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ISSN 1597 - 8842 Vol. 1 No.

69

The Monthly NCM Report for May 11


Issued on June 03, 2011

The Monthly NCM Report for May 2011 www.proshareng.com Page 1


Executive Summary 3
Introduction 5
All-Share Index Movement 10
Market Dynamics 12
Comparison of 2009 and 2010 Market Performance 13
Sectoral Index Movements 15
NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index &
NSE -Oil Index
Transactions Volume and Value Trend 20
Top Ten Trades for Q3 2010 22
Top Ten Traded Sectors for Q3 2010 22
Top Ten Gainers for Q3 2010 24
Top Ten Losers/Decliners for Q3 2010 25
Supplementary Listing for Q3 2010 26
Corporate Declarations for Q3 2010 27
Forecast Results for Q3 2010 55
Dividends Declared 59
Sectoral Analysis 62
Outlook/ Analyst Opinion 68
Time Lines (May Market News/Information) 70

The Monthly NCM Report for May 2011 www.proshareng.com Page 2


The Monthly NCM Report for May 2011
ISSN 1597 - 8842 Vol. 1 No. 69

Executive Summary
The Nigerian Capital Market sustained the uptrend recorded in the previous month, as
market experienced consistent and steady bargain with improved market sentiments and
enthusiasm, reflecting optimistic reaction of investors to the dearth of political
uncertainties in the country following the peaceful general election.

A cursory look at the market trend in the month revealed dominance of bulls activities
against the weak drive of the bears while low valuation of equities and quarter one
earning reports contributed to the steady rally experienced in the early stage of the
month i.e. from May 3rd, to 16th 2011. The month however experienced less institutional
buying as against active institutional buying witnessed considerably in the previous
month.

During the first ten trading sessions i.e. from May 3rd, to 16th 2011, the key benchmark
indices appreciated by 2.95% as against 0.64% appreciation recorded in the previous
month comparable period i.e. April 1st to 14th, 2011 on the back of sustained optimistic
rally due to improved atmosphere in the political terrain.

The low speculative tendency witnessed in the early stage of the month buttressed the
improved sentiment noted above as market recorded two negative positions in the first
10 trading sessions as against 4 negative positions recorded in the previous month
comparable period.

Further analysis revealed that blue chip stocks particularly in Banking, Food & Beverages
sectors dictated the pace in the early stage of the month as revealed in the movement of
NSE sectoral indices. The trend also revealed that investors maintained the value-
investing approach witnessed in the previous month. – The cautious treading revealing
low risk appetite while buttressing the less speculative tendency stated above.

In addition, it was observed that the key benchmark indices stirred into bullish trend
during the period stated above as ASI was observed trading comfortably above its 20,
50, and 200days moving averages on 6th of May, 2011 while it peaked above its 50days
high on 16th May 2011 at 25,826.50 with YTD and MTD of 2.88% and 2.95%
respectively.

Performance Outlook in First Ten days is May 2011


Indicators May 3rd - 16th 2011 April 1st - 14th 2011
ASI +2.95% +0.67%
Volume traded 3.0 billion units 5.8 billion units
Proshare

However, market pulled back on 17th May 2011 on the back of profiteering, a kind of
market correction as market had appreciated by 4.64%, moving from 12th April to 16th
May 2011 .i.e. 21days of less volatility while ASI remained resilient to bag N368.09
billion gain.

The Monthly NCM Report for May 2011 www.proshareng.com Page 3


In the process of market correction, market shed N66.44 billion in 7days i.e. from 17th to
25th May 2011. During this period, market traded 2.55 billion units of share as against
3.00 billion shares traded in the first 10days-this buttress our position on the market
correction as stated above, though some institutional buying witnessed during the period
aided the huge volume recorded.

Short Term Market Correction in May, 2011


Date ASI %Change
17/05/2011 25,821.85 -0.02
18/05/2011 25,788.06 -0.13
19/05/2011 25,717.73 -0.27
20/05/2011 25,790.64 +0.28
23/05/2011 25,762.67 -0.11
24/05/2011 25,738.80 -0.09
25/05/2011 25,618.53 -0.47

Aggregate Loss -0.81


Proshare

During the short term market correction, the intense sell activities cut across the board
but the NSE major sectors recorded more hit as reflected in the trend of NSE sectoral
indices. Banking sector remained the worst hit, dipping by -3.99% within the 7days
correction. However, NSE 30, NSE Food & Beverages and NSE Oil & Gas retained positive
MTD performance of 1.80%, 2.21% and 0.86% respectively as at May 25th 2011 while
NSE Banking & Insurance dipped by -1.17% and -3.47%.

Nevertheless, the market sustained its bullish outlook and strong footing above its
50days and 200days moving averages of 25,134.35 and 25,137.68 to retrace at
25,829.75 while embarking on 3days northward trends to close the month on positive
note with 3.11% aggregate gain for the month on the back of improved positive
sentiments.

Furthermore, updates and follow ups on the rescued banks revealed that the group
experienced intense sell activities but closed with improved performance outlook of
aggregate loss of -48.38% when compared with aggregate loss of -62.6% recorded in
the previous month.

Rescued Banks: Improved Performance Outlook in May, 2011


3rd 31st Apr- Apr-
Symbol May May %Change Symbol 01 29 %Change
INTERCONT 1.3 1.35 3.85% FIRSTINLND 0.68 0.69 1.5%
OCEANIC 1.71 1.76 2.92% UNITYBNK 1.23 1.2 -2.4%
PLATINUM 1.2 1.16 -3.33% PLATINUM 1.23 1.19 -3.3%
FIRSTINLND 0.69 0.65 -5.80% INTERCONT 1.4 1.31 -6.4%
AFRIBANK 1.71 1.60 -6.43% WEMABANK 1.27 1.18 -7.1%
UBN 3.01 2.77 -7.97% AFRIBANK 1.93 1.78 -7.8%
SPRINGBANK 1.19 1.09 -8.40% UBN 3.29 3.01 -8.5%
UNITYBNK 1.18 1.05 -11.02% SPRINGBANK 1.33 1.19 -10.5%
WEMABANK 1.23 1.08 -12.20% OCEANIC 1.99 1.63 -18.1%

The Monthly NCM Report for May 2011 www.proshareng.com Page 4


Aggregate Loss/Gain -48.38% Aggregate Loss/Gain -62.6%
Proshare

In addition, the merger and acquisition talks in the banking sector sustained the mixed
outlook recorded in the previous month with another cancelled or void MoU between
FCMB Plc and Finbank Plc. http://www.proshareng.com/news/13837 while few other
rescued banks are still battling with due diligence towards recapitalisation of the banks.

In the same vein, the status of the MoU between Vine Capital and Afribank Plc is
insecure as series of uncertainties seem to have beclouded the progress made so far on
deal between vine Capital Partners Ltd and Afribank.
https://www.proshareng.com/news/13913

In our opinion, this is likely to have negative impact on the recapitalisation in the
banking sector as the process tends to take more time than expected which might
negatively affect timing and enthusiasm of the prospective buyers while it slows down
activity in the sector.

On the other hand, Access Bank Plc maintained the memorandum of understanding
signed with intercontinental Bank Plc while African Alliance Capital sustained the
memorandum of understanding signed with Union bank Plc
https://www.proshareng.com/news/singleNews.php?id=13646.

On new banking model, more banks embarked on divesting from non banking business
as new banking regime stipulates. More so, Oceanic Bank Plc sold its subsidiary in Sao
Tome to Global Fleet Group owned by Jimo Ibrahim as part of the process by the bank to
secure new banking licence for the new banking regime in the country.
https://proshareng.com/news/13880

To this regard, we want to reiterate that timely conclusion of the mergers and acquisition
in the banking sector is likely to return positive activities to market with certain degree
of market confidence if the processes are transparent to the investing community.

On the final note, the month of May conformably closed with impressive gains of
3.11%, putting year to date market performance higher at 3.04%. The performance
recorded positioned the month second best so far in the year 2011. However, the
outlook recorded in the month is in line with position for the entire Q2, 2011 as
envisaged in our previous NCM reports.
https://proshareng.com/reports/view.php?id=3329

The Monthly NCM Report for May 2011 www.proshareng.com Page 5


A number of developments we believed should have impact in the month as
predicted in the past monthly reports. Some of which are:

Factors expected to impact Market Outcomes


Better economic outlook as political Investors reacted positively as political tension
tension and power play ceased waned and remained moderated.
Investors reacted positively to impressive
Positive corporate actions
corporate actions from key companies

Liquidity challenges The liquidity challenges remained the same


Banks are yet to resume full lending to real
Increased lending into real sector
sector
Increased efforts towards infrastructure
Government sustained momentum
revamping
Recapitalization process in the banking
The process is experiencing some set backs
sector
Merger & Acquisition in the banking sustains mixed outlook as another MoU was
sector nullified by court of law
Conclusion of bids on rescued banks Still on course but none is concluded yet
The hike in the MPR by CBN in the month
Monetary Policy Rates will be adjusted
encouraged assets relocation due to attractive
positively
interest rate in money market

Inflation outlook Inflation outlook improved but had no impact

New banking regime- likely to have


more banks continued to divest from their
effect on the market as more banks will
non-banking subsidiaries.
divest from their subsidiaries
Low institutional buying witnessed in the
Increased institutional investing
month
Continued cleanup of market
NSE maintained strict position
irregularities by NSE

Developments in the coming months:

 Direction of policy by new government

 continued effort towards infrastructure development

 Sustained support towards real and agricultural growth

 Portfolio restructuring

 Anticipation of impressive Q2 corporate actions

 Liquidity challenges

 Change in Monetary Policy Rates

 Recapitalization in the banking sector

 Conclusion of bids on rescued banks

The Monthly NCM Report for May 2011 www.proshareng.com Page 6


Thank you for reading and do take time to share with us your thoughts on the market,
analyst at analyst@proshareng.com.

We value your feedback and comments.

The Monthly NCM Report for May 2011 www.proshareng.com Page 7


Introduction

Equity Market sustains bargain sentiments by 3.11% upbeat on cautious


trading.

Market activities in the month of May sustained the positive trend recorded in the
previous month to close on positive. The month experienced impressive bargain position
with growing and sustainable enthusiasm while the fading of political tension and the
smooth transition into new government have been the major driving elements.

More so, less speculative trading was observed while active position of the bargain
hunters revealed the dominance of the bulls in the month, though there were traces of
low risk appetite and fragile market confidence as investors maintained cautious bargain
outlook throughout the month.

The impressive uptrend in the NSE 30 index which basically measures the performance
of blue chips in the market coupled with active performance of big and mid cap stocks
suggested active value investing in the month which buttressed our cautious treading
and low risk appetite noted above.

Furthermore, the early stage of the month experienced steady bargain sentiments as
against unstable and speculative tendency witnessed in the previous month comparable
period.

The first 10 trading sessions in the month of May (May 3rd, to 16th 2011,) recorded
2.95% appreciation against 0.64% recorded in the previous month comparable period
on the back of active and optimistic bargain position driven by moderated political risk,
low valuation of valued stocks and impressive Q1 corporate actions from key companies.

During the early bullish period, the key benchmark indices hit above its 50 days high at
25,826.50 while trading above its 50 and 200days moving averages comfortably, putting
month to date performance as May 16th 2011 at 2.95% against 0.67% performance
recorded in the previous month comparable period. This buttressed our position on
growing enthusiasm observed in the month as noted above.

In addition, there was significant fall of -48% in the volume traded during the period
highlighted above which signifies hold positions of value investors during the consistent
rally, although absence of institutional buying was observed during the period compared
with active positions of institutional investors witnessed in previous month comparable
period.

However, market experienced correction on the back of profit taking due to impressive
growth of 4.64% (N368.09billion gain) recorded between 12th April and 16th May
2011- a 21 days resilient uptrend as revealed by further analysis. As a result of profit
taking, market CAP shed N66.44 billion between 17th and 25th May 2011 while ASI pulled
back from its 50 days high to stand at 25,618.53. Also, blue chip stocks particularly in
Banking and Food & Beverages sectors witnessed intense sell activities during the
market correction.

The Monthly NCM Report for May 2011 www.proshareng.com Page 8


Subsequently, bargain activities resumed on the bourse as the bulls consolidated
positions while ASI maintained strong footing above its moving averages comfortably as
market recorded three days uninterrupted northward trend to close the month on
impressive note with 3.11% aggregate growth as against 1.17% recorded in the
previous month.

Market pattern basically reveals that market is technically bullish as could be seen from
the NSE ASI moving averages trend with index of 25,866.62 as at May 31st 2011 trading
above its 20 days, 50 days and 200days of 25,594.02, 25,159.84 and 25,141.02
respectively. This suggests market trend is technically bullish in mid and long term.

The Market – Game On

The market this month recorded a total volume of 6.58 billion units valued at N48.79
billion (US$330.69 million) exchanged in 110,439 deals compared with 8.24bn units
valued at N76.00bn (US$515.08million) exchanged in 180,388 deals in May 2010.
Comparing, the volume and value traded in the month reveals a -20.13% and -
35.80% below the volume and value recorded in the previous year’s comparable period
respectively.

The Monthly NCM Report for May 2011 www.proshareng.com Page 9


During the month, All-Share index recorded a positive trend of 3.11%, a significant
positive growth from -2.44% negative growth recorded in the May 2010.

However, the trend is significantly lower when compared with the +38.51% recorded in
the preceding year’s May closed at 29,700.24.

Market capitalisation this month increased by N269.59 billion (US$1.82 billion) as


against depreciation by –N29.59 billion (US$300.58million) recorded in May 2010.
Market capitalisation gained higher figures of N1.87 trillion (US$12.71bn) in the
preceding year’s comparable period.

The Monthly NCM Report for May 2011 www.proshareng.com Page 10


The Market – Game Changers:

The significant drop in political tension coupled with smooth transition into new and fresh
government could be responsible for the sustained enthusiasm and optimistic bargain
tendency towards equity investment while the impressive corporate actions from key
listed companies impacted the consistent rally witnessed in the month. The major factors
remained the improved bargain position, value investing, drop in political tension, low
valuation of big CAPs and blue chips and quarter one earnings report.

The market is on the bullish mode and is likely to continue as market would sustain the
positive outlook in which stable political atmosphere, friendly monetary policy and
continued economic reforms would play a dominant role in the anticipated positive trend.

The contributory factors for the month of May 2011 performance can be located in the
following indices as outlined below:

Negative Factors in the market

Liquidity squeeze
Fragile Investor’s confidence
Low risk appetite as cautious investing dominated market atmosphere
No lending to the private sector
Banks are yet to resume active lending
Relocation of assets due to hike in monetary rates
High monetary policy rates
Absence of Margin loans

Positive Factors in the market

Drop in political tension and uncertainties


Smooth transition into new government
Consistent value investing
Moderate institutional buying
Investment by fund managers
The Federal Government commitment to revive economic infrastructures
Low valuation position of big and mid cap stocks
The Monthly NCM Report for May 2011 www.proshareng.com Page 11
Impressive corporate actions from key listed companies
Sustained progress in recapitalisation by shareholders

Market Concerns: The investors’ confidence and commitment level seemed to be


improved, low risk appetite was observed in the month as cautious trading was seen
throughout the month. The low valuation of blue chips and drop in political tension
impacted the sustained value investing observed. More so, liquidity level is still low
which might not get better anytime soon as banks remained cautious with lending.

The Monthly NCM Report for May 2011 www.proshareng.com Page 12


The NSE All-Share Index Movement
Transactions on the bourse in the month of May started on positive note with improved
bargain position on the back of continued enthusiasm, sustaining positive sentiments
witnessed in the previous month while absence of political tension impacted the outlook.

The key benchmark indices maintained consistent northward trend as market witnessed
impressive rally in the early stage of the month with less speculative tendency as against
the unstable outlook witnessed in the previous month comparable period.

The All Share Index recorded two negative positions in the first ten trading days in the
month, revealing the dominance of the bulls - an indication of improved enthusiasms and
optimistic bargain position while ASI hits above its 50 days high at 25,826.50 on 16th
May 2010, recording 2.95% upbeat.

However, the trend analysis of All Share Index movement between 12th April to 16th May
2011 revealed impressive growth of 4.64%, this has been traced to the short term
market correction observed between 17th and 25th of May 2011 as market experienced
high volatility on the back of profit taking, dipping ASI by -0.76% in 7days.

Subsequently, the ASI resumed northward trend as impressive bargain sentiments


ended the 7days bearish mode while the ASI sustained three days uninterrupted uptrend
to close the month near its two months high at 25,866.62 with 3.11% aggregate gain.

Market pattern basically reveals that market is technically bullish as could be seen from
the NSE ASI moving averages trend with index of 25,866.62 as at May 31st 2011 trading
above its 20 days, 50 days and 200days of 25,594.02, 25,159.84 and 25,141.02
respectively. This suggests market trend is technically bullish in mid and long term.

The Monthly NCM Report for May 2011 www.proshareng.com Page 13


Source: NSE, Proshare Research

At the close of the last trading day of the month, All-Share Index traded above its 20
days, 50 days and 200days of 25,594.02, 25,159.84 and 25,141.02 respectively. This
suggests market trend is technically bullish in mid and long term

Source: NSE, Proshare Research

MAY 2011 MARKET DYNAMICS


The market dynamics as graphically illustrated below showed the appreciation and
depreciations on the daily basis.

Sustained positive sentiments, improved bargain enthusiasm, illiquidity, low risk


appetite, value investing, low institutional buying, drop in political tension and continued
cautious bargain approach from investors were responsible for the dynamics recorded.

The Monthly NCM Report for May 2011 www.proshareng.com Page 14


Source: NSE, Proshare Research

MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (MAY,


2010)

Source: NSE, Proshare Research

COMPARISON OF 2010 AND 2011 MARKET PERFORMANCE


The market performance in May 2011, when compared with the 2010 comparable
period; showed an upward trend. In the period under review, ASI recorded 3.11%
appreciation compared with -2.44% depreciations recorded in May 2010. The scenario
revealed that the performance in the current year’s comparable period was relatively

The Monthly NCM Report for May 2011 www.proshareng.com Page 15


above the previous year trend but the market closed at approximately in the range of
25,000.

Source: NSE, Proshare Research

Market
Market
Dates NSE ASI Capitalisation($
Capitalisation(trillion)
billions)
Jan-04-10 20,838.90
4.99 31.19

May-04-10 6.49 40.56


26,873.03
May-28-10 6.37 39.81
26,183.21
Yearly Return 25.65% 27.66% 27.66%
Monthly Return -2.57% -1.85% -1.85%

Jan-04-11 25,102.93 8.02 53.47


May-03-11 25,085.59 8.01 53.40
May-31-11 25,866.62 8.27 55.13
Yearly Return 3.04% 3.12% 3.12%
Monthly Return 3.11% 3.25% 3.25%
Source: NSE, Proshare Research

From the table above, the year to date performance as at 31st May, 2011 closing at
+3.04% during the previous year comparable period as at 31st May, 2010 closed with
25.65% appreciation indicating a significant decline over the trend recorded last year.

The Monthly NCM Report for May 2011 www.proshareng.com Page 16


SECTORAL INDEX MOVEMENTS

NSE-30 NSE- NSE- NSE- NSE- Oil &


Dates % Food % Banking % Insurance Gas %
Change Change Change % Change Change

03/05/2011 0.23 0.199 0.82 0.59 -1.898


04/05/2011 0.31 -0.775 1.63 -1.75 0.000
05/05/2011 0.94 1.445 0.90 -0.31 -0.372
06/05/2011 0.57 0.956 0.08 -0.69 0.000
09/05/2011 -0.09 0.400 -0.97 -0.20 -0.407
10/05/2011 0.89 -0.063 1.89 -0.48 0.246
11/05/2011 0.32 0.255 0.61 -0.24 0.568
12/05/2011 -0.10 1.131 -1.06 0.27 0.381
13/05/2011 0.54 0.841 0.26 0.80 0.021
16/05/2011 0.20 -0.642 -0.39 0.32 0.559
17/05/2011 -0.14 -0.558 0.46 -0.33 0.867
18/05/2011 -0.09 0.290 -1.23 0.80 -0.533
19/05/2011 -0.38 -0.432 -0.35 -0.25 0.000
20/05/2011 -0.21 -0.113 -0.87 0.01 0.268
23/05/2011 -0.41 0.215 -0.36 -1.44 0.132
24/05/2011 -0.03 -0.462 -0.29 -0.68 -1.362
25/05/2011 -0.52 -0.268 -1.41 0.67 0.508
26/05/2011 0.62 0.202 1.12 1.09 0.448
27/05/2011 1.07 0.683 0.34 -1.35 0.000
31/05/2011 0.33 0.099 0.12 -1.13 0.780
Monthly
4.05 3.40 1.30 -4.29 0.21
Return

Source: NSE, Proshare Research

The Monthly NCM Report for May 2011 www.proshareng.com Page 17


In the month under review, four sectoral index closed positive with NSE 30 leading
gainers’ chart by +3.87%, followed by NSE Food & Beverages by +3.22% and NSE Oil &
Gas by 2.10%, NSE Banking by 0.40% while NSE Insurance dropped -4.82%.

APRIL AND MAY SECTORAL INDEXES COMPARED

Source: NSE, Proshare Research

When compared sectoral performance in the current month of May with April 2011, the
outlook recorded in May is quite impressive with four positive positions as against three
positive positions recorded in the previous month.

The Monthly NCM Report for May 2011 www.proshareng.com Page 18


NSE -30 INDEX

Source: NSE, Proshare Research

The trend recorded in the blue chip stocks is reflected in the NSE 30 index movement.
The outlook suggested less speculative trading towards the blue chip stocks while the
index experienced steady uptrend movement with less fluctuation in the month of May.
This is attributable to the value investing approach employed by investors on the back of
cautious treading.

The blue chips recorded significant steady rally in the early part of the month but later
experienced slight profit taking. Consequently, the index closed positive with improved
points of 3.87% due to significant buying activities as against 3.68% recorded in the
previous month.

NSE -FOOD INDEX

The Monthly NCM Report for May 2011 www.proshareng.com Page 19


Source: NSE, Proshare Research

The value investing witnessed during the period under review impacted the impressive
outlook recorded in the sector. More so, the sector experienced active bargain, though
high turbulence was observed as against low fluctuation witnessed in the previous
month.

However, the sector ranked second best with 3.22% gain as against the leading of
+3.89% upbeat recorded in the previous month. A lower performance when compared
with previous position.

NSE -BANKING INDEX

Source: NSE, Proshare Research

The Monthly NCM Report for May 2011 www.proshareng.com Page 20


The banking sector witnessed extensive sell activities inherited from the previous month,
this bearish sentiments witnessed towards the rescued banks contributed to this outlook.
However, the sector recorded marginal growth as the NSE-Banking index retraced by
0.44% against -0.90% decline recorded in the previous month.

The mixed outlook of recapitalisation process of rescued banks could be a contributory


factor while the unsettled and inconclusive mergers & acquisitions in the sector impacted
the negative performance considerably.

NSE -INSURANCE INDEX

Source: NSE, Proshare Research

The unrelenting cautious trading and value investing tendency witnessed in the market
during the period under review contributed to the negative trend observed in the
insurance sector. This reveals a significant drop in risk appetite of the investors.

Consequently, the insurance sector witnessed huge selling activities, though profit taking
contributed to the downtrend in the sector due to the sizeable price appreciation
recorded in the previous month. As a result, the sector recorded the worst performance,
dipping by -4.82% as against +2.11% gain recorded in the previous month while the
outlook recorded does not align with our expectation as envisaged in our previous NCM
report.

Nevertheless, we envisage the trend is likely to retrace as the depressed outlook in the
sector suggests bargain opportunities for traders.

The Monthly NCM Report for May 2011 www.proshareng.com Page 21


NSE -OIL INDEX

Source: NSE, Proshare Research

The sector recorded improved performance, moving out of previous negative position of
-0.60% to close with 2.10% gain on the back of improved patronage, taking facelift
from the value investing observed during the period under review. Though, some
impressive corporate actions witnessed in the sector impacted the outlook recorded
significantly. Further analysis revealed sustainable trend in the sector while the outlook
recorded is in-line with our expectation.

The Monthly NCM Report for May 2011 www.proshareng.com Page 22


Transactions Volume and Value Trend

%
Market May '10' May '11'
Change

Average Daily Volume of stocks Traded( in millions) 458.19 328.29 -28.35%


Average Daily Value of stocks Traded( in N'millions) 4,228.47 2,440.43 -42.29%

Average Daily Value of stocks Traded( in US $


millions) 26.43 16.27 -38.44%

Total Volume of stocks Traded (in millions) 8247.57 6585.72 -20.15%


Total Value of stocks Traded (in N'millions) 76,112.51 48,808.57 -35.87%
Total Value of stocks Traded (in $ billion) 475.70 325.39 -31.60%

New Listing and Delisting May '10' May '11'


Number of Equities Delisted 0
Number of New Listings 0

Source: NSE, Proshare Research

The transaction volume in May when compared with the preceding year comparable
period closed lower by -20.15% to close at 6.58 billion units compared with 8.24
billion units traded in May 2010. 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 lower by -35.87% at N48.
80 billion ($325.39 million) compared with N76.11 billion ($475.70 million) of
May 2010.

May 2011 vs. 2010 Daily Volume Chart

The Monthly NCM Report for May 2011 www.proshareng.com Page 23


Source: NSE, Proshare Research

The Monthly NCM Report for May 2011 www.proshareng.com Page 24


Top Ten Trades for the month of May 2011
Aso Savings Plc topped the transaction volume for the month. Banking stocks generally
dominated the charts with seven of the stocks in the sector emerging in the top ten
trades chart for the quarter.

Company Total Trades Total Volume Total Value


ASOSAVINGS 57.00 616,950,716.00 308,475,358.00
ZENITHBANK 7,114.00 545,016,899.00 8,385,433,351.63
TRANSCORP 2,191.00 426,113,284.00 465,634,996.92
FIRSTBANK 12,298.00 404,965,891.00 5,547,368,009.22
UBA 6,055.00 304,694,492.00 1,999,894,069.17
GUARANTY 10,283.00 279,627,672.00 4,525,227,394.61
ACCESS 3,735.00 184,324,923.00 1,520,881,611.83

The Monthly NCM Report for May 2011 www.proshareng.com Page 25


FIRSTINLND 1,834.00 176,779,853.00 130,536,869.70
DIAMONDBNK 1,678.00 176,568,049.00 1,243,692,016.12
TOURIST 3.00 168,147,728.00 761,743,095.25

Recall Top Ten Trades for the month of May 2010

Total
Company Total Volume Total Value
Trades
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

Top Ten Traded Sectors for the Month of May


Sector Total Trades Total Volume Total Value % Contribution
BANKING 61,011.00 3,295,520,989.00 27,721,919,586.72 50.04%
MORTGAGE COMPANIES 654.00 711,501,631.00 366,403,900.99 10.80%
INSURANCE 4,011.00 527,769,825.00 396,975,770.80 8.01%
CONGLOMERATES 5,781.00 484,382,276.00 2,359,689,200.16 7.36%
INFORMATION & 668.00 209,583,684.00 133,789,807.25 3.18%
COMMUNICATION TECHNOLOGY
HOTEL & TOURISM 302.00 179,343,535.00 778,651,659.40 2.72%
FOOD/BEVERAGES & TOBACCO 10,213.00 171,985,041.00 4,380,899,051.36 2.61%
THE FOREIGN LISTINGS 595.00 139,422,308.00 2,149,537,535.65 2.12%
BREWERIES 4,560.00 131,441,055.00 3,701,274,456.33 2.00%
PETROLEUM(MARKETING) 6,130.00 112,530,171.00 2,766,232,836.70 1.71%
Top 10 Traded Sectors 93,925.00 5,963,480,515.00 44,755,373,805.36
Total Traded Sectors 110,447.00 6,585,723,642.00 48,808,572,272.20

Recall Top Ten Traded Sectors for the month of May 2010

Total %
Sector 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%

The Monthly NCM Report for May 2011 www.proshareng.com Page 26


MORTGAGE COMPANIES 1440 317,770,923.00 176,615,132.35 3.85%
INFORMATION &
COMMUNICATION 1496 260,566,945.00 489,910,438.24 3.16%
TECHNOLOGY
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

Top Ten Gainers in the month


3-May- 31-May- %
COMPANY 11 11 Change Change
NEIMETH 1.47 1.87 0.4 27.21%
GUINNESS 205 251 46 22.44%
CONOIL 34.3 41.89 7.59 22.13%
JBERGER 48 58.49 10.49 21.85%
ABCTRANS 0.58 0.7 0.12 20.69%
NASCON 5.31 6.4 1.09 20.53%
NIWICABLE 0.5 0.6 0.1 20.00%
Presco 6.7 7.99 1.29 19.25%
ETERNAOIL 4.68 5.55 0.87 18.59%
PZ 30.5 36 5.5 18.03%

Source: NSE, Proshare Research

Top Ten Gainers in the month May 2010


04-May- 28-May- %
COMPANY 10 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%

The Monthly NCM Report for May 2011 www.proshareng.com Page 27


Source: NSE, Proshare Research

Top Ten Decliners in the month


3-May- 31-May- %
COMPANY 11 11 Change Change
DNMEYER 2.25 1.52 -0.73 -32.44%
STARCOMMS 0.83 0.58 -0.25 -30.12%
TRANSCORP 1.24 0.97 -0.27 -21.77%
JAPAULOIL 1.6 1.26 -0.34 -21.25%
FIDSON 2.29 1.95 -0.34 -14.85%
PAINTCOM 2.32 2 -0.32 -13.79%
DIAMONDBNK 6.72 5.88 -0.84 -12.50%
WEMABANK 1.23 1.08 -0.15 -12.20%
STERLNBANK 2.36 2.08 -0.28 -11.86%
COSTAIN 5.34 4.72 -0.62 -11.61%

Top Ten Decliners in the month of May 2010


04-May- 28-May- %
COMPANY 10 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%

Supplementary Listing in the month:

There were two supplementary listings in quarter one. A total of 452,542,314 shares
were added to the shares outstanding in the name of Oando Plc during the month of
May 2011 following the bonus of 1 for 4.

Also, total of 2,327,485,380 of shares were added to the shares outstanding in the name
of Great Nigeria Insurance Plc in the same May 2011 following the conclusion of
placing.

Supplementary Listing in May 2011

The Monthly NCM Report for May 2011 www.proshareng.com Page 28


Additional
Company Shares Reason
Oando Plc 452,542,314 Bonus of I for 4
Great Nigeria Insurance Plc 2,327,485,380 Conclusion of Placing

Source: NSE, Proshare Research

The Monthly NCM Report for May 2011 www.proshareng.com Page 29


Corporate Declarations in the month

3rd May, 2011: Wema Bank Plc 3rd May, 2011: UAC NIGERIA PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Gross Earning 21,796 18,994 14.75% Gross Earnings 12,533 10,912 14.86%
Profit Before Tax &
Profit/Loss Before Tax 13,141 (8,868) 248.18% Minority Interest 1,182 1,024 15.43%

Taxation 4,313 1,337 222.59% Taxation (351.288) (299.952) -17.11%

Profit/Loss After Tax 17,455 (7,530) 331.81% Minority Interest (367.397) (302.797) -21.33%

Balance Sheet Information Profit/Loss After Tax 464.296 422.088 10.00%

Fixed Assets 13,922 14,285 -2.54% Balance Sheet Information

Treasury bills 8,176 5,049 61.93% Fixed Assets 29,169 30,355 -3.91%

Loans and Advances 42,793 30,001 42.64% Stock 9,325 8,440 10.49%

Cash and Bank Balances 6,567 6,354 3.35% Trade Debtors 2,702 5,373 -49.71%
Cash and Bank
Other Debit Balances 110,328 95,246 15.83% Balances 7,096 7,246 -2.07%

Deposits 145,524 95,246 52.79% Other Debit Balances 55,697 50,957 9.30%

Other Credit Balances 80,331 102,715 -21.79% Trade creditors 4,822 7,707 -37.43%

(45,837 Short Term


Net Assets 15,769 ) 134.40% Borrowings 9,834 7,081 38.88%

http://www.proshareng.com/investors/company.php?ref=WEMABANK Other Credit Balances 45,997 41,995 9.53%

The Monthly NCM Report for May 2011 www.proshareng.com Page 30


Working Capital 14,493 16,486 -12.09%

Net Assets 43,337 45,587 -4.94%


http://www.proshareng.com/investors/company.php?ref=UACN

3rd May, 2011: NIGERIAN BOTTLING COMPANY PLC 3rd May, 2011: PRESCO PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 29,140 26,780 8.81% Gross Earning 1,500 1,100 36.36%

Profit Before Tax 434 332 30.72% Profit Before Tax 693 457.000 51.64%

(103.00
Taxation ) (91.00) -13.19% Taxation (153.700) (148.500) -209.41%

Profit/Loss After Tax 331 241 37.34% Profit/Loss After Tax 539.600 309.100 74.57%
Balance Sheet Information Balance Sheet Information

Fixed Assets 46,690 46,350 0.73% Fixed Assets 6,090 5,914 2.98%

Stocks 22,530 22,420 0.49% Stock 970.000 828.482 17.08%

Trade Debtors 405.00 366.00 10.66% Trade Debtors 362.000 172.384 110.00%
Cash and Bank
Cash and Bank Balances 862.000 1,070 -19.44% Balances 472.000 161.524 192.22%

Other Debit Balances 10,540 9,200 14.57% Other Debit Balances 189.000 304.333 -37.90%

Trade Creditors 12,780 5,400 136.67% Trade Creditors 79.000 136.977 -42.33%
Short Term
Short Term Borrowings 9,200 4,300 113.95% Borrowings 30.000 Nil 0.00%

Other Credit Balances 28,520 38,637 -26.18% Other Credit Balances 4,100 3,725 10.07%

The Monthly NCM Report for May 2011 www.proshareng.com Page 31


(13,600 (13,740
Working Capital ) ) 1.02% Working Capital 1,200 932.588 28.67%

Net Assets 30,500 30,800 -0.97% Net Assets 4,050 3,518 15.12%
http://www.proshareng.com/investors/company.php?ref=PR
http://www.proshareng.com/investors/company.php?ref=NBC ESCO

3rd May, 2011: FIDELITY BANK PLC 3rd May, 2011: NESTLE NIGERIA PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 5,351 14,167 -62.23% Gross Earnings 20,501 16,968 20.82%

Profit Before Tax 1,760 1,886 -6.68% Profit Before Tax 3,100 4,176 -25.77%

Taxation (341) (382) 10.73% Taxation (883.675) (1,413) -37.46%

Profit/Loss After Tax 1,418 1,505 -5.78% Profit/Loss After Tax 2,216 2,763 -19.80%
Balance Sheet Information Balance Sheet Information

Fixed Assets 25,446 25,469 -0.09% Fixed Assets 43,742 40,241 8.70%

Treasury Bills 82,491 64,223 28.44% Stock 9,328 8,494 9.82%

Loans & Advances 166,714 159,560 4.48% Trade Debtors 4,334 4,970 -12.80%

Cash and Bank Balances 23,735 25,505 -6.94% Cash and Bank Balances 1,276 3,092 -58.73%

Other Debit Balances 177,566 206,857 -14.16% Other Debit Balances 3,237 3,548 -8.77%

Deposits 313,245 326,741 -4.13% Trade creditors 2,780 4,085 -31.95%


Short Term
Other Credit Balances 25,062 18,696 34.05% Borrowing 3,619 3,398 6.50%

The Monthly NCM Report for May 2011 www.proshareng.com Page 32


Net Assets 475,972 481,614 -1.17% Other Credit Balances 38,438 37,997 1.16%

http://www.proshareng.com/investors/company.php?ref=FIDEKITYBK Working Capital (66.290) 650.024 -110.20%

Net Assets 17,082 14,865 14.91%


http://www.proshareng.com/investors/company.php?ref=NESTLE

3rd May, 2011: BETA GLASS PLC 3rd May, 2011: Chemical & Allied Products Plc
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 3,330 1,681 98.10% Gross Earnings 1,033 838 23.24%

Profit Before Tax 488.813 161.183 203.27% Profit Before Tax 296.659 220.017 34.83%

(105.50 (39.403
Taxation 8) ) 167.77% Taxation (94.931) (70.405) -34.84%

Profit/Loss After Tax 383.305 121.780 214.75% Profit/Loss After Tax 201.728 149.611 34.84%
Balance Sheet Information Balance Sheet Information

Fixed Assets 8,410 8,751 -3.90% Fixed Assets 254.624 247.875 2.72%

Stocks 2,676 2,378 12.53% Stock 309.415 307.498 0.62%

Trade Debtors 2,824 2,011 40.43% Trade Debtors 214.886 295.236 -27.22%
Cash and Bank
Cash and Bank Balances 197.370 438.543 -54.99% Balances 1,741 1,401 24.27%

Other Debit Balances 2,051 2,378 -13.75% Other Debit Balances 117.736 117.736 0.00%

Trade Creditors 867.247 662.088 30.99% Trade creditors 1,079 740.377 45.74%
Short Term
Short Term Borrowings 24.578 99.19 -75.22% Borrowings Nil Nil 0.00%

The Monthly NCM Report for May 2011 www.proshareng.com Page 33


Other Credit Balances 5,067 4,547 11.44% Other Credit Balances 242.084 609 -60.22%

Working Capital 4,736 3,998 18.46% Working Capital Nil Nil 0.00%

Net Assets 10,200 9,816 3.91% Net Assets 1,316 1,021 28.89%
http://www.proshareng.com/investors/company.php?ref=BETAGLAS http://www.proshareng.com/investors/company.php?ref=CAP

4th May, 2011: LAW UNION AND ROCK INSURANCE PLC 4th May, 2011: CUSTODIAN & ALLIED INSURANCE PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 1,642 1,239 32.53% Gross Earnings 3,068 2,248 36.48%

Profit before tax 163.923 145.843 12.40% Profit before tax 804.870 701 14.78%

(24.588 (21.876
Taxation ) ) 12.40% Taxation (104.633) (91.163) -14.78%

Profit/Loss After Tax 139.334 123.966 12.40% Profit/Loss After Tax 700.237 610.093 14.78%
Balance Sheet Information Balance Sheet Information

Fixed Assets 805.619 859.995 -6.32% Fixed Assets 510.747 526.211 -2.94%

Stocks 1,273 1,348 -5.56% Stock 7,794 9,154 -14.86%

Trade Debtors 2,170 1,738 24.86% Trade Debtors 837.504 251.664 232.79%

Cash and Bank Balances 209.84 111.762 87.75% Cash and Balances 844.132 351.677 140.03%

4,869.0
Other Debit Balances 0 3,308 47.19% Other Debit Balances 8,261 5,720 44.42%

Short Term Borrowings Nil 88.476 0.00% Insurance Funds 4,068 2,775 46.59%

The Monthly NCM Report for May 2011 www.proshareng.com Page 34


Insurance Funds 837.645 648.999 29.07% Other Credit Balances 1,449 1,198 20.95%

Other Credit Balances 2,206 1,864 18.35% Net Assets 12,729 120,029 -89.40%
http://www.proshareng.com/investors/company.php?ref=CUSTODYIN
Net Assets 5,011 4,765 5.16% S
http://www.proshareng.com/investors/company.php?ref=LAWUNION

4th May, 2011: UACN PROPERTY DEV. COMPANY PLC 4th May, 2011: OKOMU OIL PALM PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 1,700 1,153 47.44% Gross Earnings 2,947 6,087 -51.59%

Profit Before Tax 391.184 305.686 27.97% Profit Before Tax 1,910 1,971 -3.09%

(125.17 (102.10
Taxation 9) 8) -22.59% Taxation (99.174) (341.806) 70.99%

Profit/Loss After Tax 266.005 203.579 30.66% Profit/Loss After Tax 1,810 1,629 11.11%
Balance Sheet Information Balance Sheet Information

Fixed Assets 16,869 16,852 0.10% Fixed Assets 6,574 6,415 2.48%

Stock 367.081 366.224 0.23% Stock 1,063 998.123 6.50%

Trade Debtors 325.308 2,914 -88.84% Trade Debtors 191.833 197.197 -2.72%
Cash and Bank
Cash and Bank Balances 1,336 1,792 -25.45% Balances 1,955 544.891 258.79%

Other Debit Balances 49,000 47,605 2.93% Other Debit Balances 189.480 512.495 -63.03%

Trade creditors 1,696 5,429 -68.76% Trade Creditors 9.203 214.903 -95.72%

Short Term Borrowings (6,446) (6,036) -6.79% Other Credit Balances 2,287 2,586 -11.56%

The Monthly NCM Report for May 2011 www.proshareng.com Page 35


(30,536 (28,176
Other Credit Balances ) ) -8.38% Working Capital 2,149 1,421 51.23%

(11,645
Working Capital ) (9,435) -23.42% Net Assets 7,677 5,866 30.87%

Net Assets 29,218 29,889 -2.24% http://www.proshareng.com/investors/company.php?ref=OKOMUOIL


http://www.proshareng.com/investors/company.php?ref=UAC-PROP

4th May, 2011: VITAFOAM NIGERIA PLC 4th May, 2011: AG LEVENTIS PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 6,802 5,227 30.13% Turnover 4,284 3,247 31.9%

Profit Before Tax 684.256 612.020 11.80% Profit Before Tax 241.888 120 102.2%

(218.96 (195.84
Taxation 2) 6) -11.80% Taxation (120.429) (38.285) -214.6%

Profit/Loss After Tax 465.294 416.174 11.80% Profit/Loss After Tax 121.459 81.357 49.3%
Balance Sheet Information Balance Sheet Information

Fixed Assets 1,706 1,686 1.19% Fixed Assets 9,366 9,717 -3.6%

Stocks 2,274 2,145 6.01% Stocks 4,033 4,786 -15.7%

Trade Debtors 627.198 745.838 -15.91% Trade Debtors 1,068 712.402 49.9%
Cash and Bank
Cash and Bank Balances 311.986 431.705 -27.73% Balances 669.469 1,227 -45.4%

Other Debit Balances 2,940 1,117 163.21% Other Debit Balances 4,190 3,112 34.6%

Trade Creditors 2,188 798.580 173.99% Trade Creditors 1,651 3,153 -47.6%

The Monthly NCM Report for May 2011 www.proshareng.com Page 36


Short Term
Short Term Borrowings 1,195 1,162 2.84% Borrowings 955.244 895.308 6.7%

Other Credit Balances 1,757 1,666 5.46% Other Credit Balances 6,178 4,988 23.9%

Net Assets 2,719 2,499 8.80% Working Capital 1,487 1,406 5.8%

http://www.proshareng.com/investors/company.php?ref=VITAFOAM Net Assets 10,543 10,518 0.2%


http://www.proshareng.com/investors/company.php?ref=AGLE
VENT

4th May, 2011: BOC GASES PLC 4th May, 2011: CONTINENTAL REINSURANCE PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 609.024 555.686 9.60% Gross Premium 2,086 1,573 32.61%

Profit Before Tax 143.971 112.468 28.01% Profit Before Tax 420.249 481.698 -12.76%

(48.430 (43.908
Taxation ) ) -10.30% Taxation (84.05) (96.340) 12.76%

Profit/Loss After Tax 95.541 77.560 23.18% Profit/Loss After Tax 336.199 385.358 -12.76%
Balance Sheet Information Balance Sheet Information

Fixed Assets 1,146 1,026 11.70% Fixed Assets 144.047 115.926 24.26%

Stocks 394.889 363.045 8.77% Stocks 5,577 6,006 -7.14%

Trade Debtors 258.114 280.936 -8.12% Trade Debtors 4,915 4,090 20.17%
Cash and Bank
Cash and Bank Balances 406.435 301.587 34.77% Balances 583.561 221.119 163.91%

Other Debit Balances 193.754 146.694 32.08% Other Debit Balances 8,505 8,357 1.77%

The Monthly NCM Report for May 2011 www.proshareng.com Page 37


Trade Creditors 72.649 86.223 -15.74% Insurance Funds 3,816 3,533 8.01%

Other Credit Balances 1,104 892.175 23.74% Other Credit Balances 3,747 3,638 3.00%

Net Assets 1,222 1,140 7.19% Net Assets 12,162 11,619 4.67%
http://www.proshareng.com/investors/company.php?ref=CO
http://www.proshareng.com/investors/company.php?ref=BOCGAS NTINSURE

4th May, 2011: DANGOTE CEMENT PLC 4th May, 2011: Nigerian Breweries Plc
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Turnover 54,507 49,872 9.3% Gross Earning 52,029 40,574 28.23%

(25,681 (23,140
Cost of Sales ) ) -22.8% Profit Before Tax 11,856 9,426 25.78%

Profit Before Tax 27,899 25,286 10.3% Taxation (3,936) (2,969) -32.57%

(433.62 (569.00
Taxation 0) 0) 23.8% Profit/Loss After Tax 7,919 6,456 22.66%

Profit/Loss After Tax 27,466 24,717 11.1% Balance Sheet Information

Balance Sheet Information Fixed Assets 72,806 73,800 -1.35%

Fixed Assets 285,139 285,442 -0.11% Stocks 27,471 21,231 29.39%

Investments 50,000 50,000 0.00% Trade debtors 4,563 3,491 30.71%


Cash and Bank
Stocks 20,288 14,865 36.48% Balances 13,214 12,607 4.81%

Trade Debtors 2,949 11,378 -74.08% Other Debit Balances 3,133 3,259 -3.87%
Cash and Bank Balances 80.92% Trade Creditors -16.48%

The Monthly NCM Report for May 2011 www.proshareng.com Page 38


38,492 21,276 17,909 21,444
Short Term
Other Debit Balances 74,670 69,077 8.10% Borrowing Nil 95.308 0.00%

Trade Creditors 3,526 5,163 -31.71% Other Credit Balances 54,602 42,677 27.94%

Short Term Borrowings 26,000 37,637 -30.92% Working Capital -5,092 -4,595 10.82%

Other Credit Balances 153,037 147,730 3.59% Net Assets 48,676 50,172 -2.98%

Working Capital 57,286 26,736 114.27% http://www.proshareng.com/investors/company.php?ref=NB

Net Assets 238,975 211,509 12.99%


http://www.proshareng.com/investors/company.php?ref=DANGCEM

4th May, 2011: FIN BANK PLC 4th May, 2011: Lafarge Cement Plc
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Gross Earning 24,314 72,386 -66.41% Gross Earnings 14,198 12,035 17.97%

(111,22 -
Profit Before Tax & Extra-Ordinary Items 14,317 8) 112.87% Exceptional Items (4) (21) -80.95%

(38.597
Exceptional Items Nil ) 0.00% Profit before tax 2,098 2,758 -23.93%

(149,82
Profit Before Tax 14,317 5) 109.56% Taxation (477) (1,045) 54.35%

Taxation (444) (272) -63.24% Profit/Loss After Tax 1,621 1,713 -5.37%

(149,77
Profit/Loss After Tax 14,497 0) 109.68% Balance Sheet Information

The Monthly NCM Report for May 2011 www.proshareng.com Page 39


Balance Sheet Information Fixed Assets 110,381 100,751 9.56%

Fixed Assets 15,318 16,056 -4.60% Stock 8,392 9,728 -13.73%

Treasury Bills 5,854 7,076 -17.27% Trade Debtors 108.611 569.576 -80.93%

Loans and Advances 28,963 44,485 -34.89% Cash and Balances 6,310 5,248 20.24%

Cash and Bank Balances 10,397 9,278 12.06% Other Debit Balances 2,622 2,182 20.16%

Other Debit Balances 131,296 80,300 63.51% Trade Creditors 4,439 2,113 110.08%
Short Term
Deposits 208,382 197,041 5.76% Borrowings Nil 46,594 0.00%

Other Credit Balances 96,069 86,650 10.87% Other Credit Balances 72,445 21,480 237.27%

(112,62 (126,49
Net Assets 3) 6) 10.97% Working Capital 530.399 (40,401) 101.31%

https://www.proshareng.com/investors/company.php?ref=FIRSTINLND Net Assets 49,912 48,291 3.36%


http://www.proshareng.com/investors/company.php?ref=WA
PCO

4th May, 2011: Julius Berger Nigeria Plc 4th May, 2011: BECO PETROLEUM PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 AUDITED REPORT FOR THE PERIOD ENDED 31-JUL-10
2011 2010 2010 %
N'm N'm %Change N'm 2009 N'm Change

Gross Earning 31,967 31,414 1.76% Gross Earning 2,780 3,995 -30.41%

Profit/Loss Before Tax 1,663 1,420 17.11% Profit Before Tax (228.519) (216.718) -5.45%

(74.843 (640.00
Taxation ) ) 88.31% Taxation (21.970) (36.908) 40.47%

Profit/Loss After Tax 915.765 780.959 17.26% Profit/Loss After Tax 316.447 176.810 78.98%

The Monthly NCM Report for May 2011 www.proshareng.com Page 40


Balance Sheet Information Balance Sheet Information

Fixed Assets 57,111 60,220 -5.16% Fixed Assets 3,079 3,133 -1.72%

Stock 16,350 15,015 8.89% Stock 220.822 242.030 -8.76%

Trade debtors 32,064 30,469 5.23% Trade debtors 386.659 469.570 -17.66%

Cash and Bank Balances 13,086 5,590 134.10% Other Debit Balances 10.766 4.210 155.72%
Cash and Bank
Other Debit Balances 38,844 38,588 0.66% Balances 27.820 3.193 771.28%

Trade creditors 10,122 6,784 49.20% Trade Creditors 28.614 12.662 125.98%
Short Term
Short Term Borrowing 14,715 16,729 -12.04% Borrowing 393.63 308.091 27.76%
Other Credit Balances 113,611 108,417 4.79% Other Credit Balances 367.565 242.466 51.59%
Working Capital -38,300 -42,464 9.81% Working capital -154.450 151.572 -201.90%

Net Assets 8,531 7,617 12.00% Net Assets 2,935 2,971 -1.21%
http://www.proshareng.com/investors/company.php?ref=BE
http://www.proshareng.com/investors/company.php?ref=JBERGER COPETRO

4th May, 2011: GLAXOSMITHKLINE CONSUMER NIG


4th May, 2011: EVANS MEDICAL PLC PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 1,100 775.656 41.82% Gross Earnings 4,962 4,166 19.11%

(111.54
Profit Before Tax 4.094 5) 103.67% Profit Before Tax 882.488 979.918 -9.94%

Taxation (0.435) Nil 0.00% Taxation (273.571) (303.775) 9.94%

Profit/Loss After Tax 3.659 (111.54 103.28% Profit/Loss After Tax 608.917 676.143 -9.94%

The Monthly NCM Report for May 2011 www.proshareng.com Page 41


5)

Balance Sheet Information Balance Sheet Information

Fixed Assets 1,608 1,615 -0.43% Fixed Assets 6,885 6,880 0.07%

Stocks 1,138 1,126 1.07% Stocks 4,207 4,380 -3.95%

Trade Debtors 1,374 1,004 36.85% Trade Debtors 1,689 1,065 58.59%

(881.00 -
Cash and Bank Balances 8) 268.854 427.69% Cash and Balances 1,956 1,127 73.56%

Other Debit Balances Nil 76.929 0.00% Other Debit Balances 1,458 1,283 13.64%

Trade Creditors 1,942 1,153 68.43% Trade creditors 1,392 876.425 58.83%

Short Term Borrowings Nil 1,227 0.00% Other Credit Balances 5,866 5,531 6.06%

Other Credit Balances 39 1,769 -97.82% Working Capital 3,297 2,713 21.53%

(349.03 26322.03
Working Capital 5) (1.321) % Net Assets 8,939 8,330 7.31%
-
(57.044 2307.07 http://www.proshareng.com/investors/company.php?ref=GLAXOSMIT
Net Assets 1,259 ) % H

http://www.proshareng.com/investors/company.php?ref=E
VANSMED

4th May, 2011: JAPAUL OIL & MARITIME SERVICES PLC 4th May, 2011: Multiverse Resources Plc
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 7,133 4,759 49.88% Gross Earning 260.532 191.977 35.71%

The Monthly NCM Report for May 2011 www.proshareng.com Page 42


1,025.0
Profit Before Tax 1,071 0 4.49% Profit Before Tax 49.656 30.792 61.26%

(278.93 (294.80
Taxation 1) 2) 5.38% Taxation (14.90) (1.20) 1141.33%

Profit/Loss After Tax 792.753 730.703 8.49% Profit/Loss After Tax 34.759 29.592 17.46%
Balance Sheet Information Balance Sheet Information

Fixed Assets 20,790 17,885 16.24% Fixed Assets 3,721 3,803 -2.16%

Stocks 630.421 623.431 1.12% Stock 630.207 408.469 54.29%

Trade Debtors 2,755 1,851 48.84% Trade debtors 0.310 16.422 -98.11%
Cash and Bank
Cash and Bank Balances 632.106 1,499 -57.83% Balances 4.214 6.782 -37.86%

Other Debit Balances 209.865 2,222 -90.56% Other Debit Balances 106.480 105.154 1.26%

Trade Creditors 489.65 293.89 66.61% Trade creditors 37.649 35.551 5.90%
Short Term
Short Term Borrowings 200.11 282.92 -29.27% Borrowings 305.264 178.312 71.20%

Other Credit Balances 2,749 2,218 23.94% Other Credit Balances 312.552 608.993 -48.68%

Working Capital 2,718 3,293 -17.46% Working Capital 94.993 102.963 -7.74%

Net Assets 21,579 21,287 1.37% Net Assets 3,807 3,706 2.73%
http://www.proshareng.com/investors/company.php?ref=MULTIVERS
http://www.proshareng.com/investors/company.php?ref=JAPAUL E

5th May, 2011: CAPITAL HOTELS PLC 5th May, 2011: NPF MICROFINANCE BANK PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

The Monthly NCM Report for May 2011 www.proshareng.com Page 43


Gross Earning 1,235 1,205 2.49% Gross Earning 300.250 225.852 32.94%

Profit Before Tax 308.750 336.331 -8.20% Profit Before Tax 103.552 87.480 18.37%

(98.800 (107.62
Taxation ) 6) 8.20% Taxation Nil Nil 0.00%

Profit/Loss After Tax 209.950 228.705 -8.20% Profit/Loss After Tax 103.552 87.480 18.37%
Balance Sheet Information Balance Sheet Information

Fixed Assets 1,793 1,845 -2.82% Fixed Assets 175.399 320.911 -45.34%

Trade Debtors 682.57 658.99 3.58% Treasury Bills 100 100 0.00%

Cash and Bank Balances 877.867 768.870 14.18% Loans and Advances 3,416 2,892 18.12%
Cash and Bank
Other Debit Balances 2,542 2,367 7.39% Balances 860.774 108.425 693.89%

Trade Creditors 313.289 297.742 5.22% Other Debit Balances 2,505 3,012 -16.83%

Other Credit Balances 912.223 843.102 8.20% Deposits 2,403 2,389 0.59%

Working Capital 4,670 4,499 3.80% Other Credit Balances 1,193 612.142 94.89%

Net Assets 3,184 2,974 7.06% Net Assets 3,365 3,433 -1.98%
http://www.proshareng.com/investors/company.php?ref=NPFM
http://www.proshareng.com/investors/company.php?ref=CAPHOTEL CRFBK

5th May, 2011: OCEANIC BANK INTERNATIONAL PLC 5th May, 2011: OCEANIC BANK INTERNATIONAL PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earning 110,497 196,407 -43.74% Gross Earning 27,173 30,351 -10.47%

The Monthly NCM Report for May 2011 www.proshareng.com Page 44


(116,14
Profit Before Tax 32,946 7) 128.37% Profit Before Tax 2,703 2,561 5.54%

Taxation (4,263) 27,139 115.71% Taxation (801.011) (884.427) 9.43%

(89,007
Profit/Loss After Tax 28,682 ) 132.22% Profit/Loss After Tax 1,902 1,676 13.48%

Minority Interest 1,111 388.115 186.26% Balance Sheet Information

(88,619
Profit Attributable To The Group 29,793 ) 133.62% Fixed Assets 57,713 59,775 -3.45%

Balance Sheet Information Treasury Bills 21,922 27,331 -19.79%

Fixed Assets 59,775 66,213 -9.72% Loans and Advances 261,309 280,270 -6.77%
Cash and Bank
Treasury Bills 27,331 30,447 -10.23% Balances 27,967 47,351 -40.94%

Loans and Advances 280,270 387,802 -27.73% Other Debit Balances 623,798 563,868 10.63%

Cash and Bank Balances 47,351 54,707 -13.45% Deposits 605,907 658,169 -7.94%

Other Debit Balances 563,868 361,916 55.80% Other Crebit Balances 472,729 410,197 15.24%

Deposits 658,169 556,781 18.21% Net Assets -86,925 -89,768 -3.17%


http://www.proshareng.com/investors/company.php?ref=OC
Other Crebit Balances 410,197 460,232 -10.87% EANIC
-
Net Assets -89,768 115,924 -22.56%
http://www.proshareng.com/investors/company.php?ref=OCEANIC

5th May, 2011: R .T. Briscoe Nigeria Plc 5th May, 2011: NCR (NIGERIA) PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 10

The Monthly NCM Report for May 2011 www.proshareng.com Page 45


2011 2010 2011 %
N'm N'm %Change N'm 2010 N'm Change

Gross Earning 4,589 4,265 7.60% Gross Earnings 395.530 573.620 -31.05%

Profit/Loss Before Tax 91.091 117.447 -22.44% Cost of Sales (108.209) (133.883) 19.18%

(29.149 (37.583
Taxation ) ) 22.44% Profit Before Tax 240.951 374.351 -35.64%

Profit/Loss After Tax 61.942 79.864 -22.44% Taxation (77.105) (119.793) 35.63%

Balance Sheet Information Profit/Loss After Tax 163.845 254.557 -35.64%

Fixed Assets 885.48 886.281 -0.09% Balance Sheet Information

Stock 3,726 3,376 10.37% Fixed Assets 55.507 51.180 8.45%

Trade debtors 3,103 2,375 30.65% Stocks 258.565 259.114 -0.21%

Cash and Bank Balances 197.409 1,177 -83.23% Trade Debtors 1,405 1,329 5.72%
Cash and Bank
Other Debit Balances 1,663 1,581 5.19% Balances 368.669 616.573 -40.21%

Trade creditors 528.286 733.696 -28.00% Other Debit Balances 799.563 189.414 322.12%

Short Term Borrowings 3,958 4,122 -3.98% Trade Creditors 772.084 867 -11.00%

Other Credit Balances 1,679 1,192 40.86% Net Assets 1,346 1,183 13.78%
http://www.proshareng.com/investors/company.php?ref=NC
Working Capital 2,608 2,545 2.48% R

Net Assets 3,409 3,348 1.82%


http://www.proshareng.com/investors/company.php?ref=RTBRISCOE

6th May, 2011: Wema Bank Plc 6th May, 2011: ETERNA OIL PLC

The Monthly NCM Report for May 2011 www.proshareng.com Page 46


FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10
2011 2010 % 2010 %
N'm N'm Change N'm 2009 N'm Change

Gross Earning 6,835 8,432 -18.94% Gross Earning 14,138 9,225 53.26%

Profit/Loss Before Tax 1,043 795.012 31.19% Cost of Sales (12,585) (8,286) -51.88%

(156.59 (119.25
Taxation 4) 2) -31.31% Profit Before Tax 1,159 (1,962) 159.07%

Profit/Loss After Tax 887.369 675.760 31.31% Taxation (436.979) 466.98 -193.58%

Balance Sheet Information Profit/Loss After Tax 722.751 (1,495) 148.34%

Fixed Assets 14,380 13,922 3.29% Balance Sheet Information

Investments 4,237 4,296 -1.37% Fixed Assets 1,107 1,181 -6.27%

Treasury bills 11,390 8,176 39.31% Trade debtors 1,448 1,024 41.41%
Cash and Bank
Loans and Advances 49,165 43,689 12.53% Balances 261.798 1,030 -74.58%

Cash and Bank Balances 8,331 6,567 26.86% Other Debit Balances 6,460 7,036 -8.19%

Other Debit Balances 130,313 144,628 -9.90% Trade Creditors 787.164 97.877 704.24%
Short Term
Deposits 125,369 120,883 3.71% Borrowings 261.798 (870.927) 130.06%
Other Credit Balances 25,610 39,574 -35.29% Other Credit Balances 3,867 4,371.000 -11.53%
Working Capital 201,162 201,215 -0.03% Working capital -465.516 -2,090 -77.73%

Net Assets 16,656 15,769 5.62% Net Assets 4,623 3,902 18.48%
http://www.proshareng.com/investors/company.php?ref=WEMABANK http://www.proshareng.com/investors/company.php?ref=ETERNAOIL

6th May, 2011: NAHCO AVIANCE PLC 10th May, 2011: ALUMACO PLC

The Monthly NCM Report for May 2011 www.proshareng.com Page 47


THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10 10
2011 2010 % 2010
N'm N'm Change N'm 2009 N'm %Change

Gross Earnings 1,596 1,518 5.14% Gross Premium 156.063 65.757 137.33%

Profit Before Tax 283.172 582.346 -51.37% Profit Before Tax (32.039) (42.192) 24.06%

(186.35
Taxation 90.615 0) 148.63% Taxation Nil Nil 0.00%

Profit/Loss After Tax 192.557 395.996 -51.37% Profit/Loss After Tax (32.039) (42.192) 24.06%
Balance Sheet Information Balance Sheet Information

Fixed Assets 5,329 4,484 18.84% Fixed Assets 761.226 115.926 556.65%

Stock 65.440 51.125 28.00% Investments 22.223 22.223 0.00%

Cash and Bank Balances 551.094 879.959 -37.37% Stocks 203.527 181.278 12.27%

Other Debit Balances 2,586 1,872 38.14% Trade Debtors 25.249 63.019 -59.93%
Cash and Bank
Trade creditors 2,707 1,031 162.56% Balances 77.577 7.465 939.21%

1,263.0
Other Credit Balances 634.25 0 -49.78% Other Debit Balances 161.454 132.095 22.23%

Net Assets 5,190 4,992 3.97% Trade Creditors 77.016 85.381 -9.80%
Short Term
http://www.proshareng.com/investors/company.php?ref=NAHCO Borrowing 49.772 55.089 -9.65%

Other Credit Balances 915.498 725.372 26.21%

Working Capital (574.478) (481.983) -19.19%

Net Assets 208.971 304.475 -31.37%

The Monthly NCM Report for May 2011 www.proshareng.com Page 48


http://www.proshareng.com/investors/company.php?ref=ALUM
ACO

10th May, 2011: A.G. LEVENTIS NIGERIA PLC 10th May, 2011:STACO INSURANCE PLC
AUDITED RESULT FOR THE PERIOD 31-DEC-10 THIRD QUARTER RESULT FOR THE PERIOD 30-SEP-10
2010 2009 % 2010 %
N'm N'm Change N'm 2009 N'm Change

Turnover 13,353 13,589 -1.74% Turnover 4,394 4,081 7.67%

Profit Before Tax 787.562 1,763 -55.33% Profit Before Tax 705.016 611.922 15.21%

(139.31 (528.32
Taxation 9) 7) 73.63% Taxation (70.501) (61.192) -15.21%

Profit After Taxation 648.243 1,234 -47.47% Profit After Taxation 634.514 550.730 15.21%

(177.80 -
Non controlling interest 107.032 8) 160.20% Balance Sheet Information

Profit after taxation and non controlling interest 755.275 1,057 -28.55% Fixed Assets 1,229 1,173 4.77%

Balance Sheet Information Stocks 2,475 2,285 8.32%

Fixed Assets 9,717 10,001 -2.84% Trade debtors 3,040 2,603 16.79%
Cash and Bank
Stocks 4,786 3,287 45.60% Balances 393.132 210.682 86.60%

Trade debtors 712.402 335.554 112.31% Other Debit Balances 1,976 1,559 26.75%

Cash and Bank Balances 1,227 1,132 8.39% Trade Creditors 331.883 133.963 147.74%
Short term
Other Debit Balances 3,112 1,675 85.79% Borrowings 695.744 287.178 142.27%

Trade Creditors 3,153 993.280 217.43% Other Credit Balances 2,779 2,729 1.83%

Short term Borrowings 895.308 901.762 -0.72% Net Assets 5,307 4,673 13.57%

The Monthly NCM Report for May 2011 www.proshareng.com Page 49


Other Credit Balances 5,028 4,269 17.78% https://www.proshareng.com/investors/company.php?ref=STACO

Working Capital 1,406 1,352 3.99%

Net Assets 10,518 10,308 2.04%


https://www.proshareng.com/investors/company.php?ref=AGLEVENT

11th May, 2011:BIG TREAT PLC 11th May, 2011: GUINNESS NIGERIA PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED RESULT FOR THE PERIOD 31-DEC-09 11
2009 2008 % 2011
N'm N'm Change N'm 2010 N'm %Change

Turnover 4,214 3,932 7.17% Turnover 89,801 80,576 11.45%

(402.41 -
Profit Before Tax 8) 494.568 181.37% Profit Before Tax 17,562 13,754 27.69%

(38.088 (88.229
Taxation ) ) 56.83% Taxation (5,620) (4,704) -19.74%

(440.50 -
Profit After Taxation 6) 406.339 208.41% Profit After Tax 11,942 9,049 31.97%
Balance Sheet Information Balance Sheet Information

Fixed Assets 5,498 5,253 4.66% Fixed Assets 44,579 40,069 11.26%

Stocks 1,045 1,558 -32.93% Stocks 18,773 16,152 16.23%

Trade debtors 76.893 69.178 11.15% Trade Debtors 13,707 6,685 105.04%
Cash and Bank
Cash and Bank Balances 135.695 69.720 94.63% Balances 3,620 12,705 -71.51%

Other Debit Balances 136.957 138.438 -1.07% Other Debit Balances 6,203 2,783 122.89%
Trade Creditors -21.34% Trade Creditors 93.88%

The Monthly NCM Report for May 2011 www.proshareng.com Page 50


212.956 270.713 13,467 6,946

Short term Borrowings 685.214 733.414 -6.57% Other Credit Balances 39,442 37,251 5.88%

Other Credit Balances 4,442 3,802 16.83% Working Capital 25,256 28,972 -12.83%

Working Capital 79.308 587.147 -86.49% Net Assets 86,883 783,996 -88.92%
https://www.proshareng.com/investors/company.php?ref=GUIN
Net Assets 1,552 2,282 -31.99% NESS
https://www.proshareng.com/investors/company.php?ref=BIGTREAT

11th May, 2011: ADSWITCH PLC 12th May, 2011: SECURE ELECTRONIC TECH PLC Plc
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-JAN-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Turnover 26.57 131.28 -79.76% Turnover 762.637 606.522 25.74%


-
Profit Before Tax (16.95) 14.18 219.53% Profit Before Tax 7.869 60.363 -86.96%

Taxation Nil (4.25) 0.00% Taxation Nil 3.000 0.00%


-
Profit After Tax (16.95) 9.92 270.87% Profit After Tax 7.869 57.363 -86.28%
Balance Sheet Information Balance Sheet Information

Fixed Assets 26.13 27.38 -4.57% Fixed Assets 5,688 5,711 -0.40%

Stocks 56.08 60.76 -7.70% Investment 0.994 0.994 0.00%

Trade Debtors 0.908 18.62 -95.12% Trade debtors 223.614 181.620 23.12%
Cash and Bank
Cash and Bank Balances 0.592 0.508 16.54% Balances 90.509 88.475 2.30%

Other Debit Balances 14.79 13.87 6.63% Other Debit Balances 6,040 6,039 0.02%

The Monthly NCM Report for May 2011 www.proshareng.com Page 51


Trade Creditors 4.17 4.421 -5.68% Trade creditors 197.733 124.115 59.31%
Short Term
Short term Borrowing 21.37 27.98 -23.62% Borrowings 202.692 176.950 14.55%
3840.19
Other Credit Balances 42.16 1.07 % Other Credit Balances 4,554 4,638 -1.81%

Net Assets 28.16 47.61 -40.85% Working Capital 5,762 5,732 0.52%

https://www.proshareng.com/investors/company.php?ref=ADSWITCH Net Assets 7,090 7,082 0.11%


https://proshareng.com/investors/company.php?ref=NSLTECH

12th May, 2011: TANTALIZERS PLC Plc 12th May, 2011: NAMPAK NIG. PLC Plc
SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 MAR-11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Turnover 1,150 1,267 -9.23% Turnover 2,332 2,215 5.28%

Profit Before Tax 33.058 40.749


-18.87% Profit Before Tax 280.769 203.514 37.96%
-
Taxation (9.432) (4.482) 110.44% Taxation (89.846) (59.193) -51.78%

Profit After Tax 23.626 36.267 -34.86% Profit After Tax 190.923 144.321 32.29%
Balance Sheet Information Balance Sheet Information

Fixed Assets 4,895 4,858 0.76% Fixed Assets 751.062 738.357 1.72%

Investment 131.326 98.009 33.99% Investment 994.683 979.411 1.56%

Trade debtors 138.594 89.265 55.26% Trade debtors 544.137 536.158 1.49%
Cash and Bank
Cash and Bank Balances 372.969 233.660 59.62% Balances 61.370 43.863 39.91%

Other Debit Balances 714.896 591.638 20.83% Other Debit Balances 155.163 163.647 -5.18%

The Monthly NCM Report for May 2011 www.proshareng.com Page 52


Trade creditors 394.660 504.779 -21.82% Trade creditors 1,161 1,228 -5.46%
Short Term
Short Term Borrowings 163.638 251.805 -35.01% Borrowings 222.787 356.839 -37.57%
Other Credit Balances 1,737 1,178 47.45% Other Credit Balances 296.686 236.693 25.35%
- - -
Working Capital 318.870 148.602 314.58% Working Capital 171.305 -2.562 6786.38%

Net Assets 3,957 3,934 0.58% Net Assets 825.597 639.026 29.20%
https://proshareng.com/investors/company.php?ref=TANTALIZER https://proshareng.com/investors/company.php?ref=NAMPAK

12th May, 2011: STARCOMMS PLC 13th May, 2011: ETERNA OIL PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED RESULT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Turnover 29,031 34,304 -15.37% Turnover 3,837 6,375 -39.81%

Profit Before Tax (5,159) (7,681) 32.83% Profit Before Tax 564.050 387.634 45.51%

Taxation (2,500) (1,406) -77.81% Taxation Nil Nil 0.00%

Profit After Taxation (7,660) (7,787) 1.63% Profit After Tax 564.050 387.637 45.51%
Balance Sheet Information Balance Sheet Information

Fixed Assets 43,476 53,989 -19.47% Fixed Assets 1,110 1,119 -0.80%

Investments 1,133 2,535 -55.31% Stock 510.967 860.562 -40.62%

Trade debtors 4,082 4,344 -6.03% Trade debtors 963.663 4,398 -78.09%
Cash and Bank
Cash and Bank Balances 7,938 6,845 15.97% Balances 673.154 (942.608) -171.41%

Other Debit Balances 4,101 5,871 -30.15% Other debit balances 6,492 7,196 -9.78%
Trade Creditors -31.88% Trade creditors -72.46%

The Monthly NCM Report for May 2011 www.proshareng.com Page 53


(11,472 (8,699) 1,240 4,503
)

(18,439 (11,761 Short Term


Short term Borrowings ) ) -56.78% Borrowings 1,169 1,808 -35.34%

(886.14 (270.95 -
Other Credit Balances 7) 5) 227.05% Other Credit Balances 268.882 225.243 19.37%

(30,797 (20,732
Working Capital ) ) -48.55% Working Capital -192.538 1,522 -112.65%

Net Assets 23,588 31,249 -24.52% Net Assets 5,187 4,321 20.04%
https://proshareng.com/investors/company.php?ref=STARCOMMS https://proshareng.com/investors/company.php?ref=ETERNAOIL

13th May, 2011:UNILEVER NIG. PLC 13th May, 2011:JAPUAL OIL & MARITIME PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Turnover 13,042 10,931 19.31% Turnover 2,496 1,615 54.55%

Profit Before Tax 2,353 1,384 70.01% Profit Before Tax 599.099 631.894 -5.19%

(723.83 (426.78
Taxation 2) 5) -69.60% Taxation (59.910) (126.379) 52.59%

Profit After Tax 1,629 957.994 70.04% Profit After Tax 539.189 505.515 6.66%
Balance Sheet Information Balance Sheet Information

Fixed Assets 12,451 11,739 6.07% Fixed Assets 20,946 20,790 0.75%

Stock 6,958 6,286 10.69% Investments 13.954 13.954 0.00%

Trade debtors 2,945 2,813 4.69% Stock 585.224 630.421 -7.17%

The Monthly NCM Report for May 2011 www.proshareng.com Page 54


Cash and Bank Balances 2,452 2,233 9.81% Trade debtors 2,978 2,951 0.91%
Cash and Bank
Other debit balances 4,558 4,312 5.71% Balances 500.564 4,214 -88.12%

Trade creditors 4,033 3,655 10.34% Other Credit Balances -1,799 -1,943 7.41%

Short Term Borrowings 381.851 730.809 -47.75% Working Capital 2,957 23,522 -87.43%

Other Credit Balances 12,211 11,227 8.76% Net Assets 22,118 21,579 2.50%
- -
Working Capital 713.296 199.410 457.70% https://proshareng.com/investors/company.php?ref=JAPAULOIL

Net Assets 9,964 8,335 19.54%


https://proshareng.com/investors/company.php?ref=UNILEVER

17th May , 2011: ARBICO PLC 17th May, 2011: OANDO PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Turnover 841.042 722.379 16.4% Gross Earning 114,979 91,316 25.91%

(107.99
Profit Before Tax 0) 24.288 -544.6% Profit Before Tax 5,697 5,082 12.10%

(26.414
Taxation Nil ) 0.0% Taxation (2,499) (1,948) -28.29%

(107.99 -
Profit/Loss After Tax 0) (2.126) 4979.5% Profit/Loss After Tax 3,198 3,134 2.04%
Balance Sheet Information Balance Sheet Information

Fixed Assets 935.551 891.433 4.9% Fixed Assets 155,586 130,667 19.07%

Stocks 337.888 1,203 -71.9% Stock/Short Term 20,363 22,411 -9.14%

The Monthly NCM Report for May 2011 www.proshareng.com Page 55


Investment

Trade debtors 468.826 664.019 -29.4% Trade Debtors 92,599 57,088 62.20%
Cash and Bank
Cash and Bank Balances 168.108 270.640 -37.9% Balances 36,089 49,665 -27.34%

Other Debit Balances 541.400 238.007 127.5% Other Debit Balances 54,913 43,257 26.95%

Trade Creditors 229.753 135.544 69.5% Trade Creditors 70,246 59,897 17.28%
Short Term
Short Term Borrowings 131.421 388.068 -66.1% Borrowing 82,676 149,457 -44.68%

Other Credit Balances 1,419 10,735 -86.8% Other Credit Balances 107,766 35,451 203.99%

(261.45
Working Capital 3) 123.988 -310.9% Working Capital -11,954 -85,189 -85.97%

Net Assets 670.935 1,009 -33.5% Net Assets 98,864 58,282 69.63%
http://www.proshareng.com/investors/company.php?ref=OA
http://www.proshareng.com/investors/company.php?ref=ARBICO NDO

17h May, 2011: FIDSON HEALTHCARE PLC 17th May, 2011: STARCOMMS PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 11
2011 2010 2011
N'm N'm %Change N'm 2010 N'm %Change

Gross Earnings 3,448 3,969 -13.13% Turnover 6,051 7,936 -23.75%

Profit Before Tax 380.043 543.096 -30.02% Profit Before Tax (2,047) (1,439) -42.25%

(121.61 (173.79
Taxation 4) 1) 12.18% Taxation (13.507) (91.814) 85.29%

Profit/Loss After Tax 258.429 369.305 -30.02% Profit After Taxation (2,061) (1,530) -34.71%
Balance Sheet Information Balance Sheet Information

The Monthly NCM Report for May 2011 www.proshareng.com Page 56


Fixed Assets 2,390 2,224 7.46% Fixed Assets 41,688 43,476 -4.11%

Investments 2,803 2,813 -0.36% Investments 828.965 1,133 -26.83%

Stocks 574.140 714.317 -19.62% Trade debtors 1,517 282 438.71%


Cash and Bank
Trade Debtors 1,717 1,262 36.05% Balances 4,216 7,938 -46.89%

Cash and Bank Balances 490.407 232.831 110.63% Other Debit Balances 6,587 7,803 -15.58%

Other Dedit Balances 801.649 654.612 22.46% Trade Creditors 2,490 2,623 -5.07%
Short term
Trade Creditors 163.914 253.070 -35.23% Borrowings 15,462 18,439 -16.15%

Short Term Borrowings 577.881 938.630 -38.43% Other Credit Balances (15,356) (16,080) 4.50%

Other Credit Balances 2,165 14,797 -85.37% Working Capital (18,223) (17,642) -3.29%

Working Capital 1,176 521.154 125.65% Net Assets 21,527 23,588 -8.74%

Net Assets 5,428 5,230 3.79% https://proshareng.com/investors/company.php?ref=STARCOMMS


http://www.proshareng.com/investors/company.php?ref=FIDSON

18th May, 2011: MAY & BAKER PLC 19th May, 2011: MAY & BAKER PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Turnover 4,639 4,604 0.8% Turnover 957.309 856.684 11.7%

Profit Before Tax 307.790 344.162 -10.6% Cost of Sales (561.064) (489.333) -14.7%

(114.81 (112.08
Taxation 3) 1) -2.4% Profit Before Tax (34.329) (32.918) -4.3%

The Monthly NCM Report for May 2011 www.proshareng.com Page 57


Profit/Loss After Tax 192.977 232.081 -16.8% Taxation (10.985) (10.534) -4.3%

Balance Sheet Information Profit/Loss After Tax 23.344 22.384 4.3%

Fixed Assets 3,845 3,175 21.1% Balance Sheet Information

Stocks 1,259 970.344 29.7% Fixed Assets 3,984 3,845 3.6%

Trade Debtors 816.580 527.742 54.7% Investment 245.325 245.325 0.0%

Cash and Bank Balances 208.235 554.067 -62.4% Stocks 849.210 1,259 -32.5%

Other Debit Balances 687.147 312.621 119.8% Trade Debtors 1,104 979.796 12.7%
Cash and Bank
Trade Creditors 336.796 256.821 31.1% Balances 213.086 208.235 2.3%
Short Term Borrowings 970.089 1,612 -39.8% Other Debit Balances 639.121 278.606 129.4%

Other Credit Balances 2,626 1,579 66.3% Trade Creditors 905.488 1,153 -21.5%
Short Term
Working Capital 185.381 9.572 1836.7% Borrowings 1,792 1,319 35.9%

Net Assets 2,883 2,705 6.6% Other Credit Balances 1,430 1,460 -2.1%

http://www.proshareng.com/investors/company.php?ref=MAYBAKER Net Assets 2,906 2,883 0.8%


http://www.proshareng.com/investors/company.php?ref=MAYB
AKER

19th May, 2011: CEMENT CO. OF NORTHERN NIGERIA PLC 19th May, 2011: IHS PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-JUL-10
2011 2010 2010 %
N'm N'm %Change N'm 2009 N'm Change

Gross Earnings 3,100 3,090 0.32% Gross Earnings 3,610 3,590 0.56%

Profit Before Tax 795.000 424.000 87.50% Profit Before Tax 123.00 246.00 -50.00%

The Monthly NCM Report for May 2011 www.proshareng.com Page 58


(125.00 (150.00
Taxation 0) 0) 16.67% Taxation (70.00) (84.00) 67.88%

Profit/Loss After Tax 669.000 274.000 144.16% Profit/Loss After Tax 53.00 161.00 -67.08%
Balance Sheet Information Balance Sheet Information

Fixed Assets 5,300 5,413 -2.09% Fixed Assets 9,600 9,164 4.76%

Stocks 3,600 3,448 4.41% Stocks 3,200 3,762 -14.94%

Trade Debtors 393.000 427.888 -8.15% Trade Debtors 5,800 5,479 5.86%
Cash and Bank
Cash and Bank Balances 844.000 767.000 10.04% Balances 1,300 1,866 -30.33%

Other Debit Balances 918.000 663.000 38.46% Other Debit Balances 4,400 6,001 -26.68%

Trade Creditors 2,200 2,080 5.77% Trade Creditors 1,300 2,141 -39.28%
Short Term
Short Term Borrowings 166.000 1,098 -84.88% Borrowings 77.00 10,399 -99.26%

Other Credit Balances 3,190 2,680 19.03% Other Credit Balances 12,500 3,155 296.20%
-
Working Capital 1,600 908.408 76.13% Working Capital 8,400 (810) 1137.04%

Net Assets 5,500 4,847 13.47% Net Assets 10,500 10,578 -0.74%
http://www.proshareng.com/investors/company.php?ref=CCNN http://www.proshareng.com/investors/company.php?ref=IHS

19th May, 2011: IHS PLC 19th May, 2011: INTERNATIONAL BREWERIES PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-OCT-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

Gross Earnings 6,989 6,730 3.85% Turnover 2,378 777.524 205.8%


Profit Before Tax -21.76% Profit Before Tax -98.1%

The Monthly NCM Report for May 2011 www.proshareng.com Page 59


230.008 293.98 7.432 390.277

(100.36 (132.63
Taxation 1) 2) 24.33% Taxation Nil Nil 0.0%

Profit/Loss After Tax 129.647 161.346 -19.65% Profit After Tax 7.432 390.277 -98.1%
Balance Sheet Information Balance Sheet Information

Fixed Assets 10,169 9,164 10.97% Fixed Assets 6,723 6,754 -0.5%

Stocks 3,030 3,762 -19.46% Stocks 1,880 1,888 -0.4%

Trade Debtors 6,137 5,479 12.01% Trade Debtors 635.043 328.379 93.4%
Cash and Bank
Cash and Bank Balances 1,256 1,866 -32.69% Balances 377.052 209.282 80.2%

Other Debit Balances 4,930 6,001 -17.85% Other Debit Balances 1,009 731.079 38.0%

(197.81 -
Trade Creditors 1) 2,141 109.24% Trade Creditors 1,001 629.191 59.1%
Short Term
Short Term Borrowings 65.527 10,399 -99.37% Borrowings Nil 225.601 0.0%
Other Credit
Other Credit Balances 15,073 3,155 377.75% Balances 9,700 9,141 6.1%

(810,51
Working Capital 9,588 9) 101.18% Working Capital 1,483 684.592 116.6%

Net Assets 10,583 10,578 0.05% Net Assets (76.789) (84.221) -8.8%
https://www.proshareng.com/investors/company.php?ref=INTB
http://www.proshareng.com/investors/company.php?ref=IHS REW

20th May, 2011: CONOIL PLC 20th May, 2011: CONOIL PLC
AUDITED RESULT FOR THE PERIOD 31-DEC-10 FIRST QUARTER RESULT FOR THE PERIOD 31-MAR-11
2010 2009 % 2011 %
N'm N'm Change N'm 2010 N'm Change

The Monthly NCM Report for May 2011 www.proshareng.com Page 60


Gross income 102,787 101,853 0.92% Turnover 37,301 21,071 77.03%

Profit Before Tax 4,020 3,784 6.24% Profit After Taxation 1,185 145.69 713.37%

Taxation (1,230) (1,472) 16.44% Balance Sheet Information

Profit After Taxation 2,789 2,312 20.63% Net Assets 18,045 15,260 18.25%
http://www.proshareng.com/investors/company.php?ref=CONO
Balance Sheet Information IL

Fixed Assets 7,670 8,139 -5.76%

Stocks 6,871 4,095 67.79%

Trade debtors 9,365 8,777 6.70%

Cash and Bank Balances 10,153 10,571 -3.95%

Other Debit Balances 7,326 8,190 -10.55%

Trade Creditors 5,252 5,296 -0.83%

Short term Borrowings 6,202 9,021 -31.25%

Other Credit Balances 14,672 11,944 22.84%

Working Capital 9,699 7,634 27.05%

Net Assets 15,260 13,511 12.95%


http://www.proshareng.com/investors/company.php?ref=CONOIL

20th May, 2011: MRS OIL NIGERIA PLC 20th May, 2011: E-TRANSACT INTERNATIONAL PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED RESULT FOR THE PERIOD 31-DEC-10 11
2010 2009 % 2011
N'm N'm Change N'm 2010 N'm %Change

The Monthly NCM Report for May 2011 www.proshareng.com Page 61


Gross income 74,781 74,603 0.24% Turnover 145.744 61.547 136.80%

Profit Before Tax 2,887 1,721 67.75% Profit Before Tax 31.696 (23.109) -237.16%

(670.37
Taxation (1,040) 3) -55.14% Taxation 9.508 (2.773) -442.88%

Profit After Taxation 1,847 1,050 75.90% Profit after tax 22.187 (25.882) -185.72%
Balance Sheet Information Balance Sheet Information

Fixed Assets 18,209 3,036 499.77% Fixed Assets 745.818 743.466 0.32%

Stocks 8,637 4,844 78.30% Investment 590.600 590.600 0.00%

Trade debtors 2,504 2,231 12.24% Stocks 143.448 135.312 6.01%

Cash and Bank Balances 2,899 2,208 31.30% Trade Debtors 220.534 223.048 -1.13%
Cash and Bank
Other Debit Balances 8,747 5,986 46.12% Balances 856.405 853.121 0.38%

Trade Creditors 11,479 5,055 127.08% Other Debit Balances 228.458 237.707 -3.89%

Short term Borrowings 517.346 934.044 -44.61% Trade Creditors 40.485 70.172 -42.31%

Other Credit Balances 10,472 9,351 11.99% Other Credit Balances 65.173 55.664 17.08%

Working Capital 2,860 1,069 167.54% Working Capital 1,167 1,142 2.19%

Net Assets 18,528 2,965 524.89% Net Assets 2,679 2,657 0.83%
http://www.proshareng.com/investors/company.php?ref=ET
http://www.proshareng.com/investors/company.php?ref=CHEVRON RANZACT

23rd May, 2011:BIG TREAT PLC 23rd May, 2011: PRESTIGE ASSURANCE PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-
AUDITED RESULT FOR THE PERIOD 31-DEC-09 11

The Monthly NCM Report for May 2011 www.proshareng.com Page 62


2009 2008 % 2011
N'm N'm Change N'm 2010 N'm %Change

Turnover 4,214 3,932 7.17% Gross premium 1,109 1,215 -8.72%

Cost of sales (2,527) (1,654) -52.78% Profit Before Tax 243.448 490.266 -50.34%

(402.41 -
Profit Before Tax 8) 494.568 181.37% Taxation (78.690) (158.469) 50.34%

(38.088 (88.229
Taxation ) ) -56.83% Profit after tax 164.758 331.796 -50.34%

(440.50 -
Profit After Taxation 6) 406.339 208.41% Balance Sheet Information

Balance Sheet Information Fixed Assets 765.396 917.053 -16.54%

Fixed Assets 5,498 5,253 4.66% Stock 1,848 2,213 -16.49%

Stocks 1,045 1,558 -32.93% Trade Debtors 1,884 1,468 28.34%


Cash and Bank
Trade debtors 76.893 69.178 11.15% Balances 311.209 343,973 -99.91%

Cash and Bank Balances 135.695 69.720 94.63% Other Debit Balances 2,292 2,610 -12.18%

Other Debit Balances 136.957 138.438 -1.07% Trade Creditors 1,176 1,379 -14.72%

Trade Creditors 212.956 270.713 -21.34% Other Credit Balances 1,018 1,418 -28.21%

Short term Borrowings 685.214 733.414 -6.57% Net Assets 4,907 4,755 3.20%
https://proshareng.com/investors/company.php?ref=PRESTI
Other Credit Balances 4,442 3,802 16.83% GE

Working Capital 79.308 587.147 -86.49%

Net Assets 1,552 2,282 -31.99%


https://www.proshareng.com/investors/company.php?ref=BIGTREAT

The Monthly NCM Report for May 2011 www.proshareng.com Page 63


24th May, 2011: COSTAIN PLC 24th May , 2011: SMART PRODUCTS PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10 AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 2009 2010 %
N'm N'm %Change N'm 2009 N'm Change

Turnover 1,436 2,030 -29.26% Turnover 24.102 17.355 38.9%

Cost of sales (1,039) (1,732) 40.01% Profit Before Tax 6.401 4.514 41.8%

(81.937 -
Profit Before Tax ) 89.966 191.08% Taxation (1.449) (0.867) -67.1%

Taxation 1.984 1.799 10.28% Profit After Tax 5.368 3.500 53.4%

(83.921 -
Profit After Tax ) 88.167 195.18% Balance Sheet Information

Balance Sheet Information Fixed Assets 75.275 73.222 2.8%

Fixed Assets 5,895 5,449 8.18% Investments 26.583 12.074 120.2%

Investment 2,004 2,004 0.00% Trade debtors 3.618 0.160 2161.3%


Cash and Bank
Stocks 2,812 2,937 -4.26% Balances 5.181 0.768 574.6%
2698.23
Trade Debtors 85.570 3.058 % Trade creditors 6.735 6.033 11.6%

Cash and Bank Balances 80.507 1,093 -92.63% Other Credit Balances -7.744 -10.514 26.3%
88619.29
Other Debit Balances 2,383 2.686 % Net Assets 76.541 57 34.8%

Trade Creditors 1,132 1,124 0.71% https://proshareng.com/investors/company.php?ref=SMURFIT

Short Term Borrowings 870.305 714.363 21.83%

Other Credit Balances 3,481 4,473 -22.18%

The Monthly NCM Report for May 2011 www.proshareng.com Page 64


Working Capital 280.285 795,644 -99.96%

Net Assets 7,776 7,860 -1.07%


https://proshareng.com/investors/company.php?ref=COSTAIN

25th May, 2011: NATIONAL SALT NIGERIA PLC 25th May, 2011: COSTAIN PLC
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10 AUDITED RESULT FOR THE PERIOD ENDED 31-DEC-10
2010 2009 % 2010
N'm N'm Change N'm 2009 N'm %Change

Turnover 8,894 8,767 1.4% Turnover 9,547 6,274 52.17%

Cost of sales (6,065) (5,392) -12.5% Profit Before Tax 117.807 (574.787) -120.50%

Profit Before Tax 2,058 2,712 -24.1% Taxation (19.871) (40.337) 50.74%

(410.01 (870.10
Taxation 9) 2) 52.9% Profit After Tax 97.936 (615.124) -115.92%

Profit After Tax 1,648 1,842 -10.5% Balance Sheet Information

Balance Sheet Information Fixed Assets 5,152 3,531 45.91%

Fixed Assets 2,555 2,907 -12.1% Stocks 2,910 2,380 22.27%

Stocks 915.198 883.229 3.6% Trade Debtors 3.058 0.848 260.61%


Cash and Bank
Trade debtors 673.335 1,285 -47.6% Balances 1,093 2,784 -60.74%

Cash and Bank Balances 1,448 759.856 90.6% Other Debit Balances 5,077 5,093 -0.31%

Other Debit Balances 1,917 2,318 -17.3% Trade Creditors 1,124 843.401 33.27%
Short Term
Trade Creditors 257.201 253.298 1.5% Borrowings 714.363 435.765 63.93%

Short Term Borrowings 5.236 8.528 -38.6% Other Credit Balances 4,487 3,820 17.46%

The Monthly NCM Report for May 2011 www.proshareng.com Page 65


Other Credit Balances 2,292 3,261 -29.7% Working Capital 1,140 3,455 -67.00%

Working Capital 2,930 2,446 19.8% Net Assets 7,910 8,692 -9.00%

Net Assets 4,955 4,631 7.0% https://proshareng.com/investors/company.php?ref=COSTAIN


https://proshareng.com/investors/company.php?ref=NASCON

25th May, 2011: ABC Plc 25th May , 2011: SMART PRODUCTS PLC
SECOND QUARTER REPORT FOR THE PERIOD ENDED 30-
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-11 JUN-10
2011 2010 2010 %
N'm N'm %Change N'm 2009 N'm Change

Turnover 1,216 1,011 20.28% Turnover 9.94 17.355 -42.7%

(60.384 (12.920 -
Profit Before Tax ) ) 367.37% Profit Before Tax 2.38 4.51 -47.2%

(10.038 (10.433
Taxation ) ) 3.79% Taxation (0.1500) (0.867) -82.7%

(70.422 (23.353 -
Profit After Tax ) ) 201.55% Profit After Tax 2.38 3.51 -32.2%
Balance Sheet Information Balance Sheet Information

Fixed Assets 3,756 3,100 21.16% Fixed Assets 72.81 73.22 -0.6%

Investmets 21.372 21.372 0.00% Investments 22.50 12.074 86.4%

Stocks 146.754 139.443 5.24% Trade debtors 0.160 0.160 0.0%


Cash and Bank
Trade debtors 238.150 198.722 19.84% Balances 3.56 0.768 363.5%

Cash and Bank Balances 269.091 43.195 522.97% Trade creditors 5.24 6.033 -13.1%

Other Debit Balances 713.023 252.405 182.49% Other Credit Balances 5.41 5.41 0.0%

The Monthly NCM Report for May 2011 www.proshareng.com Page 66


Trade creditors 205.553 140.014 46.81% Net Assets 70.21 56.794 23.6%

Short term Borrowings 165.737 99.309 66.89% https://proshareng.com/investors/company.php?ref=SMURFIT


Other Credit Balances 2,541 1,751 45.12%

Net Assets 1,693 1,764 -4.02%


https://proshareng.com/investors/company.php?ref=ABCTRANS

27th May, 2011: COSTAIN W.A. PLC


SECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10
2010 2009
N'm N'm %Change

Turnover 3,531 4,223 -16.39%

Cost of sales (2,899) (3,627) 20.07%

(151.04 -
Profit Before Tax 5) 167.664 190.09%

Taxation 3.163 3.353 -5.67%

(154.20 -
Profit After Tax 8) 164.311 193.85%
Balance Sheet Information

Fixed Assets 6,068 5,449 11.36%

Investment 2,004 2,004 0.00%

Stocks 1,894 2,937 -35.51%


5902.94
Trade Debtors 183.570 3.058 %

Cash and Bank Balances 92.507 1,093 -91.54%

The Monthly NCM Report for May 2011 www.proshareng.com Page 67


Other Debit Balances 1,808 2,686 -32.69%

Trade Creditors 1,020 1,124 -9.25%

Short Term Borrowings 769.305 714.363 7.69%

Other Credit Balances 2,554 4,488 -43.09%

Working Capital 59.131 780.779 -92.43%

Net Assets 7,691 7,846 -1.98%


https://proshareng.com/investors/company.php?ref=COSTAIN

The Monthly NCM Report for May 2011 www.proshareng.com Page 68


Forecast Results in the month
Source: NSE, Proshare Research

DECLARED FORECASTS FOR MAY 2011


Gross
Earnings PAT in
in N' N'
Company Year End Period billion billion
BOC Gases Plc December Q2 2011 1,189 0.193
FCMB Plc December Q2 2011 17.737 2.632
International Breweries Plc December Q2 2011 4.426 0.327
Lafarge WAPCO Plc December Q2 2011 13.521 1.399
Capital Hotels Plc December Q2 2011 1.225 0.219
Briscoe Plc December Q2 2011 3.212 0.40
Oceanic Bank Plc December Q2 2011 57.174 5.650
Adswitch Plc April Q1 2011 36.215 4.981
Livestock Feeds Plc December Q3 2011 0.877 0.35
Starcomms Plc December Q2 2011 6.558 -2.169
Unilever Plc December Q3 2011 39.456 3.607
Oando Plc December Q2 2011 138.553 2.926
Academy Press Plc March Q1 2011 0.742 0.46
FTN Cocoa Processors Plc September Q2 2011 0.474 0.29
Costain WA Plc March Q1 2011 4.350 0.111

Dividends Declared
DIVIDENDS DECLARED MAY 2011
Dividend Bonus
Company Declared Declared AGM Date Price Adjustment Date
Japaul Oil & Maritime Plc 30-Jun-11
Ecobank Transnational
Incorporated 30-Jun-11
Julius Berger Plc 2.00 07-Jul-11 20th - 23rd June, 2011
Total Nigeria Plc 600k 30-Jun-11 9th – 13th May 2011
Conoil Plc 2.00 24-Jul-11 06 – 10 June 2011
DN Meyer Plc 30-Jun-11
Oando Plc 30-Jun-11
Great Nigeria Insurance Plc 30-Jun-11 9th – 17th June, 2011
MRS Oil Plc 1.25k 26-Jul-11 11th - 15th July, 2011
Smart Products Plc 0.12k 1 for 4 30-Jun-11 17th - 27th June, 2011
Unity Bank Plc 0.5k 1 for 20 29-Jul-11 10th - 14th, June, 2011
National Salt Coy of Nigeria Plc 50k 30-Jun-11 20th - 24th June, 2011
29th June- 6th July
Costain WA Plc 13-Jul-11 2011
Universal Insurance Plc 22-Jun-11

Source: NSE, Proshare Research

The Monthly NCM Report for May 2011 www.proshareng.com Page 69


Analyst Opinion
The outlook recorded in the month of May is quite impressive and is in line with our
expectation. The drop in political tension and impressive corporate actions from key
companies coupled with low valuation of blue chip stocks remained the major drivers.

Apart from persistent liquidity challenge that is facing the market, we observed that
market is still experiencing low risk appetite while the improved investors' confidence
appeared fragile.

The sustained cautious treading observed in the month while value investing approach
was religiously employed buttressed the wary position of investors.

More so, the MTD performance is ranked second best in the year to close at 3.11% as
against -2.44% recorded in May 2010. However, the YTD of 3.04% is far below 25.65%
recorded in the previous year comparable period. This is an indication that the regulatory
bodies and stakeholders need to maintain sustainable and collective efforts towards
reviving market confidence in which lasting solution to low liquidity position and proper
handling of sensitive market related issues will go a long way.

However, the smooth transition into new and fresh government would layoff investors’
wariness to some extent while our market remained the toast of portfolio managers who
are likely to leave markets in the mid East and North Africa due to troubles and
uncertainties in those economies.

To this regard, we believe that the performance of government and the new incoming
cabinet members must not fall short of expectations. Timely and well tailored economic
plans and policies that will support the ongoing infrastructural development and
economic reforms will have robust impact on the market performance in the coming
periods.

In our opinion, this will also impact investment decisions, market confidence and
increase participation of foreign investors accordingly while we expect low volatility in
the coming periods with improved rally as large numbers of big and mid CAP stocks still
trading below their intrinsic value with ample of opportunities for price growth.

Nevertheless, we remained optimistic as market has ability to sustain the current


bargain sentiments and enthusiasm as we foresee a growing risk appetite on the back of
supportive readings from government policies and economic plans.

The Monthly NCM Report for May 2011 www.proshareng.com Page 70


Time Lines - (News/Information in the month and Reaction of Market)

Date Timelines Gaine Losers ASI and Market Capitalisation Remarks

rs

May 3 NSE: Stockbrokers call for compulsory listing of multinationals: 27 27 At the close of trading session, the NSE All-Share
Index gained by 0.18% to close at 25,085.59 as
Stockbrokers have called on the Federal Government to compel telecommunications
against an offbeat by 0.99% recorded previous
and multinational companies to list their shares on the Nigerian Stock Exchange. session to close at 25,041.68. In the same vein,
market capitalization appreciated by
Mixed reactions trail CBN’s limit on cash withdrawal: Stakeholders in the N14.03billion (US$90.52million) to close at
financial sector of the economy have expressed divergent views on the directive by N8.02trillion (US$51.71billion) as against
depreciation by N80.34billion (US$518.33million)
the Central Bank of Nigeria and Bankers’ Committee to limit the cumulative daily
recorded on preceding session to close at
cash withdrawals and lodgements in the country from June next year. N8.00trillion (US$51.61billion). Market report for the
day was titled: NSE All-Share Index inches up by
Stockbroking: Analysts caution regulators on capital requirement: Market +0.18% as Neimeth tops gainers’ chart.
analysts have urged capital market regulators to review the idea of increasing the (https://www.proshareng.com/news/singlene
ws.php?id=13726)
minimum capital requirement for the operations of stockbroking firms in Nigeria.

May 4 Africa’s FDI to Hit $150bn by 2015: Ernst & Young, a global accounting firm has 32 27 At the close of trading session, the NSE All-Share
Index dropped by 0.05% to close at 25,072.92 as
predicted that Africa may attract billions of dollars in new investments over the
against upbeat by 0.18% recorded previous session
next few years which is expected to significantly raise Foreign Direct Investment to close at 25,085.59. In the same vein, market
(FDI) in the continent to $150 billion by 2015 from the $84 billion attained last capitalization depreciated by N3.62billion
year. (US$23.41million) to close at N8.02trillion
(US$51.69billion) as against appreciation by
N14.03billion (US$90.52million) recorded on
Govt moves to reduce 2011 budget deficit to 3.6 per cent of GDP: The
preceding session to close at N8.02trillion
Federal Government may have commenced talks with the National Assembly in a (US$51.71billion). Market report for the day was
move to reduce fiscal deficit of over N700 million of the N4.6 trillion budget this titled: Equity market lost marginally by -0.05%
year. with YTD standing at -0.12%.
(https://www.proshareng.com/news/singlene
Risk management: The travails of Nigerian banks: There is a great correlation ws.php?id=13741)
between a banker and the non-immigrant visa issuer: Power of prediction. How
does the issuer predict that a non – immigrant visa applicant (especially the first-

The Monthly NCM Report for May 2011 www.proshareng.com Page 71


timer) will come back: He will have to be convinced before he foretells the
outcome. But in the case of a banker, he will not only depend on seeming
predictability but will also adopt good risk management skills.

May 5 CAC investigates Okomu Oil - Owing to a petition from Shareholders Association, 36 20 At the close of trading session, the NSE All-Share
the Corporate Affairs Commission (CAC) in Abuja has commenced investigation into Index moved up by 0.59% to close at 25,219.69 as
against offbeat by 0.05% recorded previous session
the affairs of the agricultural produce processing company, Okomu Oil Palm Plc
to close at 25,072.92. In the same vein, market
located at Udo in Ovia Southwest Local Government Area of Edo state. capitalization appreciated by N46.99billion
(US$302.57million) to close at N8.06trillion
Reforms: Fitch Threatens to Downgrade Nigeria’s Ratings - Global ratings (US$51.99billion) as against depreciation by
N3.62billion (US$23.41million) recorded on
agency, Fitch Ratings has threatened to downgrade Nigeria’s rating to B+ from BB-
preceding session to close at N8.02trillion
if the newly-elected government fails to implement badly needed reforms post- (US$51.69billion). Market report for the day was
elections, to improve the country’s outlook. titled: NSE ASI recorded +0.59% gain after a
day profiteering.
Foreign investment firm contests acquisition of Afribank by Vine Capital - A (https://www.proshareng.com/news/singlene
ws.php?id=13768)
private investment partner, Intangis Holdings, with main offices in New York and
London is claiming exclusive rights of acquisition on Afribank, saying that the
negotiations to that effect have almost been completed for consummation of
transactions.

May 6 Botched deals: AMCON may recapitalise Oceanic, Bank PHB – Sanusi - The 35 19 The key benchmark indices moved up by 0.18% to
Governor of the CBN, Mr. Lamido Sanusi, has said that the AMCON may recapitalise open the week on positive note with positive breadth
Oceanic Bank International Plc and Bank PHB Plc to prepare them for sale in the while market indicators closed mixed. The second
session recorded increased sell mandates as market
near future if they don’t get good recapitalisation deals.
pulled back marginally by-0.05%.
CBN to sell N134bn T-bills - The CBN has said that it plans to sell N134.27bn However, the bulls reclaimed the centre stage as
($867m) in 91-182- and 364-day treasury bills next Wednesday at its usual bi- bargain hunters maintained steamed efforts while
monthly auction. sentiments remained positive on Thursday and
Friday with resilient market breadth as key
CBN to limit interest-rate increases to spur lending - CBN Governor Sanusi
benchmark indices sustained the uptrend by 0.59%
Lamido Sanusi has indicated the apex bank may limit interest-rate increases to help
and 0.32% respectively to close above 20, 50 and
spur lending, especially as demand for foreign currency eases, reducing pressure on
200days moving averages at 25, 300.46- a bullish
the naira.
trend. Market report for the week was titled: NSE
ASI sustains uptrend, trading above 50 and 200
New investors coming for eight rescued banks, says CBN - The Governor of

The Monthly NCM Report for May 2011 www.proshareng.com Page 72


the CBN, Sanusi Lamido Sanusi, has said all the eight banks rescued with N620 days moving averages.
billion bailout funds will find new investors, with four of them already agreeing in (https://www.proshareng.com/news/singlene
principle to merge. ws.php?id=13779)

May 9 AMCON intervention yet to stimulate bank lending - Growth in lending by 33 21 At the close of trading session, the NSE All-Share
banks is still low in spite of the successful takeover of their non-performing loans Index dropped by -0.15% to close at 25,262.50 as
by the AMCON, a development that is partly attributed to the low economic against an upbeat by 0.32% recorded previous
activities in the first quarter and banks’ cautious steps at growing loan portfolio. session to close at 25,300.46. In the same vein,
market capitalization depreciated by
NSE: Stockbrokers express confidence in new management - The Association N12.13billion (US$82.21million) to close at
of Stockbroking Houses of Nigeria has expressed confidence in the new N8.07trillion (US$54.70billion) as against
administration of the NSE. appreciation by N25.80billion (US$174.89million)
recorded on preceding session to close at
Inter-bank rates fall on inflow from AMCON - The Nigerian inter-bank lending N8.08trillion (US$54.78billion). Market report for the
rates fell to an average of 8.41 per cent from 10.41 per cent on Friday, after day was titled: NSE ASI pulls back by -0.15% as
liquidity from repurchased AMCON’s bonds raised cash level in the system, a trader heavy weight stocks experienced volatility.
told Reuters. (https://www.proshareng.com/news/singlene
ws.php?id=13784)

May 10 RenCap : Nigerian Banks Sitting on Excess Liquidity - Following the cautious 32 19 At the close of trading session, the NSE All-Share
Index gained by 0.67% to close at 25,432.93 as
loan portfolio growth adopted by banks after the crisis that rocked the industry,
against a decline by -0.15% recorded previous
analysts at Renaissance Capital (RenCap) have speculated that Nigerian banks are session to close at 25,262.50. In the same vein,
market capitalization appreciated by
sitting on too much liquidity.
N54.45billion (US$369.07million) to close at
N8.12trillion (US$55.07billion) as against
Nigerian naira eases after Central Bank forex auction - The Nigerian naira depreciation by N12.13billion (US$82.21million)
recorded on preceding session to close at
eased against the U.S dollar on the interbank market on Monday after the CBN sold
N8.07trillion (US$54.70billion). Market report for the
dollars at a higher rate than last week at its foreign exchange auction. day was titled: Equity Market gains by 0.68% as
UACN Plc leads gainers’ chart.
(https://www.proshareng.com/news/singlene
FGN bonds record N3.2tr transactions in four months - Between January and
ws.php?id=13787)
April 2011, transactions on FGN bonds through the Over-The-Counter (OTC) market
of NSE were 3.54 billion units valued at N3.2 trillion in 25,082 deals.

May 11 Inflation huge challenge for Nigeria, says CBN - Fighting inflation is likely to 36 22 At the close of trading session, the NSE All-Share
Index gained by 0.18% to close at 25,478.17 as
be a challenge for Nigeria this year, but growth could top 7 percent if power and
against an upbeat by 0.67% recorded previous
session to close at 25,432.93. In the same vein,

The Monthly NCM Report for May 2011 www.proshareng.com Page 73


other reforms go ahead, Sanusi Lamido Sanusi, CBN governor said yesterday. market capitalization appreciated by
N14.45billion (US$97.96million) to close at
N8.14trillion (US$55.17billion) as against
Banks may shrink to 20, says CBN - The number of banks (24) in the country
appreciation by N54.45billion (US$369.07million)
may shrink to 21 or 20 after the reforms, the CBN Governor, Sanusi Lamido Sanusi, recorded on preceding session to close at
N8.12trillion (US$55.07billion). Market report for the
said yesterday.
day was titled: NSE ASI climbs further by 0.18%
as Guinness Plc grows its Q3’11 PAT by
SEC to Facilitate Single W’African Stock Exchange - The Chairman of the 31.97%.
(https://www.proshareng.com/news/singlene
Board of the SEC, Senator Udoma Udo Udoma, has said SEC was working with
ws.php?id=13803)
other regulators in the West African region to facilitate the formation of a single
stock exchange in order to take care of the challenges of cross border listings on
exchanges in the region.

May 12 Sovereign wealth fund to check profligacy, say analysts - The Senate 28 30 At the close of trading session, the NSE All-Share
yesterday passed a bill to create a sovereign wealth fund, paving the way for the Index gained by 1.01% to close at 25,736.37 as
three-tiers of government to improve the management of windfall crude oil against an upbeat by 0.18% recorded previous
session to close at 25,478.17. In the same vein,
earnings
market capitalization appreciated by
N82.50billion (US$559.13million) to close at
Sale of Banks: Shareholders Lose Bid to Stop CBN - Attempt by a group of N8.22trillion (US$55.73billion) as against
shareholders of banks under the auspice of Registered Trustees of Proactive appreciation by N14.45billion (US$97.96million)
Shareholders Association of Nigeria to stop the proposed sale of some sick and recorded on preceding session to close at
distressed banks by CBN to private investors has suffered a setback as a Federal N8.14trillion (US$55.17billion). Market report for the
High Court in Abuja has struck out their suit for incompetence. day was titled: ASI maintains strong hold above
moving averages as YTD strengthens at 2.52%.
Senate approves N150bn take-off grant for Sovereign Wealth Fund - (https://www.proshareng.com/news/singlene
ws.php?id=13813)
Apparently jolted by THE PUNCH’s exclusive reports that some members of the
National Assembly had demanded a N2.5bn bribe for the passage of the Petroleum
Industry and Sovereign Wealth Fund bills, the Senate, on Wednesday, hurriedly
passed the latter.

May 13 How we’ll run Sovereign Wealth Fund, by Aganga - The Minister of Finance, 29 32 The All-Share Index in the week under review gained
Mr. Segun Aganga, yesterday, described the Sovereign Wealth Fund, SWF, as a by 2.03% to close at 25,813.71 as against an
win-win situation and explained that it would be managed in a transparent, prudent upbeat of 1.03% recorded last week to close at
and accountable manner to create an avenue for an accelerated transformation of 25,300.46.
the nation’s economy.
In the same vein, the market capitalization in the
Cadbury refuses dividend to shareholders - Shareholders of Cadbury Nigeria week appreciated by N163.99 billion (US$1.11billion)

The Monthly NCM Report for May 2011 www.proshareng.com Page 74


Plc were jolted on Thursday when the board and management of the company said to close at N8.24 trillion (US$ 55.89billion) as
there is no dividend payment despite huge earnings, about N29.17 billion recorded against appreciation of N83.10 billion
by the confectionary company in the 2010 financial year. (US$563.23million) recorded last week to close at
N8.08 trillion (US$ 54.78billion). Market report for
Electronic trading platform debuts in Nigeria - The Financial Markets Dealers the week was titled: NSE ASI strengthens
Association (FMDA) in collaboration with ICAP of South Africa, has concluded plans position with 2.03% gain for the week as rally
to launch the Inter-Dealer Brokerage Service (IDB), designed to accommodate continues.
voice and electronic trading. (https://proshareng.com/news/singlenews.ph
p?id=13822)

May 16 Onyema, Brokers to Meet Over Progress of NSE-Preparatory to the unveiling of 24 23 At the close of trading session, the NSE All-Share
his agenda that will transform the Nigerian Stock Exchange (NSE), the Chief Index gained by 0.05% to close at 25,826.50 as
Executive Officer of the Exchange, Mr. Oscar Onyema is set to meet with Chief against an upbeat by 0.30% recorded previous
session to close at 25,813.71. In the same vein,
Executive officers (CEOs) of dealing member firms of the Exchange this week.
market capitalization appreciated by N4.08billion
(US$27.68million) to close at N8.25trillion
Onyema Restates Promise to Transform NSE- The Chief Executive Officer of (US$55.92billion) as against appreciation by
the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has reiterated the N24.71billion (US$167.49million) recorded on
commitment of the new management of the Exchange to transform the nation’s preceding session to close at N8.24trillion
capital market into the gateway to African frontier markets. (US$55.89billion). Market report for the day was
titled: Nigerian Capital Market records modest
Banks Increase Rates on Risk Assets- Banks have increased lending rates in gain of 0.05% as weak bargain sets in.
response to the ever-increasing high cost of operations in the country. (https://proshareng.com/news/13833)

May 17 24 31 At the close of trading session, the NSE All-Share


Court stops CBN, others from selling Finbank - A FederaL High Court, Lagos, Index dropped by -0.02% to close at 25,821.85 as
against an upbeat by 0.05% recorded previous
yesterday restrained the CBN, Finbank Plc, First City Monument Bank (FCMB) and session to close at 25,826.50. In the same vein,
market capitalization depreciated by N1.48billion
directors of Finbank from “selling or howsoever taking any steps and/or further (US$10.06million) to close at N8.25trillion
(US$55.91billion) as against appreciation by
steps to dispose and /or sell in any manner whatsoever Finbank Plc to FCMB. N4.08billion (US$27.68million) recorded on
preceding session to close at N8.25trillion
CBN spends $2.2bn defending naira in April - The CBN in April spent $2.2 (US$55.92billion). Market report for the day was
titled: Profiteering ends five days rally as Conoil
billion dollar defending the naira as it battles to contain rising inflation and maintain
Plc rewards investors with N2.00 dividend.(
https://www.proshareng.com/news/singleNe
a decent foreign reserve level.
ws.php?id=13838)
Naira appreciates on CBN dollar support - The naira strengthened against the

The Monthly NCM Report for May 2011 www.proshareng.com Page 75


dollar on the interbank market yesterday, after the CBN increased dollar supply

from its bi-weekly auction, traders said.

May 18 Inflation Drops to 11.6%, Says NBS - The year-on-year inflation rate in the 32 25 At the close of trading session, the NSE All-Share
country declined to 11.6 per cent in April from 12.8 per cent, it recorded in March, Index dropped by -0.12% to close at 25,788.06 as
a report from the National Bureau of Statistics (NBS). against a decline by -0.02% recorded previous
session to close at 25,821.85. In the same vein,
Divestment Order: NAICOM Moves to Shore-up Stakeholders’ Confidence - market capitalization depreciated by
NAICOM has explained why it had to set up an eight-man committee to review the N10.79billion (US$73.17million) to close at
divestment of banks from insurance companies, saying it was meant to ensure that N8.23trillion (US$55.84billion) as against
the exercises will not lead to loss of confidence in the insurance industry. depreciation by N1.48billion (US$10.06million)
recorded on preceding session to close at
Dangote Group to build additional 10 cement plants in Africa - Dangote N8.25trillion (US$55.91billion). Market report for the
Group’s recent $4 billion investment agreement with Sinoma International day was titled: NSE ASI dips further by -0.13%
Engineering Company of China is expected to add another 10 cement plants to as profiteering continues.
boost production capacity in Africa (https://www.proshareng.com/news/singleNe
ws.php?id=13849)

May 19 AMCON to buy bad loans at punitive prices - Determined to stall a recurrence 19 31 At the close of trading session, the NSE All-Share
of the banking crisis that led to the sack of eight bank CEOs and almost brought the Index dropped by -0.27% to close at 25,717.73 as
entire industry to its knee, the Asset AMCON, in conjunction with the CBN, has against a decline by -0.12% recorded previous
session to close at 25,788.06. In the same vein,
declared that any bank whose non-performing loans (NPLs) exceed five percent of
market capitalization depreciated by
total loans will henceforth have its bad loans bought at punitive prices. N22.47billion (US$152.31million) to close at
N8.21trillion (US$55.69billion) as against
Lafarge’s expansion drive brightens profitability prospect - Lafarge Cement depreciation by N10.79billion (US$73.17million)
WAPCO Nigeria Plc has said that its recent investment in projects aimed at recorded on preceding session to close at
expanding the business would translate to huge profitability for its shareholders N8.23trillion (US$55.84billion). Market report for the
soon. day was titled: Market CAP sheds N34.75 billion
in 3days as Aso Savings Plc tops volume.
12 banks gave out N5.24tn loans in 2010 - The total value of loans and (https://www.proshareng.com/news/singleNe
ws.php?id=13859)
advances of the 12 publicly-quoted banks that passed the Central Bank of Nigeria’s
stress test increased by 7.82 per cent, from N4.86tn in 2009 to N5.24tn in 2010.

May 20 NSE Moves to Deepen Capital Market- In a bid to ensure good corporate 25 32 The All-Share Index in the week under review
governance and attract multinational companies to list their shares, the Nigerian dropped by -0.09% to close at 25,790.64 as
Stock Exchange (NSE) has strengthened its Council by appointing 10 new against an upbeat of 2.03% recorded last week to

The Monthly NCM Report for May 2011 www.proshareng.com Page 76


members. close at25,813.71.

Experts Predict Boom for African Economies- With the current position of In the same vein, the market capitalization in the
things in some African countries, the continent will, in the nearest futureoutpace week depreciated by N7.37 billion (US$49.96million)
the growth enjoyed by Asiaand many continents of the world, Chief Executive to close at N8.24 trillion (US$ 55.84billion) as
Officer of Renaissance Capital, Mr. Stephen Jennings has said. against appreciation of N163.99 billion
(US$1.11billion) recorded last week to close at N8.24
NSE Council co-opt Rewane, Ufot, Ogunbanjo, others- THE Council of Nigerian trillion (US$ 54.89billion). Market report for the week
Stock Exchange (NSE) has co-opted ten members into its fold as part of strategies was titled: Profiteering dips Market by -0.09%
to boost its oversight functions. for the week as MRS Plc rewards investors with
N1.25kobo.
(https://www.proshareng.com/news/singleNe
ws.php?id=13874)

May 23 N584bn corporate debt financing tied down in pension assets- There may be 21 29 At the close of trading session, the NSE All-Share
as much as N584 billion in pension assets that could be deployed to corporate debt Index dropped by -0.11% to close at 25,762.67 as
financing lying idle in pension assets. against an upbeat by 0.28% recorded previous
session to close at 25,790.64. In the same vein,
Capacity utilisation in food, beverage, tobacco sector drops- The average market capitalization depreciated by N8.93billion
capacity utilisation in food, beverage and tobacco sector of the Nigerian economy (US$60.56million) to close at N8.23trillion
dropped in year 2010 to 63 percent from 66 percent in 2009. (US$55.78billion) as against appreciation by
N23.29billion (US$157.89million) recorded on
Global Fleet takes over Oceanic Bank Sao Tome- GLOBAL Fleet Group, at the preceding session to close at N8.24trillion
weekend, took over 100 per cent shareholding of Oceanic Bank, Sao Tome. The (US$55.84billion). Market report for the day was
bank was handed over to Global Fleet’s Chief Executive Officer, Jimoh Ibrahim, as titled: : NSE ASI pulls back by -0.11% as
the new Chairman, at a completion board meeting in Sao Tome, on Friday. Sterling Bank Plc leads decliners’ chart.(
https://www.proshareng.com/news/singleNe
ws.php?id=13885)

May 24 Investor Dump OTC Bonds for New Issues- The Over-the-Counter (OTC) bond 21 30 At the close of trading session, the NSE All-Share
market of the NSE, again suffered a setback last week as investors dump their Index dropped by -0.09% to close at 25,738.80 as
against a decline by -0.1% recorded previous session
holding to participate in new issues by the Debt Management Office (DMO).
to close at 25,762.67. In the same vein, market
capitalization depreciated by N7.62billion
Corporate Trustees hail SEC on market development-The President of the (US$51.69million) to close at N8.22trillion
Association of Corporate Trustees (ACT), Mrs. Oluwatoyin Sanni has commended (US$55.73billion) as against depreciation by
N8.93billion (US$60.56million) recorded on
the Securities and SEC on its efforts in the area of market development,
preceding session to close at N8.23trillion

The Monthly NCM Report for May 2011 www.proshareng.com Page 77


monitoring, supervision and rules making. (US$55.78billion). Market report for the day was
titled: NSE ASI dips further by -0.09% as Wema
CBN may nullify Vine Capital, Afribank MoU - The Memorandum of Bank Plc leads decliners’ chart.(
https://www.proshareng.com/news/singleNe
Understanding recently signed by Afribank Plc and Vine Capital Partners Limited as
ws.php?id=13888)
regards the recapitalisation of the former may be cancelled, following the
disapproval of the deal by the Central Bank of Nigeria.

May 25 MPC tightens further, raises MPR to 8% - The Central Bank of Nigeria (CBN) on 15 36 At the close of trading session, the NSE All-Share
Tuesday, for the third time this year, raised the Monetary Policy Rate (MPR) by 50 Index dropped by -0.47% to close at 25,618.53 as
basis points to 8 percent in what it described as “its continued efforts at checking against a decline by -0.09% recorded previous
session to close at 25,738.80. In the same vein,
excess liquidity in the economy.”
market capitalization depreciated by
N38.42billion (US$260.43million) to close at
Foreign investment: US tells Nigeria to tackle bribery - Nigeria needs to N8.18trillion (US$55.47billion) as against
address the issue of bribery to sustain the interest of foreign investors in its depreciation by N7.62billion (US$51.69million)
economy, the United States Consul-General in Nigeria, Mr. Joseph Stafford, has recorded on preceding session to close at
said. N8.22trillion (US$55.73billion). Market report for the
day was titled: Market CAP dips by N54.99bn in
Direct Payment of Investors for Shares Under Threat-The new initiative called 3days as Unity Bank Plc rewards investors with
cash & bonus.
Straight Through Process (STP), in which the CSCS Limited credits investors’
(https://www.proshareng.com/news/singleNe
accounts directly with the proceeds of sale of the shares is under threat. ws.php?id=13895)

May 26 Bank stocks decline on back of MPC decisions - Bank stocks fell to a six-week 31 26 At the close of trading session, the NSE All-Share
low yesterday in response to tight monetary measures reeled out by the Monetary Index gained by 0.38% to close at 25,716.84 as
Policy Committee (MPC) on Tuesday. against a decline by -0.47% recorded previous
session to close at 25,618.53. In the same vein,
MPC hike will enhance forex exchange stability-Khan - The 50 basis points market capitalization appreciated by
increase in the Monetary Policy Rate (MPC) to 8.0 per cent and the increase in the N36.94billion (US$250.51million) to close at
cash reserve requirement of banks would enhance stability of the foreign exchange N8.22trillion (US$55.72billion) as against
markets, says Razia Khan In a bid to further tighten money supply in the economy, depreciation by N38.42billion (US$260.43million)
the Central Bank of Nigeria (CBN on Tuesday announced the second increase in the recorded on preceding session to close at
MPR to 8.0 per cent from 7.5 per cent, citing “need to address inflationary N8.18trillion (US$55.47billion). Market report for the
expectations associated with excessive liquidity and pressure on foreign exchange day was titled: : NSE ASI snaps a three-day
market”. losing streak as AG Leventis Plc leads gainers’
chart.(
‘New interest rate will have little effect on stocks' - The new interest rate https://www.proshareng.com/news/singleNe
announced recently by the nation's Monetary Policy Committee (MPC) will have ws.php?id=13904)
little effect on the trading performance at the Nigerian Stock Exchange (NSE),

The Monthly NCM Report for May 2011 www.proshareng.com Page 78


analysts at Cordros Capital, a stockbroking firm, have said.

May 27 Tourist company's shares hold investors' interest - Trading activities in the 21 36 The All-Share Index in the week under review gained
shares of Tourist Company of Nigeria boosted market volume yesterday as the by 0.15% to close at 25,829.75 as against a
quantity of shares transacted during the day rose by 169.64 per cent, as against decline of -0.09% recorded last week to close
the decline recorded in the last three trading days. at25,790.64.

Crisis: Rescued banks’ cumulative share price drops by 71% – In the same vein, the market capitalization in the
Investigation - The cumulative share price of the nine Deposit Money Banks week appreciated by N18.07 billion
rescued by the Central Bank of Nigeria between August and October 2009 has (US$122.49million) to close at N8.25 trillion (US$
depreciated by 71 per cent from its pre-crisis level, an investigation by our 55.97billion) as against depreciation of N7.37 billion
correspondent has revealed. (US$49.96million) recorded last week to close at
N8.24 trillion (US$ 54.84billion). Market report for
Banks spend N114.5bn on cash management — CBN - The Governor, Central the week was titled: NSE ASI turns green by
Bank of Nigeria, Mr. Lamido Sanusi, has said that the Nigerian banking industry 0.15% for the week ahead presidential
spends N114.5bn annually on cash management. inauguration(https://www.proshareng.com/ne
ws/singlenews.php?id=13905)

May 31 Banks’ recapitalisation under threat as more merger talks collapse - The 24 29 At the close of trading session, the NSE All-Share
recapitalisation process of Deposit Money Banks that failed the CBN’s stress test Index gained by 0.14% to close at 25,866.62 as
may be under threat, following the inability of some of the rescued banks to finalise against an upbeat by 0.44% recorded previous
their different merger deals. session to close at 25,829.75. In the same vein,
market capitalization appreciated by
MPR increase may discourage capital market investors – Analysts - The N11.78billion (US$79.88million) to close at
recent increase in the Monetary Policy Rate by the Monetary Policy Committee of N8.27trillion (US$56.05billion) as against
the CBN may affect investment on the NSE, analysts have said. The analysts said appreciation by N36.10billion (US$244.68million)
that the rate increase could make investors abandon the capital market for the recorded on preceding session to close at
money market. N8.25trillion (US$55.97billion). Market report for the
day was titled: NSE ASI climbs further by 0.14%
Court restrains CBN from sacking Afribank’s chairman - A Federal High Court as MTD stands at 3.11%.
in Lagos has restrained the CBN and its governor, Sanusi Lamido Sanusi from (http://www.proshareng.com/news/singlene
giving effect to a letter purporting to remove Osa Osunde as Chairman of Afribank ws.php?id=13914)
Nigeria Plc.Justice James Tsoho, in a ruling on an ex-parte application by Osunde
last week, also suspended the purported letter dated May 12, 2011 and held that
Osunde was at liberty to remain in office as a director and Chairman of Afribank.

The Monthly NCM Report for May 2011 www.proshareng.com Page 79


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