGTREAT 0.75 0.66 0.09 14% 3.06 -2.31 -75.49% CADBURY 30.8 10.49 20.31 194% 22.7 8.1 35.68% DANGFLOUR 22.12 10.42 11.7 112% 13.38 8.74 65.32% DANGSUGAR 20 14.9 5.1 34% 15.8 4.2 26.58% FLOURMILL 70.5 36.2 34.3 95% 31.5 39 123.81% HONYFLOUR 8.1 8.5 -0.4 -5% FOREMOST 0.51 0.51 0 0% 0.51 0 0.00% MANDRID 5.66 5.95 -0.29 -5% 5.95 -0.29 -4.87% NNFM 33.58 22.94 10.64 46% 14.16 19.42 137.15% NASCON 9.08 4.56 4.52 99% 5.71 3.37 59.02% NESTLE 350 239.5 110.5 46% 191.44 158.56 82.82% NBC 34.92 22.49 12.43 55% 36.93 -2.01 -5.44% TANTALIZER 0.89 0.75 0.14 19% 1.82 -0.93 -51.10% UTC 1.38 0.86 0.52 60% 4.49 -3.11 -69.27% UNIONDICON 4.44 6.01 -1.57 -26% 8.81 -4.37 -49.60% Average 49.5% Average 19.41% FOOTWEAR LENNARDS 3.66 4.26 -0.6 -14% 4.48 -0.82 -18.30%
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Average -14.1% Average -18.30% HEALTHCARE EKOCORP 5.58 5.58 0 0% 6.49 -0.91 -14.02% EVANSMED 1.48 1.02 0.46 45% 3.12 -1.64 -52.56% FIDSON 3.24 1.86 1.38 74% 3.6 -0.36 -10.00% GLAXOSMITH 27.55 22.4 5.15 23% 13.95 13.6 97.49% MAYBAKER 6.01 3.86 2.15 56% 6.16 -0.15 -2.44% MORISON 11.67 12.28 -0.61 -5% 15.14 -3.47 -22.92% NEIMETH 2.93 1.5 1.43 95% 3.3 -0.37 -11.21% PHARMDEKO 4.73 4.97 -0.24 -5% 10.62 -5.89 -55.46% UNIONDAC 0.68 0.64 0.04 6% 1.23 -0.55 -44.72% Average 32.2% Average -12.87% HOTEL & TOURISM CAPHOTEL 3.42 1.38 2.04 148% 6.5 -3.08 -47.38% IKEJAHOTEL 2.17 0.87 1.3 149% 7.14 -4.97 -69.61% TOURIST 5.28 5.28 0 0% 5.56 -0.28 -5.04% Average 99% Average -40.68% INDUSTRIAL/DOMESTIC PRODUCTS ALUMACO 8.15 27.71 -19.56 -70.59% 32.3 -24.15 -74.77% ALEX 13.04 13.04 0 0.00% 13.04 0 0.00% BOCGAS 10.18 13.48 -3.3 -24.48% 17.36 -7.18 -41.36% ENAMELWA 43.06 55.63 -12.57 -22.60% 65.33 -22.27 -34.09% FIRSTALUM 0.5 0.5 0 0.00% 4.52 -4.02 -88.94% VITAFOAM 6.61 5.37 1.24 23.09% 4.7 1.91 40.64% VONO 0.48 0.69 -0.21 -30.43% 2.96 -2.48 -83.78% Average -17.86% Average -40.33% INFO & COMM TECHNOLOGY
23.73% CHAMS 0.73 0.59 0.14 2.45 -1.72 -70.20% -22.34% ETRANZACT 4.97 6.4 -1.43 -0.24% IHS 4.23 4.24 -0.01 0.00% MTECH 0.91 0.91 0 0.00% MTI 0.5 0.5 0 27.78% STARCOMMS 2.3 1.8 0.5 3.85 -1.55 -40.26% Average 4.82% Average -55.23% INSURANCE AFRINSURE 0.5 0.87 -0.37 -42.53% AIICO 1.4 0.82 0.58 70.73% 1.87 -0.47 -25.13% CONFDINS 0.64 0.64 0 0.00% 0.64 0 0.00% CONTINSURE 1.16 1.15 0.01 0.87% 1.89 -0.73 -38.62% CORNERST 0.74 0.52 0.22 42.31% 1.53 -0.79 -51.63% CUSTODYINS 3.86 2.86 1 34.97% 3.05 0.81 26.56% EQUITYASUR 0.5 0.5 0 0.00% 5.06 -4.56 -90.12% GOLDINSURE 0.7 0.91 -0.21 -23.08% 0.9 -0.2 -22.22% GNI 0.5 0.5 0 0.00% 1.5 -1 -66.67%
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GUINEAINS 0.5 0.5 0 0.00% 0.95 -0.45 -47.37% HMARKINS 0.5 0.5 0 0.00% 1.05 -0.55 -52.38% WAPIC 0.66 1.15 -0.49 -42.61% 3.97 -3.31 -83.38% INTENEGINS 0.56 0.6 -0.04 -6.67% 2.15 -1.59 -73.95% IAINSURE 0.5 0.5 0 0.00% 0.5 0 0.00% LASACO 0.5 0.57 -0.07 -12.28% 1.85 -1.35 -72.97% LAWUNION 0.59 0.51 0.08 15.69% 2.81 -2.22 -79.00% LINKASSURE 0.5 0.5 0 0.00% 0.68 -0.18 -26.47% MBENEFIT 0.5 0.64 -0.14 -21.88% 1.47 -0.97 -65.99% NEM 0.6 0.54 0.06 11.11% 1.38 -0.78 -56.52% NIGERINS 1.18 0.97 0.21 21.65% 3.09 -1.91 -61.81% OASISINS 0.68 1.49 -0.81 -54.36% 5.43 -4.75 -87.48% PRESTIGE 3.61 4 -0.39 -9.75% 6.25 -2.64 -42.24% REGALINS 0.5 0.5 0 0.00% 0.76 -0.26 -34.21% SOVRENINS 0.5 0.5 0 0.00% 1.22 -0.72 -59.02% STACO 0.52 1.19 -0.67 -56.30% 6.7 -6.18 -92.24% STDINSURE 0.5 0.57 -0.07 -12.28% 1.5 -1 -66.67% UNIC 0.71 1.15 -0.44 -38.26% 1.2 -0.49 -40.83% UNIVINSURE 0.5 0.5 0 0.00% 0.72 -0.22 -30.56% Average -4.38% Average -49.66%
LEASING CILEASING 3.13 2.65 0.48 18.11% 11.1 -7.97 -71.80% Average 18.11% Average -71.80% MARITIME 50.85% JAPAULOIL 1.78 1.18 0.6 3.48 -1.7 -48.85% Average 50.85% Average -48.85%
MEDIA AFROMEDIA 0.59 0.8 -0.21 -26.25% DAARCOMM 0.7 0.58 0.12 20.69% 3.47 -2.77 -79.83% Average -2.78% Average -79.83% MORTGAGE COMPANIES
-4.97% ABBEYBDS 1.53 1.61 -0.08 3.05 -1.52 -49.84% -10.71% ASOSAVINGS 0.5 0.56 -0.06 1.77 -1.27 -71.75% -6.74% UNHOMES 0.83 0.89 -0.06 3.24 -2.41 -74.38% Average -7.47% Average -65.32% OTHER FINANCIAL INSTITUTIONS CRUSADER 0.85 1.5 -0.65 -43.33% 7.35 -6.5 -88.44% DEAPCAP 2.02 2.02 0 0.00% 8.7 -6.68 -76.78% FIRSTCAP 0.45 0.45 0 0.00% 0.45 0 0.00% NESF 552.2 552.2 0 0.00% 552.2 0 0.00% ROYALEX 0.8 0.66 0.14 21.21% 3.38 -2.58 -76.33% Average -4.42% Average -48.31%
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PACKAGING ABPLAST 3.98 3.98 0 0.00% 3.95 0.03 0.76% AVONCROWN 7.65 7.65 0 0.00% 9.51 -1.86 -19.56% BETAGLAS 14.84 14.26 0.58 4.07% 21.78 -6.94 -31.86% NAMPAK 5.71 6.99 -1.28 -18.31% 8.13 -2.42 -29.77% POLYPROD 3.45 4.45 -1 -22.47% 6.66 -3.21 -48.20% BAGCO 2.94 1.52 1.42 93.42% 3.44 -0.5 -14.53% STUDPRESS 2.92 2.92 0 0.00% 3.07 -0.15 -4.89% VANLEER 15.03 15.03 0 0.00% 15.03 0 0.00% WAGLASS 0.63 0.63 0 0.00% 0.63 0 0.00% Average 6.30% Average -16.45% PETROLEUM(MARKETING) 19.22% AP 39.95 33.51 6.44 293.98 -254.03 -86.41% 0.00% AFROIL 20.71 20.71 0 20.71 0 0.00% -56.52% BECOPETRO 1.1 2.53 -1.43 10.23% CHEVRON 76.93 69.79 7.14 159.91 -82.98 -51.89% 80.46% CONOIL 49.86 27.63 22.23 78.4 -28.54 -36.40% 55.06% ETERNAOIL 7.35 4.74 2.61 31.1 -23.75 -76.37% 60.36% MOBIL 158.44 98.8 59.64 331.19 -172.75 -52.16% -11.67% OANDO 83.02 93.99 -10.97 78.01 5.01 6.42% 62.42% TOTAL 242 149 93 203.69 38.31 18.81% Average 24.40% Average -34.75% PRINTING & PUBLISHING 9.07% ACADEMY 5.89 5.4 0.49 5.52 0.37 6.70% 0.00% DTIMES 0.69 0.69 0 0.69 0 0.00% -6.87% LONGMAN 8.41 9.03 -0.62 27.76 -19.35 -69.70% 40.85% UPL 7 4.97 2.03 5.81 1.19 20.48% Average 10.76% Average -10.63% REAL ESTATE UAC-PROP 21.8 19.86 1.94 9.77% 27.75 -5.95 -21.44% Average 9.77% Average -21.44% ROAD TRANSPORTATION 20.55% ABCTRANS 0.88 0.73 0.15 1.96 -1.08 -55.10% Average 20.55% Average -55.10% TEXTILES UNTL 1.42 1.9 -0.48 -25.26% 3.26 -1.84 -56.44% Average -25.26% Average -56.44% THE FOREIGN LISTINGS ETI 17.37 15 2.37 15.80% 40.6 -23.23 -57.22% PNG 7.28 7.28 0 0.00% Average 7.90% Average -57.22% SECOND-TIER SECURITIES -17.39% ADSWITCH 1.9 2.3 -0.4 2.99 -1.09 -36.45% 0.00% AFRIK 0.5 0.5 0 0.5 0 0.00% -15.25% CAPOIL 0.5 0.59 -0.09 13.83 -13.33 -96.38%
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0.00% FLEXIBLE 0.5 0.5 0 0.5 0 0.00% -4.80% JULI 3.37 3.54 -0.17 3.91 -0.54 -13.81% 0.00% KRABO 0.13 0.13 0 0.13 0 0.00% 0.00% NEWPAK 1.1 1.1 0 1.1 0 0.00% 0.00% RAKUNITY 0.31 0.31 0 0.31 0 0.00% 0.00% ROKANA 0.6 0.6 0 0.6 0 0.00% 0.00% SMURFIT 1.52 1.52 0 1.58 -0.06 -3.80% 0.00% TROPICPET 0.44 0.44 0 0.44 0 0.00% 0.00% UDEOFSON 0.5 0.5 0 0.5 0 0.00% 0.00% UNIONVENT 0.63 0.63 0 0.6 0.03 5.00% 0.00% WAAP 0.5 0.5 0 0.5 0 0.00% MCNICHOLS 0.00% 1.02 1.02 0 UNITYKAP -74.79% 0.6 2.38 -1.78 GTASSURE 10.09% 2.4 2.18 0.22 RESORTSAL 0.00% 0.5 0.5 0 Average -5.67% Average -10.39% Source: NSE, Proshare Research
Outlook /Analyst Opinion
Market trend in the month under review revealed a largely bearish market, the first of its kind on a monthly basis in the year. This trend represents the month of May as the worst performing so far in the year, followed by the preceding month which recorded a marginal appreciation.
The decline which was most prominent in the financial stocks which closed with a negative outlook at the end of the month; whilst a repeat of the preceding month’s trend hit some other sectors of the market as the ASI closed lower of April 30th, 2010 levels.
The price decline recorded both in April and May presented buy opportunities for discerning investors who recognised such in certain value stocks for possible rebounds in the days ahead; yet the illiquid nature of investors meant that those with ‘cash in the market’ remain kings.
The market simply cannot continue under such a mindset and it will be hoped that the much delayed AMC ‘liquidity creating vehicle’ will come on stream and deliver the much needed stimulus.
We are also of the view that more liquidity is still needed to match the market capacity in order for the much anticipated full recovery not to drag out.
The outlook for June remain a cautious engagement even as we expect money market rates not to climb to higher levels and continue to create an incentive for funding activities in the market. For the pace of recovery to be sustained, June 2010 has to provide a much better close for Q2 2010.
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Time Lines - (News/Information in the month and Reaction of Market)
Date Timelines/Daily Business, Finance & Economic News Items Gainers Losers ASI and Market Capitalisation Remarks May 4 Local interest in bailed out banks dwindles -Although initially enthusiastic on acquiring 67 27 At the close of trading session, the All-Share some of the bailed out banks put on the market by the central bank, local banks may have Index posted +1.45% appreciations to close at opted out due largely to their own not too healthy state, Business Day investigations have 28,837.03 compared with +2.61% ASI growth revealed. In addition to their internal challenges, revelations that emerged from further due recorded at the end of previous day’s trading to diligence of the bailed out banks to the effect that the level of challenges facing them are close at 26,453.20. Market capitalisation rose by deeper than earlier thought have whittled down the capacity of the intending buyers to N92.838 billion (US$620.164 million) to close at proceed with their proposition. N6.491 trillion (US$43.362 billion) compared Oil still accounts for 40% GDP, 80% foreign exchange, FG - Despite calls for with N160.525 billion (US$1.072 billion) diversification of the nation’s economy, the federal government has revealed that the appreciation recorded at the close of trading on economy is still heavily dependent on oil as it currently accounts for about 40 percent of its Friday to close at N6.398 trillion (US$42.741 Gross Domestic Product (GDP) and well over 80 percent of Nigeria’s foreign exchange billion). The market report for the day was earnings.This statement was made by the Acting President, Dr. Ebele Goodluck Jonathan, at titled: All-Share Index appreciates by the Nigerian Extractive Industries Transparency Initiative (NEITI),High_level Roundtable, 1.45% to close at recently in Abuja. 26,837.03.( http://www.proshareng.com/news/ Deregulation: FG puts measures in 2010 budget to cushion effects-In what might singleNews.php?id=10459 ) appear as a final declaration of its intent to deregulate the downstream sector of the oil and gas industry, the Federal Government announced on Thursday that it has put in place measures in the 2009 supplementary budget and the 2010 budget to cushion the effects of the policy. Troubled Banks: Center for Shareholders call for score card -Barely close to one year that the Central Bank of Nigeria (CBN)’s newly appointed management took over the affairs of the troubled banks, the Centre For Shareholders’ Enlightenment Limited has called on them to present their score card to their shareholders and other stakeholders. The troubled banks are : Intercontinental Bank Plc, Afribank Nigeria Plc, Union Bank Nigeria Plc, Bank PHB Plc, Spring Bank Plc, Fin Bank Plc, Unity Bank Plc and Wema Bank Plc
Investments on NSE drops by N229bn -Investments on the Nigerian Stock Exchange (NSE), represented by the market capitalisation, recorded significant decline, last week, dropping by N229.06 billion.In particular, the capitalisation which opened the week at N6.627 trillion depreciated by 3.46 per cent to close at N6.398 trillion.The All-share index shed 947.01 basis points to close the week at 26,453.20 points from 27,400.21 points. Jonathan may declare 9-month power emergency -The nine-month action plan that may guide the declaration of partial emergency in the power sector will be presented today (Tuesday) to Acting President Goodluck Jonathan by the Presidential Advisory Committee on Power, led by Prof. Barth Nnaji.The Acting President, who recently constituted the Presidential Advisory Committee, retained the nominal headship, with the Minister of State for Power, Mr. Nuhu Wya, serving as the Vice- Chairman, may announce the policy decisions suggested by the committee in its report.
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SEC, others seek timely rendition of returns by firms -The Director-General of Securities and Exchange Commission (SEC), Arunma Oteh, has advised Financial Controllers and Company Secretaries of public companies on the need for timely rendition of information to the investing public. Oteh explained this during a meeting with Financial Controllers and Company Secretaries at the weekend in Abuja, the desire of SEC to collaborate with all stakeholders in fostering the growth and development in the capital market. CBN in a quandary over sale of rescued Banks -A new tough-to-understand chapter has opened in the resolution by the Central Bank of Nigeria (CBN) to sell some of the rescued banks. It has now dawn on the apex bank that it lacks the absolute support of the present government of Acting President Goodluck Jonathan to sell the banks. May 5 SEC to sanction firms over non-rendition of returns-The Securities and Exchange 58 51 At the close of trading session, the All-Share Commission (SEC) announced that non rendition of returns by quoted companies will attract Index posted +0.96% appreciations to close at sanctions. The Commission also re-emphasized its commitment to collaborate with all 27,095.20 compared with +1.45% ASI growths stakeholders in fostering the growth and development of the capital market.While recorded at the end of previous day’s trading to addressing Financial Controllers and Company Secretaries of public companies in Abuja last close at 28,837.03. Market capitalisation rose by week, the Director-General of the Commission, Ms. Arunma Oteh said the Commission has N62.44 billion (US$417.130 million) to close at organized the meeting with them to address the lingering issue of non-rendition, and late N6.553 trillion (US$43.779 billion) compared rendition of quarterly and half yearly returns of publicly quoted companies. with N92.838 billion (US$620.164 billion) appreciation recorded at the close of trading Low deposit offer shifts focus to bond market -Experts say the current low deposit yesterday to close at N6.491 trillion (US$43.362 interest rate offered by banks in the country is one of the reasons interest is now diverted to billion). The market report for the day was the bond market. The low deposit rate in the banks inadvertently suits the plans of the Debt titled: ASI inches up by 0.96% as AMC bill Management Office (DMO), which has been making efforts to alter the ownership structure was finally of the Federal Government of Nigeria (FGN) Bonds in favour of non-banking public investors. passed.( http://www.proshareng.com/news/sin Infractions: NSE Suspends Four Broking Firms -The Nigerian Stock Exchange (NSE) gleNews.php?id=10480 ) yesterday suspended four of its dealing members for market infractions in line with its promise to rid the market of practices that would discourage patronage and result in losses by investors.The affected firms are Tiddo Securities Limited, GTI Capital Limited, Express Discount Securities Limited and Pennisula Asset Management & Investment Company Limited. Specifically, stockbroking firms were alleged to have created false markets and engaged in price manipulation activities. NSE Succession: Shareholders May Adopt Legal Option-Some shareholders are threatening legal action if the retiring Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke imposes an unpopular person on the market as the new DG.Okereke-Onyiuke has announced her retirement from the Exchange on November 2, 2010 when she will be 60 years. But there have been uncertainties over who succeeds her, following the retirement of the former Assistant DG, Mr. Musa Lance Elakama. The former ADG was expected to take over from her but had to quit as a result of controversies surrounding the succession arrangements. May 6 Yar’Adua: Jonathan condoles family, declares 7days of national mourning-Three PUBLIC HOLIDAY hours after the news of the death of Nigeria’s President Umaru Yar’Adua filtered into the air, Acting President Goodluck Jonathan this morning; precisely 12:30 am condoled with the first
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lady, Hijiya Turai Yar’Adua and family of the late president. The Acting President has declared seven days of national mourning, even as today has been declared a public holiday. Banks set to resume lending as Senate gives nod to AMC - Yesterday’s passage by the Senate of the bill establishing the long awaited Asset Management Company (AMC) has opened the way for banks to resume lending and raise the prospects for the sale of troubled banks, leading analysts and market players told. CBN says N200bn fund will sustain agric economy - Sanusi Lamido Sanusi, governor, Central Bank of Nigeria (CBN), said on Wednesday that the N200 billion Commercial Agriculture Credit Scheme (CACS) would boost growth in the agriculture sector, if well implemented. Sanusi said this in his keynote address at the ongoing 4th Agric Banks’ Forum of the African Rural and Agricultural Credit Association (AFRACA) in Abuja, where he was represented by the deputy governor of the Central Bank of Nigeria in charge of corporate services. Naira Drops on Forex Shortage •External reserves drop to $40.1bn -The Nigerian currency,the naira dropped marginally in value yesterday, which was the first auction day after the workers’day holiday. Naira was also found on the downside at the inter-bank market; a development trader attributed to shortfall in supply at the official wholesale dutch auction system (WDAS).The local currency fell to N148.81 to one dollar against the N148.61/$1 it closed before the holiday last week, which indicated 20 kobo depreciation. Jonathan to be Sworn in at 8am- Acting President Goodluck Jonathan will be sworn in at 8am today as the substantive president following the death of President Umaru Musa Yar’Adua last night.The Chief Justice of Nigeria, Justice Alloysius Katsina-Alu will perform the swearing in ceremony at the Presidential Villa, Abuja.A press statement by the Senior Special Assistant to the Acting President, Mr Ima Niboro, said as a mark of respect for the late president, Jonathan has cancelled all official engagements. FG may buy banks’ bad debts in July – Sanusi -The Federal Government will be able to start buying bad debts from the deposit money banks in July, paving the way for a pick-up in lending and economic growth, the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has said. Sanusi based his optimism on the likely passage of the Asset Management Company bill by the Senate. The bill was later passed on Wednesday. Sanusi told Bloomberg in an interview in Bahrain on Wednesday that “in all likelihood, we will have a law in the month of May. Once that is in place, we can have transactions as early as July.” Shareholders fault CBN reforms -Shareholders of the rescued banks have condemned the ongoing reforms of the Central Bank of Nigeria. The shareholders,while speaking at the 20th Annual General Meeting of Guaranty Trust Bank Plc in Lagos on Wednesday, said that the reforms had brought a lot of hardship on Nigerians. Nigeria obtains $915m World Bank loan •Foreign reserves drop to $40.30bn -THE Federal Government has obtained a $915 million concessionary loan from the World Bank to be drawn over the next five years to help fund infrastructure development, Finance Minister, Mr Olusegun Aganga, said on Wednesday. According to Aganga: “The loan is to be drawn between 2010 and 2015 and only $180 million of it can be drawn this year.” He said after the we ekly meeting of the Executive Council of the Federation (EXCOF) meeting in Abuja, that the loan was not a regular loan, but a facility obtained under concessionary terms with
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insignificant interest . May 7 US markets plunge on continuing Greek debt concerns-US stock markets have 57 37 The All-Share Index in the week under review plunged in New York as concerns about high levels of European government debt continued closed with +3.97% to close at 27,503.36 as to shake investor confidence. Stocks fell steeply over Greece's debt problems, and falls may against -3.46% decline recorded in the have been made worse by computer-driven trade. preceding week to close at 26,453.20 recorded Former SEC boss faults CBN monetary policies, reforms -Former Director General of last week. The fact that investors are taking the Securities and Exchange Commission (SEC), Mr. Wole Adetunji has faulted the monetary advantage of the previous massive decline in policies of the Central Bank of Nigeria (CBN) saying the apex body ought to face the equity prices accounted for the upbeat developmental role as nothing was wrong with the monetary policies hitherto in recorded. place.Speaking to Vanguard in Lagos on the state of the banking and capital market segment of the Nigerian economy, he said, “ The CBN has been limiting itself to money The market capitalisation recorded N254.007 market. It is suppose to pursue developmental role. billion (US$1.696 billion) to close at N6.652 Nedbank mulls Nigeria, upbeat on Zimbabwe -South Africa’s No. 4 bank Nedbank will trillion (US$44.438 billion) as against N229.058 look at investment opportunities in Nigeria in the coming months but is not in a hurry to billion (US$1.530 billion) depreciation to close at make a move, its chief executive said on Thursday. Mike Brown told Reuters at the World N6.398 trillion (US$42.741 billion) recorded in Economic Forum for Africa he also saw Zimbabwe as a country with strong potential growth the preceding week. Market report for the week within the bank’s main southern Africa area of focus. Nedbank, which has a banking alliance was titled : Equities record 3.97% uptrend with west Africa-focused Ecobank said in February it was considering buying one of the as market outlook Nigerian banks rescued in a bailout last year. remainspositive( http://www.proshareng.com/ news/singleNews.php?id=10505 ) Elumelu Calls for Diversification of NSE Stocks -Managing Director of United Bank for Africa (UBA Plc) Mr Tony Elumelu, has stressed the need to diversify the stock profile of the Nigeria Sock Exchange as a way of reviving investors’ confidence and bolstering the country’s economy. Elumelu spoke at the World Economic Forum (WEF) on Africa, in Dar es Salaam, Tanzania, where he was listed as a discussant in a session that also featured the Director-General of the exchange, Dr. Ndi Okereke- Onyiuke. May 10 CBN Plans N25bn Capital for Non-interest Banks-The Central Bank of Nigeria (CBN) is 48 42 At the close of trading session, the All-Share proposing a minimum core capital of N25 billion for establishing a non-interest bank in the Index posted +0.77% appreciation to close at country. The proposal was contained in the draft framework for the regulation and 27,714.39 compared with +1.15% supervision of Non-interest banks in Nigeria, issued by the CBN to banks for their appreciations recorded on Friday to close at comments, suggestions and inputs towards the final document. The CBN stated: “All 27,503.36. Market capitalisation inched up by applications must be submitted with the required documents including a Non-refundable N51.043 billion (US$340.966 million) to close at application fee of N500, 000 and deposit of minimum capital of N25 billion.” N6.703 trillion (US$44.779 billion) compared Credit Bureau Move against Fraudsters -CR Services (Credit Bureau) PLC has fortified its with appreciation by N98.724 billion operations against fraudsters that could exploit differences in their customer data with one (US$659.481 million) recorded on Friday to or various banks to deceive creditors or defraud the system. close at N6.642 trillion (US$44.438 billion). The Inter-bank Rates Stable on Surplus Funds-The Nigerian Inter-bank Offer Rate (NIBOR), market report for the day was titled: Equities especially the low tenored instruments closed stable last week, having retained their post 8.23% appreciation in six days as NSE previous rates. Dealers said the market traded very liquid, with rates closing flat. The ASI gains 0.77% inter-bank money market has been very liquid this year, a condition that is buoyed by the (http://www.proshareng.com/news/singleNews. crash in private sector credit, which used to constitute major outflow. Other sources of php?id=10526 ) outflow such as foreign exchange and money market fixed securities were not sufficient to depress cash at the inter-bank last week. Regulate Board Members, Shareholders Tells SEC -Following reforms embarked upon by
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the Central Bank of Nigerian (CBN) after the banking sector crisis, representatives of shareholders right groups have called on the Securities and Exchange Commission (SEC), to tighten rules guiding selection of board members of quoted companies . Investment Value Rises 99% as Investors Renew Interest -Hopes that the Nigerian equities market would perform better this year has been kept alive as the value of investment the first four months of 2010 has appreciated by 99 per cent above what was invested in the corresponding period last year. The Nigerian market performed badly last year with the Nigerian Stock Exchange. Banks Adopt Cautious Growth in Loan Portfolio -After the devastation suffered in their loan books last year, banks are very cautious in creating risk assets this year, even though they all plan to increase customer loans and advances. Investigations revealed that the managements of banks, especially those that passed the joint examination tests conducted by the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) okayed increase in the share of customer loans as a percentage of total assets, but only marginally compared to the trend pre-meltdown. SEC may revoke 100 stock broking licenses over breach of rules -The Securities and Exchange Commission (SEC) says it may revoke the licenses of stock broking firms that failed to file their quarterly returns to the commission. The director general of the commission, Arunma Oteh also reiterated that the recapitalization of market operators had not been foreclosed. CBN faces challenge stimulating credit - Nigerian consumers and businesses are struggling to access credit despite successive attempts by the Central Bank of Nigeria (CBN) to stimulate lending in sub-Saharan Africa’s second-biggest economy. Stock market: We’re on standby to prevent another bubble – CBN, SEC -Increasing investors’ confidence in the Nigerian stock market has helped to push stock prices to a reasonable high, fuelling fears of another bubble. Regulators, however, say they have learnt their lessons. As the Nigerian stock market continues on the recovery lane with stocks climbing to a two-week high and the benchmark index recording the biggest gain worldwide, the Securities and Exchange Commission and the Central Bank of Nigeria have said that they are on standby to ensure that the country does not see a repeat of the crisis that almost crippled the nation‘s financial markets. Nigeria losses F38 billion in two years -Nigeria lost N38 billion in revenue between 2006 and 2007 due to the abuse of temporary importation and pre-release licenses by Nigeria Customs Service (NCS), a report by the House of Representatives Committee on Customs and Excise, which investigated the poor performance of the service, has shown. Deadline on Year-end-Accounts: 14 banks face CBN’s sanction -There is palpable apprehension in the banking industry over the decision of the main regulator, Central Bank of Nigeria (CBN), to sanction banks that failed to comply with its deadline that banks should submit their full year financial accounts. May 11 FG deploys policemen to SEC -Securities and Exchange Commission, SEC, has concluded 44 43 At the close of trading session, the All-Share arrangements with the Federal Government to deploy policemen to strengthen its Index declined by -0.10% to close at 27,686.29 enforcement role in the nation’s capital market. Director General of the Commission, Ms. as against appreciation by +0.77% recorded Arunma Oteh, revealed this to Vanguard, weekend, after delivering a key note address at a yesterday to close at 27,714.39. Market
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dinner organized by the apex regulatory capital market body, Capital Market Authority, CMC, capitalisation however inched up by N27.571 Uganda for the eighth Kikoyongo capital markets awards ceremony. billion (184.172 million) to close at N6.731 Non-compliance: SEC Queries 35 Firms -The Securities and Exchange Commission(SEC) trillion (US$44.963 billion) compared with wielded the big stick yesterday by querying 35 stockbroking firms for failing to file their N51.043 billion (US$340.966 million) quarterly returns and other market infractions.SEC said that if their responses are not appreciation to close at N6.703 trillion satisfactory, the firms would lose their registration to operate in the market.Director- (US$44.779 billion) recorded yesterday. The General, SEC, Ms. Arunma Oteh, made this known in Lagos at the policy dialogue organised market report for the day was titled : NSE ASI by the Nigerian Economic Summit Group (NESG) on “Strategy for Building a World-Class sheds 0.10% to close at 27,686.29 after six Capital Market”. days of consistent upbeat CBN May Release Structure for AMCON Today -The central bank of Nigeria (CBN) is (http://www.proshareng.com/news/singleNews. expected to release the structure for the operations of the proposed asset management php?id=10538 corporation of Nigeria (AMCON) at the end of its meeting today. Bloomberg reported ) yesterday that with the passage of the AMCON bill last week, and the expectations of the CBN that the bill becomes law soon, the monetary authority is likely to come up with the framework for the corporation at the end of its meeting. Babalola Seeks Cooperation Among Regulators -The Minister of State for Finance, Mr. Remi Babalola, yesterday called for more cooperation among various regulatory bodies in the financial sector to ensure that the financial service industry function well and help in moving the nation’s economy forward. Babalola, who was the Chairman at the Policy Dialogue by the Nigerian Economic Summit Group (NESG) on ‘Strategy for Building a World Class Capital Market’ in Lagos, said lack of proper coordination among regulators and conflicting policies in the past led to some of the recent crises witnessed in the financial sector. May 12 CBN Extends Inter-bank Guarantee, Foreign Credit Lines Till 2011•Says banks now 38 42 At the close of trading session, the All-Share making real profit •Frets over inflation. The Central Bank of Nigeria (CBN) yesterday Index gained by 0.47% to close at 27,816.29 extended guarantees for all inter-bank transactions, foreign credit lines and pension funds as against declined by -0.10% recorded placements with banks up till June 30, 2011.The banking watchdog, which also left its yesterday to close at 27,686.29. Market benchmark interest rate (Monetary Policy Rate, MPR) unchanged at six per cent, confirmed capitalisation grew by N31.605 billion that all the nine rescued banks are now making profit and that profit being declared by (US$211.124 million) to close at N6.762 trillion banks are real. (US$45.174 billion) compared with increase by Market Infractions : Brokers Move to Lobby SEC-Disturbed by the renewed tough stance of N27.571 billion (184.172 million) to close at the Securities and Exchange Commission (SEC) in dealing with capital infractions, some N6.731 trillion (US$44.963 billion) recorded leading operators are said to be forming a lobby group that will prevail on the Commission yesterday. The market report for the day was to soft pedal. titled : Market rebounds with 0.47% on the How to Promote SMEs in Africa, by Oteh -The Director-General of the Securities and back of Healthcare and petroleum stocks Exchange Commission (SEC), Ms. Arunma Oteh, has said that creation of platforms on the (http://www.proshareng.com/news/singleNews. stock exchanges in Africa that will enable Small and Medium Scale Enterprises (SMEs) php?id=10560 have quick access to funding is one of the ways SMEs can be promoted in Africa. ) Banks’ losses welcome, Says Sanusi -Central Bank Governor, Sanusi Lamido Sanusi, yesterday, said that losses being declared by banks in the country were a welcome development. He said that plans to buy up bad loans in the banking sector and an expansionary budget for this year could increase inflation and put pressure on the exchange rate and forex reserves. Sanusi who spoke in Abuja after the CBN monetary policy
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committee meeting said: “The losses being declared by banks are a welcome development, which shows maturity of the financial market. In the past people complained that banks were declaring huge profits in an economy that is in recession, and ask how that can be. Market growth: SEC flays NSE’s trading platform-The Securities and Exchange Commission has faulted the trading platform of the Nigerian Stock Exchange (NSE), declaring that it is incapable of meeting current challenges of a dynamic and growing capital market. Speaking at the Nigerian Economic Summit Group’s Policy Dialogue on the Nigerian capital market, Director-General of SEC, Ms. Arunma Oteh also stated that SEC will not hesitate to mete out sanctions to the NSE if it is incapable of instilling discipline in the capital market. CBN retains 6% rate, absolves self of blame for credit crunch -Sanusi Lamido Sanusi, governor, Central Bank of Nigeria (CBN), has absolved the apex bank of the current crunch in the system, saying it has done so much to boost domestic lending. According to him, rather than blame the CBN for the current situation, government should provide the needed infrastructure to complement its monetary measures. CBN’s directive on off-site ATMs dips banks’ fortunes -Revenues to banks’ vaults have continued to nosedive following withdrawal of Automated Teller Machines (ATMs) from off- site locations, as directed by the Central Bank of Nigeria (CBN). Besides, the hope of some industry operators that the CBN would yet again extend the deadline for withdrawal which expired March 31, has been dashed, as the apex bank declared, “there is no going back.” CBN grants new lease on foreign credit - To bolster the confidence of investors and other stakeholders in the country's banking sector, the Central Bank of Nigeria (CBN) yesterday extended the guarantee floated for all off - shorelines of credit undertaken by banks to the end of June, next year.The guarantee floated about three months ago was supposed to terminate by the end of December this year. Sanusi blames FG for poor credit growth -The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, on Tuesday blamed poor credit growth in the economy on the inability of the Federal Government to hasten reforms in critical sectors, particularly the power and oil and gas sectors. Sanusi said that aggregate domestic credit (net), which grew by 6.1 per cent over the December 2009 level, and by 24.5 per cent when annualised, was far below the 2010 indicative target of 55.54 per cent. May CBN blames economy slow down on banks -The Governor of Central Bank of Nigeria, 31 47 At the close of trading session, the All-Share 13 CBN, Malam Lamido Sanusi, has blamed the slow rate of economic growth on the fraudulent Index gained by +0.16% to close at 27,859.99 activities and sharp practices being perpetrated by the management of some banks and compared with +0.47% appreciation recorded other financial services providers.Speaking on ”Strengthening the Nigerian financial services yesterday to close at 27,816.29. Market sector for economic growth and best practices in corporate governance” at the Lagos State capitalisation grew by N10.623 billion Council of the Nigerian Union of Journalists’ Press Week, Sanusi, who was represented by (US$70.965 million) to close at N6.773 trillion the Head, Banking Supervision, Mr. Joseph Ajewole, said CBN had evaluated the situation (US$45.245 billion) compared with appreciation and would proffer solutions that would bring about positive changes. by N31.605 billion (US$211.124 million) to close VP:Jonathan Settles for Namadi Sambo •Governors dump Ogbulafor -After much at N6.762 trillion (US$45.174 billion). The horse-trading, President Goodluck Jonathan yesterday yielded to the wish of governors and market report for the day was titled : Guinness picked one of them, Governor Namadi Sambo of Kaduna State as Vice-President- Nigeria Plc posts Q3 results with 25.39% designate.His decision followed a meeting with the governors last night where they also revenue growth: ASI up by 0.16%
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agreed to withdraw their support for the National Chairman of the Peoples Democratic Party (http://www.proshareng.com/news/singleNews. (PDP) Prince Vincent Ogbulafor who is undergoing trial for corruption. php?id=10578 Comply with Governance Code, CBN Tells Banks -The Central Bank of Nigeria (CBN) has ) called on banks to ensure they practicalise the provisions of the Code of Corporate Governance for banks, adding that the era when the provisions existed merely on paper is gone.The CBN Governor, Sanusi Lamido Sanusi, noted that the failure of corporate governance in banks was not due to lack of codes but the fact that banks didn’t show commitment to translate what was on paper to practice . Rescued banks: Why foreign investors are backing out –Sanusi -The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has explained why foreign investors, who had earlier shown interest in the acquisition of the eight rescued banks, are opting out of the deal. Sanusi said that the huge amount of non-performing loans, current litigation instituted against some of the sacked managing directors of the banks, high rate of questionable assets as well as the banks’ ”lousy” nature were some of the reasons why the foreign investors were backing out of the merger and acquisition arrangements. Poor utilisation of resources, Nigeria’s problem –World Bank -Nigeria has an enormous challenge in ensuring that its resources are properly utilised for the benefit of the people, the World Bank Country Director, Mr. Onno Ruhl, has said. Ruhl, who said this in Abuja on Wednesday at a ceremony to present cheques to recipients of the World Bank 2010 Small Grants, however, praised the country for being in the forefront of electronic payment, which he noted would promote transparency. CBN demands practical implementation of corporate governance code -The need to ensure adherence to the code of corporate governance in the banking industry was restated in Lagos on Wednesday, as the Central Bank of Nigeria insisted that henceforth, operators in the sector would be expected to be practical. May Inflation rate drops to 8.3 %, says CBN -The reform in the nation's banking sector cut 35 53 The All-Share Index in the week under review 14 the inflation rate down from 15 per cent since March to 8.3 per cent , according to the gained +0.91% to close at 27,753.13 Central Bank of Nigeria(CBN).The reform policy has also brought stability into the financial compared with +3.97% appreciation recorded sector, with the interest rate remaining at six per cent. However, the apex bank said there last week to close at 27,503.36. The seemly lack are still many hurdles to be crossed, noting that reform was an ongoing process that would of investors’ commitment to the market in the have positive impact on the economy soon. week accounted for the trend recorded. Liquidity dips on massive CBN, NNPC withdrawals -A combination of massive mop up exercises by the Central Bank of Nigeria (CBN) through the weekly Open Market Operations, The market capitalisation recorded N94.862 (OMO), Wholesale Dutch Auction System (WDAS), huge withdrawals by the Nigerian billion (US$633.685 million) appreciation to National Petroleum Corporation (NNPC) and alleged over bearing tendencies of high players close at N6.747 trillion (US$45.071 billion) in the industry have brought about illiquidity in the system, resulting in a steep rise in inter- compared with N254.007 billion (US$1.696 bank lending from over one percent to over eight, Business Day investigations have billion) appreciation recorded last week to close revealed. at N6.652 trillion (US$44.438 billion). Market CBN Approves New Prudential Guidelines for Banks •Gives auditors 10 year tenure report for the week was titled : Petroleum •Upholds 10 years for MDs -The Central Bank of Nigeria (CBN) has issued new Prudential stocks gain 7.23% as ASI inches up Guidelines to banks. The guidelines, which became effective from May 1, 2010, addresses marginally by 0.91% various aspects of banks’ operations, such as risk management, corporate governance, (http://www.proshareng.com/news/singl know your customer (KYC), anti-money laundering, counter financing of terrorism, loan loss eNews.php?id=10599 provisioning, peculiarities of different loan types and financing different sectors of the )
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economy, among others. Banks Kick Against Corporate Prostitution Bill -Commercial banks in the country yesterday kicked against the bill seeking to prohibit corporate prostitution and exploitation of female employees in corporate organisations particularly in the insurance and banking sub-sectors. The banks debunked the claims by a section of the public that they were running a prostitution ring in the name of employing young women to serve as marketing executives to attract deposits to the bank vaults. CBN, NDIC urged to embrace dynamic regulation-The Nigerian banking regulators have been charged to institute a more proactive and innovative regulatory process in the financial industry in order to effectively secure the health of the banks.This call was made by a credit administration expert, Dr. Isaac Makilolo, during the maiden Credit Managers Summit organised by the Institute of Credit Administration in Lagos on Wednesday. NSE: ‘Losses undermine economic development’ -The loss experienced in the Nigerian capital market in the recent past has been described as an experience that undermines the country‘s economic development. This is coming on the heels of efforts by stakeholders to turn things around at the Nigerian Stock Exchange, an institution that had lately become a play station for fraudulent manipulation. The latest in such efforts to improve things at the market was the initiation of a dialogue by the Nigerian Economic Summit Group after which a position paper would be presented to the relevant government authorities for possible implementation. May 17 CBN wakes up to ring-fence depositors' money -Going by the look of things, it finally 33 59 At the close of trading session, the All-Share appears banking business will soon be conducted normally in this country, regrettably Index declined by -1.34% to close at 27,383.91 though, after a consistent record of bank failures occasioned by the recklessness of directors compared with -0.38% depreciation recorded and top management teams. The hope for this brighter banking outlook, interestingly, lies on Friday to close at 27,753.13. Market with the current risk management guidelines put in place by the Central Bank of Nigeria capitalisation followed with N89.762 billion (CBN), which significantly translates to the fact that banks' management will have no option (US$599.619 million) decline to close at N6.657 but to become prudent in advancing credit to families, friends and cronies. trillion (US$45.072 billion) compared with Businesses groan under the impact of banking reforms -The business community, depreciation by N25.979 billion (US$173.544 weekend, protested the negative effect the ongoing reform of the Central Bank was having million) to close at N6.747 trillion (US$45.072 on their businesses and the economy in general. A random sample of the apex bank’s billion). The market report for the day was titled reform on the business community conducted by Vanguard showed that almost every aspect : Unity Bank Plc declared loss as NSE ASI of the economy was negatively impacted by the reform. A cross section of maritime trend remains southward ( operators, real estate developers, manufacturers as well as financial sector operators http://www.proshareng.com/news/single lamented that the banking reforms created more problems and had caused the death of News.php?id=10618 ) several businesses, unemployment and low capacity utilization. Fresh wave of retrenchment looms in banking sector -Indications have emerged that some banks have been discreetly easing out staff in a fresh wave of retrenchments in the nation’s banking sector, even as the dust raised by the recent retrenchments which claimed not less than 10,000 workers occasioned by Mallam Lamido Sanusi led Central Bank of Nigeria, CBN reform, is yet to settle.Already, Vanguard’s findings confirmed that organised labour in the nation’s financial institution, under the aegis of Association of Senior Staff of Banks, Insurance Institutions, ASSBIFI, has written a strong worded petition to the Group Managing Director/CEO of First Bank of Nigeria, FBN, Plc, warning against any unprocedural
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disengagement of staff to avoid industrial unrest . Rescued Banks: SEC Investigates Ex-MDs, Directors, Stockbrokers -The Securities and Exchange Commission (SEC) in conjunction with the Central Bank of Nigeria (CBN) have floated a taskforce to reinvestigate allegations of infractions in banks that were rescued last year. SEC, Brokers’ Row Impedes Market Recovery - Capital market, the Securities and Exchange Commission (SEC), was planning to penalize some broker/dealers who were said to have failed to file their monthly returns and other market infractions. Prudential Guidelines: Non- capitalised Banks Risk Liquidation -Banks currently lacking in capital adequacy which fail to take advantage of the recapitalisation programme to improve their situation face the risk of losing their licences. A competent source at the Central Bank of Nigeria (CBN) told THISDAY, “at the end of the day banks will be subjected to the prudential guidelines that have become effective from May 1 this year.” The prudential guidelines, posted on the CBN website last week empower the banking watchdog to revoke the licence of a critically undercapitalised bank (described as a bank with capital adequacy ratio of less than 2 per cent) or take over the management and control of such a financial institution. SEC joins forces with CBN on good governance - The capital market regulator, the Securities and Exchange Commission (SEC), added its voice to the battle against bad corporate governance during the Monetary Policy Committee (MPC) meeting on Friday, in Abuja .This came shortly after the Central Bank of Nigeria (CBN) issued a directive stipulating a tenor of two years only for executive and non-executive directors of all commercial banks in Nigeria. Nigerian banks now know it’s not a crime to make losses – Sanusi -The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, spoke to journalists shortly after the Monetary Policy Committee meeting in Abuja on Wednesday. He spoke on issues relating to the banking sector reforms, the Asset Management Company bill, and recapitalisation of the rescued banks, among others. CBN moves against directors, auditors •Imposes stiffer measures on their access to credit facility •De-emphasises preferential treatment for them-Apparently irked by the negative role played by bank directors and external auditors in the current banking crisis, the Central Bank of Nigeria (CBN) has come up with measures to reduce their influence and plug holes that hitherto made their positions amenable to insiders’ abuses.Apart from further limiting the directors’ access to credit, the apex bank has further handed down a two–year fixed tenure to them, with renewal subject to performance. Also, the tenure of external auditors in a given bank is now fixed for a maximum period of 10 years from the date of appointment, after which the audit firm shall not be reappointed in the bank until after a period of another 10 years May 18 Banking reforms helped economy, Nigeria’s image - Sanusi - Sanusi Lamido Sanusi, 27 53 At the close of trading session, the All-Share Central Bank of Nigeria (CBN), governor, has told critics of his banking reforms that the Index appreciated by +0.19% to close at reforms “have been good for the country and its image”. Sanusi, who spoke with African 27,437.25 as against depreciation by -1.34% Confidential magazine said if anyone thinks the central bank policies have hurt the economy, to close at 27,383.91 recorded yesterday. the person has to say exactly which of the policies has harmed the economy. He wondered if Market capitalisation followed with N12.968
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the policy that says people who take money from the banks should be removed is wrong or billion (US$86.627 million) to close at N6.670 the policy that says the banks which made bad loans should provide for them is a bad one. trillion (US$44.559 billion) as against N89.762 CBN reform: Inflation rate drops to 8.3%-The Central Bank (CBN) of Nigeria said that billion (US$599.619 million) decline to close at inflation rate in the country has dropped from 15 per cent in March to 8.3 per cent. In N6.657 trillion (US$45.072 billion) recorded on addition, the reform policy has entrenched stability in the financial institution coupled with Friday. The market report for the day was titled interest rate remaining at six per cent. : NSE ASI achieved 0.19% growth as National Assembly confirms new VP (http://www.proshareng.com/news/singleNews. php?id=10631 ) May 19 Banks get more relief as CBN expunges 2% loan loss provision -The Central Bank of 33 59 At the close of trading session, the All-Share Nigeria (CBN) yesterday expunged the part of the new prudential guidelines for the banking Index declined marginally by -0.05% to close sector that requires banks to make a two percent provision for their general loan losses. The at 27,424.47 as against appreciation by +0.19% removal was effected yesterday in the course of the Bankers' Committee at the instance of recorded yesterday to close at 27,437.25. banks which felt that the provision was unnecessary as it would restrict the granting of Market capitalisation followed with N3.107 credit to the real sector. The meeting was on the heel of a Monday parley between the CBN billion (US$20.758 million) depreciation to close governor and the managing director designate of banks affected by the new tenure regime at N6.667 trillion (US$44.538 billion) as against in the sector. N12.968 billion (US$86.627 million) appreciation CBN directs mandatory use of credit bureaux by banks -The Central Bank of Nigeria recorded yesterday to close at N6.670 trillion (CBN) has mandated banks and financial institutions in the country to use the services of (US$44.559 billion). The market report for the licensed credit bureaux.In a circular with number BSD/DIR/GEN/CIR/04/014 dated April 30, day was titled : Berger Paints, Airline 2010, the CBN directed compliance by all banks and financial institutions with the provisions Services and GT Assurance give dividends ( of the guidelines on the licensing, operations and regulations of credit bureaux by having a http://www.proshareng.com/news/singleNews.p data exchange agreement with a minimum of two credit bureaux licensed by the central hp?id=10656 ) bank. Rates rise as banks succumb to CBN pressure on lending -There was a dramatic change last week in inter-bank lending and deposit rates as pressure on lendable funds heightened with the huge withdrawals by the Nigerian National Petroleum Corporation (NNPC), the Central Bank of Nigeria (CBN) through treasury bills and pressure on banks to resume lending to the economy takes its tolls on the market. CBN re-strategises on banks' project financing credit - Following the inability of banks to re-coup their loans from borrowers, the Central Bank of Nigeria (CBN) has devised a means that will ensure that the level of non-performing loans is drastically reduced in the future.For instance, the CBN in its current prudential guidelines stated that banks would prepare a comprehensive project-financing policy duly approved by their board of directors. It insisted that the policy should, inter-alia; cover loan administration, disbursement and appropriate monitoring mechanism etc. The policy should be reviewed, at least, every three years. CBN spells out liability conditions for ATM frauds -The Central Bank of Nigeria (CBN) yesterday issued standards and guidelines on ATM operations, spelling out conditions for liability for ATM frauds.The CBN also mandated banks to ensure online monitoring mechanism to determine ATM vault cash levels, monitor and report suspicious transactions on agreed format and timeframe. |The primary purpose of the standards, the CBN said, “is to ensure the efficiency of ATM services and convenience as well as protection of customers.
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The standards and guidelines are expected to inform the conduct of ATM operations in Nigeria. Sultan Cautions CBN on Banking Reforms•Apex bank explains tenure of bank directors •Scraps 2% loan provisioning -The Sultan of Sokoto, Alhaji Muhammed Sa’ad Abubakar III, yesterday advised the Central Bank of Nigeria (CBN) to tread cautiously with ongoing banking reforms, saying Nigeria's problems should not be blown "out of proportion”.Also, the CBN yesterday said the code of corporate governance which stipulates that non-executive directors of banks could serve for a maximum of four years of three terms is still valid, contrary to reports that it is a two-year tenure renewable once. Loans: Banks Review Premium on Credit Risk -As most banks oil their credit machinery to resume lending, THISDAY gathered that many of them have commenced a review of the premium placed on credit risks on certain economic sectors and businesses last year. The banks, it was gathered, have started marking down the risk premium, even though credit assessments are now stricter. Loan losses: CBN removes 2% provision from prudential guidelines -The Central Bank of Nigeria said that it had decided to expunge the section of the Prudential Guidelines, which mandated Deposit Money Banks to provide for two per cent as general provisions for loan losses. The decision, which was taken in Abuja at the Bankers’ Committee meeting, would be included in the amended version of the CBN‘s prudential guidelines. The current guideline was last reviewed in 1990.The apex bank had on March 14, 2010, said that the current review of the PG would be carried out every five years to suit the dynamic environment of the financial sector. May 20 CBN approves Emefiele as Zenith Bank MD, Oduoza as UBA CEO - The Central Bank of 33 57 At the close of trading session, the All-Share Nigeria (CBN) has approved Godwin Emefiele to take over from Jim Ovia as managing Index declined by -0.72% to close at 27,227.26 director and chief executive of Zenith Bank. It has also approved the appointment of Phillips compared with marginally decline of -0.05% Oduoza as group chief executive designate of UBA. recorded yesterday to close at 27,424.47. NDIC pays N3.3bn to depositors of liquidated banks - Over N3.3 billion of the N5.2 Market capitalisation followed with N44.611 billion owed insured depositors of 34 banks liquidated prior to the consolidation in the billion (US$298.002 million) loss to close at industry has been paid by the Nigeria Deposit Insurance Corporation (NDIC) as at March 31, N6.622 trillion (US$44.240 billion) compared 2010.The corporation also disclosed that it has paid N6.1 billion out of N11.6 billion declared with N3.107 billion (US$20.758 million) as liquidation dividend during the same period.It further disclosed that N3.5 billion out of depreciation to close at N6.667 trillion N165.1 billion was paid to the total insured deposits trapped in the 13 banks which were (US$44.538 billion) recorded yesterday. The closed in 2006 as well N61.6 billion liquidation dividends in 11 of the 13 banks as at the end market report for the day was titled :NSE All- of March 2010 Share Index goes southward by 0.72% to Banks’ lending rate down to 16 per cent -BANK’S lending rate has dropped slightly from close at 27,227.26 ( 21 per cent to 16 per cent in the week. According to banks’ treasurers spoken to by The http://www.proshareng.com/news/singleNews.p Guardian, the drop in lending rate is prompted by the decision of the Central Bank of Nigeria hp?id=10675 ) (CBN) to peg the interest it pays on banks’ placement to one per cent. This, they said, forced banks into cutting their lending rates, adding that “right now some net worth individuals and bluechip companies can borrow as a single digit. May 21 NSE Presidency: Court to Decide Stay of Proceedings June 15 - Justice J.T. Tsoho of 21 60 The All-Share Index in the week under review the Federal High Court sitting in Lagos will onJune 15, 2010 decide whether to st ay further declined by -3.49% to close at 26,784.90 as proceedings in a case filed by some aggrieved shareholders of African Petroleum (AP) against appreciation by +0.91% to close at
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against the deposed President and Chairman of Council of the Nigerian Stock Exchange 27,753.13 recorded last week. The seemly lack (NSE),Alhaji Aliko Dangote.Justice Tsoho fixed the date to rule in an application filed by of investors’ commitment to the market in the Dangote’s lawyer , Seyi Sowemimo (SAN) urging him to continue to hear the matter in spite week accounted for the trend recorded. of an appeal his client filed before the Court of Appeal in Lagos since he had filed a notice of The market capitalisation recorded N232.114 discontinuance in respect of the appeals. billion (US$1.551 billion) to close at N6.515 Banking Reforms: FG Backs CBN -The Federal Government has assured its backing and trillion (US$43.521 billion) as against support to the banking reforms, initiated by the Governor of the Central Bank of Nigeria appreciation by N94.862 billion (US$633.685 (CBN), Sanusi Lamido Sanusi.The assurance and full support, which was announced by the million) to close at N6.747 trillion (US$45.071 Minister of Information and Communications, Prof. Dora Akunyili, has been described by billion) of the previous week. Market report for local and foreign investors as a vote of confidence on the banking reforms. the week was titled :NSE All-Share Index New Stock Exchange CEO, EDs to emerge in July -The Council of the Nigerian Stock dips by 3.49% as bears takes centre stage( Exchange has hired leading consulting firm, Accenture, to manage the global search for a http://www.proshareng.com/news/single chief executive office (CEO) and executive directors (EDs) leading to enthroning a new News.php?id=10689 ) leadership at the exchange in July this year. It will be a transparent process attracting and receiving CVs from interested candidates from across the globe and will not be closed head hunting. In compliance with the directive of the Securities and Exchange Commission (SEC) that a new chief executive officer, as he shall be called, and other principal officers of the NSE should be appointed by June this year, the Council of the Exchange has formally sent to the SEC a complete document of the process from which the new leadership will emerge. CBN reads riot acts to banks on use of credit bureaus-The Central Bank of Nigeria (CBN) has threatened to sanction banks that fail to comply with its directive on the use of credit information from credit bureaus before granting any loans. In circular to banks and financial institutions signed by the Director, Banking Supervision, Mr. Samuel Oni, the CBN said “In its effort to provide a platform for financial institutions to strengthen their credit appraisal procedures with a view to enhancing credit quality and responsive credit behavior in the nation’s financial system, the CBN recently licensed 3 private credit bureau to provide credit history on borrowers. May 24 2010 budget will focus on economic growth areas, says Aganga -Finance minister, 28 52 At the close of trading session, the All-Share has promised that the 2010 budget will be implemented in such a way that key elements in Index declined by -1.43% to close at 26,400.62 the economy would be developed. He stressed that the budget would focus on areas that compared with decline by -1.62% recorded on will grow the economy.“The budget would be implemented appropriately. The idea is to be Friday to close at 26,784.90. Market completely focused on areas that’ll grow the economy,” Aganga said. The acting president, capitalisation followed with decline by N93.470 Goodluck Jonathan signed the N4.6 trillion ($30.6 billion) budget that boosts spending by billion (US$624.385 million) loss to close at almost 50 percent over the 2009 spending plan as the government steps up investment in N6.421 trillion (US$42.897 billion) compared infrastructure. with N107.601 billion (US$718.776 million) Debt burdens risk prolonging credit weakness, IMF warns -International Monetary depreciation to close at N6.515 trillion Fund (IMF) has warned that the worsening public debt problems could undermine gains in (US$43.521 billion) recorded on Friday. Market global financial stability and prolong the weakness of the credit markets. In its semiannual report for the day was titled : Wema Bank Plc Global Financial Stability Report, which has been released in phases, the fund said that posts N7.53 billion loss as NSE ASI dips developing medium-term policies to deal with fiscal deficits was the 'the most daunting further by 1.43%( challenge facing governments in the near term'. The world's banks could be spared billions http://www.proshareng.com/news/singleNews.p in losses thanks to a global economy that is recovering from the financial meltdown more hp?id=10709 ) quickly than initially expected. The International Monetary Fund is forecasting that global
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bank losses from the financial crisis will total $2.28 trillion, a drop of $533 billion from an estimate made last October. Okereke-Onyiuke: No Succession Tussle at NSE -Director General of the Nigerian Stock Exchange (NSE) Ndi Okereke-Onyiuke has disclosed that there is no leadership or succession crisis at the institution. She also said that the trading platform on the Lagos floor of the NSE remained one of the very best in the world.The NSE boss made this known last weekend in Lagos through the Assistant General Manager and Head of Corporate Communications of the exchange, Mr. Sola Oni.The NSE boss described the succession plan for the exchange as seamless, adding that it follows the best corporate governance principles for the best privately run exchanges in the world.She said the equipment driving the trading floor’s platform was obtained from NASDAQ OMX. NASDAQ OMX is the world's largest exchange company with trading, technology and public company service capability spanning six continents. Credit Reference: CBN Moves to Sanction Banks -The Central Bank of Nigeria (CBN) will begin to sanction banks that fail to heed its directive mandating them to obtain customer credit reference for loan assessments from at least two credit bureaux before giving out credit.The apex bank gave the indication through a circular referenced: BSD/DIR/CEN/CIR/04/014; titled “Data Exchange Agreements with at least two Licensed Credit Bureaux in Nigeria .”The circular, which was signed by CBN’s Director of Banking Supervision, Mr Samuel Oni and obtained by THISDAY last weekend made it compulsory for banks to partner at least two credit bureaux for the purpose of loan assessments. THISDAY gathered that although the directive was earlier contained in the guideline establishing credit bureaux, as issued by the CBN in 2008, but it was hardly implemented. Inter-bank Rates Remain High Amidst Low Inflow -Cost of borrowing among banks, which suddenly leapt a fortnight ago, maintained the upward trend last week. Traders said inflow of about N100 billion to some agencies of government was not sufficient to correct the massive outflow or mop up activities that triggered the rise in the rates the previous week. The rates only rose or dropped marginally on the different trading days last week and ended the week about flat or slightly above the previous week's rates, according to data on the Nigerian Inter-bank Offer Rates (NIBOR) for various tenors. Overnight placement fell to 7.60 per cent on the average last week from 8 per cent the previous week while call money traded at 8 per cent down from 8.50 per cent, in the preceding week. The secured Open Buy Back (OBB) dropped to 6.5 per cent last week from 7 per cent previously. Call money traded at 8 per cent down from 8.50 per cent. Details of the market activities are provided in the relevant sub- heading underneath. CBN’s guidelines on N500bn bail-out for industries out -The Central Bank of Nigeria, CBN, has said that industries operating in the country which seek to refinance or restructure their operations can access a maximum of N1 billion from its sponsored N500 billion industry revival funds.The regulatory bank announced this in its guidelines issued at the weekend.CBN guidelines issued to the industry revival fund stated: “Loan amount is a maximum of N1 billion for a single obligor in respect of refinancing/restructuring. The Fund shall be administered at an all-in Interest rate/charge of seven per cent per annum payable on quarterly basis. Specifically, the Managing Agent, Bank of Industry, BOI, shall be entitled
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to a one per cent management fee and the banks, a six per cent spread.” SME Credit scheme: Banks get 60 days deadline to process loans -The Central Bank of Nigeria (CBN) has given banks 60 days deadline to process loan application from small and medium enterprises under Small and Medium Enterprises Credit Guarantee scheme (SMECGS)This is one of the highlights of the guidelines for scheme issued by the apex bank on Friday.On the procedure for applying for the guarantee, The guideline among others stated, “ All loan applications by SME promoters under the Scheme shall be made directly to the Participating Bank accompanied by the necessary documents as per normal loan processing requirement and the PBs applying the same degree of due diligence and professionalism as in the normal course of banking business. SEC launches Capital Market Club -The Securities and Exchange Commission (SEC), on Tuesday, launched the first ever Capital Market Club (CMC) in secondary schools in the country, just as the Governor of Sokoto State , Alhahi Aliyu Magatakarda Wamakko was made the grand patron. Director General of the Commission, Ms. Arunma Oteh , who declared open the enlightenment and unveiling of the CMC in Sokoto State commended the State government under the leadership of Wamakho for striving to develop the state through its commitment to education. According to the SEC boss, “Capital market education and capital market as an alternative source of financing developmental projects is necessary for our country. Today’s event is historic as we are launching Capital Market Clubs in secondary schools as well as flagging up an enlightenment campaign on the use of capital market for long term developmental projects.” Confidence returns as foreign investors visit NSE -The Nigerian capital market has continued to witnessed significant return of investors’ confidence as a group of investors from the Provident Group in the United States of America, has concluded plans to visit the Nigerian Stock Exchange (NSE) in a view to seek viable investment opportunities in the market. According to a statement by the spokesperson of the NSE, Mr. Sola Oni, the Provident Group team, led by its Chairman/Chief Executive Officer, Mr. Steven Carlson, Mr. Ivan Saal, Managing Director, Deal Execution and Mr. Mark Bishop, Managing Director, Natural Resources and Energy, will be visiting the NSE, Thursday, May 27, 2010. CBN denies directing banks not to lend to politically exposed persons -The Central Bank of Nigeria (CBN) has said it never at any time asked deposit money banks (DMBs) not to lend to people considered politically exposed.The attention of the Central Bank of Nigeria (CBN) has been drawn to insinuations in various quarters that the CBN had directed deposit money banks (DMBs) to stop granting credit facilities to politically exposed persons (PEPs)”, said a release signed by Mohammed Abdullahi, spokesperson of the apex bank. CBN stares at monetary policy multiple challenges -The task of ensuring price stability, interest rate equilibrium and a stable and strong currency while preserving the external reserves is proving daunting for Sanusi Lamido Sanusi, governor Central Bank of Nigeria (CBN), financial experts have said. For Bismarck Rewane, chief executive of Financial Derivative Company, “this is the ‘trilemma’ Sanusi will need to navigate through in the short and medium term”. FG set to clear hurdle for smooth privatisation of power sector -A major push to solve Nigeria’s intractable power supply problem is expected to be made by the Goodluck Jonathan administration anytime soon with a commitment to put on the table necessary
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funds, running into tens of billions of naira, required to deal with all labour related issues that have served as one of the major stumbling blocks of the planned reforms in the sector, BusinessDay can today reveal. Credit bureaus now fully involved in loan transactions -The Directives involving full uasage of credit bureaus in the country by the Central Bank of Nigiera (CBN) has been applaud by stakeholders.A credit bureau assists a bank or a financial institution who subsribes to it to discover the loan profile of a potential borrower. This allows the financial institution to either go ahead or stop the approved of the loan. NDIC verifies banks’ compliance with trapped funds disbursement directive -Nigeria Deposit Insurance Corporation (NDIC) has embarked on nationwide verification visits to agent banks, which were appointed by the Corporation to pay depositors of banks in liquidation. The Corporation has so far visited 344 branches of the agent banks across the six geo-political zones of the country, according to a statement by the NDIC Head of Communications and Public Affairs Unit, Mr. Hadi Birchi. The purpose of the verification visits is to confirm compliance by the agent banks, as well as to accelerate the process of payment of insured deposits and liquidation dividends. In addition, the exercise is part of the renewed efforts by the Corporation to enhance depositor protection and alleviate their sufferings. FG approves alternative securities market for NSE -The Securities and Exchange Commission (SEC), on behalf of the Federal Government, has approved the commencement of the new Alternative Securities Market (ASM)/Primpex Market in the Nigerian Stock Exchange (NSE).This decision is part of the measures of the Federal Government to enable operators and in particular indigenous companies who could not meet all listing requirements, to take advantage of the capital market. Access to capital needed to finance acquisition of facilities required to compete effectively with foreign companies has been a major problem of indigenous companies in the manufacturing and petroleum industry . May 25 Banks’ 2009 financials delayed as auditors insist on transparency-The insistence by 18 56 At the close of trading session, the All-Share auditors on high degree of probity and transparency among others is responsible for the Index dipped by -1.87% to close at 25,908.12 delay in the release of 2009 financials by banks, three weeks after the expiration of deadline compared with decline by -1.43% recorded for submission by Banks and Other Financial Institutions Act (BOFIA), investigations have yesterday to close at 26,400.62 . Market revealed. It was further gathered that the Central Bank of Nigeria (CBN) appointed auditors’ capitalisation followed with decline by N119.796 approach to auditing the banks is different from the previous method employed by the ones billion (US$800.239 million) to close at N6.301 appointed by the banks, with greater attention on details. trillion (US$42.097 billion) compared with African economy to grow 5.2% in 2011 – OECD, AfDB -Africa is slowly emerging from N93.470 billion (US$624.385 million) loss to the global recession and should grow 4.5 percent this year and just over five percent in close at N6.421 trillion (US$42.897 billion) 2011, a report by the African Development Bank and the OECD forecast . The rate of growth recorded yesterday. The market report for the is an improvement on the average 2.5 percent experienced by the continent’s 53 states in day was titled : NSE ASI sheds 5.75% in five 2009, but still short of the six percent annual rise achieved before the global financial crisis trading days to record the lowest figure in exploded in 2008. Poverty remains rife but most African states have benefited from a more May stable political environment in recent years to begin the catch up with the developed world. http://www.proshareng.com/news/singleNews.p Sanusi: 65% Nigerians Lack Access to Credit Facilities -Central Bank of Nigeria [CBN] hp?id=10722 Governor, Alhaji Sanusi Lamido Sanusi , yesterday lamented that 65 percent of Nigeria's ) population does not have access to credit facilities resulting to CBN's move aimed at fine- tuning strategies to improve possibilities of credit granting. The apex bank boss made the
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disclosure during the opening of Central Bank of Nigeria Microfinance Certification Programme in Benin City. agreed to review the 2010 Appropriation Act to pave the way for the adjustment of the crude oil benchmark from $67 to $57 per barrel. This followed a proposal by President Goodluck Jonathan to the National Assembly to review the benchmark and bring it in line with the current realities in the international oil market. NAICOM approves four insurance firms’ 2009 accounts -National Insurance Commission (NAICOM) has approved the 2009 accounts of four insurance companies out of the 49 underwriting firms. This is ahead of the June 30 deadline for insurance companies to submit their full year returns. The approved companies’ accounts are in line with the new reporting standard set out by the commission with international best practice that ensures credibility and transparency. FSRCC issues new rules on margin lending -In a spirited effort by the Financial Services Regulation and Coordination Committee (FSRCC), an umbrella body of financial regulators in the country, to forestall a re-occurrence of failure of banks as a result of very high non- performing loans, it has issued new rules on margin trading. The committee, which comprises of regulatory agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), among others, noted that most operators that suffered losses in margin trading lacked capacity, technology and framework to embark on margin trading, factors, it said, contributed immensely to the fate they suffered and consequently the spiral effect during the financial market meltdown. Global crisis: Nigeria lost $20bn in capital flight – CBN Nigeria lost about $20bn in capital flight to the global economic crisis that ravaged more than half of the world economy in 2009, the Central Bank of Nigeria has said. The Director, Reserves Management and Foreign Operations, CBN, Mr. Lamido Yuguda, disclosed this in Cote D’Ivoire. Bloomberg quoted him on Tuesday as saying, “The crisis was a wake-up call for the CBN. It called on Nigeria to hold a buffer over and above six months of import cover. There was a massive flow of capital out of Nigeria.” He also revealed that the CBN was considering reducing the amount of euro it held in the country‘s foreign reserves if the European currency‘s decline continued. Excess Crude Account to Drop to N528.4bn•As FG, states finally share April allocations -Nigeria’s excess crude account (ECA) balance would drop to N528.373 billion ($3.522 billion) as soon as President Goodluck Jonathan approves the deduction of N339.627 billion from the account to augment arrears due to the three tiers – federal, state and local governments.The N339.627 billion arrears are the shortfalls between the budgeted allocation and the actual allocation to the three tiers of government. May 26 Reserves: CBN May Reduce Euro Holdings •Banks barred from using shares for 30 51 At the close of trading session, the All-Share margin trading -The Central Bank of Nigeria (CBN) may reduce its euro holdings in the Index dipped by -1.29% to close at 25,573.66 nation’s foreign reserves as a cushion against the depreciation of that currency. This compared with -1.87% depreciations recorded development came hours before the Financial Services Regulation Co-ordinating Committee yesterday to close at 25,908.12. Market (FSRCC) – a committee of all the regulators in the financial services sector, barred bank capitalisation shed N81.354 billion (US$543.445 shares for margin trading. million) to close at N6.221 trillion (US$41.553 FG Sets up 2 Committees on Capital Market -As part of renewed efforts to ensure billion) compared with decline by N119.796 transparency, ethics and effectiveness in the nation’s capital market, the Federal billion (US$800.239 million) to close at N6.301
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Government has set up two committees that will design code of corporate governance for trillion (US$42.097 billion) recorded at the close capital market regulators and review the Investments and Securities Act (ISA) of 2007.The of previous day’s trading. The market report for committees will be inaugurated tomorrow in Abuja by the Minister of State for Finance, Mr. the day was titled : Evans Medicals, GT Remi Babalola. Assurance & UAC Property release results: Fiscal Inflow Lowers Inter-bank Rates -Inter-bank rates that inched for the greater part ASI loses 1.29% ( of the past three weeks began a journey downwards on all tenors yesterday. http://www.proshareng.com/news/single Traders said the market reacted to the release of funds to the three tiers of government by News.php?id=10746 ) the Federation Accounts and Allocation Committee (FACC) last Monday. Market Recovery: Food Stocks Remain Investors’ Delight -Stocks in the food/beverages sub-sector remained investors’ toasts at the stock market, leading to a year-to-date (YTD) growth of 60 per cent in the Food/beverages Index as at last Monday. This performance is above the 26.76 per cent YTD growth posted by the Nigerian Stock Exchange (NSE) All-Share Index, which measures the aggregate growth of the market . House Moves to Review 2010 Budget -The House of Representatives may have agreed to review the 2010 Appropriation Act to pave the way for the adjustment of the crude oil benchmark from $67 to $57 per barrel. This followed a proposal by President Goodluck Jonathan to the National Assembly to review the benchmark and bring it in line with the current realities in the international oil market. NAICOM approves four insurance firms’ 2009 accounts -National Insurance Commission (NAICOM) has approved the 2009 accounts of four insurance companies out of the 49 underwriting firms. This is ahead of the June 30 deadline for insurance companies to submit their full year returns. The approved companies’ accounts are in line with the new reporting standard set out by the commission with international best practice that ensures credibility and transparency. FSRCC issues new rules on margin lending -In a spirited effort by the Financial Services Regulation and Coordination Committee (FSRCC), an umbrella body of financial regulators in the country, to forestall a re-occurrence of failure of banks as a result of very high non- performing loans, it has issued new rules on margin trading. The committee, which comprises of regulatory agencies such as the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM), among others, noted that most operators that suffered losses in margin trading lacked capacity, technology and framework to embark on margin trading, factors, it said, contributed immensely to the fate they suffered and consequently the spiral effect during the financial market meltdown. Global crisis: Nigeria lost $20bn in capital flight – CBN Nigeria lost about $20bn in capital flight to the global economic crisis that ravaged more than half of the world economy in 2009, the Central Bank of Nigeria has said. The Director, Reserves Management and Foreign Operations, CBN, Mr. Lamido Yuguda, disclosed this in Cote D’Ivoire. Bloomberg quoted him on Tuesday as saying, “The crisis was a wake-up call for the CBN. It called on Nigeria to hold a buffer over and above six months of import cover. There was a massive flow of capital out of Nigeria.” He also revealed that the CBN was considering reducing the amount of euro it held in the country‘s foreign reserves if the European currency‘s decline continued. May 27 Macroeconomic Indices Worries CBN•Fiscal inflow crashes inter-bank rates - 48 27 At the close of trading session, the All-Share
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Governor of the Central Bank of Nigeria (CBN) Mallam Sanusi Lamido Sanusi has said the Index inched up by +1.08% to close at fiscal deficit in the 2010 budget; expansionary spending; injection of money expected from 25,849.42 as against decline by -1.29% the proposed Asset Management Corporation of Nigeria (AMCON); inflation and other recorded yesterday to close at 25,573.66. economic variables will make management of the economy difficult in the second quarter of Market capitalisation inched up by N67.076 the year. The CBN gave its latest economic outlook for the second half of the year on a day billion (US$448.068 million0 to close at N6.287 the Nigerian Inter-bank Offer Rates (NIBOR) crashed. trillion (US$42.001 billion), a contrast with shed N26m Debt: CBN Branch Office Sealed Off -The premises of the Central Bank of Nigeria N81.354 billion (US$543.445 million) (CBN), Calabar, was yesterday sealed off by the Cross River State Board of Internal Revenue depreciation recorded yesterday to close at Service (BIRS) over a N26 million income tax owed the state by the apex bank. As early as N6.221 trillion (US$41.553 billion). The market 8am, more than 15 officials of the BIRS, led by the Director, Urban Development and report for the day was titled : Market posts Tourism Development Levy, Mr. Divine Edim, stormed the premises of the bank along attractive outlook after six days of massive Calabar Road in a siren-blaring convoy and barricaded the bank, refusing some staff of the decline ( bank entry. http://www.proshareng.com/news/single NSE Index Slides to March Level-The benchmark gauge used to measure the News.php?id=10767 ) performance of Nigerian equities, the Nigerian Stock Exchange (NSE) fell by 1.29 per cent to close at 25,573.66 as the bear run persisted at the stock market yesterday. This implies that the index has depreciated to the level it was in March 2010. In the same vein, the market capitalisation closed N81 billion lower at N6.221 trillion yesterday from N6.302 trillion the previous day. The index had hit a high of 28,029.78 this year when the market rode on the back of expected take-off of the planned Assets Management Corporation (AMC); more- than-expected dividends from banks and corporate actions by other companies. SEC Suspends Diamond Securities for flouting market rules - The Securities and Exchange Commission has suspended Diamond Securities Limited, an operator in the capital market, from all capital market activities. The company was sanctioned along with all its sponsors, for flouting market rules. A statement from the regulator on Wednesday, signed by the Head, Media, Mr. Lanre Oloyi, said the company and its sponsors were suspended following observed unprofessional conduct. According to the commission, the company failed to execute its client’s mandate and operate its account strictly according to instructions contrary to Code 1(v) of the Code of Conduct for Capital Market Operators ”made pursuant to Rule 43 SEC Rules and Regulations as amended.”SEC also accused Diamond Securities of conversion of its client‘s securities for the benefit of a third party, contrary to “Rule 110 SEC Rules and Regulations as amended.” Inter-bank rates, collaterised lending crash as FAAC unloads N749.883bn -Interbank lending rates, the rate at which banks borrow from each other, crashed to 1.6750 percent yesterday from 7.8333 percent on Tuesday following the release of the N749.883 billion budgetary allocation by the Federation Accounts Allocation Committee (FAAC) to the three tiers of government. Similarly, rates at the Open Buy Back (OBB) segment, where banks use government security certificates as collateral, tumbled from 7.1667 percent to 1.3000 percent for banks and from 6.750 percent to 1.2167 percent for discount houses during the same period. CBN warns on oil price assumption - The 2010 budget should not assume an oil price of above $60 a barrel, the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, told Reuters in an interview on Wednesday.“An assumption of an oil price over $60 is unrealistic,” Sanusi said on the margins of a conference in Ivory Coast. Earlier a lawmaker
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said the House of Representatives was in talks to lower the benchmark oil price in the 2010 budget to as low as $55 a barrel from the current $67 to reflect the fall in global oil prices. Asked whether oil prices could be further dented by a debt crisis in the euro zone, where banks remain reluctant to lend to counterparts exposed to southern European sovereign debt, Sanusi replied: “There is the chance it will damp the price of crude.” Phone operators in hot lobby for CBN m-payment licence - Amid heightened expectations that the Central Bank of Nigeria (CBN) would commence further issuance of mobile payment licenses to prospective companies in June, some operators have begun intense lobbying to ensure that they acquire the requisite licenses to provide Mobile Money Transfer and Payment (MMTP) services to the Nigerian populace. NACCIMA flays CBN over non-performance of core functions -Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has flayed the Central Bank of Nigeria(CBN) for not performing her core functions for more than 20 years now. This was the reaction of the Association to the lingering high interest rates recently pegged to 16 percent from 22 percent by the apex bank. “For over twenty years CBN has not performed her core functions of price stability in the economy which is the ability of the apex bank to moderate inflation, attain stable interest and exchange rates and create a conducive investment climate for long term growth and development as contained in the CBN Act 2007 and which objective is mainly to enable the CBN adopt necessary measures to control the state of inflation in the country. CBN, ICCN collaborate on URDG -The International Chamber of Commerce Nigeria is collaborating with the Central Bank of Nigeria on the revised version of the Uniform Rules for Demand Guarantees. To this end, a seminar has been slated to hold in Lagos next week. A statement on Wednesday said the URDG, which had gained increasing worldwide acceptance over the years applied to hundreds of billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts. Central Bank toughens on Margin Trading -The Financial Services Regulation Coordinating Committee (FSRCC) has issued stricter guidelines to monitor margin trading and thereby avert a repeat of the abuses and sharp practices that bedeviled margin trading in the run up to the recent capital market collapse. The committee issued the new rules on trading when they met on Friday May 21, 2010 with representatives of all member agencies in attendance. Among other issues extensively discussed, the committee noted the need to issue clear-cut rules and guidelines on margin trading, to prevent further abuses of the trade. May 28 Government to Protect Investors by Strengthening Capital Market Rules -In order to 60 20 The All-Share Index in the week under review protect investors in the capital market, the Federal Government has said it will empower declined by -2.25% to close at 26,183.21 regulators to ensure that there are high standards and a strong, fair, efficient and robust compared with depreciation by -3.49% to close market. Minister of State for Finance Mr. Remi Babalola stated this yesterday in Abuja at the at 26,784.90 recorded last week. The continued inauguration of committees to review the Investments and Securities Act (ISA) 2007 and predominance of sell pressures in three of the design a code of governance for capital market regulators. five trading days in the week accounted for the FG may alter key 2010 budget assumptions -The Ministry of Finance may seek trend recorded. parliamentary approval to alter key 2010 budget assumptions to better reflect global energy
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prices and the country‘s crude oil output. The Minister of State for Finance, Mr. Remi The market capitalisation recorded N146.353 Babalola, disclosed this in Abuja on Thursday. The ministry had raised the alarm earlier this billion (US$977.640 million) to close at N6.369 month that government revenues, mostly from oil sales, were not enough to fund this year‘s trillion (US$42.544 billion) compared with expansionary spending plans and could force the Federal Government to use its entire depreciation by N232.114 billion (US$1.551 windfall oil savings. billion) to close at N6.515 trillion (US$43.521 billion) of the previous week. Market report for the week was titled : : Equities sustains rebound as NSE ASI gained 2.38% two trading days ( http://www.proshareng.com/news/single News.php?id=10777 )
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