H1 2010 NCM Market Report - Proshare - 020710

8/9/2019 H1 2010 NCM Market Report - Proshare - 020710

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ISSN 1597 - 8842 Vol. 1 No. 40

The Quarterly NCM Report for June 10

Issued on July 02, 2010


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The Monthly NCM Report for Q2 2010 www.proshareng.com Page 2

Contents

Executive Summary 3Introduction 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 Second Quarter 2010 22

Top Ten Traded Sectors Second Quarter 2010 22

Top Twenty Gainers Second Quarter 2010 24

Top Twenty Losers/Decliners Second Quarter 2010 25

Supplementary Listing Second Quarter 2010 26

Corporate Declarations Second Quarter 2010 27

Forecast Results Second Quarter 2010 55

Dividends Declared 59

Sectoral Analysis 62

Outlook/ Analyst Opinion 68

Time Lines (April - May Market News/Information) 70

ISSN 1597 - 8842 Vol. 1 No. 40


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The Monthly NCM Report for Q2 2010

ISSN 1597 - 8842 Vol. 1 No. 40

Executive SummaryNigerian Equities recorded 21.81% growths in six months amidst bull and bear

striving.

The fortunes of the Nigerian Stock Exchange (NSE) have not turned around asanticipated. Indeed, activities in the equities market for H1 2010 indicate a market long

on rhetoric and expectation but short on measurable execution.

A review of the current market climate indicates that the downtrend of the NSE startingin Q2 2010 after the improvements recorded in Q1 2010 has all but fettered out. Of key

significance was the expected role of the AMC in addressing the fundamental concerns,which has not materialised due to the non-take off and agreement on executionimperatives by the responsible bodies.

In our Q1 2010 report, we noted that by the week ended March 12, 2010, it was certainthat the NSE was going into a full throttlehttp://proshareng.com/blog/?p=243.The signs were ominous and the results for the quarter confirmed this third stage of the

recovery phase; hence our prediction that we should expect a stable market in Q2 2010 as the market will be in heading towards the fourth level of recoveryhttp://proshareng.com/reports/view.php?id=2447 Pg 5.

This position was universally shared by local and international analysts and investorswho had predicted a 40% rally over the year as a whole, driven by the quick resolutionof banking reforms and an infusion of fiscal policies to stimulate economic activity and

growth. The progress (hinged on a committed implementation of a rescue and reformplan for the economy starting with the banking interventions, toxic asset clean up andsubsequent resolution of the political impasse that was brewing) has however beenslower than anticipated due to several factors.

With expectations faltering, Q2 2010 posted a negative performance to bring down theyear to date performance of the ASI to 21.81% as at June 30th 2010, reversing the

+24.60% appreciation recorded by March 31, 2010. This decline was driven by acombination of factors such as the inability to have an operational AMCON despite theassent from the legislature (which occurred on June 22, 2010 and still awaits apresidential assent); erosion of in investors confidence, flip-flops in regulatory

directives; the financial crisis in Europe, the depressive outlook of some banks financialcondition; and the general de-linkage that has occurred in the economy since August 14,2009.

Figures from the Nigerian Stock Exchange showed that as at 30th June, 2010, the All-Share Index that closed at 25,384.14 traded below its 20 days, 50 days and 100 daysmoving averages of 25,566.62, 26,386.50 and 25,437.09 respectively but above its 200days moving of 23,586.17.

Though the trend is trading above its 200 days moving average, the market it wouldappear is now technically weak.

The ASI has been observed to be exhibiting bouts of sporadic rallies since it started thecurrent decline from the peak ofApril 19, 2010. Each of such successive rally has failed

to break above the previous high; thereby creating a high-low technical phenomenon,which indicates a bearish trend and lack of confidence in the market by investors. For

further insight, review the comments here - http://www.proshareng.com/articles/2094.


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Presently, the market remains volatile as incessant interchange of northward and

southward price movements remained predominant due to some of the factors earlierlisted. Investors are now more disposed to speculative trading, and even much morecareful with where they placed their funds.

The general condition of the economy does not seem to help matters, just as thegrowing belief that an era of over-regulation has creped in to stifle the businessenterprise driving the financial market.

While we remain hopeful that the market will not descend to Dec-2009 levels, the recentpronouncements from the Central Bank of Nigeria (CBN) with regards to the three-months extension in getting the AMCON approved by the President and agreeing on aworkable execution of the buy-up of toxic assets; has all but assured that the marketmay not witness a marked reversal of fortunes to pick up from the March 30, 2010levels.

Investors are advised to watch out for the H1 2010 results from firms (70% of which is

dominated by the banking sector that have all but dropped in economic linkagerelevance to firms in the breweries, conglomerates and the non-quoted telecoms sector).For some other banks in the sector, these represents interesting times for expansion andretooling and one or two financial institutions should end the year with a markedimprovement in their relevance and future, something investors are in short supply of atthis time.

If performances improve (or stays in line with growth in gross revenues and net profitsdeclared so far); investors may be treated to declarations of interim bonus and dividendswhich may rekindle interest and enthusiasm.

The direction of the NSE at this time remains uncertain (despite not factoring the

leadership challenges playing out in the media into the mix). Technically, it is not verypromising. It appears that there is currently a capital flight from the market; judgingfrom the dwindling daily volume trend. Even some of the large cap stocks have seentheir volume dry up, or volume increased on sell off. A recommendation to remain onthe sidelines until the indicators improve will not be out of place at this time.

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.

http://www.zenithbank.com/


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Finally, a look last the most recent three (3) pull backs indicates (i.e., 1, 2 & 3) a lowerlow phenomenon which is very bearish. To break this trend, the current pull back must

not fall below the last one (i.e., # 3).

2) INCREASED VOLUME ACCOMPANIED BY SUBSEQUENT SELL OFFAn important point that should be noted is that the climax of the NSE (28,029.78) on

April 19, 2010 was driven by heavy volume. The traded volume for the 5 days prior toApril 19, 2010 and on April 19, 2010 was 4.7 billion, the highest traded volume for anyother period since January 1, 2010.

Precisely, the traded volumes for April 12th, 13th, and 19th were 932 million, 996million, and 967 million respectively. The increased volume (as indicated by e: & fbelow) which were accompanied by subsequent sell offs, indicate that institutionalinvestors probably sold into the peak.

The trend has been downward since the climax as shown in the graph below:

3) DWINDLING DAILY VOLUME

Another worrisome trend is the dwindling volume at the NSE. The average daily volumeis down 176% from its peak as shown in the graph below. Furthermore, the recentvolume spike has been followed by a sell off.

For example, on June 16, 2010, 506 million shares were trade, but the NSE all shareindex closed down. Finally, some of the recent high volume traded stocks were stocks wecan refer to as non-essential.

On April 21, 2010, 349 million shares were traded at the NSE. If you exclude 86 millionCapoil shares, a penny stock trading at 0.51k, only 249 million shares were actuallytraded.


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4) ALL SHARE INDEX BELOW ITS 20 AND 50 DAYS CUMULATIVE MOVINGAVERAGES

The NSE all share index is currently trading below its 20 day and 50 day movingaverages of 25,757.13 and 26,659.7 respectively. The Index initially dropped belowthese averages on May 21 and 24, 2010 respectively.

On June 19, 201, the all share index broke above the 20 day average indicating a short

term reversal only to slip back below the average on June 21, 2010. Although the NSEall share index is trading above its 200 day moving average, the current all share index

trading below the 20 and 50 day moving averages indicates short-term weakness.


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On June 02, 2010; Proshare published an analysis of an emerging trend in the markettitled Market turns south after three days of appreciations: Observations

http://www.proshareng.com/articles/2086. The publication spotted a worrying development thatwould require more than a passing commentary. It was the upswing that resurfaced thefollowing week (though not sustained for a longer period) that saved the market fromslipping into the bearish mode as observed in the report as many of stock prices

maintained southward directions for most of the trading days.

Happenings in the market were attributed to the following factors hinged on theobserved fact that retail investors are out of the game - http://proshareng.com/blog/?p=393.

The retail market has all but disappeared as a consequence of the illiquid status ofinvestors who are still smarting from the huge wipe-out suffered from the marketcrash;

The access to non-savings leverage (margin loans) hitherto available from banks andbrokerage firms is no longer available to all and sundry for obviously risk-basedreasons;

The estimated market is now about eighty per cent dominated by institutionalinvestors with foreign investor influence;

Local market participation is dominated by pension fund managers who have theliquidity to continue to play in the market on a short term basis, leading to necessary

book balancing adjustments.

The progress made during Q2 with the management of the passage of the AMC Bill onthe floor of the National Assembly also contributed in building a positive momentum thatseemingly galvanised the imagination and enthusiasm of the investing public who were

all too eager for a resolution of the problem that has held both quoted firms,stockbrokers and investors down for a long period - with serious un-anticipatedconsequences.

Recently, the Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi said the

profits declared by banks in the first quarter although encouraging, still requires a lot ofefforts by the banks to improve on their financials.If a bank with negative capital of

N100 billion makes a profit of N2 billion, it still has a long way to go before it comes backto positive territory, he said.

The CBN Governor said the profits so declared resulted from loan recovery and

improvement in efficiency through staff rationalisation and shared services, andnot by growth in their loan books.

Sanusi Lamido pointed out that there would be more recovery of the bad loans of thebanks and pressure on debtors to pay when the Asset Management Company (AMCON)comes on stream. For those loans that remained hard-core, they are being

valued now by the technical team from the CBN and Ministry of Finance for thepurpose of being purchased by the asset management corporation. So therellbe recovery through AMCON where they have collateral, he said.

He noted with satisfaction continued macroeconomic stability but said that there is still

threat of inflation from the budget deficit and the operationalisation of the proposedAMCON.

This re-echoes our market view about the AMC as the ultimate solution to the twinchallenge of toxic assets by banks and the illiquidity of capital market players. Wereiterate the view that the said Asset Management Company is just one of the manymonetary and fiscal policies needed to stimulate recovery - Reiterating the Notion That

the AMC Is Not a Panacea for the NSE(http://proshareng.com/blog/?p=383).


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With a June end disclosure by the Central Bank of a postponement in the timeline for asuccessful take-off of the AMCON, it is more likely that Q3 2010 may witness a downturn

in market activities due to continuing massive sell pressures; at a time we would havebeen optimistic about the market assuming an uptrend movement.

We spotted the possibility of such in our daily market report of Tuesday 29 th June, 2010

(http://www.proshareng.com/news/singleNews.php?id=11162) where we stated that the upbeat ofthe last two trading days might not last due to the fact the postponement of AssetManagement Company takeoff will slow down the expected enthusiasm that shouldfollow if the company had taken off another reason why investors may not be keen

about the banking stocks, accounting for majority of the market capitalisation.

The Market Game On

The market in the first six months of the year recorded a total of54.908bn units valued

at N436.977bn (US$2.913bn) exchanged in 1.174 million deals compared with

45.871bn units valued at N294.890bn(US$1.843bn) exchanged in 910.042 milliondeals in the previous years first six month trading period.

Comparing, the volume and value traded in the 2010 six months reveals a +19.70%and +48.18% rise above the volume and value recorded in the previous years sixmonths period respectively.

In the same vein, comparing the volume traded month by month basis (using the years2009 and 2010) showed that volume transactions in all the months with the exception ofJune that recorded lower figures with the previous years comparable volume closed onhigher notes, as revealed by the chart below.

Also, measuring transaction value on a monthly basis revealed that transaction valuecontinued on upward trend in the first four months and began to descend in the month

of May till June.

The All-Share Index (ASI) recorded a +21.81% appreciation in the first six months ofthe year compared with +24.60% appreciation recorded in the first three months of theyear to March 31st, 2010. In the first six months of the previous year, the All-ShareIndex posted negative growth of -4.36% performance compared with -36.69% negativegrowth recorded in the first three months of the preceding year.

The ASI trend in the second quarter recorded negative performance of -2.24% with the

performance in the month of June being the worst to record -3.05%.


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Market capitalisation in the six months period appreciated by N1.185 trillion

(US$7.916bn), below the +N1.288 trillion(US$8.607bn) appreciation recorded inthe first quarter.

________________________________________________________________

The NSE All-Share Index MovementThe NSE index in the first six months of 2010 begun on a positive note drawing from the

upbeat recorded at the end of the last trading day of the year 2009 ensuring that

January 2010 ended with a +8.49% appreciation to close at 22,590.94. This

appreciation could however not be sustained in February 2010 as the index grew by only

a +1.73% gain to close at 22,985.00; yet it laid the foundations for the market growth

that occurred in the month of March and this pushed the growth in the month to

+12.92%.

There was serious decline in the market performance starting from the month of April

which recorded marginal appreciation of +0.89%, to move further southward in the

month of May with a negative performance of -2.44%. Performance in the month of June


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posted the highest decline so far in the year with -3.05% depreciation to close at

25,384.14 to bring the performance in the second quarter of the to -2.44% as against

the aggregate All-Share Index growth in the first quarter which stood at 24.60% to

close at 25,966.25.

This shows that the second three months of the year could be termed as a bearish

period in the market as the performance in the period dragged on the market year to

date growth. In the period, the NSE ASI which crossed resistance to trade above its 200

days moving averages, declined - to trade below its 200 days moving averages on somedays. The trend in the market, most in the month of June signalled the possible slip into

the bearish mode if rebounds are not recorded.

Notwithstanding the intermittent signs of a breakout shown, the NSE ASI now trends

above its 200 days moving average and this should technically confirm that the market

is still in the bullish mode, and we are expectant than hopeful for the status quo to

remain.


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According to the index moving averages graphically explained above, the NSE ASI istrading below its 20 days, 50 days and100 days moving averages, but above its 200

days moving averages. The trend of the market showed that the NSE ASI gained1,952.59 or 9.5% from December 31, 2009 through January 12, 2010.

The upbeat recorded in the eight days rally raised investors raised optimism. However,

sell pressures took tolls on the shares on the NSE by Wednesday January 13, 2010which resulted in the halt of market upbeat. At the beginning of the uptrend, the NSEASI was 2,342 or 10.1% removed from its 200 day CSMA of 23,169, and at the time ofthe decline, the NSE all share index was only 676 or 2.9% from its 200 day CSMA of

23,194.8. By the week ended March 12, 2010, it was certain that the NSE was going intoa full throttle (http://proshareng.com/blog/?p=243).

Market enthusiasm and pulse at the moment remains on a fragile note as market swingare possible any time, any day. The good money is on this to continue for some daysahead until necessary stimulants for market growths are sufficiently in place; even asthe regulatory authorities maintain and even improve on their oversight to keep the

ethical standard in the market.

Source: NSE, Proshare Research

Q2 2010 Market Dynamics

The market dynamics as graphically illustrated below showed the appreciation anddepreciations on the weekly basis.

The trend clearly explains the investors sentiment swing in the period under review asinfluenced by some other factors. The most part of the second three months of the yearrecorded more of decline than the first quarter, even as volatility held sway in the

period.


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MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (Q2,2009)

Comparison of 2009 and 2010 Market Performance

The market performance in the 2010 first quarter when compared with 2009 comparable

period showed a drastic improvement and a clear departure from the previous yearstrend. In the period under review, ASI recorded +24.60% appreciations as against -

36.61% depreciations recorded in 2009 first quarter. This trend attested to the fact thatthe market had moved far away on a positive note from the bearish trend as at the

previous years comparable period.

However, the tempo of the positive performance recorded in the first quarter could notbe sustained, hence decline in the year to date performance to +21.81% due to declinerecorded in the months of May and June.


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Dates NSE ASI

Market

Capitalisation(trilli

on)

Market Capitalisation($

billions)

Jan-02-09 31,357.24 6.93 43.31

Jun-01-09 30,745.74 6.99 43.69

Jun-30-09 26,861.55 6.12 38.25

Six Month Return -14.34% -11.69% -11.69%

Monthly Return -9.56% -12.45% -12.45%

Jan-04-10 20,838.90 4.99 33.27

Jun-01-10 26,232.57 6.38 42.53

Jun-30-10 25,384.14 6.17 41.13

Six Months Return 21.81% 23.65% 23.65%

Monthly Return -3.23% -3.29% -3.29% Source: NSE, Proshare Research


From the chart above, it is still evident that though the market has recorded positivegrowth to date notwithstanding the negative performance recorded in some of the

months, the All-Share Index figures as shown above still remained above the figuresrecorded so far in the year. The gulf should be closing in the days ahead as soonas the market records more growth.

http://www.accessbankplc.com/


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Sectoral Index Movements

Dates

NSE - 30

% Change

NSE - Food

% Change

NSE - Banking

% Change

NSE - Insurance

% Change

NSE - Oil & Gas

% Change

1/4/2010 -0.07 0.43 -0.58 -0.01 0.00

1/5/2010 0.59 0.73 0.86 -1.52 0.16

1/6/2010 1.55 0.60 1.42 -1.79 0.00

1/7/2010 1.16 0.61 1.52 -0.79 0.911/8/2010 0.63 1.02 0.98 -0.29 0.45

1/11/2010 1.94 3.39 2.34 -0.89 0.65

1/12/2010 2.22 2.30 2.36 -0.60 1.22

1/13/2010 -1.15 -1.76 -2.53 0.14 0.43

1/14/2010 -1.44 -2.40 -1.68 -1.78 0.00

1/15/2010 0.54 0.63 0.82 0.30 0.00

1/18/2010 0.58 0.04 0.91 1.10 0.00

1/19/2010 0.29 0.31 0.62 -1.50 0.00

1/20/2010 0.05 4.86 0.16 -0.85 -0.27

1/21/2010 -0.46 0.29 -1.71 0.52 0.00

1/22/2010 -0.66 -0.08 -0.18 -1.33 0.00

1/25/2010 0.85 0.92 1.76 0.80 0.00

1/26/2010 0.64 1.01 1.31 -0.81 0.00

1/27/2010 -0.33 0.39 -0.68 -0.26 0.001/28/2010 0.49 -0.17 1.54 0.32 0.00

1/29/2010 0.05 -0.46 0.73 -1.59 -0.05

2/1/2010 1.40 2.12 1.69 -0.22 0.00

2/2/2010 1.31 0.70 1.32 -1.15 0.00

2/3/2010 2.38 1.47 3.37 -0.06 -0.83

2/4/2010 1.11 -0.39 1.79 0.80 0.23

2/5/2010 -2.81 -3.29 -3.62 -1.65 0.86

2/8/2010 -1.51 -2.12 -2.51 -1.10 0.00

2/9/2010 0.83 0.07 0.81 -0.71 0.00

2/10/2010 0.58 0.28 0.44 0.09 -0.61

2/11/2010 -0.44 0.38 -1.10 1.13 -1.13

2/12/2010 -0.18 0.51 -0.49 -1.31 -0.01

2/15/2010 0.45 0.39 0.51 0.30 0.00

2/16/2010 0.12 0.13 0.27 -1.30 0.03

2/17/2010 0.01 1.59 -0.38 -1.03 0.00

2/18/2010 0.44 0.13 0.94 -0.27 0.25

2/19/2010 0.14 0.27 -0.21 -0.08 0.42

2/22/2010 -0.65 1.03 -0.50 -1.21 0.69

2/23/2010 -0.44 0.48 0.02 -2.51 1.41

2/24/2010 0.64 0.25 0.18 -0.51 1.46

2/25/2010 -0.12 -0.18 -0.61 0.31 1.00

3/1/2010 0.11 0.78 0.43 -0.44 -0.27

3/2/2010 0.19 1.11 0.05 -1.31 -0.48

3/3/2010 -0.02 -0.03 -0.31 -0.76 -0.98

3/4/2010 -0.34 0.57 -0.74 0.60 -0.69

3/5/2010 0.03 0.11 0.03 -1.54 0.36

3/8/2010 0.78 -0.03 0.70 -0.32 0.033/9/2010 0.74 1.03 1.06 -0.19 1.51

3/10/2010 0.96 2.21 1.09 -0.58 -1.19

3/11/2010 1.08 -0.54 1.41 -0.45 -1.67

3/12/2010 1.76 0.49 3.22 1.63 1.28

3/15/2010 0.86 0.99 0.70 0.05 -2.23

3/16/2010 0.41 2.15 -0.53 1.07 0.26

3/17/2010 0.39 0.52 0.44 1.65 0.89

3/18/2010 -1.02 -1.40 -1.24 1.07 1.19

3/19/2010 0.98 2.22 2.39 0.06 0.00

3/22/2010 0.36 -0.08 1.18 1.16 -1.11

3/23/2010 1.65 1.22 1.16 0.61 1.29

1/24/2010 0.15 0.28 -1.05 0.33 -1.30

3/25/2010 -0.47 1.62 -0.68 2.22 0.12


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Dates

NSE - 30 %

Change

NSE - Food %

Change

NSE - Banking %

Change

NSE - Insurance %

Change

NSE - Oil & Gas %

Change

3/26/2010 1.86 1.85 0.83 0.86 -0.01

3/29/2010 1.98 3.38 2.93 0.95 0.60

3/30/2010 2.25 1.88 3.00 0.18 -0.22

3/31/2010 -2.23 -3.16 -1.97 0.96 1.57

4/1/2010 1.23 1.23 1.13 -1.79 0.00

4/6/2010 1.96 2.73 1.98 -1.97 1.394/7/2010 2.19 3.20 1.04 -0.21 0.82

4/8/2010 0.71 2.35 1.12 1.01 2.70

4/9/2010 0.82 0.20 0.20 0.63 1.76

4/12/2010 1.47 2.17 -0.73 -0.74 4.39

4/16/2010 0.60 -0.17 0.49 0.18 16.59

4/19/2010 -1.31 1.37 -1.25 -0.13 0.80

4/20/2010 -0.43 0.26 -2.92 -1.04 -1.90

4/21/2010 0.36 -1.58 0.18 0.53 -0.82

2/22/2010 -0.52 0.79 -0.68 -0.27 1.80

4/23/2010 -1.91 -1.39 -0.06 -0.85 3.32

4/26/2010 -1.91 -2.14 -2.24 -1.67 -1.52

4/27/2010 -2.25 -1.65 -3.93 -1.47 -0.82

4/28/2010 -2.31 -2.78 -2.70 -1.56 -2.01

4/29/2010 1.21 2.21 0.70 1.49 1.654/30/2010 2.51 3.48 3.68 2.38 1.45

5/4/2010 1.45 1.91 1.49 1.23 -0.75

5/5/2010 0.84 1.80 0.79 1.51 -3.60

5/7/2010 1.46 -0.54 2.42 -0.62 -0.23

5/10/2010 1.13 0.99 1.30 -1.88 0.19

5/11/2010 -0.34 -0.73 -1.01 1.09 -0.03

5/12/2010 0.42 0.21 1.02 -0.07 1.68

5/13/2010 0.61 1.50 0.43 -2.12 2.15

5/14/2010 -0.03 1.68 -1.34 1.48 3.08

5/17/2010 -1.34 0.08 -2.45 -0.75 0.22

5/18/2010 0.36 0.42 0.52 -0.78 1.22

5/19/2010 0.13 0.06 0.64 -1.40 -0.94

5/20/2010 -0.76 -1.14 -0.68 -1.20 -2.61

5/21/2010 -1.51 -1.42 -2.24 -0.24 -0.075/24/2010 -1.37 -0.40 -2.55 1.17 1.63

5/25/2010 -1.97 -1.37 -2.55 -0.60 -0.33

5/26/2010 -1.71 -1.21 -1.47 -0.44 -2.08

5/27/2010 1.12 2.70 1.48 -0.36 1.60

5/28/2010 1.65 1.87 0.75 0.34 2.25

6/1/2010 0.20 -0.02 0.40 0.41 0.36

6/2/2010 -0.22 -0.65 0.51 -1.38 0.24

6/3/2010 -1.11 -1.60 -1.01 -0.60 0.20

6/4/2010 0.89 0.31 0.53 -0.86 0.66

6/7/2010 -1.22 -0.07 -2.76 0.35 0.00

6/8/2010 -1.32 -0.77 -2.75 -0.29 -0.31

6/9/2010 -0.56 -1.40 0.46 -1.99 -0.01

6/10/2010 -0.05 -0.06 -0.02 -0.87 -0.93

6/11/2010 0.72 1.18 1.68 1.53 -0.266/14/2010 0.09 -0.17 0.19 1.36 -0.35

6/15/2010 0.23 -0.47 0.89 1.80 0.00

6/16/2010 0.53 0.18 1.55 -1.68 -0.42

6/17/2010 0.73 1.29 0.67 -1.49 0.42

6/18/2010 0.33 1.65 -1.42 -1.43 -0.52

6/21/2010 -0.37 -0.63 -0.22 2.25 1.02

6/22/2010 -0.33 -1.03 0.30 -0.60 -1.28

6/23/2010 -0.89 0.00 -1.03 -0.79 -1.29

6/24/2010 -0.68 -0.75 -1.08 -0.29 -0.19

6/25/2010 -0.89 -1.76 -0.79 -0.49 -0.45

6/28/2010 0.72 1.84 1.47 -1.34 1.04

6/29/2010 0.51 1.24 -0.17 1.29 0.40

6/30/2010 -0.08 -0.79 -0.39 -0.66 -0.10

Six Months Return 22.94 47.88 15.59 -28.41 37.43


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NSE-30INDEX


The NSE 30 is a price index that measures the returns on investment from the change inmarket value of the stocks in terms of capital appreciation and depreciation only. Itincludes the top 30 companies in terms of market capitalisation and liquidity, and isweighted by adjusted market capitalisation.

In the first quarter, NSE-30 sector index led the performance with +25.63%, theperformance in the quarter that followed declined to +1.32%. The trend showed the

impact of sell pressures in the second quarter.

The sector recorded +27.29% year to date performance. It is evident that blue chip

stocks were not spared in the bears run that plagued the market in the second quarter.

The NSE, after reviewing the NSE-30 index at its quarterly meeting, removed UnionCadbury Nigeria Plcand Ecobank Nigeria Plc; replacing them with Julius Berger

Plc and Mobil Oil Nigeria Plc.


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NSE-FOOD INDEX


The trend recorded in the Food and beverages stocks is reflected in the indexmovement. The sector index in the second quarter grew by +14.56% to emerge the

second top performing sectoral index. However, the performance was below the+39.09% growth recorded in the preceding quarter. The sectors year to dateperformance closed at +59.35%, being the highest year to date appreciation.

Stocks in the sector contributed much to the performance recorded in the market. Many

of the stocks in the sector have potentials for good returns for discerning investors in the

coming days.

NSE-BANKING INDEX


NSE-Banking index closed the month of March with +18.34% appreciations. The

performance growth was above +10.30% and +1.76% appreciations recorded in themonths of January and February respectively. The aggregate performance growth in thequarter closed at +28.89%.

In the second quarter of the year, the sectors performance stood in the negative of -10.54% due to bear run that plundered many of the stocks in the sector. Thisconsequently brought the year to date performance to +15.30%.


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The NSE, after reviewing the banking index at its quarterly meeting, removed UnionBank of Nigeria Plc and Ecobank Nigeria Plc from the NSE Banking 10 Index;

replacing them with Fidelity Bank Plc and Skye Bank Plc.

NSE-INSURANCE INDEX


Insurance sector posted -10.04% and -10.30% in the month of January and Februaryrespectively. However, the growth recorded in the month of March closed at +8% and

this brought the aggregate sectoral performance for the first quarter to -12.92%. In thesecond quarter of the year, the sector recorded higher negative performance of -14.20%to bring the year to date performance to -25.28%.

Volatility due to high rate of speculation still remains predominantly in the sector asinvestors seem not to be keen about holding the stocks for long. The penny status ofmajority of the stocks in the sector made them more attractive to speculators and dearth

of returns in form of dividends and bonus put some investors off the sector.

NSE-OIL INDEX


Stocks in the Petroleum Marketing sector posted stronger resistance against bears in the

second quarter of the year with the highest growth of +34.12% recorded whencompared with +3.56 and +3.78% performance growths in the months of January andFebruary respectively to record +6.21% in first quarter.


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SECTORAL ANALYSIS

Symbol Jan 4 - Jun 30 % Change

HOTEL & TOURISM 71.75%

FOOD/BEVERAGES & TOBACCO 42.64%

BREWERIES 30.99%

AIRLINE SERVICES 30.03%

CONSTRUCTION 29.14%

HEALTHCARE 28.84%

MARITIME 28.81%

PETROLEUM(MARKETING) 28.26%

BUILDING MATERIALS 26.15%

ROAD TRANSPORTATION 16.44%

COMMERCIAL/SERVICES 11.25%

ENGINEERING TECHNOLOGY 10.17%

CONGLOMERATES 9.54%

LEASING 8.68%

REAL ESTATE 8.26%CHEMICAL & PAINTS 6.23%

MEDIA 6.23%

THE FOREIGN LISTINGS 5.50%

PRINTING & PUBLISHING 5.09%

Banking 3.26%

PACKAGING 1.81%

AGRICULTURE 1.35%

INFORMATION & COMMUNICATION TECHNOLOGY -1.26%

SECOND-TIER SECURITIES -6.75%

COMPUTER & OFFICE EQUIPMENT -8.47%

INSURANCE -8.83%

OTHER FINANCIAL INSTITUTIONS -8.97%FOOTWEAR -14.08%

MORTGAGE COMPANIES -17.49%

INDUSTRIAL/DOMESTIC PRODUCTS -18.18%

AUTOMOBILE & TYRE -28.23%

TEXTILES -32.11%

SECTOR ANALYSIS


Transactions Volume and Value TrendMarket Q2 '09' Q2 '10' % Change

Average Daily Volume of stocks Traded( in millions) 372.93 450.06 20.68%

Average Daily Value of stocks Traded( in N'millions) 2,397.48 3,581.77 49.40%

Average Daily Value of stocks Traded( in US $ millions) 14.98 23.38 56.07%

Total Volume of stocks Traded (in millions) 45870.74 54908.37 19.70%

Total Value of stocks Traded (in N'millions) 294,890.35 436,976.95 48.18%

Total Value of stocks Traded (in $ billions) 1843.06 2913.18 58.06% Source: NSE, Proshare Research

New Listing and Delisting Q2 '09' Q2 '10'

Number of Equities Delisted 10 2Number of New Listings 5 0 Source: NSE, Proshare Research


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The volume and value trend as contained in the table above showed that there is animprovement in the market activities in Q2 2010 when compared with the preceding

year comparable period. All the transaction indices posted growth in the six monthsperiod when compared with six months period of the previous year; this based onmarket trend recorded in the second quarter could be attributed to mixtures of push upeffects and massive selloff that took place in the period under review.

Average daily volume and value in the period grew by 20.68% and 49.40%respectively compared with average daily volume and average daily value growth by

+41.03% and +81.12% recorded respectively in the first three months of the year. The

market in the first six months recorded 54.908bn units valued at N436.977bn(US$2.913bn) compared with 45.871bnn valued at N294.890bn (US$1.843bn) recordedin the first six months of the preceding year.

This shows that the volume traded in the second quarter alone (April-June 2010) almostequalled the volume traded in the first quarter of the year; the volume traded in the firstquarter of the year stood at 27.008 billion units valued at N191.845bn

(US$1.282bn) exchanged in 614,960 deals compared with 19.116bn units valued at

N105.910bn (US$707.483 million) exchanged in 418,368 deals in the previousyears first quarter. Comparing the volume and value traded in the six months periodwith the previous years six months period showed volume and value growth of 19.70%and 48.18% respectively. In the course of the period under review, the All-Shareindex recorded a +21.81% appreciation from +24.60% appreciation recorded in thefirst three months of the year, revealing that bearish trend plundered the year to date

growth in the second three months of the year by over three percent.

The performance recorded in the six months period of 2010 was far above the -14.34%negative performance recorded in the comparable period of the preceding year. Also,

comparing the -36.69% negative growth recorded in the preceding years first quarterwith -14.34% recorded in the six months period altogether showed that market recorded

uptrend in the second three months of the preceding year as against negativeperformance recorded this year.

Market capitalisation in the six months period grew by N1.18 trillion (US$7.882bn)compared with N810bn (US$5.06bn) decline recorded in the preceding year comparable

period. Juxtaposing the trend recorded in the six months period with that of the firstquarter of the year which appreciated by N1.288 trillion(US$8.607bn) compared withN2.473 trillion (US$ 16.523bn) market capitalisation loss recorded in the previous

years comparable period, showed that market capitalisation in the second three monthsof the year (April-June 2010) loss about N108bn (US$721.443 million).


SIX MONTHS DAILY VOLUME CHART FOR 2010 SIX MONTHS DAILY VOLUME CHART FOR 2009


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Top Ten Trades for the Second Quarter 2010

Zenith Bank, First Bank and First Inland Bank stocks that topped the transaction volumefor the first quarter of the year retained their status even in the six months period as

shown in the chart below. Banking stocks generally dominated the charts for the period

under review, the same trend recorded in the previous quarter.

Looking into their price movements in the six months period, some of the stocks in the

top ten traded category recorded price growth of different magnitude-with the exceptionof First Bank Nigeria Plc, First Inland Bank Plc, United Bank of Africa Plc and GuarantyAssurance Plc that recorded price decline, other recorded price appreciations.

TOP TEN TRADES FOR SIX MONTHS IN 2010

Company Total Trades Total Volume Total Value

ZENITHBANK 52614 4,483,182,651.00 70,307,022,591.09

FIRSTBANK 134664 3,536,917,315.00 52,524,974,520.65

FIRSTINLND 16137 3,441,807,904.00 2,368,984,656.63UBA 41704 2,731,343,373.00 35,679,735,962.51

ACCESS 32998 2,574,993,802.00 23,511,867,608.48

GUARANTY 72810 2,566,755,516.00 46,576,352,531.56

FIDELITYBK 27234 2,530,273,656.00 7,124,203,876.81

SKYEBANK 29244 2,203,140,628.00 16,897,627,382.15

DIAMONDBNK 16736 2,162,679,074.00 18,840,672,179.91

GTASSURE 5677 1,472,651,893.00 3,849,876,705.59 Source: NSE, Proshare Research

TOP TEN TRADES FOR SIX MONTHS IN 2009

Company Total Trades Total Volume Total ValueWEMABANK 7,661 4,213,410,833.00 12,436,516,104.95

INTERCONT 22,645 2,512,424,537.00 17,312,621,226.29

ACCESS 33,654 2,093,311,416.00 14,458,694,765.11

GUARANTY 47,783 2,044,442,749.00 23,187,383,942.14

FIRSTBANK 106,270 1,702,786,982.00 31,786,783,184.75

UBA 47,584 1,647,287,001.00 20,050,777,184.94

OCEANIC 41,834 1,416,080,040.00 10,961,177,393.30

CHAMS 5,809 1,220,688,807.00 1,686,798,355.62

FIDELITYBK 18,324 1,186,895,766.00 4,338,375,096.55

DIAMONDBNK 13,513 1,090,803,696.00 7,559,863,442.83 Source: Proshare Research

Top Ten Traded Sectors for the SIX MONTHS 2010

Banking sector traded more than half of the total volume transactions for the six monthsperiod, just as it was in the first quarter, followed by Insurance sector (also a repeat of

the first quarter). The volume traded in the banking sector closed at 35.092bn valued atN307.881bn (US$2.057bn) compared with 13.721 billion units valued at N119.115bn($794.102 million) exchanged in 220,287 deals recorded in the first quarter.

The volume traded in Banking sector alone represented 52.23% of the total marketvolume compared with 59% of the entire market volume traded in the sector in the first


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quarter. The volume traded in the financial sectors combined together accounted forapprox. 68.59% compared with approximation of77% traded in the first quarter of the

entire market transaction.

Sector Total Trades Total Volume Total Value % Contribution

BANKING 577850 35,092,134,589.00 307,881,147,898.03 52.23%INSURANCE 82370 10,990,346,377.00 12,530,352,778.20 16.36%FOOD/BEVERAGES &

TOBACCO 117116 2,765,703,833.00 46,393,255,825.03 4.12%INFORMATION &

COMMUNICATION

TECHNOLOGY 10619 2,658,250,526.00 6,582,411,936.89 3.96%

MORTGAGE 10798 2,159,680,171.00 1,359,205,178.36 3.21%

CONGLOMERATES 40503 1,863,439,596.00 20,338,098,259.39 2.77%SECOND-TIER

SECURITIES 1141 993,697,684.00 517,223,339.37 1.48%

PACKAGING 464659 950,573,881.00 2,297,036,585.46 1.41%

HEALTHCARE 18660 875,117,364.00 3,155,275,137.99 1.30%MARITIME 20833 871,977,648.00 1,271,879,561.92 1.30%

Grand Total 1552071 67,187,652,960.00 505,740,607,402.80 Source: NSE, Proshare Research

TOP TEN TRADED SECTORS FOR SIX MONTHS IN 2009Sector Total Trades Total Volume Total Value % Contribution

BANKING 489,310 25,794,547,555.00 200,752,905,641.91 57.36%

INSURANCE 82,257 7,742,457,314.00 8,092,380,830.01 17.22%TELECOMMUNICATIO

N 14,127 2,561,725,894.00 4,429,986,385.10 5.70%

CONGLOMERATE 22,089 1,319,724,656.00 6,440,896,624.94 2.93%

FOOD,TOB./BEV. 57,521 1,269,441,973.00 18,437,604,700.29 2.82%MORTGAGE 9,509 707,097,881.00 1,171,380,958.89 1.57%

CONSTRUCTION 13,247 600,126,215.00 1,478,648,672.88 1.33%

MARITIME 22,184 563,754,017.00 1,224,678,381.92 1.25%

BREWERIES 26,609 556,709,674.00 20,037,054,026.73 1.24%

BUILD. MATERIALS 19,028 501,969,245.00 9,218,032,402.76 1.12%

Total 869,667.00 44,969,536,312.00 292,420,408,981.44 Source: NSE, Proshare Research

Six Months 2010 Volume and Value Charts



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Six Months 2009 Volume and Value Charts


Top Twenty Gainers & Losers in the Six months of 2010

Gainers

Symbol

Price

30/06/2010

Price

04/01/2010 4th Jan-date

% Change 4

Jan 30 Jun

INTBREW 6.84 2.27 4.57 201.32%

CADBURY 27.17 10.49 16.68 159.01%

CAPHOTEL 3.07 1.38 1.69 122.46%

JBERGER 55 25.79 29.21 113.26%

COSTAIN 7.58 3.8 3.7899.47%IKEJAHOTEL 1.72 0.87 0.85 97.70%

DANGFLOUR 20.55 10.42 10.13 97.22%

CONOIL 54 27.63 26.37 95.44%

FLOURMILL 69 36.2 32.8 90.61%

BERGER 5.72 3.2 2.52 78.75%

MOBIL 174.67 98.8 75.87 76.79%

REDSTAREX 3.75 2.15 1.6 74.42%

ASHAKACEM 19.5 11.39 8.11 71.20%

TOTAL 253.94 149 104.94 70.43%

NEIMETH 2.53 1.5 1.03 68.67%

BAGCO 2.55 1.52 1.03 67.76%

FIDSON 3.11 1.86 1.25 67.20%NASCON 7.55 4.56 2.99 65.57%

AGLEVENT 3.98 2.47 1.51 61.13%

7UP 47 29.4 17.6 59.86% Source: NSE, Proshare Research

http://www.ubagroup.com/


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Top Ten Gainers in the Six Months of 2009Company Change

BENUE CEMENT COMPANY PLC 128%

P Z CUSSONS NIGERIA PLC. 73%

CEMENT CO. OF NORTH NIG. PLC 69%

FIRST CITY MONUMENT BANK PLC. 38%

MAY & BAKER NIGERIA PLC 36%

NORTHERN NIGERIA FLOUR MILLS PLC 33%

UNIVERSITY PRESS PLC 32%

GUINNESS NIG PLC 32%

NIGERIA ENERGY SECTOR FUND 28%

UNILEVER NIG. PLC 26% Source: NSE, Proshare Research

Losers

SymbolPrice

30/06/2010Price

04/01/2010 4th Jan-date% Change 4

Jan 30 Jun

UNITYKAP 0.53 2.38 -1.85 -77.73%

ALUMACO 8.15 27.71 -19.56 -70.59%

OASISINS 0.59 1.49 -0.9 -60.40%

BECOPETRO 1.01 2.53 -1.52 -60.08%

CRUSADER 0.6 1.5 -0.9 -60.00%

STACO 0.5 1.19 -0.69 -57.98%

UNIC 0.53 1.15 -0.62 -53.91%

ECOBANK 4.7 10.1 -5.4 -53.47%

INCAR 1.97 4.12 -2.15 -52.18%

AFRINSURE 0.5 0.87 -0.37 -42.53%

OKOMUOIL 14.28 22.75 -8.47 -37.23%CHELLARAM 8.94 14.13 -5.19 -36.73%

POLYPROD 2.97 4.45 -1.48 -33.26%

NAMPAK 4.67 6.99 -2.32 -33.19%

RTBRISCOE 4.15 6.15 -2 -32.52%

UNTL 1.29 1.9 -0.61 -32.11%

WAPIC 0.79 1.15 -0.36 -31.30%

NSLTECH 3.07 4.35 -1.28 -29.43%

GOLDINSURE 0.65 0.91 -0.26 -28.57%

UNHOMES 0.64 0.89 -0.25 -28.09% Source: NSE, Proshare Research

Top Ten Losers in the Six Months of 2009Company % Change

AFROIL PLC -98.36%

CAPPA & D`ALBERTO PLC -91.43%

EQUITY ASSURANCE PLC. -87.35%

OKITIPUPA OIL PALM PLC -79.04%

CRUSADER NIGERIA PLC. -75.92%

WEMA BANK PLC -74.93%

MTECH COMMUNICATIONS PLC -74.40%

C & I LEASING PLC -72.28%

U T C NIG. PLC -71.71%

DEAP CAPITAL MANAGEMENT & TRUST PLC -69.14% Source: NSE, Proshare Research


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From the top twenty appreciations and depreciations tables above, a repeat of first

quarter trend was apparent as it could be seen that non-banking stocks mostlycontributed to the positive trend recorded in the period under review. Though the sectoraccounted for more than half of the entire market volume, but not in marketperformance.

Sterling Bank Plc that made top twenty gainers list in the first quarter could not in theperiod under review as no banking stock could emerge in the chart in the six monthsperiod covered.

Ecobank Nigeria Plc that emerged in the top losers chart of the first quarter emerged inthat category again in the period under review with -53.47% decline compared with 31%drop in value recorded in the first quarter.

Hotel and Tourism sector as in the first quarter emerged the best performing sector inthe six months period with 71.75% appreciations, boosted mainly by price appreciations

by 122.46% and 97.70% recorded by Capital Hotel Plc and Ikeja Hotel Plc respectively

compared with 102% appreciation recorded in the first quarter, also boosted mainly bythe two stocks in the sector emerging the leading gainers with +155.80% and

+149.43% - Capital Hotel and Ikeja Hotel respectively.

Supplementary Listing in the Quarter:

S/No Company Additional Shares Reason

1 Cadbury Nigeria Plc 2,028,347,543

Following the conclusion of the right

Issue

2 Custodian and Allied Insurance 348,027,267

Following the conversion of US$8million of the US$10 million

Unsecured Variable Coupon

Redeemable Convertible Loan

3 Equity Assurance Plc 1,139,415,820

Following the conclusion of offer for

subscription

4 C & I Leasing 471,580,000

(Redeemable Convertible Loan

Stock

5 African Paints Plc 130,000,000

Following the conclusion of Placing

with Charing Management Limited

6 United Bank of Africa Plc 4,311,292,493 1 for 5 bonus declared

7 Zenith Bank Plc 6,279,298,758 1 for 4 bonus declared

8 RT Briscoe Plc 136,152,000 1 for 5 bonus declared

9 Guaranty Trust Bank Plc 4,663,437,153 1 for 4 bonus declared

10 May and Baker 280,000,000 2 for 5 bonus declared

11 ETI 1,181,055,863

Being shares issued to International

Finance Corporation (IFC).

12 Capital Oil Plc 5,740,000,000 For Placement

SUPPLEMENTARY LIST



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Corporate Declarations in the Quarter

2009 2008 % 2008 2007 %

N'Million N'Million Change N'Million N'Million Change

Gross Earnings 17,853.00 15,214.00 17.35 Gross Earnings 3,045.00 2,746.00 10.89

Profit before tax 1,004.00 980.29 2.42 Profit before tax 283.53 1,002.00 (71.70)

Profit/Loss After Tax 853.72 800.66 6.63 Profit/Loss After Tax 231.91 822.47 (71.80)

Fixed Assets 18,523.00 18,592.00 -0.37 Fixed Assets 882.05 856.33 3.00

Cash and Bank Balances 1,473.00 1,267.00 16.26 Cash and Bank Balances 368.39 86.75 324.65

Other Debit Balances 5,222.00 6,798.00 -23.18 Other Debit Balances 974.51 826.80 17.87

Trade Credits 1,546.00 1,618.00 -4.45 Trade Creditors 52.63 6.86 667.40

Other Credit Balances 18,415.00 14,977.00 22.96 Other Credit Balances 2,057.00 3,948.00 -47.90

Working Capital 1,737.00 1,414.00 22.84 Working Capital 854.79 728.47 17.34

Net Assets 8,838.00 7,984.00 10.70 Net Assets 1,648.00 1,514.00 8.85

2009 2008 % 2009 2008 %


Gross Earnings 2,397.00 1,956.00 22.55 Gross Earnings 188.57 1,635.45 (88.47)

Profit before tax 338.42 546.26 (38.05) Profit before tax (1,824.90) 44.56 (4,195.84)

Profit/Loss After Tax 340.79 438.52 (22.29) Profit/Loss After Tax (1,308.00) 65.03 (2,111.50)

Fixed Assets 2,133.00 2,107.00 1.23 Fixed Assets 610.34 692.67 -11.89

Cash and Bank Balances 80,663.00 1,037.00 7678.50 Cash and Bank Balances 105.15 1,116.14 -90.58

Other Debit Balances 1,773.00 1,319.00 34.42 Other Debit Balances 7,610.66 6,959.81 9.35

Other Credit Balances 2,044.00 730.13 179.95 Short Term Borrowing 7,332.50 5,872.77 24.86

Working Capital 2,603.00 2,539.00 2.52 Other Credit Balances 12,468.26 12,797.07 -2.57

Net Assets 4,928.00 4,633.00 6.37 Working Capital (11.89) 2,750.45 -100.43

Net Assets13,886.92 15,338.38 -9.46

2009 2008 % 2009 2008 %


Gross Earnings 125.51 132.81 (5.50) Gross Earnings 825.94 998.85 (17.31)

Profit before tax (32.70) 7.08 (561.56) Profit before tax 81.37 54.18 50.19

Profit/Loss After Tax (32.70) 7.08 (561.56) Profit/Loss After Tax 74.97 44.20 69.61

Fixed Assets 1,512.00 1,258.00 20.19 Fixed Assets 3,217.00 3,133.00 2.68

Cash and Bank Balances 10.94 16.98 -35.60 Cash and Bank Balances 11.21 2.95 280.65

Other Debit Balances 239.75 233.11 2.85 Other Debit Balances 487.74 436.08 11.85

Other Credit Balances 1,471.00 1,196.00 22.99 Other Credit Balances 225.37 331.91 -32.10

Net Assets 327.79 360.48 -9.07 Working Capital 139.05 151.57 -8.26

Net Assets 3,364.00 3,289.00 2.28

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

PINNACLE POINTS GROUP PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-AUG-09

Balance Sheet Information

SEVEN-UP BOTTLING COMPANY PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09


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

SCOA NIGERIA PLC

2008 AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08


AFROMEDIA PLC

AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09


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

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

BECO PETROLEUM PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09


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

INCAR PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09


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


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2009 2008 % 2009 2008 %


Gross Earnings 904.66 550.44 64.35 Gross Earnings 2,242.00 1,840.00 21.85

Profit before tax 233.60 276.90 (15.64) Profit before tax 380.61 429.71 (11.43)

Profit/Loss After T ax 226.18 235.36 (3.90) Profit/Loss After Tax 372.33 365.25 1.94

Fixed Assets 3,278.00 3,302.00 -0.73 Fixed Assets 3,218.00 3,302.00 -2.54

Cash and Bank Balances 276.76 79.55 247.93 Cash and Bank Balances 542.55 79.55 582.06

Other Debit Balances 3,562.00 3,397.00 4.86 Other Debit Balances 4,376.00 - 0.00

Short Term Borrowing 436.32 386.76 12.81 Short Term Borrowing 643.30 386.76 66.33

Other Credit Balances 2,948.00 2,971.00 -0.77 Other Credit Balances 3,680.00 2,971.00 23.86

Working Capital 1,745.00 1,095.00 59.36 Working Capital 2,039.00 1,095.00 86.21


2009 2008 % 2009 2008 %


Gross Earnings 7,718.00 5,532.00 39.52 Gross Earnings 27,358.00 28,411.00 (3.71)

Profit/(Loss) Before Tax and After

Provisions 1,441.00 884.56 62.91

Profit/(Loss) Before Tax and

After Provisions 2,603.00 2,340.00 11.24

Profit/(Loss) After T ax 1,297.00 796.11 62.92 Profit/(Loss) After Ta x 1,771.00 1,628.00 8.78


Cash and Bank Balances 1,410.00 1,263.00 11.64 Cash and Bank Balances 978.13 2,804.00 -65.12

Other Debit Balances 12,752.00 14,423.00 -11.59 Other Debit Balances 5,048.00 4,344.00 16.21

Other Credit Balances 9,358.00 8,108.00 15.42 Short Term Borrowing 1,068.00 7.74 13700.23

Net Assets 13,650.00 12,517.00 9.05 Other Credit Balances 16,585.00 14,343.00 15.63

Net Assets 35,403.00 35,565.00 -0.46

2008 2007 % 2009 2008 %


Gross Earnings 25,978.00 29,379.00 (11.58) Gross Earnings 16,551.00 25,978.00 (36.29)

Provision for Risk Assets (37,233.00) (8,400.00) 343.25 Provision for Risk Assets (2,973.00) (37,233.00) (92.02)

Provision for Recoveries

Investment and other Assets (15,689.00) 254,571.00 (106.16)

Provision for Investment and

other Assets (13,234.00) (15,689.00) (15.65)


Provisions (56,799.00) 356,080.00 (115.95)

Profit/(Loss) Before Tax and

After Provisions (28,306.00) (56,799.00) (50.16)

Profit/(Loss) After T ax (46,304.00) 1,303.00 (3,653.65) Profit/(Loss) After T ax (20,455.00) (46,304.00) (55.82)

Fixed Assets 17,990.00 15,342.00 17.26 Fixed Assets 14,883.00 17,990.00 -17.27

Cash and Bank Balances 15,734.00 43,501.00 -63.83 Cash and Bank Balances 19,146.00 15,734.00 21.69

Other Debit Balances 116,165.00 118,004.00 -1.56 Other Debit Balances 89,482.00 116,165.00 -22.97

Short Term Borrowing 2,135.00 - Short Term Borrowing 660.26 2,135.00 -69.07

Other Credit Balance 174,005.00 156,459.00 11.21 Other Credit Balances 169,125.00 174,005.00 -2.80

Net Assets (20,112.00) 25,752.00 -178.10 Net Assets (39,921.00) (20,112.00) 98.49

UNIC INSURANCE PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09


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

UNIC INSURANCE PLC



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


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

AIICO INSURANCE PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09


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

PZ CUZZIONS PLCSECOND QUARTER RESULT FOR THE PERIOD ENDING 30-NOV-09


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

WEMA BANK PLC

AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-08


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

WEMA BANK PLC

AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09


30/169


2009 2008 % 2009 Nm 2008 Nm % Change

N'Million N'Million Change Gross Earnings 9,758.00 8,172.00 19.41

Gross Earnings 358.83 788.61 (54.50)Profit before tax& After Exep.Items 780.92 1,013.00 -22.91

Provision for Risk Assets (2,973.00) (37,233.00) (92.02) Profit/Loss After Tax 510.78 698.3 -26.85

Provision for Investment and other

Assets (13,234.00) (15,689.00) (15.65)


Provisions (60.79) 77.71 (178.24) Fixed Assets 1,615.00 1,345.00 20.07

Profit/(Loss) After T ax (60.99) 77.71 (178.49) Cash and Bank Balances 174.04 410.08 -57.56

Other Debit Balances 995.4 433.44 129.65

Fixed Assets 948.75 1,010.00 -6.06 Trade Credits 808.83 583.69 38.57

Cash and Bank Balances 9.20 5.56 65.31 Other Credit Balances 1,460.00 1,600.00 -8.75

Other Debit Balances 317.23 293.41 8.12 Working Capital 2,160.00 1,895.00 13.98

Trade Credits 36.80 126.39 -70.88 Net Assets 2,161.00 1,895.00 14.04

Other Credit Balances (146.96) (148.20) -0.83

Net Assets 801.78 862.78 -7.07

2009 Nm 2008 Nm % Change 2009 2008 %

Gross Earnings 9,060.00 7,742.00 17.02 N'Million N'Million Change

Profit Before Tax 268.45 222.7 20.54 Gross Earnings 44,481.00 37,377.00 19.01

Profit After Tax 247.79 199.72 24.07 Profit before tax 7,061.00 4,472.00 57.89

Profit/Loss After Tax 4,093.00 2,596.00 57.67

Fixed Assets 2,794.00 2,814.00 -0.71

Cash and Bank Balances 44.5 80.57 -44.77 Fixed Assets 9,975.00 9,056.00 10.15

Other Debit Balances 932.82 760.22 22.7 Cash and Bank Balances 1,980.00 2,706.00 -26.83

Trade Credit 993.7 858.63 15.73 Other Debit Balances 3,303.00 2,728.00 21.08

Other Credit Balances 3,375.00 4,244.00 -20.48 Trade Credits 2,255.00 3,710.00 -39.22

Working Capital -316.31 -589.67 -46.36 Other Credit Balances 11,723.00 10,485.00 11.81

Net Assets 2,592.00 2,200.00 17.82 Working Capital 1,301.00 638.87 103.64

Net Assets 8,202.00 6,681.00 22.77

2009 Nm 2008 Nm % Change 2009 Nm 2008 Nm % Change

Gross Earnings 7,920.00 6,589.00 20.2 Gross Earnings 854.72 423.23 101.95

Profit Before Tax 522.71 107.42 386.59 Profit Before Tax 330.51 114.13 189.59

Profit/Loss After Ta x 388.31 99.41 290.63 Profit/Loss After Tax 231.36 79.89 189.59

Fixed Assets 371.65 352.43 5.45 Fixed Assets 245.56 161.61 51.94

Cash and Bank Balances 1,157.00 1,120.00 3.3 Cash and Bank Balances 802.36 647.61 23.9

Other Debit Balances 379.13 294.71 28.64 Other Debit Balances 7,107.00 7,124.00 -0.24

Trade Credits 422.96 502.69 -15.86 Other Credit Balances 1,048.00 1,461.00 -28.27

Other Credit Balances 993.66 1,256.00 -20.89 Net Assets 7,016.00 6,722.00 4.37

Working Capital 1,605.00 888.45 80.65

Net Assets 1,490.00 865.17 72.22

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

CHELLARAMS PLC


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


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

VITAFOAM NIGERIA PLC



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

TRIPPLE GEE & CO PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09


NORTHER NIGERIA FLOURMILL PLC



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

RESORT SAVING AND LOANS PLC



UNILEVER NIGERIA PLC

AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09


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


31/169


2009 Nm 2008 % 2009 Nm 2008 Nm % Change

Gross Earnings 7,906.00 8,021.00 -1.43 Gross Earnings 7,553.00 7,391.00 2.19

Profit before tax and excpt. items 788.52 1,734.00 -54.53 Profit Before Tax 545.88 116.49 368.6

Profit/Loss After T ax 551.96 1,214.00 -54.53 Profit/Loss After Tax 371.2 79.22 368.6


Cash and Bank Balances 15.64 8,107.00 -99.81 Cash and Bank Balances 229.08 176.57 29.74

Other Debit Balances 49.65 53.25 -6.75 Other Debit Balances 5,676.00 4,575.00 24.07

Other Credit Balances 61.58 57.31 7.45 Trade Credits 287.25 963.22 -70.18

Net Assets 5,595.00 5,477.00 2.15 Other Credit Balances 3,947.00 4,525.00 -12.77

Working Capital 5,978.00 5,830.00 2.54

Net Assets 9,331.00 9,239.00 1


Gross Earnings 97,500.00 84,350.00 15.59 Gross Earnings 2,822.00 2,935.00 -3.85

Profit Before Tax 3,900.00 3,370.00 15.73 Profit Before Tax 383.62 -202.79 -289.17

Profit/Loss After T ax 2,300.00 1,970.00 16.75 Profit/Loss After Tax 602.41 132.75 353.78


Cash and Bank Balances 86,943.00 109,384.00 -20.52 Cash and Bank Balances 1,084.00 1,632.00 -33.58


Trade Credits 5,318.00 5,293.00 0.47 Other Credit Balances 4,879.00 5,382.00 -9.35

Other Credit Balances 111,493.00 121,812.00 -8.47 Working Capital 1,086.00 399.39 171.91

Working Capital -35,797.00 -16,597.00 115.68 Net Assets 8,116.00 11,706.00 -30.67

Net Assets 6,416.00 6,563.00 -2.24


Gross Earnings 100.52 22.21 352.59 Gross Earnings 53,842.00 43,483.00 23.82

Profit Before Tax 10.87 -1.5 824.67 Profit Before Tax 10,534.00 11,707.00 -10.02

Profit After Tax 7.61 -1.5 607.33 Profit/Loss After Tax 7,183.00 8,059.00 -10.87

Fixed Assets 36,781.00 38,104.00 -3.47

Cash and Bank Balances 4,985.00 5,820.00 -14.35

Other Debit Balances 1,949.00 1,991.00 -2.11

Trade Credits 10,606.00 5,992.00 77

Other Credit Balances 23,702.00 18,252.00 29.86

Working Capital 41,054.00 42,726.00 -3.91

Net Assets 29,946.00 31,524.00 -5.01

NIGERIAN BAG MANUFACTURING PLC



ASO SAVINGS AND LOANS PLC



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

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

ROYAL EXCHANGE PLC



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

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

JULIUS BERGER NIGERIA PLC



ADSWITCH PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09

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

GUINNESS NIGERIA PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09


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


32/169


33/169




Profit before tax 284.45 304.87 -6.7 Profit before tax 54.17 -123.76 143.77

Profit/Loss After T ax 236.09 230.52 2.42 Profit/Loss After Tax 36.84 -123.76 129.77

Fixed Assets 2,174.00 2,187.00 -0.59 Fixed Assets 225.85 189.9 18.93

Cash and Bank Balances 402.71 383.29 5.07 Cash and Bank Balances 19.93 14.34 38.93

Other Debit Balances 8,499.00 7,871.00 7.98 Other Debit Balances 331.09 632.54 -47.66

Other Credit Balances 1,099.00 1,911.00 -42.49 Trade Credits 132.25 163.57 -19.15

Working Capital -7,653.00 -7,566.00 -1.15 Other Credit Balances 1,145.00 1,056.00 8.43

Net Assets 2,626.00 2,152.00 22.03 Working Capital 1,322.00 1,227.00 2.07

Net Assets 1,109.00 1,072.00 3.45

2009 Nm 2008 Nm % Change 2009 2008 %


Profit before tax 444.96 304.12 46.31 Gross Earnings 661.67 708.68 (6.63)

Profit/Loss After Ta x 307.33 210.69 45.87 Profit before tax 185.88 296.03 (37.21)

Profit/Loss After Tax 161.09 236.82 (31.98)

Fixed Assets 477.91 539.28 -11.38

Cash and Bank Balances 28.64 37.15 -22.91 Fixed Assets 2,082.00 2,133.00 -2.39

Other Debit Balances 203.47 225.81 -9.89 Cash and Bank Balances 100.00 80.66 23.98

Trade Creditors 50.58 47.49 6.51 Other Debit Balances 1,137.00 1,430.00 -20.49

Other Credit Balances 802.32 601.11 33.47 Trade Credits 4,178.00 135.85 2975.36

Working Capital 917.82 660.25 39.01 Other Credit Balances 1,480.00 2,162.00 -31.54

Net Assets 1,287.00 1,100.00 17 Working Capital 2,815.00 2,602.00 8.19

Net Assets 5,089.00 4,928.00 3.27

2009 2008 % 2009 2008 %


Gross Earnings 2,845.00 3,002.00 (5.23) Gross Earnings 567.32 601.51 (5.68)

Profit before tax 375.62 358.46 4.79 Profit before tax 38.78 69.12 (43.90)

Profit/Loss After Ta x 255.42 243.76 4.79 Profit/Loss After Tax 24.24 48.39 (49.91)


Cash and Bank Balances 142.86 79.22 80.32 Cash and Bank Balances 945.83 1,167.00 -18.95

Other Debit Balances 3,349.00 2,734.00 22.49 Other Debit Balances 783.56 670.29 16.90

Trade Creditors253.07 224.95 12.50

Other Credit Balances(45.85) (80.06) 42.72

Other Credit Balances 1,304.00 953.30 36.79 Working Capital 1,945.00 2,014.00 -3.43

Working Capital 2,283.00 1,974.00 15.65 Net Assets 2,841.00 2,921.00 -2.74

Net Assets 5,796.00 5,411.00 7.12

C &I LEASING PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09


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

NEIMETH INTERNATIONAL PLC



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

UNIVERSITY PRESS PLC



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

AFROMEDIA PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09


FIDSON HEALTHCARE PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09


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

ETRANZACT INTERNATIONAL PLC



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

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


34/169


2009 2008 % 2009 2008 %



Profit before tax 13,783.00 11,862.00 16.19 Profit before tax 167.66 312.12 (46.28)

Profit/Loss After T ax 9,783.00 8,331.00 17.43 Profit/Loss After Tax 164.31 300.30 (45.28)



Other Debit Balances 4,433.00 2,165.00 104.76 Other Debit Balances 2,419.00 3,093.00 -21.79

Trade Creditors 3,123.00 3,001.00 4.07 Trade Creditors 713.58 843.40 -15.39


Working Capital (165.21) 4,248.00 -103.89 Working Capital 2,879.00 3,455.00 -16.67


2009 2008 % 2009 2008 %


Gross Earnings 1,146.00 911.45 25.73 Gross Earnings 45,589.00 43,273.00 5.35

Profit before tax 107.00 (131.74) 181.22 Profit before tax 8,955.00 12,768.00 (29.86)

Profit/Loss After T ax 72.76 (145.20) 150.11 Profit/Loss After Tax 5,055.00 11,252.00 (55.07)

Fixed Assets 720.16 732.27 -1.65 Fixed Assets 69,680.00 43,121.00 61.59

Cash and Bank Balances 143.60 82.92 73.19 Cash and Bank Balances 3,627.00 5,974.00 -39.29

Other Debit Balances 11.60 84.66 -86.30 Other Debit Balances 1,091.00 2,363.00 -53.83

Other Credit Balances 2,139.00 2,351.00 -9.02 Trade Credits 2,521.00 2,206.00 14.28

Working Capital (185.24) (270.11) 31.42 Other Credit Balances 40,630.00 11,993.00 238.78

Net Assets 497.18 424.42 17.14 Working Capital 6,747.00 487.74 1283.32

Net Assets 43,710.00 40,456.00 8.04

2006 2005 % 2009 2008 %


Gross Earnings 192.09 253.54 (24.24) Gross Earnings 335.29 191.59 75.00

Profit before tax 8.78 29.42 (70.16) Profit before tax 70.96 40.55 75.00

Profit/Loss After T ax 8.37 17.19 (51.32) Profit/Loss After Tax 61.14 34.94 75.00

Fixed Assets 15.31 17.67 -13.34 Fixed Assets 1,143.00 1,135.00 0.70

Cash and Bank Balances 73.87 80.48 -8.22 Cash and Bank Balances 19.12 16.77 14.05

Other Debit Balances 12.91 13.56 -4.80 Other Debit Balances 5,874.00 5,997.00 -2.05

Trade Credits 39.72 44.01 -9.74 Short Term Borrowing 716.08 768.20 -6.78

Other Credit Balances 65.55 71.13 -7.84 Other Credit Balances 881.74 844.54 4.41

Working Capital 112.03 109.04 2.74 Working Capital 1,430.00 1,683.00 -15.03

Net Assets 227.13 219.22 3.61 Net Assets 6,572.00 6,883.00 -4.52



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

NESTLE NIGERIA PLC



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

NAMPAK NIGERIA PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09


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

PS MANDRID PLC



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

OMATEK VENTURES PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09

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


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

LAFARGE WAPCO CEMENT PLC



COSTAIN WEST AFRICA PLC


35/169


2009 2008 % 2009 2008 %



Profit before tax (4,680.00) 3,186.00 (246.89) Profit before tax (5,476.00) 6,318.00 (186.67)

Profit/Loss After T ax (4,608.00) 2,390.00 (292.80) Profit/Loss After Tax (5,476.00) 5,054.00 (208.35)

Fixed Assets 10,122.00 10,291.00 -1.64 Fixed Assets 10,446.00 10,291.00 1.51


Other Debit Balances 39,843.00 40,911.00 -2.61 Other Debit Balances 25,938.00 40,911.00 -36.60

Short Term Borrowing 45,626.00 53,161.00 -14.17 Short Term Borrowing 28,084.00 53,161.00 -47.17


Working Capital (6,788.00) (1,959.00) -246.50 Working Capital 7,207.00 (1,959.00) -246.50

Net Assets 1,835.00 6,852.00 -73.22 Net Assets 16,851.00 6,852.00 145.93

2009 2008 % 2009 2008 %


Gross Earnings 77,682.00 80,751.00 (3.80) Gross Earnings 4,082.00 3,470.00 17.64

Profit before tax (5,560.00) 4,851.00 (214.62) Profit before tax 611.92 990.52 (38.22)

Profit/Loss After T ax (5,560.00) 3,881.00 (243.26) Profit/Loss After Tax 550.73 891.46 (38.22)


Cash and Bank Balances 4,150.00 4,900.00 -15.31 Cash and Bank Balances 212.14 175.83 20.65


Short Term Borrowing 36,776.00 53,161.00 -30.82 Short Term Borrowing 151.01 201.38 -25.01

Other Credit Balances 19,922.00 8,616.00 131.22 Other Credit Balances 2,876.00 2,749.00 4.62

Working Capital (7,373.00) (1,959.00) -246.50 Working Capital 2,916.00 2,227.00 -246.50

Net Assets 955.01 6,852.00 -86.06 Net Assets 4,612.00 4,337.00 6.34

2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % Change


Profit Before Tax 86.34 74.21 16.35 Profit Before Tax 6,163.00 6,508.00 (5.30)

Profit/Loss After T ax 59.80 41.34 44.63 Profit/Loss After Tax 3,968.00 4,393.00 (9.67)

Fixed Assets 1,020.00 332.99 206.31 Fixed Assets 12,647.00 11,236.00 12.56

Cash and Bank Balances 124.89 849.02 -85.29 Cash and Bank Balances 512.23 2,004.00 -74.44

Other Debit Balances 373.92 211.81 76.54 Other Debit Balances 23,069.00 17,241.00 33.80

Trade Credits 84.58 45.15 87.35 Short Term Borrowing 3,945.00 998.27 295.18


Working Capital (858.25) (224.25) 282.73 Working Capital (4,472.00) (2,849.00) 56.97

Net Assets 162.54 108.75 49.47 Net Assets 6,982.00 7,268.00 -3.94


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

AFRICAN PETROLEUM PLCSECOND QUARTER RESULT FOR THE PERIOD ENDING 30-JUNE-09

AFRICAN PETROLEUM PLC

FIRST QUARTER RESULT FOR THE PERIOD E NDING 31-MAR-09


STACO INSURANCE PLC

ROADS PLC TOTAL NIGERIA PLC





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

AFRICAN PETROLEUM PLC



AUDITED REPORT FOR THE PERIOD ENDED 31-MAR-09 AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09

Balance Sheet Information Balance Sheet Information

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36/169



37/169



Gross Earnings 35,012.00 16,453.00 112.80 Gross Earnings 483.51 1,334.00 (63.75)

Profit Before Tax 14,436.00 4,733.00 205.01

Profit Before Tax and Extra-

ordinary items. (567.06) 383.33 (247.93)

Profit/Loss After T ax 14,372.00 4,144.00 246.81 Profit/Loss After Tax (2.11) (343.84) (99.39)

Fixed Assets 40,456.00 41,950.00 -3.56 Fixed Assets 61.17 83.63 -26.86

Cash and Bank Balances 3,923.00 716.63 447.43 Cash and Bank Balances 77.17 381.18 -79.76

Other Debit Balances 3,684.00 209.96 1654.64 Other Debit Balances 2,900.00 3,953.00 -26.64

Trade Creditors 1,759.00 1,358.00 29.53 Trade Credits 4,062.00 2,316.00 75.39


Working Capital (15,546.00) (27,509.00) -43.49 Working Capital (1,572.00) 1,760.00 -189.32

Net Assets 24,208.00 13,751.00 76.05 Net Assets (397.52) 2,983.00 -113.33



Profit before tax 47.07 302.73 (84.45) Profit Before Tax 293.98 1,426.00 (79.38)

Profit/Loss After T ax 46.13 287.87 (83.97) Profit/Loss After Tax 161.35 1,047.00 (84.59)


Cash and Bank Balances 1,228.00 2,784.00 -55.89 Cash and Bank Balances 751.96 1,287.00 -41.57


Other Credit Balances 3,584.00 3,820.00 -6.18 Other Credit Balances 3,099.00 2,582.00 20.02

Working Capital 2,767.00 3,455.00 -19.91 Working Capital 1,030.00 2,771.00 -62.83




Profit Before Tax (7,681.00) (8,415.00) (8.72)

Profit Before Tax AND Extra-

ordinary items 444.88 1,292.00 (65.57)

Profit/Loss After T ax (7,787.00) (8,008.00) (2.76) Profit/Loss After Tax 239.43 674.06 (64.48)


Cash and Bank Balances 6,845.00 15,904.00 -56.96 Cash and Bank Balances 1,335.00 307.12 334.69

Other Debit Balances 9,726.00 12,463.00 -21.96 Other Debit Balances 77.13 139.01 -44.51

Trade Credits 1,512.00 1,959.00 -22.82 Short Term Borrowing 378.62 462.32 -18.10


Working Capital (7,006.00) 3,689.00 -289.92 Working Capital 855.49 (421.81) -302.81




Profit Before Tax 9,444.00 5,241.00 80.19 Profit Before Tax 13,010.00 12,635.00 2.97

Profit/Loss After T ax 3,300.00 2,508.00 31.58 Profit/Loss After Tax 8,847.00 8,591.00 2.98



Other Debit Balances 34,659.00 29,693.00 16.72 Other Debit Balances 430,891.00 376,190.00 14.54

Trade Creditors (4,046.00) (5,333.00) -24.13 Trade Credits 695,419.00 662,261.00 5.01

Other Credit Balances (134,733.00) (122,162.00) 10.29 Other Credit Balances 182,866.00 168,933.00 8.25

Working Capital (31,961.00) (16,482.00) 93.91 Working Capital 143,639.00 141,901.00 1.22



BENUE CEMENT PLC DEAP CAPITAL MGT PLC

AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2009 THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09

STARCOMMS PLC PRESCO PLC

http://www.proshareng.com/ investors/ company.php?ref=BCC http: //www.proshareng.com/investors/company.php?re f=DEAPCAP

COSTAIN WA PLC IHS PLC

INTERIM REPORT FOR THE PERIOD ENDED 31ST DECEMBER 2009 THIRD QUARTER TERIM REPORT FOR THE PERIOD ENDED 31ST OCTOBER 2009 SECOND QUARTE


http://www.pr oshar eng.com/investors/company.php? ref= COST AIN http://www.pr osha reng.com/investors/company.php?ref= IHS


AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2009 AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST 2009


ht tp ://www.proshareng.com/ investors/ company.php?ref=STARCOMMS http: //www.proshareng.com/investors/ company.php?ref=PRESCO

JULIUS BERGER PLC GUARANTY TRUST BANK PLC

AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09 FIRST QUARTER INTERIM REPORT FOR THE PERIOD ENDED 31-MAR-10

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


38/169




Profit before tax 1,025.00 1,011.00 1.38 Profit Before Tax 13,206.00 11,758.00 12.32

Profit/Loss After T ax 730.90 681.42 7.26 Profit/Loss After Tax 9,509.00 9,816.00 (3.13)


Cash and Bank Balances 1,499.00 1,569.00 -4.46 Cash and Bank Balances 306,606.00 126,779.00 141.84

Other Debit Balances 266.43 161.24 65.23 Other Debit Balances 523,352.00 521,431.00 0.37


Working Capital 3,361.00 1,985.00 69.32 Working Capital 62,681.00 119,641.00 -47.61

Net Assets 21,725.00 20,995.00 3.48 Net Assets 336,612.00 337,793.00 -0.35



Profit Before Tax 5,269.00 4,284.00 22.99 Profit Before Tax 333.00 1,590.00 (79.06)

Profit/Loss After T ax 3,682.00 3,204.00 14.92 Profit/Loss After Tax 243.00 1,055.00 (76.97)


Cash and Bank Balances 4,281.00 2,804.00 52.67 Cash and Bank Balances 1,367.00 840.00 62.74

Other Debit Balances 3,184.00 4,344.00 -26.70 Other Debit Balances 556.00 801.00 -30.59

Trade Credits 1,002.00 592.19 69.20 Short Term Borrowing 5,769.00 4,693.00 22.93


Working Capital 15,498.00 18,440.00 -15.95 Working Capital (8,493.00) (8,005.00) 6.10




Profit/Loss Before Tax (2,379.00) (2,847.00) (16.44) Profit Before Tax 13,512.00 10,742.00 25.79

Profit/Loss After T ax (1,235.00) (2,752.00) (55.12) Profit/Loss After Tax 10,096.00 8,343.00 21.01

Fixed Assets 11,141.00 12,613.00 -11.67 Fixed Assets 131,713.00 89,903.00 46.51

Cash and Bank Balances 5,026.00 1,648.00 204.98 Cash and Bank Balances 25,760.00 48,981.00 -47.41

Other Debit Balances 974.51 826.80 17.87 Other Debit Balances 98,586.00 108,489.00 -9.13

Trade Creditors 1,702.00 1,830.00 -6.99 Trade Credits 40,129.00 27,083.00 48.17


Working Capital 1,926.00 (13,867.00) -113.89 Working Capital (83,152.00) (31,450.00) 164.39


2009 N'm 2008 N'm% Change

2009 N'm 2008 N'm% Change


Profit before tax (645.46) 123.24 (623.75)

Profit Before Tax & Extra-

ordinary item 4,066.00 3,181.00 27.82

Profit/Loss After T ax (625.05) 83.80 (845.86) Profit/Loss After Tax 2,841.00 1,718.00 65.37


Cash and Bank Balances 219.40 320.08 -31.45 Cash and Bank Balances 21.80 59.96 -63.65

Other Debit Balances 571.45 6,045.00 -90.55 Other Debit Balances 4,861.00 4,628.00 5.03

Other Credit Balances 341.67 6,919.00 -95.06 Other Credit Balances 11,785.00 8,619.00 36.73

Working Capital (8,613.00) (6,057.00) 42.20 Working Capital (3,044.00) (4,053.00) -24.90

Net Assets 2,107.00 778.28 170.72 Net Assets 4,176.00 2,837.00 47.20

PZ CUSSONS PLC NIGERIAN BOTTLING COMPANY PLC

JAPAUL OIL AND MARITIME SERVICES PLC ZENITH BANK PLC

AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09 INTERIM REPORT FOR THE PERIOD ENDED 31-MAR-10 FIRST QUARTER


http:/ /www.proshareng.com/ investors/ company.php?ref=JAPAUL ht tp:/ /www.proshareng. com/ investors/company.php?ref=ZENITH


R EPORT FOR T HE PERIOD ENDED 27-FEB-1 0 T HIRD QUART ER FRI ST QUART ER REPORT FOR T HE PERIO D ENDE D3 1-MAR-1 0


http://www.prosha reng.com/investor s/company.php?ref=PZ http://www.pr oshar eng.com/investors/company.php?ref= NBC

CADBURY NIGERIA PLC OANDO PLC

AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09 AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09

http ://www.proshareng. com/investors/company.php?ref=CADBURY ht tp:/ /www.proshareng. com/ investors/company.php?ref=OANDO

ETERNA OIL PLC MOBIL OIL PLC

NAUDITED FINANCIAL REPORT FOR THE PERIOD ENDED 30-SEP-09 THIRD QUARTE AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31-DEC-09


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


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Profit before tax 2,804.00 5,353.00 (47.62) Provision for Risk Assets 1,496.00 (37,662.00) (103.97)

Profit/Loss After Tax 2,243.00 4,282.00 (47.62) Profit before tax 15,420.00 (9,846.00) 256.61

Profit/Loss After Tax12,336.00 12,800.00 (3.63)

Fixed Assets 38,864.00 40,893.00 -4.96

Balance Sheet

Information

Cash and Bank Balances 73,183.00 63,133.00 15.92 Total Assets 71,730.00 73,042.00 -1.80

Other Debit Balances 202,585.00 166,609.00 21.59 Loans and Advances 1,252,660.00 1,078,452.00 16.15

Other Credit Balances 114,733.00 81,211.00 41.28 Shareholders' Fund 309,558.00 309,558.00 0.00

Working Capital 6,003.00 41,870.00 -85.66 Customers' Deposit 1,406,802.00 1,339,142.00 5.05

Net Assets 88,032.00 88,032.00 0.00

2009 N'm 2008 N'm % Change 2009 2008 %


Profit before tax 11,600.00 42,400.00 (72.64) Gross Earnings 66,076.46 89,552.70 -26.21%

Profit/Loss After Tax 3,200.00 33,900.00 (90.56) Profit Before Tax -3,481.57 26,185.43 -113.30%

Balance Sheet

Information Profit/Loss After Tax -4,402.17 20,814.22 -121.15%

Total Assets 2,200,000 1,

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H1 2010 NCM Market Report - Proshare - 020710

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