Feb 2010 Monthly Market Report - Proshare

ISSN 1597 - 8842 Vol. 1 No.
27
The Monthly NCM Report for February ‘10

Issued on February 28, 2010
Contents
Executive Summary 3
Introduction 5
All-Share Index Movement 6
Market Dynamics 7
Comparison of 2009 and 2010 Market Performance 8
Sectoral Index Movements 9
NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index
Transactions Volume and Value Trend 15

Top Ten Trades in the month 17
Top Ten Traded Sectors in the month 18
Top Ten Gainers in the month 19
Top Ten Year to Date Appreciation 19
Top Ten Decliners in the month 20
Top Ten Year to Date Depreciation 20
Gainers and Losers Compared 21
Supplementary Listing in the Month 21
Corporate Declarations in the Month 22
Forecast Results in the Month 29
Dividends Declared 29
Sectoral Analysis 29
Outlook/ Analyst Opinion 37
Time Lines (February Market News/Information) 38
The Monthly NCM Report for February 2010 www.proshareng.com Page 2

The Monthly NCM Report for February 2010
ISSN 1597 - 8842 Vol. 1 No. 27
Executive Summary
“Market rode on the back of blue chips to marginal gain of 1.79%”
The NSE index which began 2010 with very promising up trend appears to be turning
into a whimper as activities in February 2010 indicates unless things change fast. From
an impressive and optimistic 8.5% ASI gain by January month end, the NSE finished the
month of February with a 1.79% gain suggesting that the index has gone into a holding
pattern by trading in a very tight range.
The review conducted revealed that the market outcome achieved in the month far
removed from the expectations at the beginning of the month from both ends of the
investment market spectrum – investors and operators. Indeed, while most stocks have
picked up or either stopped their erosion, the rate of recovery has been hampered by
new volatilities; perhaps a distortion of trends owing to the re-entry of speculators in the
market.
Although, the NSE ASI is not increasing by leap and bounds, it appears that some
individual stocks within some sectors are being favoured by traders/investors as
indicated by volume and price.
February witnessed some activities which ought to have indicated a measure of

improved liquidity situation and investors interest in the market, as measured by the
rising profile of the volume and value of market transactions as seen in the upbeats
recorded on some days in the month. The market however could not sustain the uptrend
which appears to have been influenced by some investors selling into any uptrend to get
out of their old losing positions. Reviewing the charts, the trading volume does not
reflect convictions by traders. It seems that traders are unwilling to chase or buy stocks
above certain price thresholds.
This is becoming a market of selective performance rather than a broad base rally which
meant that trading in the market was motivated by a keen watch for stocks experiencing
increased volume and price – with traders riding the trend.
It would appear that despite the occasional positive signals seen, suggesting an
imminent liquidity situation, the reality appears to be no more than an illusion at this
time as the rallies could not be sustained over the month (indeed year-to-date).
Investors, it would appear, are justifiably more careful with ‘trusting’ the stock market
with their investible funds – which explains the downward trends in the midst of the
upbeats.
The unaddressed ‘loss of confidence’ in the market, accentuated by the increased

political, business and investment risk profile of the country has combined to impact the
market’s expected upswing.

Further, the unfulfilled promises of the regulators to improved the oversight and
operating environment in the market is yet to be seen, or perhaps has faltered with a
constant shifting of the goal post.
The operating environment is unsettling and provides little direction as to economic

policy, regulatory framework and financing of the productive sectors of the economy to
provide retail and institutional investors with the required liquidity.
The NSE current bearish market trend will be two years old on March 5, 2010, and
technically one would have expected that most of the aggressive sellers should have
been washed out by now, but evidence abounds that some sellers are still hanging on to
recoup some of their losses.
For the Nigerian capital market to get back on the road to recovery (a subject of our yet
to be released NCM 2010 report); we must have a situation where the buyers
overwhelm the sellers. It does not appear that a lot of investors are willing to or have
been sufficiently motivated to take a brave stand at this point.
Technically, certain positive indicators are beginning to emerge – the movement of the
ASI is clearly indicative of a market that has bottomed out (though in danger of a major
reversal if the protracted political crisis cum stagnation of the economy is left
unaddressed), and the resurgence of the trading volumes.
The market in Q1 end and Q2 2010 is thus expected to move above the current levels as
we ensure a sustained oil production targets, take major structural changes that
encourages integrity and transparency at the NSE and SEC, reduce the country political
risk considerably and devote time to set a clear cut direction for the economy; any
capital market performance benchmarks.
Failure to develop a roadmap for achieving a market recovery and secure a buy-in of the
stakeholders, it appears that the anticipated ‘speedy’ recovery from Q3 2010 may be
delayed or compromised.
The long bearish trend has left most investors badly wounded and unwilling to invest in
the capital markets.
The market regulators appear not to get this point.
We however remain hopeful and encourage investors to take the long view mindset in
reviewing their portfolios and new engagements.
This report allows you to appreciate the market in a more personal way; and empower
you to engage in a much more intelligent manner.
Thank you for reading and do take time to share with us your thoughts on the market,
especially your personal realities as a guide in better appreciating how to relate with
your professional financial advisers. E-mail our analyst at research@proshareng.com
We value your feedback and comments.

Introduction
In February 2009, we made the call that the year would be devoted to ‘reconciling
ourselves with the obvious leadership meltdown plaguing our financial services
sector’. We opined that 2010 would be the year we identify and empower the market to
embark on the road to recovery which we forecasted to begin in Q2 2010. While we
are yet to enter Q2 2010, we are concerned with the rate of recovery of the market
based on our assessment that indicates that the market is operating on the premise that
any road will lead us towards recovery; without a thought-led and economy-integrated
roadmap.
It appears that we have not fully resolved the leadership crisis that got us here in the
first place. The leadership challenge we described relates to the accumulated evidence of
failures in financial economy strategic planning, operational execution of plan and
mobilisation of stakeholders towards a common goal, one devoid of grandstanding.
These gaps still exist at all facets of our financial services sector, some worse off than
the other and it seems that we are yet to deploy a plan that links the economic well
being of the nation to activities in the financial markets – the CBN has at least
recognised its challenges and is dealing with them. Yet, this self reliant market continues
to inch its way through; only to falter with the slightest stress placed on it.
As we entered the second trading month in 2010 – February, the performance showed a
true reflection of the health status of the nation’s economy – volatile and uncertain.
The heightened political risk among the ruling class has created a stagnation of sorts for
the nation’s economy; and this, to a very large extent, dictated the trend of the market
for the month under review.
The market this month recorded a total of 7.905 billion units valued at N54.045 billion
exchanged in 145,887 deals compared with 8.63 billion units valued at N46.781 billion
exchanged in 302,901 deals in the previous month. Comparing the volume and value
traded in the month with the previous month showed -5.50% and +15.53% difference
for the volume and value for the month respectively.
In the course of the month, the All-Share index recorded a +1.79% performance
compared with +8.5% growth recorded in the preceding month. Market capitalisation
within the period appreciated by N105.723 billion compared with N452.202 billion
recorded in January.
This trend indicates a slow down in the rate of recovery; owning principally to the issues
raised above and a few ancillary ones, viz:
The re-entry of new speculators and holding out by old ones;

The ‘unclear status/direction’ in the banking sector (including year-end issues);
The insufficient liquidity relative to market capacity (including the AMC issues);
Dearth of impressive corporate declarations by the quoted companies; and
Investor’s apathy and sustained negative news from regulators.

The NSE All-Share Index Movement
The NSE index which began 2010 with very promising up trend appears to be turning
into a whimper. Although the NSE all share index gained 1,713 or 8.2% in January 2010,
approximately 1,233 or 72% of the gains were made in the first half of the month. Since
then and up till the end of February 2010, the index has struggled to get a traction on
the upswing envisaged, closing the month on a gain of 1.79%. This suggests that the
index has gone into a holding pattern by trading in a very tight range as highlighted in
the graph below:
Although, the NSE ASI showed intermittent signs of a breakout, it is having problems
breaking above its 200 day moving average. Breaking above the 200 day SMA and
sustaining it will demonstrate technically that the index is no longer in a bearish mode.
Source: Proshare Research

From the Index moving averages graphically explained above, it is clear that the ASI at
the moment is trading below its 20 days and 200 Days Moving Averages, but above its
50 Days Moving Average.
The 20 Days Moving Average further lends credence to the declined performance of the
ASI in the month over the previous month trend. The 50 Days Moving Average trend is
adduced to the recent upbeat (though not consistent) experienced in the market, mostly
boosted by the more pronounced upbeat recorded in January.
The fact that the Index is trading below its 200 Days Moving Average is an indication
that the bearish trend is still relatively apparent and existent, for trading above 200
Days Moving Average and maintaining the tempo would be suggesting a market
recovering from bears grip.
The index performance trend showed indications of decline in the market growth for the
month; revealing that the investors’ enthusiasm and optimism of the first month of the
year proved pyrrhic.
The enthusiasm could only be sustained for the first four trading days in the month of
February after which the bears-rule became the recurring pattern to everyone’s
consternation.
The appreciation recorded in the month was mainly facilitated by the trend in the blue
chips stocks in the Banking, Building, Food and Beverages and Conglomerate sectors.
Source: NSE, Proshare Research
February 2010 Market Dynamics

The market dynamics as graphically illustrated below showed the appreciation and
depreciations on the daily basis. The palpable fears and cloudy investment climate that
reigned in the month was responsible for the dynamics recorded.

been, meaning that the climate was relatively friendly. The wide gulf is apparent as
shown in the graphs below.
Market Capitalisation Market Capitalisation

Dates NSE ASI
(trillion) ($ billions)
Jan-02-09 31,357.24 6.93 46.25
Feb-01-09 22,085.15 4.94 32.93
Feb-27-09 23,377.14 5.23 34.88
Year to Date Return -25.45% -24.53% -24.58%
Monthly Return 5.85% 5.87% 5.92%
2010 Figures
Jan-02-10 20,838.90 4.99 33.28
Feb-01-10 22,865.16 5.51 36.71
Feb-25-10 23,033.02 5.55 35.98
Year to Date Return 10.53% 11.22% 8.11%
Monthly Return 1.79% 1.79% -1.99%
From the table above, the year to date performance of the year 2009 closing at -
25.45% indicated a woeful performance when compared with the positive year to date
performance for the year of +10.53% for the period under review. The negative trend
of the previous year’s period when compared with +5.85% appreciations recorded in
February showed that the 2009 January posted a serious negative trend. However, the
positive year to date of the month under review when compared with +1.79% monthly
returns indicated that the month recorded low growth.

Sectoral Index Movements
NSE- NSE-
NSE-30 NSE-Food Banking Insurance NSE-Oil
Date % Change % Change % Change % Change % Change
01/02/2010 1.40 2.12 1.69 -0.22 0.00
02/02/2010 1.31 0.70 1.32 -1.15 0.00
03/02/2010 2.38 1.47 3.37 -0.06 -0.83
04/02/2010 1.11 -0.39 1.79 0.80 0.23
05/02/2010 -2.81 -3.29 -3.62 -1.65 0.86
08/02/2010 -1.51 -2.12 -2.51 -1.10 0.00
09/02/2010 0.83 0.07 0.81 -0.71 0.00
10/02/2010 0.58 0.28 0.44 0.09 -0.61
11/02/2010 -0.44 0.38 -1.10 1.13 -1.13
12/02/2010 -0.18 0.51 -0.49 -1.31 -0.01
15/02/2010 0.45 0.39 0.51 0.30 0.00
16/02/2010 0.12 0.13 0.27 -1.30 0.03
17/02/2010 0.01 1.59 -0.38 -1.03 0.00
18/02/2010 0.44 0.13 0.94 -0.27 0.25
19/02/2010 0.14 0.27 -0.21 -0.08 0.42
22/02/2010 -0.65 1.03 -0.50 -1.21 0.69
23/02/2010 -0.44 0.48 0.02 -2.51 1.41
24/02/2010 0.64 0.25 0.18 -0.51 1.46
25/02/2010 -0.12 -0.18 -0.61 0.31 1.00
Monthy
Performance 3.20 3.75 1.76 -10.04 3.78
In the month under review, NSE-Oil and Gas index emerged the best performing sector
with +3.78% appreciation, followed by Food &Beverages index which appreciated by
+3.75% and Banking sector index followed with +1.76% appreciation. However, the
declining trend recorded in Insurance sector is clear in the table above with -10.04%
losses in the month.

When compared with January trend of sectoral indexes, the performance in the month of
February was below the preceding month save only Insurance sector that recorded less
negative performance and Oil and Gas sector that closed with higher performance in the
month. The trend portrayed the true reflection of the entire market trend.
NSE -30 INDEX
The upbeat trend recorded in the blue chips stocks in the early part of the month could
not be sustained as the growth waned and was on the waning trend in most of the
trading days of the month. The combinations of profit takings and investors’ passive
mood to the market contributed to the trend recorded. The sector Index eventually
closed with +3.20% appreciation in the month. The sector still shows signs of potential
ample returns to investors both in the short, medium and long term views.
NSE -FOOD INDEX
Food and Beverages stocks enjoyed strong investors’ patronage in the month. The sector
index recorded appreciations for fifteen out of nineteen trading days of the month, with
the aggregate index performance closing at +3.75%, though below the previous month
performance of +13.20%. There was a level of resilience against bears demonstrated
by the stocks in the sector during the month. Profit takings from the upbeat of the
previous month coupled with the decline in the investors commitment to the market
could be linked to the trend recorded in the month. The trend notwithstanding, the

sector shows potentials for delivering returns, and could be eyed by investors in the
coming month.
NSE -BANKING INDEX
Profit taking and a level of confidence crisis and general market sentiment affected the
performance of the stocks in the sector. Investors are yet to reasons or clear signals to
the end of the policy direction of the Central Bank of Nigeria. This to a very large extent
informed the high level of speculative trading in the sector as there are no reasons or
rationale yet for holding the banking stocks for long term. Though the sector has
undervalued stocks, the status quo may remain until the issue of policy direction for the
sector is ascertained and some outstanding issues affecting the sector are resolved. The
sector recorded +1.76% appreciation in the month, lower of +10.30% recorded in the
preceding month.
NSE -INSURANCE INDEX
Despite the fact that over 55% of the stocks in the sector are either at or close to their
nominal value, the investors’ sentiment for the stocks still seems to be in the negative.
Also, that the sector is not known for delivering good returns to investors coupled with
the fact that the shares in issue of some companies in the sector seem overblown may

inform the investors’ mood. The sector repeated negative trend of -10.04% in the
month compared with -10.30% of the previous month.
NSE -OIL INDEX
Oil and Gas sector of the capital market looks good for consideration as the performance
trend remains northward at the close of the month. The performance growth at the end
of February closed at +3.78%, higher than +3.56% growth recorded in the preceding
month. The sector’s trend in the last six trading days of the month boosted the
performance recorded. The sector looks like a safe haven for investors, most especially
those with long term view.
LAST TRADING DAY - SNAPSHOT

SECTORAL ANALYSIS
SECTOR PERFORMANCE
Symbol YTD %Change
HOTEL & TOURISM 29%
REAL ESTATE 5.00%
AGRICULTURE 4.80%
PETROLEUM(MARKETING) 3.60%
THE FOREIGN LISTINGS 3.40%
CONGLOMERATES 3.10%
PACKAGING 2.18%
BUILDING MATERIALS 1.50%
COMMERCIAL/SERVICES 1.40%
PRINTING & PUBLISHING 1.36%
FOOD/BEVERAGES & TOBACCO 0.00%
LEASING 0.00%
CONSTRUCTION -0.60%
BREWERIES -0.70%
HEALTHCARE -0.80%
SECOND-TIER SECURITIES -1.30%
INFORMATION & COMMUNICATION TECHNOLOGY -1.50%
MEDIA -1.86%
OTHER FINANCIAL INSTITUTIONS -2.58%
BANKING -3.30%
MARITIME -3.88%
INSURANCE -4.05%
CHEMICAL & PAINTS -4.30%
MORTGAGE COMPANIES -4.91%
ENGINEERING TECHNOLOGY -5.90%
COMPUTER & OFFICE EQUIPMENT -6.10%
AIRLINE SERVICES -8.50%
INDUSTRIAL/DOMESTIC PRODUCTS -8.71%
AUTOMOBILE & TYRE -16.00%
ROAD TRANSPORTATION -21.82%

Transactions Volume and Value Trend
%
Market Jan-10 Feb-10 Change
Average Daily Volume of stocks in
Millions 418.264 416.05 -0.53
Average Daily Value of stocks in N'
Millions 2,339.05 2,844.46 21.61
Average Daily Value of stocks in $'
Millions 15.59 18.96 21.61
Total Volume of stocks traded in Million 8,365.28 7,904.94 -5.50
Total Value of stocks traded in N' Million 46,781.02 54,044.74 15.53
Total Value of stocks traded in $' Million 311.873 360.298 15.53

%
New Listing and Delisting Jan-10 Feb-10 Change
Number of Equities Delisted 0 1
Number of New Listings 0 0
Supplementary Listing 1 2
Market Capitalisation of New Listings at
Listing Price(N million) 0 0
Market Capitalisation of New Listings at
Listing Price($ millions) 0.00 0.00
The transaction volume in the month of February when compared with the preceding
month closed lower marginally by -5.50% to close at 7.905 billion units compared
with 8.365 billion units traded in the preceding month. This could be an indication that
the investors’ patronage of the market in the month under review was not significantly
different. But for the bid trend that reigned in the preceding month, the volume margin
would probably have been higher.
However, the transaction value in the month under review closed higher by +15.50% at
N54.045 billion ($360.298 million) compared with N46.781 billion ($311.873
million) of the preceding month. The reason that could be adduced to the upward trend
in transaction value was the fact that the blue chips stocks dominated the market
appreciation for the month.


Top Ten Trades for the Month of February
First Inland Bank Plc topped the transaction volume for the month and as well for the
preceding month. Banking stocks generally dominated the charts for both months. The
price movement of these stocks does not suggest a commitment on the part of the
investors, but rather indications of speculative trading on most of these stocks.
With the exceptions of IHS and Skye bank (February), BAGCo and CapOil (January)
were the only stocks that made the top 10 trades in the year-to-date.
Company Total Trades Total Volume Total Value

FIRSTINLND 2569 551,775,485.00 429,007,344.89
IHS 40 488,698,625.00 1,969,443,956.75
ZENITHBANK 4878 468,812,491.00 7,380,615,475.04

FIRSTBANK 16214 340,771,006.00 5,117,075,253.83
ACCESS 4113 292,172,797.00 2,657,484,093.72
DIAMONDBNK 2243 258,602,667.00 2,360,976,418.64
GUARANTY 8085 251,929,949.00 4,581,704,224.72
UBA 5069 251,145,746.00 3,360,695,616.11
SKYEBANK 3551 224,831,699.00 1,693,515,809.98
FIDELITYBK 3111 202,874,338.00 540,592,033.78
RECALL TOP TEN TRADES FOR THE MONTH OF JANUARY
Company Total Trades Total Volume Total Value

FIRSTINLND 2545 816,820,770.00 524,161,024.60
ZENITHBANK 5606 606,957,367.00 9,258,388,760.02
FIRSTBANK 17050 485,226,109.00 7,074,917,737.98
CAPOIL 138 393,614,166.00 201,494,963.64
FIDELITYBK 3083 309,830,185.00 781,113,307.59
ACCESS 3565 233,430,135.00 1,890,839,585.51
GUARANTY 7613 227,019,282.00 3,768,237,736.64
BAGCO 176051 222,523,637.00 365,614,961.49
UBA 4394 209,800,647.00 2,402,014,918.94
DIAMONDBNK 1605 209,795,442.00 1,628,529,084.56

Top Ten Traded Sectors for the Month of February
Banking sector traded more than half of the total volume transactions for the month,
followed by Insurance sector. The volume traded in the banking sector closed at 4.032
billion units valued at N32.853 billion ($219.020 million) exchanged in 70,301 deals,
the volume traded in the sector represented 51% of the entire market volume
transactions for the month. The volume traded in Insurance sector closed at 1.179
billion units valued at N1.185 billion ($7.904 million), and the volume accounted
for 15% of the market volume exchanged in the month. This shows that the volume
transactions in the financial sectors combined together accounted for 65% of the market
transaction.
Total
Sector Total Volume Total Value
Trades
BANKING 70301 4,032,381,421.00 32,853,008,942.78
INSURANCE 10069 1,179,356,236.00 1,185,619,424.02
INFORMATION &
COMMUNICATION 1197 735,152,033.00 2,433,233,661.74
TECHNOLOGY
FOOD/BEVERAGES &
12425 290,822,691.00 4,811,401,907.48
TOBACCO
MORTGAGE COMPANIES 1413 236,988,125.00 159,180,924.50
CONGLOMERATES 4603 208,629,936.00 2,542,200,012.64
BUILDING MATERIALS 4482 135,353,273.00 3,189,465,230.21
CHEMICAL & PAINTS 321 121,829,081.00 579,520,089.75
OTHER FINANCIAL
563 117,067,823.00 108,335,842.03
INSTITUTIONS
MARITIME 2348 100,574,642.00 124,215,058.58

Top Ten Gainers in the month
COMPANY
N % Year to Date
29-Jan-10 25-Feb-10
Change Change ( App/Dep)
IKEJAHOTEL 0.99 1.54 0.55 55.56% 77.01%
CAPHOTEL 1.98 2.75 0.77 38.89% 99.28%
AP 36.4 47.46 11.06 30.38% 41.63%
BAGCO 1.9 2.34 0.44 23.16% 53.95%
PRESCO 4.37 5.32 0.95 21.74% -5.00%
FTNCOCOA 0.72 0.87 0.15 20.83% 61.11%
FLOURMILL 38.85 45.1 6.25 16.09% 24.59%
DAARCOMM 0.58 0.67 0.09 15.52% 15.52%
UNITYBNK 1 1.15 0.15 15.00% 32.18%
FIDSON 2.09 2.4 0.31 14.83% 29.03%
Top Ten Year to Date Appreciation
COMPANY 04-Jan-10 25-Feb-10 Change % Change

CAPHOTEL 1.38 2.75 1.37 99.28%
IKEJAHOTEL 0.87 1.54 0.67 77.01%
FTNCOCOA 0.54 0.87 0.33 61.11%
BAGCO 1.52 2.34 0.82 53.95%
CADBURY 10.49 15.8 5.31 50.62%
ASHAKACEM 11.39 16.2 4.81 42.23%
AP 33.51 47.46 13.95 41.63%
PLATINUM 1.38 1.91 0.53 38.41%

STERLNBANK 1.26 1.73 0.47 37.30%
NASCON 4.56 6.2 1.64 35.96%
The top ten appreciations for the month and for the year to date further explain the
dominance of blue chips stocks in the gainers list for the month. The same trend was
indicated in the year to date appreciation, as only two banking stocks emerged in the
class. This shows that investors’ enthusiasm and sentiments did not swing more
favourably towards the sector in the light of the sustained cycle of negative news from
the sector and the number of unresolved issues therefrom. Blue chips stocks in the non-
financial sectors may most likely enjoy more rally in the coming month.
Top Ten Decliners in the month
COMPANY
N Year to Date
29-Jan-10 25-Feb-10 % Change
Change ( App/Dep)
DNMEYER 5.13 3.1 -2.03 -39.57% -42.49%
UNITYKAP 1.7 1.1 -0.6 -35.29% -53.78%
AFRINSURE 0.7 0.5 -0.2 -28.57% -42.53%
ECOBANK 8.24 5.99 -2.25 -27.31% -40.69%
RTBRISCOE 6.23 4.54 -1.69 -27.13% -26.18%
ALUMACO 21.47 15.8 -5.67 -26.41% -42.98%
STDINSURE 0.67 0.5 -0.17 -25.37% -12.28%
BOCGAS 13.48 10.39 -3.09 -22.92% -22.92%
Top Ten Year to Date Depreciation
COMPANY 04-Jan-10 25-Feb-10 Change % Change

UNITYKAP 2.38 1.1 -1.28 -53.78%
INCAR 4.12 1.97 -2.15 -52.18%
GOLDINSURE 0.91 0.51 -0.4 -43.96%
ALUMACO 27.71 15.8 -11.91 -42.98%
AFRINSURE 0.87 0.5 -0.37 -42.53%
DNMEYER 5.39 3.1 -2.29 -42.49%
ECOBANK 10.1 5.99 -4.11 -40.69%
CRUSADER 1.5 0.95 -0.55 -36.67%
STACO 1.19 0.79 -0.4 -33.61%
AFROMEDIA 0.8 0.55 -0.25 -31.25%

Gainers and Losers Compared
The gainers and losers trend in the year compared with the previous year (comparable
period) did not show much disparity.
Source: Proshare Research
Supplementary Listing in the Month
Supplemetary Listing in the Month Units Listed

African Paints Plc 130,000,000
CI Leasing Plc(Redeemable Convertible Loan Stock) 471,580,000

Corporate Declarations in the Month
CHELLARAMS PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % Change
Gross Earnings 9,060.00 7,742.00 17.02
Profit Before Tax 268.45 222.70 20.54
Profit After Tax 247.79 199.72 24.07
Balance Sheet Information
Fixed Assets 2,794.00 2,814.00 -0.71
Cash and Bank Balances 44.50 80.57 -44.77
Other Debit Balances 932.82 760.22 22.70
Trade Credit 993.70 858.63 15.73
Other Credit Balances 3,375.00 4,244.00 -20.48
Working Capital (316.31) (589.67) -46.36
Net Assets 2,592.00 2,200.00 17.82
http://www.proshareng.com/investors/company.php?ref=CHELLARAMS
VITAFOAM NIGERIA PLC

AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % Change
Gross Earnings 9,758.00 8,172.00 19.41
Profit before tax& After Exep. Items 780.92 1,013.00 (22.91)
Profit/Loss After Tax 510.78 698.30 (26.85)

Fixed Assets 1,615.00 1,345.00 20.07
Trade Credits 808.83 583.69 38.57
Working Capital 2,160.00 1,895.00 13.98
Net Assets 2,161.00 1,895.00 14.04
http://www.proshareng.com/investors/company.php?ref=VITAFOAM
NORTHER NIGERIA FLOURMILL PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % Change
Gross Earnings 7,920.00 6,589.00 20.20
Profit/Loss After Tax 388.31 99.41 290.63
Fixed Assets 371.65 352.43 5.45
Cash and Bank Balances 1,157.00 1,120.00 3.30
Trade Credits 422.96 502.69 -15.86

Other Credit Balances 993.66 1,256.00 -20.89
Working Capital 1,605.00 888.45 80.65
Net Assets 1,490.00 865.17 72.22
http://www.proshareng.com/investors/company.php?ref=NNFM
RESORT SAVING AND LOANS PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % Change
Gross Earnings 854.72 423.23 101.95
Fixed Assets 245.56 161.61 51.94
Cash and Bank Balances 802.36 647.61 23.90
Other Debit Balances 7,107.00 7,124.00 -0.24
Net Assets 7,016.00 6,722.00 4.37
http://www.proshareng.com/investors/company.php?ref=RESORTSAL
ASO SAVINGS AND LOANS PLC

2009 N’m 2008 %
Gross Earnings 7,906.00 8,021.00 (1.43)
Profit before tax and excpt. items 788.52 1,734.00 (54.53)
Profit/Loss After Tax 551.96 1,214.00 (54.53)

Fixed Assets 1,722.00 1,272.00 35.38
Cash and Bank Balances 15.64 8,107.00 -99.81
Other Debit Balances 49.65 53.25 -6.75
Other Credit Balances 61.58 57.31 7.45
Net Assets 5,595.00 5,477.00 2.15
http://www.proshareng.com/investors/company.php?ref=ASOSAVINGS
NIGERIAN BAG MANUFACTURING PLC

2009 N’m 2008 N’m % Change
Gross Earnings 7,553.00 7,391.00 2.19
Fixed Assets 6,664.00 7,170.00 -7.06
Other Debit Balances 5,676.00 4,575.00 24.07

Trade Credits 287.25 963.22 -70.18
Working Capital 5,978.00 5,830.00 2.54
Net Assets 9,331.00 9,239.00 1.00
http://www.proshareng.com/investors/company.php?ref=BAGCO
JULIUS BERGER NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 97,500.00 84,350.00 15.59
Profit Before Tax 3,900.00 3,370.00 15.73
Profit/Loss After Tax 2,300.00 1,970.00 16.75
Fixed Assets 46,179.00 28,381.00 62.71
Cash and Bank Balances 86,943.00 109,384.00 -20.52
Trade Credits 5,318.00 5,293.00 0.47
Working Capital (35,797.00) (16,597.00) 115.68

Net Assets 6,416.00 6,563.00 -2.24
http://www.proshareng.com/investors/company.php?ref=JBERGER
ROYAL EXCHANGE PLC

2009 N’m 2008 N’m % Change
Gross Earnings 2,822.00 2,935.00 (3.85)
Profit Before Tax 383.62 (202.79) (289.17)

Fixed Assets 5,281.00 3,949.00 33.73
Working Capital 1,086.00 399.39 171.91
Net Assets 8,116.00 11,706.00 -30.67
http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
ADSWITCH PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 N’m 2008 N’m % Change
Gross Earnings 100.52 22.21 352.59
Profit Before Tax 10.87 (1.50) 824.67
Profit After Tax 7.61 (1.50) 607.33
http://www.proshareng.com/investors/company.php?ref=ADSWITCH
GUINNESS NIGERIA PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % Change
Gross Earnings 53,842.00 43,483.00 23.82
Profit Before Tax 10,534.00 11,707.00 (10.02)
Profit/Loss After Tax 7,183.00 8,059.00 (10.87)

Fixed Assets 36,781.00 38,104.00 -3.47
Trade Credits 10,606.00 5,992.00 77.00
Other Credit Balances 23,702.00 18,252.00 29.86
Working Capital 41,054.00 42,726.00 -3.91
Net Assets 29,946.00 31,524.00 -5.01
http://www.proshareng.com/investors/company.php?ref=GUINNESS
FLOURMILL NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 117,457.00 112,237.00 4.65
Profit before tax 12,540.00 1,081.00 1,060.04
Profit/Loss After Tax 8,527.00 756.81 1,026.70
Fixed Assets 25,322.00 22,129.00 14.43
Trade Credits 7,846.00 7,958.00 -1.41
Working Capital 2,562.00 4,171.00 -38.58
Net Assets 30,541.00 22,868.00 33.55
http://www.proshareng.com/investors/company.php?ref=FLOURMILL
ROYAL EXCHANGE PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 N’m 2008 N’m % Change
Gross Earnings 1,075.00 899.42 19.52
Profit before tax (191.87) 66.66 (387.85)
Profit/Loss After Tax (191.87) 46.66 (511.20)
Fixed Assets 5,943.00 3,949.00 50.49
Short Term Borrowing - 239.84 -100.00

Working Capital 3,351.00 1,094.00 206.31
Net Assets 11,023.00 6,084.00 81.18
http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
SOVEREIGN TRUS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 3,806.00 3,037.00 25.32
Profit before tax 126.26 617.09 (79.54)
Fixed Assets 561.47 530.19 5.90
Working Capital 2,874.00 2,783.00 3.27
Net Assets 3,730.00 3,619.00 3.07
http://www.proshareng.com/investors/company.php?ref=SOVEREIGNTRUST
THOMAS WYATT NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 114.31 150.00 (23.80)
Profit/Loss After Tax 0.52 1,786.00 (99.97)
Fixed Assets 415.19 416.35 -0.28
Trade Credits 22.92 6.05 279.14
Other Credit Balances 347.78 385.42 -9.77
Working Capital (221.16) (225.84) 2.07
Net Assets 194.60 191.07 1.84
http://www.proshareng.com/investors/company.php?ref=THOMASWYATT
RED STAR EXPRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 3,148.00 3,036.00 3.69
Fixed Assets 754.79 680.64 10.89

Trade Creditors 226.65 104.50 116.89
Other Credit Balances 705.67 811.22 -13.01
Working Capital 793.04 743.42 6.67
Net Assets 1,353.00 1,278.00 5.87
http://www.proshareng.com/investors/company.php?ref=REDSTAREX
C &I LEASING PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 N’m 2008 N’m % Change
Gross Earnings 5,771.00 4,767.00 21.06
Fixed Assets 2,174.00 2,187.00 -0.59
Working Capital (7,653.00) (7,566.00) -1.15
Net Assets 2,626.00 2,152.00 22.03
http://www.proshareng.com/investors/company.php?ref=CILEASING
ACADEMY PRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,390.00 1,106.00 25.68
Profit before tax 106.68 73.88 44.41
Fixed Assets 961.85 526.54 82.68
Working Capital 274.74 139.53 -1.15
Net Assets 597.93 463.15 29.10
http://www.proshareng.com/investors/company.php?ref=ACADEMY
NEIMETH INTERNATIONAL PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,352.00 1,228.00 10.10
Profit before tax 54.17 (123.76) 143.77
Profit/Loss After Tax 36.84 (123.76) 129.77
Fixed Assets 225.85 189.90 18.93

Trade Credits 132.25 163.57 -19.15
Working Capital 1,322.00 1,227.00 2.07
Net Assets 1,109.00 1,072.00 3.45
http://www.proshareng.com/investors/company.php?ref=NEIMETH
UNIVERSITY PRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,616.00 1,204.00 34.22
Profit before tax 444.96 304.12 46.31
Fixed Assets 477.91 539.28 -11.38
Trade Creditors 50.58 47.49 6.51
Working Capital 917.82 660.25 39.01
Net Assets 1,287.00 1,100.00 17.00
http://www.proshareng.com/investors/company.php?ref=UPL

Forecast Results in the Month
Gross Earnings PAT in N'
Company Year End Period in N' billion billion
Nigerian Breweries Plc December Q1 2010 40.841 7.967
Gold Link Insurance Plc December Q2 2010 1.968 0.495
Skye Bank Plc December Q2 2010 27.189 3.457
Capital Hotel Plc December Q1 2010 1.257 0.944
Nampak Plc September Q2 2010 1.062 0.549
Nampak Plc September Q3 2010 1.278 0.636
National Sport Lottery December Q1 2010 2.128 0.263
Tantalizer Plc December Q1 2010 1.355 0.278
Tantalizer Plc December Q4 2010 6.198 0.421
Cornerstone Insurance Plc December Q1 2010 1.980 0.297
Sovereign Insurance Plc December Q1 2010 1.458 0.342
Neimeth Plc December Q1 2010 1.905 0.655
Livestock Plc December Q1 2010 0.802 0.324
Bagco Plc December Q1 2010 10.452 0.557
Julius Berger Plc December Q1 2010 36.400 0.920
Presco Plc December Q1 2010 0.900 0.125
Aso Savings Plc December Q1 2010 3.882 0.506
Dividends Declared
Dividend Price Adjustment
Company Declared AGM Date Date
Nestle Plc N10.60 April 27th, 2010 April 16th, 2010
Nigerian Breweris Plc N0.89k May 19th, 2010 March 12th, 2010
Vitafoam Plc N0.25k March 4th, 2010 March 15th, 2010
Afromedia Plc N0.05k March 3rd, 2010 February 5th, 2010
Sectoral Analysis
SECTOR ANALYSIS
Symbol 25-Feb 1-Feb YTD YTD %
Price Price Change Change
AGRICULTURE
AFPRINT 0.86 0.86 0 0.00%
ELLAHLAKES 4.26 4.26 0 0.00%
FTNCOCOA 0.87 0.75 0.12 16.00%
LIVESTOCK 0.69 0.73 -0.04 -5.50%
OKITIPUPA 6.53 6.53 0 0.00%
OKOMUOIL 21.62 22.75 -1.13 -5.00%
PRESCO 5.32 4.16 1.16 27.90%
Average 4.80%

Symbol 25-Feb 1-Feb YTD YTD %
Price Price Change Change
AIRLINE SERVICES
AIRSERVICE 2.75 3.05 -0.3 -10%
NAHCO 8.36 9 -0.64 -7%
Average -8.50%
AUTOMOBILE & TYRE
DUNLOP 0.5 0.5 0 0%
INCAR 1.97 2.39 -0.42 -18%
RTBRISCOE 4.54 6.53 -1.99 -30%
-
Average 16.00%
AVIATION
ALBARKAIR 0.58 0.58 0 0%
Average 0.00%
BANKING
ACCESS 9.1 8.62 0.48 6%
AFRIBANK 2.7 2.96 -0.26 -9%
DIAMONDBNK 9.35 8.79 0.56 6%
ECOBANK 5.99 7.83 -1.84 -23%
FIDELITYBK 2.68 2.53 0.15 6%
FIRSTBANK 14.55 15 -0.45 -3%
FCMB 9.2 8.8 0.4 5%
FIRSTINLND 0.69 0.76 -0.07 -9%
GUARANTY 18.06 17.81 0.25 1%
INTERCONT 2 2.38 -0.38 -16%
OCEANIC 2.08 2.4 -0.32 -13%
PLATINUM 1.91 2.26 -0.35 -15%
SKYEBANK 7.36 7 0.36 5%
SPRINGBANK 0.98 1.17 -0.19 -16%
IBTC 8.45 8.4 0.05 1%
STERLNBANK 1.73 1.7 0.03 2%
UBA 13.01 13 0.01 0%
UBN 6.05 6.3 -0.25 -4%
UNITYBNK 1.15 1.05 0.1 10%
WEMABANK 1.15 1.17 -0.02 -2%
ZENITHBANK 15.71 15.6 0.11 1%
Average -3.30%
BREWERIES
CHAMPION 3 3.15 -0.15 -5%

GOLDBREW 0.54 0.54 0 0%
GUINNESS 129 128.7 0.3 0%
INTBREW 2.71 2.87 -0.16 -6%
JOSBREW 3.58 3.58 0 0%
NB 57 54.19 2.81 5%
PREMBREW 0.93 0.93 0 0%
Average -0.70%
BUILDING MATERIALS
ASHAKACEM 16.2 15.5 0.7 5%
BCC 50.07 50 0.07 0%
CCNN 15.78 15.07 0.71 5%
WAPCO 35.2 34.9 0.3 1%
NIGERCEM 5 5 0 0%
NIGROPES 9.14 9.14 0 0%
NIGWIRE 2.58 2.58 0 0%
Average 1.50%
CHEMICAL & PAINTS
AFRPAINTS 3.49 3.49 0 0%
BERGER 3.52 3.36 0.16 5%
CAP 29.74 28 1.74 6%
DNMEYER 3.1 4.88 -1.78 -36%
IPWA 1.32 1.38 -0.06 -4%
NIG-GERMAN 15.04 15.04 0 0%
PREMPAINTS 13.4 13.4 0 0%
PORTPAINT 5.67 5.67 0 0%
Average -4.30%
COMMERCIAL/SERVICES
COURTVILLE 0.5 0.5 0 0%
NSLTECH 3.57 3.57 0 0%
REDSTAREX 2.64 2.5 0.14 6%
TRANSEXPR 6.45 6.45 0 0%
Average 1.40%
COMPUTER & OFFICE EQUIPMENT
HALLMARK 3.22 3.22 0 0%
NCR 8.13 8.13 0 0%
OMATEK 0.52 0.7 -0.18 -26%
THOMASWY 1.84 1.84 0 0%
TRIPPLEG 4.37 4.6 -0.23 -5%
WTN 2.92 2.92 0 0%
Average -6.10%

CONGLOMERATES
AGLEVENT 2.99 2.81 0.18 6%
CHELLARAM 14.13 14.13 0 0%
JOHNHOLT 9.28 9.28 0 0%
PZ 26 26 0 0%
SCOA 8.71 8.71 0 0%
TRANSCORP 0.54 0.5 0.04 8%
UACN 43.29 41.5 1.79 4%
UNILEVER 25 23.56 1.44 6%
Average 3.10%
CONSTRUCTION
ARBICO 26 26 0 0%
CAPALBETO 95.49 95.49 0 0%
COSTAIN 5 5.12 -0.12 -2%
GCAPPA 14.46 14.46 0 0%
JBERGER 28 28.5 -0.5 -2%
MULTIVERSE 0.5 0.5 0 0%
ROADS 3.46 3.46 0 0%
Average -0.60%
ENGINEERING TECHNOLOGY
CUTIX 2.89 3.28 -0.39 -12%
INTERLINK 5.15 5.15 0 0%
NIWICABLE 0.9 0.94 -0.04 -4%
Average -5.90%
FOOD/BEVERAGES & TOBACCO
7UP 30.6 30.6 0 0%
BIGTREAT 0.81 0.78 0.03 4%
CADBURY 15.8 15.58 0.22 1%
DANGFLOUR 12.7 13 -0.3 -2%
DANGSUGAR 16 15.75 0.25 2%
FLOURMILL 45.1 40.78 4.32 11%
HONYFLOUR 7.4 7.77 -0.37 -5%
FOREMOST 0.51 0.51 0 0%
MANDRID 5.95 5.95 0 0%
NNFM 23 21.8 1.2 6%
NASCON 6.2 6.66 -0.46 -7%
NESTLE 270 260 10 4%
NBC 27 28 -1 -4%
TANTALIZER 0.99 0.95 0.04 4%
UTC 0.78 0.9 -0.12 -13%

UNIONDICON 5.71 5.71 0 0%
Average 0.00%
FOOTWEAR
LENNARDS 3.85 3.85 0 0%
Average 0.00%
HEALTHCARE
ABOSELAB 4.92 4.92 0 0%
EKOCORP 5.58 5.58 0 0%
EVANSMED 1.07 1.1 -0.03 -3%
FIDSON 2.4 2.09 0.31 15%
GLAXOSMITH 27.3 26 1.3 5%
MAYBAKER 5.04 5.23 -0.19 -4%
MORISON 11.67 12.28 -0.61 -5%
NEIMETH 1.47 1.7 -0.23 -14%
PHARMDEKO 4.97 4.97 0 0%
UNIONDAC 0.63 0.65 -0.02 -3%
Average -0.80%
HOTEL & TOURISM
CAPHOTEL 2.75 2.07 0.68 33%
IKEJAHOTEL 1.54 0.99 0.55 56%
TOURIST 5.28 5.28 0 0%
Average 29%
INDUSTRIAL/DOMESTIC PRODUCTS
ALUMACO 15.8 20.4 -4.6 -22.55%
ALEX 13.04 13.04 0 0.00%
BOCGAS 10.39 13.48 -3.09 -22.92%
ENAMELWA 52.85 52.85 0 0.00%
FIRSTALUM 0.5 0.5 0 0.00%
VITAFOAM 4.72 5.3 -0.58 -10.94%
VONO 0.63 0.66 -0.03 -4.55%
Average -8.71%
INFORMATION & COMMUNICATION TECHNOLOGY
CHAMS 0.71 0.74 -0.03 -4.05%
ETRANZACT 5.23 5.23 0 0.00%
IHS 4.03 4.24 -0.21 -4.95%
MTECH 0.91 0.91 0 0.00%
MTI 0.5 0.5 0 0.00%
STARCOMMS 1.95 1.95 0 0.00%
Average -1.50%
INSURANCE

AFRINSURE 0.5 0.7 -0.2 -28.57%
AIICO 1.03 0.98 0.05 5.10%
CONFDINS 0.64 0.64 0 0.00%
CONTINSURE 0.95 0.91 0.04 4.40%
CORNERST 0.5 0.55 -0.05 -9.09%
CUSTODYINS 2.95 2.8 0.15 5.36%
EQUITYASUR 0.5 0.5 0 0.00%
GOLDINSURE 0.51 0.52 -0.01 -1.92%
GNI 0.5 0.5 0 0.00%
GUINEAINS 0.5 0.5 0 0.00%
HMARKINS 0.5 0.5 0 0.00%
WAPIC 0.99 1 -0.01 -1.00%
INTENEGINS 0.57 0.61 -0.04 -6.56%
IAINSURE 0.5 0.5 0 0.00%
LASACO 0.51 0.55 -0.04 -7.27%
LAWUNION 0.55 0.53 0.02 3.77%
LINKASSURE 0.5 0.5 0 0.00%
MBENEFIT 0.64 0.64 0 0.00%
NEM 0.51 0.53 -0.02 -3.77%
NIGERINS 0.74 0.88 -0.14 -15.91%
OASISINS 1.23 1.49 -0.26 -17.45%
PRESTIGE 3.61 3.8 -0.19 -5.00%
REGALINS 0.5 0.5 0 0.00%
SOVRENINS 0.5 0.5 0 0.00%
STACO 0.79 0.99 -0.2 -20.20%
STDINSURE 0.5 0.64 -0.14 -21.88%
UNIC 0.82 0.77 0.05 6.49%
UNIVINSURE 0.5 0.5 0 0.00%
Average -4.05%
LEASING
CILEASING 2.7 2.7 0 0.00%
Average 0.00%
MARITIME
JAPAULOIL 1.24 1.29 -0.05 -3.88%
Average -3.88%
MEDIA
AFROMEDIA 0.55 0.65 -0.1 -15.38%
DAARCOMM 0.67 0.6 0.07 11.67%
Average -1.86%
MORTGAGE COMPANIES

ABBEYBDS 1.61 1.61 0 0.00%
ASOSAVINGS 0.65 0.68 -0.03 -4.41%
UNHOMES 0.87 0.97 -0.1 -10.31%
Average -4.91%
OTHER FINANCIAL INSTITUTIONS
CRUSADER 0.95 1.07 -0.12 -11.21%
DEAPCAP 2.02 2.02 0 0.00%
FIRSTCAP 0.45 0.45 0 0.00%
NESF 552.2 552.2 0 0.00%
ROYALEX 0.59 0.6 -0.01 -1.67%
Average -2.58%
PACKAGING
ABPLAST 3.98 3.98 0 0.00%
AVONCROWN 7.65 7.65 0 0.00%
BETAGLAS 12.88 14.26 -1.38 -9.68%
NAMPAK 6.99 6.99 0 0.00%
POLYPROD 4.23 4.23 0 0.00%
BAGCO 2.34 1.81 0.53 29.28%
STUDPRESS 2.92 2.92 0 0.00%
VANLEER 15.03 15.03 0 0.00%
WAGLASS 0.63 0.63 0 0.00%
Average 2.18%
PETROLEUM(MARKETING)
AP 47.46 36.4 11.06 30.38%
AFROIL 20.71 20.71 0 0.00%
BECOPETRO 2.24 2.08 0.16 7.69%
CHEVRON 69.79 69.79 0 0.00%
CONOIL 34.17 33.57 0.6 1.79%
ETERNAOIL 6 6 0 0.00%
MOBIL 97.51 99.95 -2.44 -2.44%
OANDO 93.99 93.99 0 0.00%
TOTAL 142.5 150 -7.5 -5.00%
Average 3.60%
PRINTING & PUBLISHING
ACADEMY 6.85 7.21 -0.36 -4.99%
DTIMES 0.69 0.69 0 0.00%
LONGMAN 9.76 8.58 1.18 13.75%
UPL 5.5 5.69 -0.19 -3.34%
Average 1.36%
REAL ESTATE

UAC-PROP 21 20 1 5.00%
Average 5.00%
ROAD TRANSPORTATION
ABCTRANS 0.86 1.1 -0.24 -21.82%
-
Average 21.82%
TEXTILES
UNTL 1.49 1.49 0 0.00%
Average 0.00%
THE FOREIGN LISTINGS
ETI 15.85 14.84 1.01 6.81%
PNG 7.28 7.28 0 0.00%
Average 3.40%
SECOND-TIER SECURITIES
ADSWITCH 2.3 2.3 0 0.00%
AFRIK 0.5 0.5 0 0.00%
CAPOIL 0.55 0.5 0.05 10.00%
FLEXIBLE 0.5 0.5 0 0.00%
JULI 3.37 3.37 0 0.00%
KRABO 0.13 0.13 0 0.00%
NEWPAK 1.1 1.1 0 0.00%
RAKUNITY 0.31 0.31 0 0.00%
ROKANA 0.6 0.6 0 0.00%
SMURFIT 1.52 1.52 0 0.00%
TROPICPET 0.44 0.44 0 0.00%
UDEOFSON 0.5 0.5 0 0.00%
UNIONVENT 0.63 0.63 0 0.00%
WAAP 0.5 0.5 0 0.00%
MCNICHOLS 1.02 1.02 0 0.00%
UNITYKAP 1.1 1.7 -0.6 -35.29%
GTASSURE 2.24 2.2 0.04 1.82%
RESORTSAL 0.5 0.5 0 0.00%
Average -1.30%

Outlook /Analyst Opinion
Based on the market intelligence available as at the time of concluding this report, we
expect for there to be a means-enabled resolution of the political impasse within the
leadership in the nation; a conscious attempt to address the economic issues through a
work-out arrangement between the Ministry of Finance and the Central Bank of Nigeria
that should help improve the operating environment.
While this may take time to reflect upon the market, the clarity and sense of direction it
would provide should trigger an interest in the market prior to the announcement of the
election timetables for the 2011 elections in Q2 2010.
Combined, we expect that announcement of the long awaited fourth quarter 2009 results
of the banks will likely push the market in either direction, but definitely there will be a
reaction. We expect for the ‘Lamido 8’ banks to present only marginal variations to the
huge loss positions given that most of the provisioning were made as at the 11 month
(November 2009 when the status of the debts remained at the same levels in their
books) and the recovery efforts in December would not have been that significant to
warrant a rapid turn-around (unless write-backs representing post balance sheet
adjustments take place).
Any positive news is welcome at this stage, having exhausted all the negativity
imaginable for a financial institution. The key areas of impact should see the other banks
that gained from increased deposit intakes (flight to safety) and ‘smart lending’ show an
improvement in earnings which should be welcome news. Information from the market
concerning the bonds that have been offered as well as rights issue suggests that the
market did not warm up to them indicating resistance yet to be breached.
As the market awaits the enough stimulus for its full recovery, we are of the opinion that
that recovery is hinged on basic fundamentals, which appear not to be in place at the
moment. Opportunities however abound for investing cautiously and long term – we
have a market of selective performance rather than a broad base rally which means that
trading in the market would be driven by stocks of firms in less uncertain sectors.
Yet, the good money remains on some of the stocks shown above that have shown
resilience in the face of market difficulties all through 2009 and the last two months.
Clearly, the market can achieve some quick wins by quickly gaining a resolution of the
following issues; to signal a new era of lessons learnt, viz:
The AMC issue and Sale of banks to new owners – and the unaddressed huge
debt overhang of stock brokers.
The many unresolved market transactions and service issues – untimely

resolution of infractions, underwriting issues, private placements and non-
payment of dividends issues pending at the SEC, NSE and EFCC.
Clarity on the governance and succession concerns affecting the leadership of the
SEC and NSE.

Time Lines - (News/Information in the month and Reaction of Market)
Date Timeline Gainers Losers ASI Movement and
Remarks
Week 1 CBN-appointed MDs’ tenure may be extended beyond two years- 52 50 All-Share Index recorded
Feb 1-5 Going by recent developments in the banking sector, the last, after all, may growth of 2.80% to close at
not have been heard about toxic assets, initially put at about N1.4 trillion. 23,226.280. This week
Findings indicate that sacked managing directors of the troubled banks recorded the highest
concealed lots of such toxic assets in a variety of compartments. appreciation in the month.
Shareholder group drags CBN to court - Proactive Shareholders The feat is attributed to the
Association of Nigeria (PSAN) filed a suit in Federal High Court, Abuja with spill over of the upbeat of
the Central Bank of Nigeria (CBN) and the CBN Governor, Lamido Sanusi, as January and the performance
the first and second defendants. The plaintiff is praying the court to of blue chip stocks.
determine whether the CBN under the Banks and Other Financial Institutions N152.058 billion to close at
(BOFIA) has power to sell or to invite investors to buy any bank in the N5.594 trillion.
country without reference to the shareholders at all.
CBN weighs four options for troubled banks' capital -The Central Bank
of Nigeria (CBN) has set out four recapitalization options for the nine
troubled banks in the country. The options will be looked at by the board and
management of the affected banks in liaison with the apex bank's appointed
financial advisers to those banks. The idea, according to a source in the apex
bank, is for both the affected banks and the financial advisers to arrive at an
option best for each bank. The four options outlined by the CBN are injection
of capital, discussing with strategic investors, liquidation and nationalization.
SEC may restrict margin trading on banks’ shares-The Securities and
Exchange Commission may consider new rules that will restrict margin
trading on banks‘shares as part of measures to prevent future market
shocks that could have damaging effect on banks. The Director-General,
SEC, Ms. Arunma Oteh, who dropped the hint at a parley with senior media
executives in Lagos said margin trading on banks’ stocks was prohibited in
some jurisdictions due to the sensitive nature of banking business.
BOFIA: CBN Seeks More Powers over Banks-The Central Bank of Nigeria

(CBN) sought more powers to keep commercial banks in check on many
fronts including the revocation of banking licences, participation of banks in
the stock market and the logistics of opening and closing branches anywhere
in the world. It also demanded powers to acquire the shares of an
ailing bank up to a level that guarantees the apex bank’s control and
management provided that the CBN shall at the earliest opportunity
dispose of such acquired shares when it is satisfied that the state of affairs
of the bank concerned has improved.
Week 2 - Feb Nigeria records $11b FDIs in 2009-Despite the myriad of crises 31 64 The appreciation of 0.45%
8-12 besetting the nation's economy, Foreign Direct Investments (FDIs) into the was recorded in the week,
country may be on the upswing, going by disclosure from the Nigerian and ASI closed at 22,967.26.
Investment Promotion Council (NIPC).NIPC's executive secretary said that The pronouncement by the
more than $11 billion dollars worth of investments came into Nigeria last Securities and Exchange
year. Commission to raise the bar
Wema Bank to Raise N20bn Fresh Capital-Wema Bank is to raise N20 of regulatory oversight
billion fresh capital to boost its shareholders’ fund not later than June this seemed to relatively keep the
year, as directed by the Central Bank of Nigeria (CBN). investors’ interest in the
Capital Markets: SEC Vows to Restore Investor Confidence-The market. Market
Director-General of the Securities and Exchange Commission (SEC), Ms. Capitalisation sheds N61.923
Arunma Oteh, last Friday reiterated the commitment of the Commission to billion to close at N5.532
restore investors confidence in the market and bring back its lost glory. trillion.
Foreign bank buys into 3 troubled banks-The European Investment
Bank, EIB, is to buy into some of the nation’s troubled banks, Vice President
of the Bank, Mr. Plutarchos Sakellaris has said.
World Bank to help Nigeria raise asset firm-To ensure that the take-off
of the Asset Management Company of Nigeria (AMCON) is not frustrated by
lack of finance and technical expertise, the World Bank has assured that it is
ready to render assistance in both areas. Besides, the Central Bank of
Nigeria (CBN) is also working out an arrangement whereby banks can
transfer their bad loans into AMCON in exchange for considerations that
could be in the form of government bonds.
2010 budget: FG raises revenue targets by N970bn-The Federal

Government reviewed upwards, the revenue framework for the 2010 budget,
with an additional N970bn.The budget had an original revenue projection of
N7.06tn; but with the N970bn increase, the total projection currently stands
at N8.03tn.
Goodluck Jonathan becomes acting president- Nigeria's Vice-President
Goodluck Jonathan has become acting president, after weeks of political
uncertainty over the absence of its ailing leader.Parliament earlier voted to
recognise Mr Jonathan as acting president, in place of President Umaru
Yar'Adua.
Ratings agency predicts better returns for banks-Profits in Nigeria's
banking sector will recover this year but are unlikely to reach peaks recorded
before last year's $4 billion bailout, the head of the country's oldest ratings
agency has said. Managing Director of Agusto & Co, Vivien Shobo told
Reuters that she expected the sector to recover slightly this year after a loss
in 2009, but was silent on 2008 profit levels of about N40 billion.
New banking regime: Banks may no longer require N25bn capital-
Some banks may no longer require N25bn capital base as the Central Bank
of Nigeria intensifies plans to put in place a new bank holding structure that
is expected to end the problematic era of universal banking. A top official of
the CBN said that in the new banking regime, which would begin this year,
different categories of banks would emerge in a bid to allow them
concentrate on their different areas of strength.
N50bn required annually to keep rescued banks afloat – CBN-The
Central Bank of Nigeria has said that it will require N50bn annually to ensure
the recovery of the eight banks currently under the apex bank’s supervision.
It also said that the cost to tax payers was necessary given that it would be
used to save N9tn of deposits in the banks.
EU Investment Bank signs 240m Euros loan with 3 Nigerian Banks-
The European Union Investment Bank (EIB) signed a 240 million Euros
($330m) loan deal with three Nigerian banks in what it said was a vote of
confidence in ongoing banking reforms in the economy. The beneficiary
banks were First Bank Plc, Guaranty Trust Bank (GTBank) and Stanbic IBTC.

Investments in telecoms sector now $18bn•From $50m in 2001-
Investments in Nigeria’s telecommunications sector have reached $18 billion
since 2001,a figure that represents a massive growth from $50 million in
2001.Also,the growth recorded has leap-frogged the country to the enviable
position of Africa’s largest telecoms market. In the same vein, the country’s
subscriber base has now reached 75 million active connected lines.
Senate panel petitions minister on Udoma's chairmanship of SEC-The
Senate Committee on Capital Market has forwarded a petition to the Minister
of State for Finance, Mr. Remi Babalola, seeking the removal of the
Chairman of the Securities and Exchange Commission (SEC), Senator Udoma
Udo Udoma. According to the petition, Udoma, who, recently, emerged
Chairman of UAC of Nigeria Plc and Vice Chairman of Linkage Assurance Plc,
should resign his chairmanship of the commission if he wants to continue to
occupy his position in the two quoted companies.
Cadbury Pays N15bn Debt-Cadbury Nigeria Plc announced it had paid off
all the outstanding N15.2b bank debts that weighed on its bottom line in
recent years. The company said in a statement that the repayment followed
the successful conclusion of its Rights Issue and the listing of its new shares
by the Nigerian Stock Exchange.
Banking crisis: Sanusi blames Soludo for CBN’s failings-Central Bank
of Nigeria (CBN) Governor, Mallam Lamido Sanusi, has come down hard on
his predecessor, Professor Chukwuma Soludo, blaming the former CBN
helmsman for most of the perceived failings of the apex financial institution
which resulted in it being unable to prevent the ongoing crisis in the
industry.
CBN’s second phase reform to focus on bank categorisation- The
evolution of a healthy financial sector with varying niches and capital
requirements would be the plank of the second phase of the sector reforms,
according to Sanusi Lamido Sanusi, Central Bank of Nigeria (CBN) governor.
Searchlight will also be beamed on the desirability of the current universal
banking model which he regarded as an obsession with rapid growth but
without the right frameworks to manage risks. There will also be inquiry into

the use of depositors’ funds for margin trading in a bid to shield the funds
and avoid a repeat of the crisis that nearly brought the industry to its knees.
Global economic growth to rise by 3.1 per cent in 2010-The
International Monetary Fund (IMF) has estimated a 3.1 per cent increase in
global growth in 2010, following the recent data improvement in the global
economy, which was led by Asia and supported by vigorous and coordinated
fiscal and monetary policy stimulus including a wide range of measures to
enhance credit flow.
CBN targets April for sale of rescued banks-The 10 troubled banks
recently rescued with a N620 billion bailout fund may be sold by April to new
investors, going by a hint from the Governor of Central Bank of Nigeria
(CBN), Lamido Sanusi. Sanusi, said necessary preparations had been
concluded to ensure transparent ownership switch of the banks.
FG Demands CBN’s Blueprint on Bank Reforms-The Federal Government
has asked the Central Bank of Nigeria (CBN) to furnish it with the blueprint
on the banking reforms to allow assessment of the direction of its policies
and also ensure that they are in line with government’s long-term economic
programmes.
Week 3 Feb Custodian announces Nigeria’s first share buy-back-Custodian and 47 50 The performance of Index
15-19 Allied Insurance Plc announced the nation’s first share buy-back , a move grew to 0.90% to close at
expected to be followed by other companies with depressed share prices and 23,168.64 in the week. The
flush with cash. emergence of Acting
NSE urges quoted companies to embrace share buy-back-The Nigerian President in the preceding
Stock Exchange urged quoted companies to engage in the buy-back of their week might have informed
shares to create more market for the stocks. the appreciation. Market
Oil price rises sharply on weak dollar-The price of oil has risen sharply capitalisation rose by
as the dollar, the currency in which the commodity is priced, weakened N48.254 billion to close at
against the pound and the euro.US light crude rose $3.06 to $77.19 a barrel N5.580 trillion.
at one point on Tuesday, its biggest daily rise in more than four months. It
finished the day at $77.01.Meanwhile, London Brent settled up $3.17 at
$75.68 a barrel.
Nigeria’s domestic debt hits N3.228trn, foreign debt $3.95bn-Four

years after exiting the infamous $30 billion Paris and London Clubs debts,
Nigeria’s external debt profile stands at $3.947 billion, the Minister of
Finance, Alhaji Mansur Muhtar said .The Minister who made this known at a
public hearing organized by the House of Representatives ad-hoc Committee
on Foreign Loans, also affirmed that Nigeria would borrow more this year,
but “in a sustainable” way
Nigeria spent N1.8 trn on petroleum subsidies in four years-Nigeria
has spent a total of N 1.8 trillion to subsidised petroleum products in the last
four years which the federal government has said is not sustainable said Mr
Remi Babalola.
Oteh resumes as IOSCO's chairman -The Director-General, Securities
and Exchange Commission (SEC), Ms Arunma Oteh, has resumed duties as
the Chairman of Africa and Middle East Regional Committee (AMERC) of the
International Organisation of Securities Commissions (IOSCO).
Inflation Increases 12.3% in January; Trend uncertain in 2010 –
Citigroup Nigeria's inflation rate (year on year) rose to 12.3 per cent in
January from 12 per cent the previous month. According to the data
released yesterday by the National Bureau for Statistics (NBS), growth in
food prices, which form the bulk of the inflation index basket rose to 14 per
cent year-on-year from 13.6 per cent in December.
CBN issues fresh guidelines on margin lending-The Central Bank of
Nigeria (CBN) said it would soon issue guidelines on margin lending to avert
future crisis in the banking sector, in which reckless lending by banks to
stockbrokers, subsidiaries and individuals for stock purchase contributed
immensely to banking crises. The CBN Governor, Sanusi Lamido Sanusi has
said.
World Bank rates Nigeria low in trade logistics index-Nigeria’s capacity
to move and connect manufacturers with international markets around the
world was still low, the World Bank has said. In its 2010 Logistics
Performance Index (LPI) released in Abuja, recently, Nigeria is ranked 100th
among 155 countries in the bank in a survey on trade logistics, despite
various reforms in the country’s economy.

CBN approves new organizational structures-As part of the on-going
efforts aimed at improving accountability, communication and efficiency as
well as effectiveness in actualizing Central Bank of Nigeria’s (CBN) strategic
objectives (ACE), the board of CBN has approved a new organizational
structure for the bank effective March 1st, 2010.
Sanusi: Petroleum Subsidy Gulps N1trillion in 4yrs-Central Bank of
Nigeria(CBN) Governor, Mallam Sanusi Lamido Sanusi has disclosed that the
Federal Government has spent about N1trillion (one trillion naira) in the last
four years subsidising the importation of petroleum products following the
breakdown of its four refineries.
SEC Considers More Cut in Charges-The Director-General of the
Securities and Exchange Commission (SEC), Ms. Arunma Oteh, has said the
commission would explore ways of further cutting cost of transactions in the
nation's capital market.
Week 4 Feb CBN to begin assessment of banks’ Board Performance-Central Bank 34 70 All-Share Index depreciated
22-25 of Nigeria (CBN) is set to introduce a new benchmark for supervision of by 0.79% to close at
banks in the country. The bank stated that in the new dispensation of banks’ 22,985.00 and Market
supervision, it will increase its focus on the banks and ensure strict capitalisation shed N44.229
assessment of the performance of banks’ Board of Directors and leadership. billion to close at N5.536
SEC chairmanship: Stakeholders disagree over call for Udoma’s trillion. The investors passive
resignation-Operators and stakeholders in the nation’s capital market have mood still continues as
disagreed over the recent call by the Senate Committee on Capital Market political uncertainties persist.
for the resignation of Senator Udo Udoma from his position as the Chairman
of the Securities and Exchange Commission (SEC).
Sanusi assures investors of capital market rebound-Central Bank of
Nigeria (CBN), Governor, Mallam Sanusi Lamido Sanusi has expressed
optimism that the stock market would record significant growth in 2010 and
recover from long cycle of depression since 2008, adding that the country
would overtake the African continent's largest economy, South Africa , on
the major economic index ladder, the Gross Domestic Products (GDP).
SEC Moves to Restructure Registrars-Strong indications have emerged
that the apex regulator body for the nation's capital market will soon effect a

restructuring in the operations of registrars in the market as part of efforts
to make the market more attractive to investors.
Inflation: CBN May Reduce Support to Banks-There are indications that
the Central Bank of Nigeria (CBN) may in the course of this year move
monetary policy away from addressing problems in the banking sector to
other macro-economic challenges, especially fighting inflation.
Court Endorses Afprint De-listing Plans-The Federal High Court Lagos
has approved the scheme of arrangement of Afprint Nigeria Plc earlier
passed by the shareholders at a Court Ordered Meeting preparatory to
delisting of the company from the Nigerian Stock Exchange (NSE).
Anti-Sanusi group seek suspension of banking reforms- There are
intense and sustained pressures on the CBN to modify or outrightly dump
the current reforms in the banking sector.
Oil prices inch near $80 as traders eye low interest rates-Oil prices
rose to just below $80 a barrel after a three-week rally, as investors expect
the Federal Reserve of the United States of America (U.S.) to keep interest
rates near zero to help fuel economic growth, which would boost crude
consumption.
Market loss: SEC boss blames regulators-The new Director-General of
the Securities and Exchange Commission (SEC), Ms. Arunma Oteh, said all
regulators in the equities market were responsible for the monumental loss
in the market.
CBN asks troubled banks to repay N620bn loan May-The Central Bank
Governor, Mr. Lamido Sanusi, has said that the apex bank expects the N620
billion it injected into the eight troubled banks to be repaid. Sanusi, who
spoke in Pretoria, South Africa, said: “We expect that by April, May, the
exposure with the banks should have been paid back by the banks.”The CBN
boss said the repayment was envisaged on the passage of the Asset
Management Company, AMC, bill by the legislature, by March.
Banks jostle for Q4 good outing as investors’ expectations rise-The
leadership of the country’s banks are scratching their heads to come up with
new and legitimate devices to achieve impressive fourth quarter results for

the year 2009, as they come under increasing pressure from the investing
public to give better accounts of their stewardship.
Sanusi links capital market crash to financial illiteracy-High level
financial illiteracy on the part of the Nigerian investors basically contributed
to the crash witnessed in the capital market, he said because the investors
obviously lacked knowledge on the workings of the market they were
unaware of the high risks involved while accessing huge margin loans during
the market’s bullish period.
The House of Representatives has asked the finance ministry to sack
Udoma Udo Udoma from the board of Securities and Exchange Commission
(SEC) due to an untenable ‘conflict of interest’ situation.
February allocation floods market with liquidity, NIBOR down
further-The nation’s inter-bank market is awash with liquidity following the
release of the Federal Account Allocation Committee (FAAC) fund for the
month of February to the three tiers of government - thus further depressing
the Nigerian Inter-Bank Offer Rate (NIBOR)
N620bn Bailout: Court Strikes Out Suit against CBN-A Federal High
Court in Lagos has struck out the suit filed by a member of the House of
Reps, Mr. Femi Gbajabiamila, challenging the decision by the Central Bank
Governor to disburse about N620bn to some ailing banks as bailout funds.
NSE seeks permission to establish alternative investment market-
THE Nigerian Stock Exchange (NSE) has forwarded an application to the
Securities and Exchange Commission (SEC) seeking permission to set up an
Alternative Investment Market (AIMS).The proposed market is designed to
encourage firms, especially those that have embarked on private placement
to list on the floor of the NSE after "required conditions have been met".
Central Bank Governor, Sanusi told the News Agency of Nigeria (NAN) in
Pretoria that Nigerian banks can’t make in roads into South Africa due
to “unattractive returns on investment”. He said South Africa has one of the
most developed markets in Africa where the margins are very thin.

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ISSN 1597 - 8842 Vol. 1 No.

The Monthly NCM Report for February ‘10

Transactions Volume and Value Trend 15

The Monthly NCM Report for February 2010 www.proshareng.com Page 2

February witnessed some activities which ought to have indicated a measure of

The unaddressed ‘loss of confidence’ in the market, accentuated by the increased

The Monthly NCM Report for February 2010 www.proshareng.com Page 3

The operating environment is unsettling and provides little direction as to economic

The market regulators appear not to get this point.

We value your feedback and comments.

The Monthly NCM Report for February 2010 www.proshareng.com Page 4

The re-entry of new speculators and holding out by old ones;

The Monthly NCM Report for February 2010 www.proshareng.com Page 5

Source: Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 6

Source: NSE, Proshare Research

February 2010 Market Dynamics

The Monthly NCM Report for February 2010 www.proshareng.com Page 7

Source: NSE, Proshare Research

Market Capitalisation Market Capitalisation

The Monthly NCM Report for February 2010 www.proshareng.com Page 9

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 10

NSE -30 INDEX

Source: NSE, Proshare Research

NSE -FOOD INDEX

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 11

NSE -BANKING INDEX

Source: NSE, Proshare Research

NSE -INSURANCE INDEX

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 12

NSE -OIL INDEX

Source: NSE, Proshare Research

LAST TRADING DAY - SNAPSHOT

The Monthly NCM Report for February 2010 www.proshareng.com Page 13

The Monthly NCM Report for February 2010 www.proshareng.com Page 14

Total Volume of stocks traded in Million 8,365.28 7,904.94 -5.50

Total Value of stocks traded in N' Million 46,781.02 54,044.74 15.53

Total Value of stocks traded in $' Million 311.873 360.298 15.53

The Monthly NCM Report for February 2010 www.proshareng.com Page 15

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 16

Company Total Trades Total Volume Total Value

ZENITHBANK 4878 468,812,491.00 7,380,615,475.04

RECALL TOP TEN TRADES FOR THE MONTH OF JANUARY

Company Total Trades Total Volume Total Value

The Monthly NCM Report for February 2010 www.proshareng.com Page 17

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 18

Top Ten Gainers in the month

Top Ten Year to Date Appreciation

COMPANY 04-Jan-10 25-Feb-10 Change % Change

The Monthly NCM Report for February 2010 www.proshareng.com Page 19

Top Ten Decliners in the month

Top Ten Year to Date Depreciation

COMPANY 04-Jan-10 25-Feb-10 Change % Change

The Monthly NCM Report for February 2010 www.proshareng.com Page 20

Source: Proshare Research

Supplementary Listing in the Month

Supplemetary Listing in the Month Units Listed

Source: NSE, Proshare Research

The Monthly NCM Report for February 2010 www.proshareng.com Page 21