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The Monthly NCM Report for Feb 2011 www.proshareng.com Page 2
Contents
Executive Summary 3
Introduction 7
All-Share Index Movement 13
Market Dynamics 14
Comparison of 2009 and 2010 Market Performance 16
Sectoral Index Movements 18 NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index
Sectoral Analysis 24
Transactions Volume and Value Trend 25
Top Ten Trades in the Month 27
Top Ten Traded Sectors in the Month 28
Top Ten Gainers in the Month 28
Top Ten Year to Date Appreciation 29
Top Ten Decliners in the Month 29
Top Ten Year to Date Depreciation 30
Corporate Declarations in the Month 31
Forecast Results in the Month 42
Dividends Declared 43
Outlook/ Analyst Opinion 43
Time Lines (April Market News/Information) 45
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The Monthly NCM Report for February 2011
ISSN 1597 - 8842 Vol. 1 No. 62
Executive Summary
Market trend in the month of February maintained consistent downward trend as market experienced continuous bleeding while the outlook recorded lots of red (negatives) positions with doted greens (positive), indicating intense bearish atmosphere with strong hold of bears on the back of continued profit taking and speculative tendency.
More so, the market terrain was heavily characterised with huge sell activities, feeble market confidence and low strength to drive active/profitable bargain activities as bearish sentiments dominated the market activities with fading investors’ commitment.
The rollover effect of profiteering exercise in the previous month initiated the downtrend in the month of February which later extended to unrelenting selling, induced by weak confidence as market lacked the will to drive bargain transactions.
The first six trading sessions in the month witnessed huge sell activities with single day of rally as bears dominated the terrain on the back of profit taking tendency as noted above, dipping market net worth by N99.15 billion while the key benchmark indices recorded -1.56% loss.
During this period, market recorded 2.06 billion units of volume traded, on average of 343.94million units, which accounted for 31.76% of total volume traded in the month, indicating intense selling momentum. The trend was in reverse of comparable period in the previous month as shown below.
First six trading days in the month Indicators Feb-11 Jan-11
Volume (billion Units) 2.06 3.41 Value (billion Naira) 22.21 32.18 Market CAP (billion Naira) -99.15 330.51
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ASI -1.16% 4.12% Proshare
The All Share Index gained the highest points by 1.03% on February 9th 2011, closing at 26,685.30 while speculative tendency took over the consistent profiteering recorded in early stage of the month. The trend in the ASI movement revealed intense speculative activities as market swings up and down, suggesting mixed sentiments due to low state of market confidence. The growing activities towards treasury bills and bonds coupled with attractive interest rate in the money market following the tightening of MPR by CBN could be attributable to this trend (prolonged bearish trend) as this was perceived to have reduced the liquidity and patronage position in the market.
As a result of prolonged bearish sentiments which were induced by profit taking, the key benchmark indices extended four weekly negative positions in a row as observed in one of our weekly reports. Also, the divestment move by banks from their subsidiaries could be a contributory factor to the prolonged bearish trend.
Also, the recapitalisation of market operators as suggested by regulatory body had contributory impact to the long downward trend in the market as many brokers or operators assumed selling positions to raise capital for 70million minimum share capital which led to the suspension of 57 stock broking firms last month. Follow this link to know current status. https://www.proshareng.com/news/13185
The long delay in the announcement of corporate financial reports for the year ended December 31st 2010 had its dose of impact on the low equity bargain recorded during the period while the inactive status of some foreign hedge funds due to withdrawal, further depressed market performance.
Nevertheless, calm returned to market after 5days of speculative activities and sideways movements i.e. between February 17th and February 22nd 2011, as market recorded steady and consistent moderate buying while ASI consequently experienced 4 days uninterrupted uptrend, growing market capitalisation by N89.00billion during the period.
The activities towards blue chip stocks particularly in Food and Beverages, Banking, Breweries, Building Materials sectors coupled with activities recorded on penny stocks mainly in Insurance sector impacted the outlook. The announcement of good earnings with rewards from few blue chips and expectation of impressive Q4 reports from others remained the only driver for the short-lived rally.
Speculative tendency resumed with more momentum as market experienced high volatility towards the end of the month, depressing market to fresh low at 26,181.18 in the month with significant loss of N233.38billion between Feb 22nd and 28th 2011 while speculators scrambling for short profit, indicating low commitment and confidence.
It was also observed that significant volume of 1.85 billon units, representing 29% and 26% total volume and value respectively was recorded at the tail end of the month which revealed sell off tendency as ASI dipped by -2.73%. Although, closing of books for the months could be responsible for this huge sell off while the month closed bearish
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with aggregate loss of -3.03%. The trend might continue if the commitment level remained very low.
However, the position of management of NSE to ensure strict compliance with rules and regulations by the Exchange remained unchanged. Also, the enforcement of separation of clients’ account from brokers’ trading accounts remained the same as this is set to protect investors’ stake in the market- this in our opinion would mitigate some unethical and sharp practices by brokers and of course signal to investors’ confidence- a panacea to market recovery, all things being equal. In addition, the recent review and update of rules for listed companies, which was last reviewed in 1975 according to records, gave some insights that NSE is likely to maintain high level of discipline in the market this year- which will of course bring sanity to market as enforcement of post listing rules will aid quick investment decision http://www.proshareng.com/news/12955 On the final note, the employment of new NSE CEO is expected to add more colours to the ongoing reforms in the Nigerian Capital Market when he finally settles down, we believe that market would receive dose of impact -positively or negatively, only investors’ reaction or market performance will tell as events are unfolding, while we are believing that the new CEO will tread the path of creating more efficient and transparent Exchange as advised http://www.proshareng.com/articles/2208
A number of developments we believed should have impact in the month as predicted in the past monthly reports. Some of which are:
Impact Assessment Table Factors expected to move market in February 2011 Outcomes
AMCON Buying of toxic assets influenced bargain activities
IFRS Full compliance is yet to commence
Banks lending to real sector
Banks are yet to start lending to real stock. This situation might remain the same with recent hike in monetary policy rates.
Margin loans Banks remained conservative towards Margin loans
Monetary Policy Rates
Increased money and bond market activities as investors seek free risk attractive returns.
Renewed and sincere efforts towards reinvigorating market confidence
Sanctions against 61 stock broking firms with negative share capital was commendable
Informed and planned regulatory reforms i.e. less of unstructured reforms The terrain remained calm
Merger and acquisition in the banking sectors
Processes are on course as deals and agreements are about to take final shape.
Liquidity challenges Still persist
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Continued cleanup of market irregularities by NSE
NSE maintained strict posture while the recapitalisation of market operators is still alive
Banking Sector audited Results
Significant volume and value growth witnessed in the sector in anticipation of audited results. Also the long delay of the results reduced investment commitment.
Ownership of the rescued banks Agreements are yet to be concluded, some of them are likely to seal deals soon.
Developments in the coming months:
Positive corporate actions Liquidity challenges Recapitalization process in the banking sector Merger & Acquisition in the banking sector Conclusion of bids on rescued banks Monetary Policy Rates Inflation outlook New NSE CEO- charting of new course New banking regime- likely to have effect on the market as more banks are likely
to divest from their subsidiaries Increased institutional investing Continued cleanup of market irregularities by NSE
Thank you for reading and do take time to share with us your thoughts on the market, analyst at [email protected].
We value your feedback and comments.
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Introduction “Nigerian Capital Market turns bearish by -3.03% with growing speculative tendency. Equity market experienced low bargain activities in the month of February as sell tendency dominated the market atmosphere. The prolonged bearish trend witnessed in the month started with profit taking motive, which was later taken over by speculative tendency as low commitment ensued while market lacked the strength to drive active and profitable bargain.
The impressive rally and growth recorded in the previous month could be responsible for the early sell activities witnessed in the month of February, which also could be taken as market correction. During this period, market CAP recorded N99.15billion loss while ASI dipped by -1.16%.
More so, short term traders took over market arena shortly after correction exercise as atmosphere was filled with mixed sentiments while bulls and bears jostled for position, swinging market in both directions.
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Furthermore, the trend remained unstable after hitting its high during the month at 26,685.30 to score the highest points of 1.03% on 9th February 2011. Market experienced consistent weekly negative positions throughout the month while every gain recorded during the month was equally reversed as ASI hit the lowest points in 34days at 26,016.84 to technically enter bearish mode in both short term and mid-long term due to overwhelmed sell volumes.
However, the comparable period in the previous year 2010 was fairly better as the outlook was more positive, though series of volatility due to high speculative tendency was observed. Nevertheless, the period marginally closed positive by +0.52% with YTD of +10.30% (February 2010) as against current -3.03% and YTD of +3.64% (February 2011). The current market trend further revealed strong bearish sentiments.
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Market pattern basically reveals that market is technically weak and bearish in both short term and mid-long term as could be seen from the NSE ASI moving averages trend with index of 26,061.84 as at February 28th, 2011 trading below its 20 and 50 days of 26,606.23 and 26,282.07 respectively, while trading above 200 days of 25,305.84. This suggests market trend is technically bearish mid long term.
The Market – Game On
The market this month recorded a total volume of 6.49 billion units valued at N60.60 billion (US$410.75 million) exchanged in 119,477 deals compared with 7.90bn units valued at N54.04bn (US$366.28bn) exchanged in 113,116 deals in February 2010. Comparing, the volume and value traded in the month reveals a 17.81% below the volume and 12.14% above value recorded in the previous year’s comparable period respectively.
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During the month, All-Share Index recorded a negative trend of -3.03%, a relative low performance to the positive growth of +0.52% upbeat recorded in February 2010. More so, the trend is significantly negative when compared with the -0.34% loss recorded in the previous month December 2010.
Market capitalisation this month declined by N260.19 billion (US$1.76 billion) as against depreciation by N27.19 billion (US$184.28m) recorded in December 2010. Market Capitalisation gained higher figure of N352.81 billion (US$2.39b) in the previous year’s comparable period (February 2009).
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The Market – Game Changers:
The capitalisation issue of market operators which led to suspension of some dealers due to low share capital could be taken as of one of the contributory factors for the downtrend in the market as brokers engaged in heavy sell to raise capital for their capital base requirements as demanded by NSE in the month under review. The major factors remained low commitment as a result of long delay in corporate results of most active sector in the market, the attractive interest in the money market coupled with influx of bonds in market, high speculative tendency due to feeble market confidence and low liquidity. The market recorded series of huge sell in the early stage of the month on the back of profiteering while speculative tendency took over the terrain as market swings up and down. We envisage that the low price position, expectation of impressive Q4 earnings from banking sector and conclusion of merger talks might trigger reversal trend in the market. The contributory factors for performance in the month of February 2011 can be located in the following indices as outlined below: Negative Factors in the market
No lending to the private sector and still in doubt Liquidity squeeze and the current politics - created uncertainty in the economy Increased investment in money market due to attractive rates Investor’s confidence yet to gain momentum. Low commitment Partly withdraw of hedge funds Hike in the Central Bank of Nigeria's benchmark interest rate. Influx of Federal government and state bonds with other fixed income instrument in
market. Absence of Margin loans
Positive Factors in the market
Positive progress in recapitalisation by shareholders
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Second round of toxic assets purchase by AMCON Demutualisation of NSE Proposed new trading platform Buying of toxic assets in the banking sector by bad bank Ongoing recapitalisation process in the banking sector Possibility of merger and acquisition in banking sector Steady Institutional and value investing Investment by fund managers Expectation of Impressive Q4 results from banking sector and some blue chips The Federal Government commitment to revive economic infrastructures
Market Concerns: The confidence and commitment level remained low while continued speculative tendency with prolonged bearish sentiments witnessed during the month. More so, liquidity level is still low which might not get better anytime soon as banks remained conservative and the hike of MPR with other monetary rates will not help situation. Although we envisage slight improvement in liquidity outlook as we move closer to election time.
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The NSE All-Share Index Movement The Nigerian equities started the month with continued profit taking tendency as rollover effect of profiteering witnessed at the tail end of the previous month. The impressive rally and growth recorded in the previous month could be attributed to the profit taking activities as market set for correction. Speculative tendency dictated the tune of market trend as market swings in both directions interchangeably.
Trends in the month revealed that bears dictated the pace in the first six trading days into the month (between 1st and 8th February, 2011), with aggregate loss of -1.16% as against -2.29% in December 2010 and +0.52% in February 2010. The equity market recorded bearish trend as market witnessed significant selling activities particularly in the banking sector while rescued banks led the volume transactions which depressed market considerably. The NSE index in February 2011 closed with four days extended loss position as result of speculative tendency following four days uptrend. The month recorded negative performance, with aggregate loss position of -3.03% to close at 26,016.84 compared with +0.52% appreciations recorded in the preceding year comparable period to close at 22,985.00. The loss in the month was far above the -0.34% recorded in the month of December 2010.
Meanwhile, at the end of the last trading day of the month under review, All-Share Index closed above the figure recorded at the close of 25th February 2010 by +13.19% and 4th January 2010 by 24.85%. Market pattern basically reveals that market is technically weak and bearish in both short term and mid-long term as could be seen from the NSE ASI moving averages trend with index of 26,061.84 as at February 28th, 2011 trading below its 20 and 50 days of 26,606.23 and 26,282.07 respectively, while trading above 200 days of 25,305.84. This
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suggests market trend is technically bearish mid long term.
Source: NSE, Proshare Research
At the close of the last trading day of the month, All-Share Index traded below its 20 and 50 days of 26,606.23 and 26,282.07 respectively, while trading above 200 days of 25,305.84. This suggests market trend is technically bearish mid long term.
Source: NSE, Proshare Research
February 2011 Market Dynamics
The market dynamics as graphically illustrated below showed the appreciation and depreciations on the daily basis.
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Low investors’ commitment, delay in Q4 corporate results of banking stocks and some blue chips, , attractive interest in money market, influx of federal and states bonds, high speculative tendency, low liquidity and feeble market confidence, merger and acquisition in the banking sector, the recapitalisation of market operators, withdrawal of hedge funds, continued efforts towards establishing healthy market and corporate governance in NSE.
Source: NSE, Proshare Research
MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (FEBRUARY, 2010)
Source: NSE, Proshare Research
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Comparison of 2010 and 2011 Market Performance
The market performance in February 2011, when compared with the 2010 comparable period; showed negative trend with bearish sentiment. In the period under review, ASI recorded -3.03% decline compared with +0.52% upswing recorded in 2010 February. The outlook in the current period suggests negative monthly performance when compared with comparable period of preceding year trend. The market closed at approximately in the range of 26,000.
Source: NSE, Proshare Research
Dates NSE ASI Market
Capitalisation (trillion)
Market Capitalisation ($
billions)
Jan-02-10 20,838.90 4.99 31.19
Feb-01-10 22,865.16 5.51 34.44
Feb-25-10 22,985.00 5.54 34.63
Monthly Return 0.52% 0.54% 11.02% Yearly Return 10.30% 11.02% 11.02%
Jan-04-11
25,102.93 8.02 53.47
Feb-01-11 26,723.49 8.54 56.93
Feb-28-11 26,016.84 8.32 55.47
Monthly Return -2.64% -2.58% -2.58% Yearly Return 3.64% 3.74% 3.74%
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Source: NSE, Proshare Research
From the table above, the year to date performance as at 28th February 2011 closed at +3.64% against the previous year comparable period of 25th February, 2010 at +10.30% appreciation, indicating a low performance against the trend recorded last year.
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Sectoral Index Movements
NSE 30 NSE Food
NSE Banking
NSE Insurance
NSE Oil
01/02/2011 1,165.70 854.91 432.91 185.84 352.2 02/02/2011 1,175.94 855.86 440.89 186.13 356.19 03/02/2011 1,174.11 853.92 439.35 184.81 357.77 04/02/2011 1,173.00 849.09 439.17 185.41 358.72 07/02/2011 1,167.99 850.68 436.10 187.45 359.35 08/02/2011 1,166.19 844.15 439.56 183.44 359.35 09/02/2011 1,164.36 842.58 441.34 180.87 357.23 10/02/2011 1,159.60 839.41 438.02 180.73 357.23 11/02/2011 1,164.31 842.57 439.55 181.74 355.12 14/02/2011 1,160.28 839.81 438.11 182.97 353.54 16/02/2011 1,153.64 837.28 435.04 178.64 351.9 17/02/2011 1,163.65 845.19 442.92 177.06 349.81 18/02/2011 1,166.72 863.57 441.13 177.52 345.58 21/02/2011 1,169.78 878.68 442.32 181.54 344.51 22/02/2011 1,174.80 876.11 441.66 185.79 343.47 23/02/2011 1,174.11 874.77 440.59 184.56 343.47 24/02/2011 1,156.31 889.54 429.91 185.43 345.94 25/02/2011 1,148.12 881.34 428.5 185.13 346.89 28/02/2011 1,138.79 871.84 424.2 184.85 346.89
Monthly % Change -2.31% 1.98% -2.01% -0.53% -1.51%
In the month under review, four sectoral indices moved down considerable except NSE Food & Beverages which top with 1.98% gain while NSE 30 is topping the negative side by -2.31%, followed by NSE Banking by -2.01%, NSE Insurance and NSE Oil & Gas dropped by -0.53% and -1.51% respectively.
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February and January Sectoral Indexes Compared
Source: NSE, Proshare Research When compared the current trend with the previous impressive positive outlook recorded in January with NSE sectoral index movements, none of the sectoral indices outperformed previous outlook recorded in the month of January 2010.
NSE -30 INDEX
Source: NSE, Proshare Research
The trend recorded in the blue chips stocks is reflected in the index movement. There were active consistent sell transactions and slight interruptions at the few points in the index performance during the month due to the volatility resulting from profiteering in the period. The sector experienced significant sell in the early state with trends reversal in mid-stage to embark on a sharp fall at the tail end of the month. The trend revealed
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high speculative tendency in the sector while the index dipped by -2.31% as against +6.60% gain recorded in the month of January.
NSE -FOOD INDEX
Source: NSE, Proshare Research
The stocks in the sector experienced series of speculative tendency in the early stage with continued patronage to record outstanding positive outlook in the month, the performance in the sector rated best. The performance of 1.98% is considered significantly low when compared with January 2011 posture of +9.66%. This is against appreciations by +12.72% recorded in January 2010 comparable period. The outlook in the sector throughout the month suggested better prospect and returns in months ahead.
NSE -BANKING INDEX
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Source: NSE, Proshare Research
NSE-Banking index closed the month of February with falling posture as the sector experienced concentrated profit taking tendency and sell off, while the rescued banks led the sell activities to dip by -2.01%, a negative performance when compared with +4.38% appreciation recorded in January. The negative outlook recorded was largely driven by the long delay in announcing the Q4 results.
NSE -INSURANCE INDEX
Source: NSE, Proshare Research
The sector experienced high volatility due to speculative tendency coupled with consistent profit taking which emanated from impressive price appreciation recorded in the previous month of January. They penny of the sector increased the speculative
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activities while the sector declined from high of +12.55% recorded January 2011 to current position of -0.53%. However, the sector will ripe any time soon for trend reversal as the sector possesses potential of price appreciation, considering penny nature of the sector.
NSE -OIL INDEX
Source: NSE, Proshare Research
The sector recorded prolonged bearish trend as consistent and stead sell activities reigned in the sector. The sector recorded negative performance of -1.51% against the modest growth of 3.48% recorded in the month of January 2011. The performance is also far below the negative position of -0.55% recorded in December 2010. Further analysis revealed that the sector experienced high sell tendency as bearish sentiments cut across the sectors. However, the sector has prospects in coming month as the anticipated impressive year end results from the blue chips in the sector likely to drive the sector performance.
LAST TRADING DAY - SNAPSHOT
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http://www.proshareng.com/investors/theAnalyst.php
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SECTORAL ANALYSIS
SECTOR PREFORMANCE
Sector YTD %Change
MARITIME 21.09% ROAD TRANSPORTATION 18.18%
HEALTHCARE 9.00% FOOD/BEVERAGES & TOBACCO 7.71%
BREWERIES 7.29% MEDIA 6.48%
BANKING 5.02% AIRLINE SERVICES 4.74%
REAL ESTATE 4.18% THE FOREIGN LISTINGS 4.14%
INSURANCE 2.96% PETROLEUM(MARKETING) 2.45%
AUTOMOBILE & TYRE 2.18% ENGINEERING TECHNOLOGY 1.36%
CONSTRUCTION 0.91% SECOND-TIER SECURITIES 0.72%
AVIATION 0.00% FOOTWEAR 0.00%
CHEMICAL & PAINTS -0.23% PRINTING & PUBLISHING -0.43%
OTHER FINANCIAL INSTITUTIONS -1.02% PACKAGING -1.50%
BUILDING MATERIALS -1.68% MORTGAGE COMPANIES -2.16% COMMERCIAL/SERVICES -2.54%
HOTEL & TOURISM -2.60% TEXTILES -2.67%
COMPUTER & OFFICE EQUIPMENT -2.88% CONGLOMERATES -3.56%
INFORMATION & COMMUNICATION TECHNOLOGY -3.91% AGRICULTURE -3.93%
INDUSTRIAL/DOMESTIC PRODUCTS -4.63% LEASING -9.87%
Source: NSE, Proshare Research
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Transactions Volume and Value Trend
Market Feb '10' Feb '11' % Change Average Daily Volume of Stocks Traded (in millions) 416.05 341.95 -17.81% Average Daily Value of Stocks Traded (in N'millions) 2,844.46 3,189.81 12.14%
Average Daily Value of Stocks Traded (in USD$ millions) 18.96 20.32 7.16%
Total Volume of Stocks Traded (in millions) 7904.94 6497.1 -17.81% Total Value of Stocks Traded (in N'millions) 54,044.74 60,606.40 12.14%
Total Value of Stocks Traded (in USD$ billion) 360.30 386.03 7.14%
New Listing and Delisting Feb '10' Feb '11' Number of Equities Delisted 1 0
Number of New Listings 0 0
Source: NSE, Proshare Research
The transaction volume in the month of February when compared with the preceding year comparable period closed lower by -17.81% to close at 6.49 billion units compared with 7.90 billion units traded in February 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 higher by 12.14% at N60, 606.40 billion ($386.03 million) compared with N54, 044.74 billion ($360.30 million) of February 2010.
February 2011 vs. 2010 Daily Volume Chart
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Top Ten Trades for the Month of February 2011
Zenith bank Plc topped the transaction volume for the month. Banking stocks generally dominated the charts with nine of the stocks in the sector emerging in the top ten trades chart for the month.
Company Total Trades Total Volume Total Value ZENITHBANK 8,085.00 686,856,999.00 10,784,743,152.54 UBA 4,647.00 497,211,392.00 5,022,757,452.86 FIRSTBANK 14,279.00 426,175,813.00 6,591,023,257.60 FIRSTINLND 2,708.00 365,005,954.00 382,686,849.97 OCEANIC 3,794.00 284,146,496.00 927,449,919.89 GUARANTY 9,989.00 275,936,251.00 5,394,584,836.94 PLATINUM 2,511.00 259,700,153.00 543,225,299.39 INTERCONT 2,649.00 250,748,600.00 632,293,593.17 FIDELITYBK 2,672.00 235,313,265.00 727,060,699.45 JAPAULOIL 2,232.00 218,408,314.00 390,564,290.03
Recall Top Ten Trades for the Month of February 2010
Company Total Trades Total Volume Total Value FIRSTINLND 2569 551,775,485.00 429,007,344.89
IHS 40 488,698,625.00 1,969,443,956.75 ZENITHBANK 4878 468,812,491.00 7,380,615,475.04 FIRSTBANK 16214 340,771,006.00 5,117,075,253.83
ACCESS 4113 292,172,797.00 2,657,484,093.72 DIAMONDBNK 2243 258,602,667.00 2,360,976,418.64
GUARANTY 8085 251,929,949.00 4,581,704,224.72 UBA 5069 251,145,746.00 3,360,695,616.11
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SKYEBANK 3551 224,831,699.00 1,693,515,809.98 FIDELITYBK 3111 202,874,338.00 540,592,033.78
Top Ten Traded Sectors for the Month of February
Sector Total Trades Total Volume Total Value % Contribution
BANKING 70,649.00 4,494,288,409.00 37,294,529,111.31 69.17% INSURANCE 4,801.00 450,232,651.00 666,893,649.24 6.93% MARITIME 2,232.00 218,408,314.00 390,564,290.03 3.36% FOOD/BEVERAGES & TOBACCO 9,741.00 157,026,547.00 4,720,877,056.38 2.42% PACKAGING 4,816.00 132,658,996.00 299,881,599.46 2.04% MORTGAGE COMPANIES 736.00 128,215,215.00 89,069,529.43 1.97% BUILDING MATERIALS 2,975.00 103,428,916.00 4,642,988,623.69 1.59% HEALTHCARE 1,755.00 98,763,141.00 254,332,666.02 1.52% MEDIA 198.00 79,467,107.00 41,550,789.67 1.22% PETROLEUM(MARKETING) 5,554.00 72,953,142.00 4,838,250,701.18 1.12% Top 10 Trades 103,457.00 5,935,442,438.00 53,238,938,016.41 Total Trades 119,477.00 6,497,107,332.00 60,606,404,039.36
Source: NSE, Proshare Research
Recall Top Ten Sectors for the Month of January 2010
Sector Total Trades Total Volume Total Value BANKING 70301 4,032,381,421.00 32,853,008,942.78 INSURANCE 10069 1,179,356,236.00 1,185,619,424.02 INFORMATION & COMMUNICATION TECHNOLOGY 1197 735,152,033.00 2,433,233,661.74
FOOD/BEVERAGES & TOBACCO 12425 290,822,691.00 4,811,401,907.48 MORTGAGE COMPANIES 1413 236,988,125.00 159,180,924.50 CONGLOMERATES 4603 208,629,936.00 2,542,200,012.64 BUILDING MATERIALS 4482 135,353,273.00 3,189,465,230.21 CHEMICAL & PAINTS 321 121,829,081.00 579,520,089.75 OTHER FINANCIAL INSTITUTIONS 563 117,067,823.00 108,335,842.03 MARITIME 2348 100,574,642.00 124,215,058.58 Top 10 Sectors 107,722.00 7,158,155,261.00 47,986,181,093.73
Source: NSE, Proshare Research
Top Ten Gainers in the Month
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 29
COMPANY 01-Feb-11 28-Feb-11 Change % Change
CHAMPION 2.45 3.41 0.96 39.18% NEIMETH 1.27 1.51 0.24 18.90% INTBREW 5.75 6.61 0.86 14.96% NESTLE 410.15 460 49.85 12.15% MOBIL 141 155.45 14.45 10.25% CAP 34.03 37.39 3.36 9.87% BERGER 9.97 10.91 0.94 9.43% CUSTODYINS 3.21 3.51 0.3 9.35% WEMABANK 1.6 1.72 0.12 7.50% JAPAULOIL 1.66 1.78 0.12 7.23%
Source: NSE, Proshare Research
Top Ten Year to Date Appreciation
COMPANY 28-Feb-
11 4-Jan-
11 Change % Change
SPRINGBANK 1.63 0.95 0.68 71.58% CHAMPION 3.41 2.23 1.18 52.91% NEIMETH 1.51 1.01 0.5 49.50% NIGERINS 0.87 0.6 0.27 45.00% EVANSMED 1.45 1.05 0.4 38.10% BERGER 10.91 8.36 2.55 30.50% WEMABANK 1.72 1.35 0.37 27.41% NESTLE 460 368.55 91.45 24.81% UTC 0.8 0.65 0.15 23.08% BAGCO 2.8 2.3 0.5 21.74%
Source: NSE, Proshare Research
Top Ten Decliners in the month
COMPANY 01-Feb-11 28-Feb-11 Change % Change
WAPIC 0.8 0.55 -0.25 -31.25% OCEANIC 3.7 2.71 -0.99 -26.76% AFRIBANK 2.87 2.11 -0.76 -26.48% STARCOMMS 1.22 0.9 -0.32 -26.23% UBN 4.8 3.61 -1.19 -24.79% FIRSTINLND 1.06 0.82 -0.24 -22.64% PLATINUM 2.13 1.65 -0.48 -22.54% UNITYBNK 1.56 1.24 -0.32 -20.51%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 30
INTERCONT 2.62 2.15 -0.47 -17.94% GOLDINSURE 0.67 0.55 -0.12 -17.91%
Top Ten Year to Date Depreciation
COMPANY 28-Feb-
11 4-Jan-
11 Change % Change
STARCOMMS 0.9 1.37 -0.47 -34.31% FIDSON 2.38 3.06 -0.68 -22.22% POLYPROD 1.45 1.86 -0.41 -22.04% NSLTECH 1.48 1.88 -0.4 -21.28% NIG-GERMAN 10.53 12.91 -2.38 -18.44% LIVESTOCK 0.54 0.66 -0.12 -18.18% UBN 3.61 4.41 -0.8 -18.14% VITAFOAM 5.4 6.5 -1.1 -16.92% PREMPAINTS 11.5 13.4 -1.9 -14.18% JOHNHOLT 7.58 8.82 -1.24 -14.06%
Corporate Declarations
February 1st, 2011: RED STAR EXPRESS PLC
2nd February, 2011: TRIPPLE GEE PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm 2009 N'm %
Change
2010 N'm 2009 N'm
% Change
Gross Earnings 3,196 3,170 0.82%
Turnover 371.082
358.831 3.4%
Profit Before Tax 300.325 359.800 -16.53%
Profit Before Tax
(42.520)
(60.794) -30.1%
Taxation (90.097) (107.940) 16.53%
Taxation 0.836
0.198 322.2%
Profit/Loss After Tax 210.227 251.860 -16.53%
Profit/Loss After Tax
(43.357)
(60.992) -28.9%
Balance Sheet Information
Retained Earnings 80.068
235.186 -66.0%
Fixed Assets 783.717
735.349 6.58%
Balance Sheet Information
Investment 4.425
5.925 -25.32%
Fixed Assets 953.556
948.746 0.5%
Stocks 44.072
30.179 46.04%
Stock 17.972
22.682 -20.8%
Trade Debtors 1,104
1,133 -2.56%
Trade debtors 82.727
232.579 -64.4% Cash and Bank Balances 152.677
367.298 -58.43%
Cash and Bank Balances 25.662
9.198 179.0%
Other Debit Balances 382.770
255.440 49.85%
Other Debit Balances 315.833
317.226 -0.4%
Trade Creditors 195.098
183.056 6.58%
Trade creditors 76.855 36.803 108.8%
Other Credit Balances 986
1,060 -6.98%
Short Term Borrowings 419.578
424.575 -1.2%
Working Capital 798.560
798.976 -0.05%
Other Credit Balances 252.750
267.269 -5.4%
Net Assets 1,290
1,283 0.55%
Working Capital
(307.029)
(146.962) 108.9% http://www.proshareng.com/investors/company.php?ref=REDSTAREX
Net Assets 646.527 -19.4%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 32
801.784
http://www.proshareng.com/investors/company.php?ref=TRIPPLEG
2nd February, 2011: UNITED NIGERIA TEXTILE PLC
3rd February, 2011: ACADEMY PRESS PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earning
5,686
6,544 -13.1%
Gross Earnings 1,640
1,390 17.99%
Profit Before Tax
(945.686)
(961.393) -1.6%
Profit Before Tax 101.24
106.68 -5.10%
Taxation Nil Nil 0.0%
Taxation
(30.373)
(32.005) -5.10%
Profit/Loss After Tax
(945.69)
(961.39) -1.6%
Profit/Loss After Tax 70.871
74.678 -5.10%
Balance Sheet Information
Balance Sheet Information
Fixed Assets
3,546
3,696 -4.1%
Fixed Assets 1,031
1,059 -2.64%
Investments
28.631
23.631 21.2%
Investments 0.147
0.147 0.00%
Stock
6,932
7,042 -1.6%
Stocks 679.574
429.796 58.12%
Trade debtors
1,074
1,088 -1.3%
Trade Debtors 467.596
519.639 -10.02%
Cash and Bank Balances
1,183
1,688 -29.9%
Cash and Bank Balances 31.920
18.524 72.32%
Other Debit Balances 1,841
1,590 15.8%
Other Debit Balances 49.697 Nil 0.00%
Trade creditors 535.729
850.512 -37.0%
Trade Creditors 577.080
549.179 5.08%
Short Term Borrowings 608.198
1,057 -42.5%
Short Term Borrowings 31.032
149.633 -79.26%
Other Credit Balances
2,463
3,414 -27.9%
Other Credit Balances 996.428
751.497 32.59%
Working Capital 19.2%
Working Capital 498.430 244.23%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 33
8,318 6,981 144.797
Net Assets
3,260
4,206 -22.5%
Net Assets 655.512
568.263 15.35%
http://www.proshareng.com/investors/company.php?ref=UNTL
http://www.proshareng.com/investors/company.php?ref=ACADEMY
February 4th, 2011: Flour Mills Nigeria Plc
February 9th, 2011: Guinness Nigeria Plc
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earning
122,707
117,457 4.47%
Gross Earnings 59,227
53,842 10.00%
Profit Before Tax
11,920
12,540 -4.94%
Profit Before Tax 10,792
10,534 2.45%
Taxation
(3,814)
(4,012) -45.42%
Taxation 3,453
3,350.000 3.07%
Profit/Loss After Tax
8,106
8,527 -4.94%
Profit After Tax 7,339
7,183 2.17% Balance Sheet Information
Balance Sheet Information
Fixed Assets
24,942
25,553 -2.39%
Fixed Assets 42,246
40,069 5.43%
Stocks
14,283
10,271 39.06%
Stocks 18,296
16,152 13.27%
Trade debtors
4,252
4,264 -0.28%
Trade Debtors 7,237
6,685 8.26%
Cash and Bank Balances
12,906
4,526 185.15%
Cash and Bank Balances 9,927
12,705 -21.87%
Other Debit Balances
46,646
27,417 70.14%
Other Debit Balances 6,622
2,783 137.94%
Trade creditors
3,343
7,335 -54.42%
Trade Creditors 14,677
6,946 111.30%
Short Term Borrowing
2,986
13,782 -78.33%
Other Credit Balances 38,352
37,351 2.68%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 34
Other Credit Balances 30,997 44,454 -30.27%
Working Capital 44,717
47,748 -6.35%
Working Capital 25,074 5,359 367.89%
Equity 31,299
34,199 -8.48%
Net Assets
40,074
35,384 13.25%
http://www.proshareng.com/investors/company.php?ref=GUINNESS
http://www.proshareng.com/investors/company.php?ref=FLOURMILL
9th February, 2011: ADSWITCH PLC
February 11th, 2011: UNIVERSITY PRESS PLC
SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-OCT-10
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earning
22.71
100.39 -77.38%
Gross Earnings 1,472
1,616 -8.91%
Profit/Loss After Tax
(10.78)
7.60 -
241.84%
Profit/Loss After Tax 196.710
307.330 -35.99%
http://www.proshareng.com/investors/company.php?ref=ADSWITCH
Balance Sheet Information
Net Assets 1,153
1,257 -8.27%
http://www.proshareng.com/investors/company.php?ref=UPL
11th February, 2011: CHELLARAMS PLC
February 11th, 2011: NIGERIA ENAMELWARE PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
SECOND QUARTER REPORT FOR THE PERIOD ENDED 31-OCT-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Turnover
16,849
14,152 19.1%
Gross Earnings 797.468
792.478 0.63%
Profit Before Tax
268.22
359.814 -25.5%
Profit Before Tax 46.055
48.907 -5.83%
Taxation
(51.00)
(28.50) 78.9%
Taxation
(14.738)
(15.997) 32.11%
Profit/Loss After Tax
217.22
331.314 -34.4%
Profit/Loss After Tax 31.317
32.910 -4.84%
Balance Sheet Information
Balance Sheet Information
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 35
Fixed Assets
3,190
3,081 3.5%
Fixed Assets 39.231
40.808 -3.86%
Stocks
9.316
9.316 0.0%
Stocks 566.104
355.484 59.25%
Trade debtors
1,304
976.397 33.6%
Trade Debtors 32.647
32.729 -0.25%
Cash and Bank Balances
43.518
55.148 -21.1%
Cash and Bank Balances 3.624 Nil 0.00%
Other Debit Balances 5,230 5,298 -1.3%
Other Debit Balances 319.951
998.176 -67.95%
Trade Creditors 1,387 1,535 -9.6%
Trade Creditors 5.750
21.228 -72.91%
Short Term Borrowings
338
196 72.4%
Short Term Borrowings 426.971
606.295 -29.58%
Other Credit Balances
4,445
4,323 2.8%
Other Credit Balances 263.020
564.447 -53.40%
Working Capital
(49.074)
(119.997) -59.1%
Working Capital 233.455
201.599 15.80%
Net Assets
2,984
2,836 5.2%
Net Assets 265.816
234.449 13.38%
http://www.proshareng.com/investors/company.php?ref=CHELLARAM
http://www.proshareng.com/investors/company.php?ref=ENAMELWA
February 11th, 2011: BAGCO PLC
17th February, 2011: AVON CROWNCAPS PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earning
8,694
7,659 13.51%
Turnover 8,836
8,845 -0.1%
Profit/Loss After Tax
668.83
581.58 15.00%
Profit Before Tax 176.041
119.800 46.9%
Balance Sheet Information
Taxation
(82.284)
(37.133) 121.6%
Net Assets 9,941 9,766 1.79%
Profit/Loss After Tax 91.758
82.667 11.0%
http://www.proshareng.com/investors/company.php?ref=BAGCO
Balance Sheet Information
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 36
Fixed Assets 1,087
1,242 -12.5%
Stocks 3,797
5,431 -30.1%
Trade Debtors 1,500
1,543 -2.8%
Cash and Bank Balances 77.178
63.730 21.1%
Other Debit Balances 277.310
374.380 -25.9%
Trade Creditors 200.032
281.539 -29.0%
Short Term Borrowings 1,665
2,215 -24.8%
Other Credit Balances 2,913
4,289 -32.1%
Working Capital 1,342
1,198 12.0%
Net Assets 1,961
1,869 4.9%
http://www.proshareng.com/investors/company.php?ref=AVONCROWN
February 17th, 2011: IHS PLC
17th February, 2011: JOHN HOLT PLC
AUDITED REPORT FOR THE PERIOD ENDED 30-APR-10
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earnings
17,247
11,340 52.09%
Turnover 1,657
3,157 -47.5%
Profit Before Tax
675.35
1,426.00 -52.64%
Profit Before Tax
(170.00)
2.00 -8600.0%
Taxation
(121.65)
(378.72) 67.88%
Taxation
(15.00)
(15.00) 0.0%
Profit/Loss After Tax
553.71
1,047 -47.11%
Profit/Loss After Tax
(185.00)
(13.00) -1323.1%
Balance Sheet Information
Balance Sheet Information
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 37
Fixed Assets
9,164
5,201 76.20%
Fixed Assets 7,827
7,929 -1.3%
Stocks
3,762
5,876 -35.98%
Investment
8.00
8.00 0.0%
Trade Debtors
5,479
7,036 -22.13%
Stocks 3,372.00
3,861.00 -12.7%
Cash and Bank Balances
1,866
1,287 44.99%
Trade debtors
746
817 -8.7%
Other Debit Balances
6,001
4,109 46.05%
Cash and Bank Balances 109.000
113.000 -3.5%
Trade Creditors
2,141
2,011 6.46%
Other Debit Balances 1,781
1,724 3.3%
Short Term Borrowings
10,399
9,424 10.35%
Trade creditors 308.00 375.00 -17.9%
Other Credit Balances
3,155
1,869 68.81%
Short Term Borrowings 1,876
2,034 -7.8%
Working Capital
(820)
2,771 -
129.57%
Other Credit Balances 7,874
8,073 -2.5%
Net Assets
10,578
9,492 11.44%
Working Capital
(3,044)
(2,913) 4.5%
http://www.proshareng.com/investors/company.php?ref=IHS
Net Assets 3,777
3,962 -4.7%
http://www.proshareng.com/investors/company.php?ref=JOHNHOLT
February 17th, 2010: Poly Products Nigeria Plc
18th February, 2011: NESTLE NIGERIA PLC AUDITED REPORT FOR THE PERIOD ENDED 31-MAR-10
AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm %Change
Gross Earning
2,415.00
2,096.00 15.22%
Gross Earnings 82,726 68,317 21.09%
Profit/Loss Before Tax
83.36
77.73 191.67%
Profit Before Tax 18,244 13,783 32.37%
Taxation
(22.70)
(19.43) 44.11%
Taxation (5,642)
(3,999) -48.31%
Profit/Loss After Tax
60.67
58.30 4.06%
Profit/Loss After Tax 12,602
9,783 28.82%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 38
Balance Sheet Information
Balance Sheet Information
Fixed Assets
781.940
520.810 50.14%
Fixed Assets 40,241 25,404 58.40%
Stock Short Term Invest
368.612
203.614 81.03%
Stock 8,494 10,697 -20.59%
Trade debtors
321.279
247.687 29.71%
Trade Debtors 4,970 1,951 154.74%
Cash and Bank Balances
14.117
72.533 -80.54%
Cash and Bank Balances 3,092
3,664 -15.61%
Other Debit Balances
198.700
46.706 325.43%
Other Debit Balances 3,548
5,533 -35.88%
Trade creditors
519.790
370.987 40.11%
Trade creditors 4,085 4,114 -0.70%
Short Term Borrowing
41.444
50.836 -18.48%
Short Term Borrowing 3,398
4,900 -30.65%
Other Credit Balances 773.087
360.668 114.35%
Other Credit Balances 37,997
27,692 37.21%
Working Capital 33.540
(113.789)
-129.48%
Working Capital 650.024
(165.212) -493.45%
Net Assets
350.327
308.859 13.43%
Net Assets 14,865 10,543 40.99%
http://www.proshareng.com/investors/company.php?ref=POLYPROD
http://www.proshareng.com/investors/company.php?ref=NESTLE
22nd February, 2011: GREAT NIGERIA INSURANCE PLC
24th February 2011: VITAFOAM NIGERIA PLC
THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
%Change
2010 N'm 2009 N'm
% Change
Turnover
1,471
1,305 12.7%
Gross Earnings 3,259
2,504 30.15%
Profit Before Tax and Extra-ordinary Items
40.703
31.501 29.2%
Profit Before Tax 351.940
292.320 20.40%
Exceptional Items Nil
(1,993) 0.0%
Taxation
(111.517)
(94.504) 18.00% Taxation 0.0%
Profit/Loss After 240.424 21.54%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 39
(11.636) (11.636) Tax 197.817
Profit/Loss After Tax
29.066
(1,973) 101.5%
Balance Sheet Information
Balance Sheet Information
Fixed Assets 1,708
1,686 1.30%
Fixed Assets
634.907
666.826 -4.8%
Investments
231
201 14.86%
Stocks
721.637
713.434 1.1%
Stocks 2,281
2,145 6.34%
Trade Debtors
706.826
238.356 196.5%
Trade Debtors 864.550
745.838 15.92%
Cash and Bank Balances
78.035
207.003 -62.3%
Cash and Bank Balances 576.230
431.705 33.48%
Other Debit Balances
4,829
4,755 1.6%
Other Dedit Balances 1,416
915.844 54.61%
Trde Creditors
1,370
1,015 35.0%
Trade Creditors 1,247
798.580 56.15%
Insurance Funds 714.023 575.611 24.0%
Short Term Borrowings 1,137
1,162 -2.15%
Other Credit Balances
1,314
1,206 9.0%
Other Credit Balances 1,939
1,666 16.39%
Net Assets
4,286
4,358.000 -1.7%
Working Capital 2,937
1,654 77.57%
http://www.proshareng.com/investors/company.php?ref=GNI
Net Assets 2,736
2,499 9.48%
http://www.proshareng.com/investors/company.php?ref=VITAFOAM
February 25th, 2010: NAMPAK PLC
25th February, 2010: NEIMETH INTL PHARMACEUTICALS PLC
FIRST QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-DEC-10
2010 N'm
2009 N'm
% Change
2010 N'm 2009 N'm
% Change
Gross Earning
1,090.00
1,146.00 -4.89%
Turnover 1,312
1,353 -3.0% Profit Before Tax 0.71%
Profit Before Tax -149.7%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 40
107.77 107.00 (27.249) 54.817
Taxation
(34.49)
(34.24) 0.72%
Taxation Nil
(17.541) 0.0%
Profit/Loss After Tax
73.28
72.76 0.71%
Profit/Loss After Tax
(27.249)
37.275 -173.1%
Balance Sheet Information
Balance Sheet Information
Fixed Assets
750.51
738.36 1.65%
Fixed Assets 440.134
342.819 28.4%
Stocks
806.22
979.41 -17.68%
Investments 76.757
76.757 0.0%
Trade Debtors
379.85
536.16 -29.15%
Stocks
972
1,054 -7.8%
Cash and Bank Balances
179.03
43.87 308.10%
Trade debtors 1,349
1,464 -7.9%
Other Debit Balances
82.68
163.65 -49.48%
Cash and Bank Balances 216.520
70.348 207.8%
Trade Creditors
638.27
571.38 11.71%
Other Debit Balances 661.201 688.729 -4.0%
Short Tterm Borrowing 61.33 348.47 -82.40%
Trade Creditors 306.492 233.651 31.2%
Other Credit Balances 790.73 237.36 233.14%
Short Term Borrowings 228.671
196.754 16.2%
Working Capital 54.22 -2.56
-2216.12
%
Other Credit Balances 1,633
1,404 16.3%
Net Assets 707.96 639.03 10.79%
Working Capital 907.061
940.111 -3.5%
http://www.proshareng.com/investors/company.php?ref=NAMPAK
Net Assets 923.744
950.740 -2.8%
http://www.proshareng.com/investors/company.php?ref=NEIMETH
February 28th, 2011: NIGERIA ENAMELWARE PLC THIRD QUARTER REPORT FOR THE PERIOD ENDED 31-JAN-11
2011 N'm
2010 N'm
% Change
Gross Earnings 0.49%
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 41
1,832 1,823
Profit Before Tax
73.559
70.227 4.74%
Taxation
(23.539)
(22.473) -4.74%
Profit/Loss After Tax
50.020
47.754 4.75% Balance Sheet Information
Fixed Assets
38.805
40.808 -4.91%
Stocks
444.705
355.484 25.10%
Trade Debtors
38.457
32.729 17.50%
Cash and Bank Balances
27.846 Nil 0.00%
Other Debit Balances
346.928
998.176 -65.24%
Trade Creditors
1.327
21.228 -93.75%
Short Term Borrowings
350.175
606.295 -42.24%
Other Credit Balances
260.720
564.447 -53.81%
Working Capital
252.316
201.599 25.16%
Net Assets
284.519
234.449 21.36% http://www.proshareng.com/investors/company.php?ref=ENAMELWA
Forecast Result in the Month
DECLARED FORECASTS FOR FEBRUARY 2011
Company Year End Period
Gross Earnings in N' billion
PAT in N'
billion Stanbic IBTC Bank Plc December Q1 2011 15.518 2.564
Neimeth Int'l Pharm Plc March Q4 2011 2.058 0.95 Equity Assurance Plc March Q4 2011 1.000 0.139
Chams Plc December Q1 2011 2.507 1.631 Livestock Feeds Plc December Q1 2011 0.78 0.31 Oceanic Bank Plc December Q1 2011 25.492 0.41
Royal Exchange Plc December Q1 2011 1.075 0.13 Starcomms Plc December Q1 2011 9.698 -2.027
Intercontinental Wapic Insurance Plc December Q1 2011 1.660 0.19 Eterna Oil Plc December Q1 2011 4.088 0.211 DN meyer Plc December Q2 2011 0.554 0.16
Interlinked Technologies Plc December Q2 2011 0.343 0.4 Interlinked Technologies Plc December Q4 2011 0.855 0.116
Nestle Nigeria Plc December Full Year 87.267 9.865 C & I Leasing Plc January Q4 2011 9.466 0.255
Nigeria German Chemical Plc April Q4 2011 0.855 0.116 Dangote Flour Mills Plc December Q1 2011 13.848 0.865
Alumaco Plc December Q1 2011 0.206 0.6 Nampak Plc September Q3 2011 3.652 0.265
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Dividends Declared
DIVIDENDS DECLARED FEBRUARY 2011
Company Dividend Declared
Bonus Declared AGM Date Price Adjustment Date
Fidson Healthcare Plc 10kobo 23-Feb-11 3rd - 8th Feb, 2011
Poly Products Plc 30-Mar-11 16th - 30th Mar, 2011 Nestle Nig Plc 10.60kobo 1 for 5 26-Apr-11 18th – 22nd April 2011
IHS Nig Plc 6kobo 29-Mar-11 11th – 15th March
2011
Nigeria Breweries Plc N1.25kobo 18-May-
11 17th – 23rd March
2011 Outlook/Analyst Opinion The trend in the month of February was bearish, characterised with high speculative tendency and series of selling activities on the back of profit taking as presumed.
The prolonged bearish sentiments technically revealed that profiteering could not be the only reason for persistent selling as low commitment and enthusiasm coupled with absence of will to drive active bargain were major obvious factors aside the existing low liquidity issue.
More so, the long delay in the announcement of corporate results in the most active sector of the market contributed immensely to low enthusiasm witnessed in the month as Investors’ expectation remained high in terms of rewards from the sector.
Although, the influx of Federal and state bonds in the market reduced the expected liquidity inflow into the capital market as investors seek risk aversion, which further revealed low confidence level in the market.
However, we are of the opinion that the prolonged bearish sentiments in the last four consecutive weeks is technically providing a window for value investors who will take advantage of low price for mid-long term positions, though market is presently in a bearish mode but a reversal is much possible anytime soon as earnings report from banking sector is likely to ignite the expected sentiments to drive trend reversal.
In addition, we foresee growing liquidity level and increased positive volume turnover in the capital market, all things being equal, as we move closer to general election period while we expect MPR to remain unchanged.
We therefore remained cautiously optimistic about the trend reversal in the coming weeks as we anticipate positive change in the commitment level on heels of good earnings report and improved liquidity level.
Finally, the strict posture of the management of NSE is considered to be right thinking in a right direction to renew the lost/low investors’ confidence and we believe that charting
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 44
a new course and desire for new world class market environment in a transparent manner will drive full market recovery.
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 45
Time Lines - (News/Information in the month and Reaction of Market)
Date Timelines Gainers
Losers ASI and Market Capitalisation Remarks
Feb 1 LSE Lists Nigeria’s $500m Bond- The Nigerian corporate image at the international capital market came alive yesterday as the London Stock Exchange (LSE) admitted the country’s first sovereign $500 million bond for trading on the exchange’s main market.
Investors dump shares to position for rising interest rates- Stock market in further N168 billion loss •Cost of borrowing expected to rise Financial markets were caught in a two-way pull following last week's increase in benchmark rates by the Central Bank of Nigeria (CBN) to 6.5 percent.
Experts predict improved market indicators this week- Analysts have predicted that there will be significant improvement in major market indicators towards the end of this week.
16 39 At the close of trading session, the NSE All-Share Index dropped further by -0.40% to close at 26,723.49 as against a dip by -1.92% recorded previous session to close at 26,830.67. In the same vein, market capitalization moved down by N34.25billion (US$232.16 million) to close at N8.54 trillion (US$57.88billion) as against depreciation by N168.09billion (US$1.13billion) recorded on preceding session to close at N8.57 trillion (US$58.12 billion).Market report for the day was titled: : Market breadth remains negative as bears tightened grip(http://www.proshareng.com/news/singlenews.php?id=13004)
Feb 2 CBN: Banks No Longer Threat to Economy - The CBN said Tuesday that the banking system no longer posed any systemic risks to the nation’s economy as a result of the ongoing reforms in the industry.
NSE’s market capitalization slides further by N30b - Transactions on the floor of the NSE, yesterday, sustained its downward trend, as more highly capitalized companies continued to suffer price depreciation, resulting to a further slide in market capitalization by N30 billion.
Analysts optimistic about foreign exchange derivative products - The move by the CBN to introduce derivative foreign exchange products will eventually allow for a more stable national currency.
39 23 At the close of trading session, the NSE All-Share Index gained by 0.77% to close at 26,928.67 as against a dip by -0.40% recorded previous session to close at 26,723.49. In the same vein, market capitalization moved up by N65.57billion (US$444.45 million) to close at N8.60 trillion (US$58.33billion) as against depreciation by N34.25billion (US$232.16million) recorded on preceding session to close at N8.54 trillion (US$57.88 billion). Market report for the day was titled: Market regains breadth on renewed bargain tendency as Spring bank Plc leads gainers’ chart(http://www.proshareng.com/news/13012)
Feb 3 Regulators resolution to determine minority investors’ expectations - 29 30 At the close of trading session, the NSE All-Share Index droped by -0.12% to close at 26,895.35 as
The Monthly NCM Report for Feb 2011 www.proshareng.com Page 46
Despite the fact that the NSE interim administrator, Emmanuel Ikazoboh, had
noted that the move by the NBC to delist was in good faith based on the
letter/report sent to the Exchange, minority investors’ attitude over the proposal
seems not unchanged, especially with their unwillingness to dispose off the shares
of the company.
Investors swing positions to maximize returns - Uncertainty in the investment
clime may be pushing investors to opt for more secured investment instruments.
Some investment advisory firms have been encouraging their clients to switch to
money market instrument in order to secure their investment and enjoy more
returns.
Questions raised over MoU terms for rescued banks - The banking industry
and some top executives of the rescued banks are currently engaged in intense
struggle to agree on a share ownership structure with their potential buyers as they
prepare to sign their MoU.
against an upbeat by 0.77% recorded previous session to close at 26,928.67. In the same vein, market capitalization moved down by N10.64billion (US$72.17 million) to close at N8.59 trillion (US$58.26billion) as against appreciation by N65.57billion (US$444.45million) recorded on preceding session to close at N8.60 trillion (US$58.33 billion). Market report for the day was titled: NSE ASI pulls back by -0.12% as banking sector records sell volume(https://www.proshareng.com/news/13015)
Feb 4 Agenda for NSE DG designate- After months of shopping for a new head for the Nigerian Stock Exchange, the Council of the bourse, in conjunction with the Securities and Exchange Commission, has settled for Oscar Onyeama as the substantive Chief Executive.
Nigeria’s economy will surge from third quarter- The Nigerian economy will experience a surge in the third and fourth quarter of this year as the country begins to put behind her the aftermath of the April elections. The economy sectors that would generate significant interest are the equities market and the property development sector.
UBA Asset Management predicts ‘significant growth’ this year- NIGERIAN economy will witness “significant growth and stability” in 2011 despite growing concern across the country.
31 25 The All-Share Index in the week under review dropped by -2.17% to close at 26,763.84 as against a decline by -1.18% recorded last week to close at 27,365.59.
In the same vein, the market capitalization in the week depreciated by N189.45 billion (US$1.28 billion) to close at N8.55 trillion (US$ 57.97billion) as against depreciation of N104.77billion (US$710.10million) recorded last week to close at N8.74 trillion (US59.25 billion). Market report for the week was titled: Bearish sentiments persist as YTD Market performance settles lower at 6.62%(https://www.proshareng.com/news/13020 )
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Feb 7 Recapitalization: Stockbrokers scramble for more funds - Stockbroking firms that were recently suspended by the NSE as a result of inadequate capital are intensifying moves to increase their capital base.
Bond prices to remain stable – Analysts - Analysts at the Financial Derivatives Company Limited have said they expect bond prices to remain stable until the interest rates increase in March.
Interbank rates climb on cash shortage - Nigerian interbank lending rates climbed to 8.00% on average last week, from 5.0% the previous week, as expectations of cash withdrawals by the state-run energy firm NNPC prompted market hedging.
20 34 At the close of trading session, the NSE All-Share Index dropped by -0.34% to close at 26,672.57 as against a decline by -0.49% recorded previous session to close at 26,763.684. In the same vein, market capitalization moved down by N29.17billion (US$197.70 million) to close at N8.52 trillion (US$57.77billion) as against depreciation by N42.03billion (US$284.88million) recorded on preceding session to close at N8.55 trillion (US$57.97 billion). Market report for the day was titled: Sell traders maintain position as NSE ASI slides further by -0.34% (https://www.proshareng.com/news/13031)
Feb 8 SEC set to end ‘one-size-fits-all’ code of corporate governance - SEC has
said the new/revised code of corporate governance for quoted companies slated for
April will end the era of ‘one-size-fits-all’ rules that have been existing since 2003.
NSE, vendors to conclude cost negotiation for new trading platform next
month -Negotiation for a new trading platform for the NSE is to be concluded on or
before the end of next month.
‘Merger not an immediate solution for capital base' - While there are
indications that some stockbroking firms are in merger talks following their inability
to meet the new capital base, some market operators believe that the option of
merger is not the solution.
18 39 At the close of trading session, the NSE All-Share Index dropped by -0.97% to close at 26,413.26 as against a decline by -0.34% recorded previous session to close at 26,672.57. In the same vein, market capitalization moved down by N82.88billion (US$561.71 million) to close at N8.44 trillion (US$57.21billion) as against depreciation by N29.17billion (US$197.70million) recorded on preceding session to close at N8.52 trillion (US$57.77 billion). Market report for the day was titled: Sentiments remain unchanged as NSE ASI hits 20days low (http://www.proshareng.com/news/singlenews.php?id=13037)
Feb 9 SEC prohibits directors, family members from dealing in their companies’
securities - As part of the effort to check the reoccurrence of insider dealing on
the NSE, the new code of corporate governance released yesterday by SEC
prohibits directors of public companies and their immediate families from dealing in
their securities
Banks make fresh moves to divest from non-banking subsidiaries -
23 33 At the close of trading session, the NSE All-Share Index gained by 1.03% to close at 26,685.30 as against a decline by -0.97% recorded on previous session to close at 26,413.26. In the same vein, market capitalization moved up by N86.94billion (US$589.27 million) to close at N8.52 trillion (US$57.80billion) as against depreciation by N82.88billion (US$561.71million) recorded on
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Indications have emerged that some DMBs that have not complied with the CBN’s
directive on divestment from non-banking subsidiaries under the new banking
regime have started fresh moves to comply
Why NBC is delisting 1.3bn shares – SEC - SEC has given reasons why NBC is
delisting its shares valued at N50.33 billion from the trading floor of the NSE.
preceding session to close at N8.44 trillion (US$57.21 billion). Market report for the day was titled: NSE ASI turns green as market giant upbeats by 4.92%(http://proshareng.com/news/singlenews.php?id=13043)
Feb 10 Shareholders’ group blames regulators for slow recovery of capital market- THE Independent Shareholders Association of Nigeria (ISAN) has blamed the regulatory authorities for the slow pace of recovery of the Nigerian capital market.
NSE’s market capitalisation rises by N87 billion- DESPITE price losses that outweighed gains, the bulls upstaged the bears yesterday on the trading floor of the Nigerian Stock Exchange (NSE), as major blue chip stocks recorded price appreciation, resulting to an increase in market capitalisation by N87 billion.
How to attract more firms to NSE, by GTI Capital- EXECUTIVE Director, GTI Capital, Ola Ogedengbe, yesterday, advised the Securities and Exchange Commission (SEC), to carry out what he identified as “detail research” on why several medium and large scale firms in Nigeria are not willing to list their shares on the floor of Nigerian Stock Exchange (NSE).
25 31 At the close of trading session, the NSE All-Share Index dropped by -0.29% to close at 26,607.98 as against an upbeat by 1.03% recorded previous session to close at 26,685.30. In the same vein, market capitalization moved down by N24.71billion (US$167.48 million) to close at N8.50 trillion (US$57.63billion) as against appreciation by N86.94billion (US$589.27million) recorded on preceding session to close at N8.52 trillion (US$57.80 billion). Market report for the day was titled: : Nigerian Capital Market resumes southward trend as Julius Berger Plc leads decliners(http://proshareng.com/news/singlenews.php?id=13049)
Feb 11 Survival of operators under test as SEC ups capital base by 2,400% -
Market operators in Nigeria have to prove their preparedness to face the emerging
competitions with their peers from other market as SEC jacks up the capitalization
requirement by over 1,000%.
More Stockbrokers Comply on N70m Capital Base -More stockbroking firms
have resumed trading on the floors of the NSE having complied with the N70 million
minimum capital stipulated by SEC.
SEC: Foreign Investment Hits N381bn – SEC said Thursday, that the lasting
solution to Nigeria’s huge infrastructure deficit was to continue to grow the capital
market to a world class standard, such that the needed funds could be optimally
raised from it. SEC pointed this out, as it also revealed that the total foreign
29 21 The All-Share Index in the week under review dropped by -0.30% to close at 26,684.49 as against a decline by -2.17% recorded last week to close at26,763.84.
In the same vein, the market capitalization in the week depreciated by N25.36 billion (US$171.88 million) to close at N8.52 trillion (US$ 57.80billion) as against depreciation of N189.45billion (US$1.28billion) recorded last week to close at N8.55 trillion (US57.97 billion). Market report for the week was titled: : Market records N346.99 billion loss in 15days as bearish sentiments persist.( http://proshareng.com/news/13059)
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portfolio investment in 2010 in the country through the nation’s capital market was
N381.34 billion, which accounted for 48% of the aggregate turnover value.
Feb 14 NSE: Analysts predict improved activities this week- In the face of significant
losses recorded in the NSE within the last three weeks; analysts have said that
there may be improved activities this week.
Banks in Liquidity Drain amid Tight Policy - The opening balance of banks at
the interbank naira market, which is a key measure of the liquidity of the system,
crashed at the weekend to about N15 billion from N124 billion the previous week.
Mixed reactions trail SEC’s move to slash stockbroking firms - Discordant
tunes have continued to trail SEC’s move to prune the number of stockbroking
firms operating in the Nigerian Capital Market.
19 32 At the close of trading session, the NSE All-Share Index dropped by -0.32% to close at 26,598.41 as against an upbeat by 0.29% recorded previous session to close at 26,684.49. In the same vein, market capitalization moved down by N27.51billion (US$186.47 million) to close at N8.50 trillion (US$57.61billion) as against appreciation by N24.45billion (US$165.74million) recorded on preceding session to close at N8.52 trillion (US$57.80 billion). Market report for the day was titled: NSE ASI remains weak, trading below its 20days moving average (https://www.proshareng.com/news/singlenews.php?id=13071)
Feb 16 SEC pledges commitment to IFRS adoption- DIRECTOR-GENERAL of Securities and Exchange Commission (SEC), Arunma Oteh, has reinstated the commission’s commitment to the adoption of International Financial Reporting Standards (IFRS) fixed for 2012 in Nigeria.
Rising Rates Take Toll on FGN Bonds- Rising interest rates appear to be hampering efforts by the Federal Government of Nigeria to deepen the bond market, as investors are reducing their stake in the securities at the secondary market.
NSE to Enforce Rules on Compliance Officers- More stockbroking firms stand the chance of losing businesses as the Nigerian Stock Exchange (NSE) prepares to enforce its rule concerning compliance officers who are required to ensure full compliance with all NSE requirements.
14 46 At the close of trading session, the NSE All-Share Index dropped by -0.49% to close at 26,468.58 as against a decline by -0.32% recorded previous session to close at 26,598.41. In the same vein, market capitalization moved down by N41.49billion (US$281.22 million) to close at N8.45 trillion (US$57.33billion) as against depreciation by N27.51billion (US$186.47million) recorded on preceding session to close at N8.50 trillion (US$57.61 billion). Market report for the day was titled: Market CAP dips further by N41 billion as downward trend gains momentum.(http://www.proshareng.com/news/13079)
Feb 17 CBN Now to Approve Top Positions in Banks- Unlike in the past when banks were solely left to take decisions concerning the appointment of senior management officers, the Central Bank of Nigeria (CBN) Wednesday said such appointments would now be subject to its approval.
Banks’ full year, other earnings release to moderate selling pressure-
30 23 At the close of trading session, the NSE All-Share Index gained by 0.60% to close at 26,627.29 as against a decline by -0.49% recorded previous session to close at 26,468.58. In the same vein, market capitalization moved up by N50.72billion (US$343.79 million) to close at N8.51 trillion
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Hindsight of a robust 2010 fourth quarter financial report by banks and other quoted firms is impacting positively on the performance indicators of the secondary market at the Nigerian Stock Exchange (NSE).
More stockbrokers join NSE’s 235 remote trading connections in Lagos- THE use of remote trading by dealing firms has continued to gain acceptance, as there are 235 remote trading connections in Lagos, besides those deployed in branches across the country.
(US$57.68billion) as against depreciation by N41.49billion (US$281.22million) recorded on preceding session to close at N8.45 trillion (US$57.33 billion).Market report for the day was titled: NSE ASI rebounds as sell pressure wanes(https://proshareng.com/news/singlenews.php?id=13083)
Feb 18 Code of corporate governance will be effective from April – SEC- The Securities and Exchange Commission has said the newly approved code of corporate governance for public companies will be effective from April 1, 2011.
AMCON’ll not give more funds to DMBs – Chike-Obi- The Asset Management Corporation of Nigeria will not give additional money to the rescued Deposit Money Banks aside from the five per cent of the original value of unsecured loans it pays to them, the Managing Director, AMCON, Mr. Mustapha Chike-Obi, has said.
Market operators urge investors to trade cautiously- Some market operators have urged investors to trade cautiously following the recent growth in transaction volume at the Nigerian Stock Exchange (NSE), despite the wobbly market performance.
28 33 The All-Share Index in the week under review dropped by -0.17% to close at 26,639.35 as against a decline by -0.30% recorded last week to close at26,684.49.
In the same vein, the market capitalization in the week depreciated by N14.42 billion (US$97.78 million) to close at N8.51 trillion (US$ 57.70billion) as against depreciation of N25.36billion (US$171.88million) recorded last week to close at N8.52 trillion (US57.80 billion). Market report for the week was titled: Market CAP dips further by N14billion for the week as Nestle Plc grows PAT 28.8%.(http://www.proshareng.com/news/singlenews.php?id=13097)
Feb 21 Suspension: Brokers Seek Dialogue with SEC- The leadership of the stockbroking community in the nation’s capital market will this week meet with the management of the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) over the suspension of brokering houses and planned consolidation.
CBN partners NASB for IFRS adoption-THE Central Bank of Nigeria (CBN) has declared its resolve to collaborate with the Nigerian Accounting Standards Board (NASB) in ensuring banks in Nigeria comply with International Financial Reporting Standards (IFRS) in the preparation of their financial statements
38 25 At the close of trading session, the NSE All-Share Index gained by 0.26% to close at 26,709.32 as against an upbeat by 0.05% recorded previous session to close at 26,639.35. In the same vein, market capitalization moved up by N22.36billion (US$151.57 million) to close at N8.53 trillion (US$57.85billion) as against appreciation by N3.85billion (US$26.12million) recorded on preceding session to close at N8.51 trillion (US$57.70 billion). Market report for the day was titled: Equity Market sustains uptrend by 0.26% as Nestle Plc leads gainers’
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Margin loans: Stockbrokers express divergent views over AMCON’s intervention – Ahead of the meeting with the AMCON (today), stockbrokers have expressed divergent views on the outcome of the discussions, especially as regards the modalities for acquiring margin loans.
chart(http://www.proshareng.com/news/singlenews.php?id=13114)
Feb 22 Investors urged to ‘take position’ ahead of companies’ results - Investors in the capital market have been urged to take position in good stocks on the NSE ahead of the release of some companies’ f
FDI: Stanbic IBTC set to host investors, corporate managers - Stanbic IBTC Bank Plc and its stockbroking subsidiary, Stanbic IBTC Stockbrokers Limited, have concluded arrangements to host institutional investors keen on making forays into the Nigerian economy through stake holdings in leading quoted firms on the NSE. financial results.
CBN governor rejects IMF advice to devalue naira - CBN Governor, Lamido Sanusi, yesterday rejected the advice by the IMF to weaken the naira, saying the currency is not overvalued.
26 28 At the close of trading session, the NSE All-Share Index gained by 0.14% to close at 26,747.04 as against an upbeat by 0.26% recorded previous session to close at 26,709.32. In the same vein, market capitalization moved up by N12.05billion (US$81.70 million) to close at N8.54 trillion (US$57.93billion) as against appreciation by N22.36billion (US$151.57million) recorded on preceding session to close at N8.53 trillion (US$57.85 billion). Market report for the day was titled: Market CAP gains N89billion in four days on continued moderate buying(http://www.proshareng.com/news/singlenews.php?id=13120)
Feb 23 SEC, stakeholders plan alternative market - Plans are in the offing to offer
investors alternative windows for building wealth to complement the NSE, as the
Nigerian Association of Securities Dealers (NASD) and SEC are in top discussions to
set up the OTC market.
NSE Moves Closer to Global Membership - The renewed efforts by the NSE to
enforce its rules and the appointment of a new CEO are said to have attracted
favourable review from the World Federation of Exchanges (WFE) thus brightening
the Exchange’s chance of early admission into the g
AMCON Plans Second Phase of Asset Purchase - AMCON Tuesday said it is
seeking approval from the CBN to commence the second phase of its agenda of
buying banks’ bad debt. MD and CEO, AMCON, Mr. Mustapha Chike-Obi, who
disclosed this, said that the next stage of bad debt to be purchased would be from
21 31 At the close of trading session, the NSE All-Share Index dropped by -0.12% to close at 26,713.73 as against an upbeat by 0.14% recorded previous session to close at 26,747.04. In the same vein, market capitalization moved down by N10.64billion (US$72.14 million) to close at N8.53 trillion (US$57.86billion) as against appreciation by N12.05billion (US$81.70million) recorded on preceding session to close at N8.54 trillion (US$57.93 billion). Market report for the day was titled: NSE ASI pulls back by -0.12% as sell traders halt four days rally(http://www.proshareng.com/news/singlenews.php?id=13134)
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the healthy banks and other banks that did not meet up with the first stage.
Feb 24 Attractive prices may lure investors to take position ahead FY’10 results - Ahead the release of banks’ financial year 2010 scorecards, many investors especially those in the NSE may leverage on the attractive share prices of some banks to take position ahead of the results that are likely to be out for public knowledge 2nd or 3rd week of next month.
Equities Decline on Profit-taking - The wavy investors’ confidence in the stock market was once again reflected in the trading pattern as profit taking halted the positive run witnessed in the past few days.
SEC seeks improved legal framework - SEC is seeking for an improved and efficient legal process upon which a world class capital market can be built in Nigeria.
20 42 At the close of trading session, the NSE All-Share Index declined by -1.86% to close at 26,217.28 as against a dip by -0.12% recorded previous session to close at 26,713.73. In the same vein, market capitalization moved down by N158.67billion (US$1.07 billion) to close at N8.37 trillion (US$56.79billion) as against depreciation by N10.64billion (US$72.14million) recorded on preceding session to close at N8.53 trillion (US$57.86 billion). Market report for the day was titled: NSE ASI dips further by -1.86% as Nigerian Breweries Plc rewards investors with N1.25(http://www.proshareng.com/news/singlenews.php?id=13141)
Feb 25 Stock Market: Foreign Investors Dominate Transactions- Foreign investors are currently dominating transactions in the Nigerian equities market, as they account for 68 per cent investment on the Nigeria Stock Exchange (NSE), Interim Administrator of NSE, Mr. Emmanuel Ikazoboh disclosed Thursday.
AMCON: We’ll Encourage Short-Selling of Securities- The Assets Management Corporation of Nigeria (AMCON),Thursday said it would encourage short-selling of the assets acquired from banks to traders that are interested in borrowing them
Regulation, Liquidity Key To Capital Market Leadership- Effective regulatory and investment framework hold the key to Nigeria taking her pride of place as a leading world class capital market that engenders confidence, according to stakeholders who spoke at the Annual Capital Market Conference in Lagos yesterday
15 45 The All-Share Index in the week under review dropped by -1.72% to close at 26,181.18 as against a decline by -0.17% recorded last week to close at26,639.35.
In the same vein, the market capitalization in the week depreciated by N146.44 billion (US$992.47 million) to close at N8.36 trillion (US$ 56.71billion) as against depreciation of N14.42billion (US$97.78million) recorded last week to close at N8.51 trillion (US57.70 billion).Bears tighten grip as NSE ASI hits fresh low in 30days(http://www.proshareng.com/news/singlenews.php?id=13162)
Feb 28 Getting multinationals to list on the NSE-Penultimate week, President Goodluck Jonathan was reported to have ordered the director- general of the Securities and Exchange Commission to encourage multinationals like oil and Telecommunication companies to list on the stock exchange.
SEC vs stockbrokers: Resolving grey areas of consolidation- Capital market
16 38 At the close of trading session, the NSE All-Share Index declined by -0.63% to close at 26,016.84 as against a dip by -0.14% recorded previous session to close at 26,181.18. In the same vein, market capitalization moved down by N52.52billion (US$356.01 million) to close at N8.31trillion (US$56.35billion) as against depreciation by
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activities improved significantly, last year, with the establishment of the Asset Management Corporation of Nigeria. However, the recent announcement by the Securities and Exchange Commission that it is working towards reducing the number of stockbrokers through consolidation has generated a controversy, which experts say may affect the market trend.
CIS warns SEC against NBC’s ‘delisting’ plan- The Chartered Institute of Stockbrokers has frowned on the planned delisting of the shares of the Nigerian Bottling Company from the Nigerian Stock Exchange.
N11.53billion (US$78.18million) recorded on preceding session to close at N8.36 trillion (US$56.71 billion) Equity Market moves into bearish mode as ASI slides below 50days moving average(http://www.proshareng.com/news/singlenews.php?id=13170 )
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February 2011, Lagos, Nigeria
ISSN 1597 - 8842 Vol. 1 No. 62
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