+ All Categories
Home > Documents > March Q1 2010 NCM Market Report - Proshare

March Q1 2010 NCM Market Report - Proshare

Date post: 30-May-2018
Category:
Upload: proshareng
View: 223 times
Download: 0 times
Share this document with a friend

of 112

Transcript
  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    1/112

    ISSN 1597 - 8842 Vol. 1 No. 29

    The Monthly NCM Report for March 10

    Issued on April 01, 2010

    Quarterly Edition: Q1 2010

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    2/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 2

    Contents

    Executive Summary 3

    Introduction 4

    All-Share Index Movement 7

    Market Dynamics 8

    Comparison of 2009 and 2010 Market Performance 9

    Sectoral Index Movements 11

    NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index

    Transactions Volume and Value Trend 17

    Top Ten Trades for First Quarter 2010 19

    Top Ten Traded Sectors First Quarter 2010 20

    Top Twenty Gainers First Quarter 2010 21

    Top Twenty Losers/Decliners First Quarter 2010 21

    Gainers and Losers Compared 22

    Supplementary Listing First Quarter 2010 23

    Corporate Declarations First Quarter 2010 24

    Forecast Results First Quarter 2010 44

    Dividends Declared 46

    Sectoral Analysis 47

    Outlook/ Analyst Opinion 54

    Time Lines (Jan - March Market News/Information) 55

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    3/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 3

    The Monthly NCM Report for Q1 2010

    ISSN 1597 - 8842 Vol. 1 No. 29

    Executive Summary

    Equities post positive wide margins with +24.60% appreciations

    By the week ended March 12, 2010, it was certain that the NSE was going into a full

    throttle (http://proshareng.com/blog/?p=243 -Shares to watch as the NSE goes into full Throttle - Biosah).

    The signs were ominous and the results for the quarter confirm this third stage of the

    recovery phase and our prediction that the market will begin Q2 2010 in a recovery

    mode (http://proshareng.com/reports/view.php?id=2447 Page 5).

    The impressive trend posted in the month of January standing at +8.5% declined in the

    month of February to close at a marginal gain of+1.79% due to massive sell pressures

    on the equities a consequence of the heightened sovereign risk and uncertainty thatpervaded the entire strata of the nation - social, economy and politics. February in

    particular had signalled the sign of things to come with a measure of improved liquidity

    situation and investors interest in the market evident in the rising profile of the volume

    and value of market transactions witnessed in the upbeats recorded on some days in the

    month. The month of March 2010 closed at +24.60% performances to reveal a positive

    trend that occurred about the same time the sovereign gloom was lifted and momentum

    gained in the steering of the affairs of the state.

    It can therefore be deduced from the market trend report that market patronage has

    improved from what it used to be before; and the activities of speculators may no longer

    hold dominant status in the market again, hence less volatility in the market.

    The market may also be benefiting from both actual and expression of interest activities

    from foreign investors, especially as market continues to post more attractive trend in

    the days ahead. This may create another era of bullish run that may last longer and

    eventually push the market to a convenient state of stability; especially when viewed

    against the backdrop of improved corporate results by the listed firms, with a few

    exceptions based on relativity analysis.

    The market swung mostly in favour of non-banking stocks in the period under review

    and this could be attributed to the myriads of uncertainties and outstanding issues that

    bedevil the sector. However, with the trend of the results being posted by the banks -the entire market appears set to grow faster and stronger, if sustained across board.

    The market in Q2 2010 is expected to move above the current levels and we remain

    hopeful and encourage investors to take a long term view of the market even as

    opportunities for short term trades (with stop losses) appear frequently in the market.

    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.

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    4/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 4

    Introduction

    NSE all share index has confirmed a return to a bullish trend

    The market trend in the first quarter presented the dynamism of both investors and

    speculators activities as indicated by the price movements across the sectors in theperiod under review.

    As we entered the second trading month in 2010 February, the performance showed a

    true reflection of the health status of the nations economy volatile and uncertain. The

    heightened political risk among the ruling class had created a stagnation of sorts for the

    nations economy; and this, to a very large extent, dictated the trend of the market for

    the month till we entered March 2010.

    March 2010 saw a significant movement towards the resolution of the leadership crisis

    which coincided with the recovery and a building of momentum in the market as the NSE

    ASI which began 2010 with a very promising up trend appeared to have a found itsrhythm once again this time with some surefootedness.

    Getting Here

    On February 3, 2010, the index confirmed it first return to a bullish trend, but reversed

    into a bearish mode two days later on a sell off on very heavy volume as highlighted in

    the graph here:

    The trend appeared sustainable for several reasons (http://proshareng.com/blog/?p=243):

    For the week ended March 12, 2010, the trading volume for the NSE was above 500

    million units for 3 of the 5 trading days. Additionally, the week experienced the

    highest trading volume since the February 5, 2010 close, when total volume for the

    week was 2.7 billion units.

    The increased volume for the week saw the index close at its highest level since

    August 14, 2009, and the highest level for 2010. Also, the index closed positively

    above its 200 day SMA on heavy volume relative to a negative close below its 200

    day SMA on February 5, 2010, its first test above the technical bullish indicator.

    19000

    20000

    21000

    22000

    23000

    24000

    25000

    -

    100,000,000

    200,000,000

    300,000,000

    400,000,000

    500,000,000

    600,000,000

    700,000,000

    800,000,000

    900,000,000

    1,000,000,000

    NSE all Share Index Versus Volume

    Volume

    Index

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    5/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 5

    Several blue chips stocks that have been struggling to break above strong overhead

    resistance finally breached their resistance. Notably First Bankand Zenith Bank.

    It however does appear that it could be no more than a mere co-incidence, but one hard

    to ignore as a determinant of market outcome - that the bulls regained the market

    one month after the February 11

    th

    , 2010 unanimous declaration of the Vice-President as the Acting- President by the National Assembly(a contentious move

    steeped in expediency). The emergence of Dr. Jonathan Goodluck as the Acting-

    President abated the political tension in the country and put to rest the impending

    constitutional crisis that hung over it thus dropping relatively the sovereign risk for

    investment.

    Despite the imperfect scenario and the continuing demands for constitutional processes;

    the Acting-President has taken steps to convince the local and international stakeholders

    that there exist a functioning government in the country and that it is indeed prepared

    for the vagaries of power and in effect, guarantees the engagements, decisions and

    markets in the country.

    Also, the news that the AMC Bills is recording encouraging progress on the floor of the

    National Assembly, served as a spur-on for the market and a signal that liquidity is

    headed back; and positions needed to be taken.

    For the Nigerian Capital Market, this was helpful as it sent out positive signals to

    international investors who might have been waiting on the wings to come in at the

    defining curve of recovery (though still with possible and relative sideway reactions

    however as at this point, it is believed that the situation is relatively stable and better).

    The Market Game On

    The market this quarter recorded a total of 27.008bn units valued at N191.845bn

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

    N105.910bn (US$707.483mn) exchanged in 418,368 deals in the previous years

    first quarter. Comparing, the volume and value traded in the quarter reveals a

    +41.28% and +81.16% rise above the volume and value recorded in the previous

    years first quarter respectively.

    In the same vein, comparing the volume and value traded in the most recent previous

    quarter showed that the transactions activities closed on the upward note. The volume

    traded in the previous quarter to December 2009 which stood at 27.485bn units valued

    at N176.804bn (US$ 1.181bn) exchanged in 370,727 deals was +1.75% abovethe volume traded this quarter.

    In the course of the quarter, the All-Share index recorded a +24.60% performance

    compared with -36.69% negative growth recorded in the preceding years first quarter

    to close at 19,851.89. The ASI trend this quarter when compared with the most recent

    previous quarter to December 31st, 2009 also outperformed the last quarter which

    recorded -6.82% negative growths. Market capitalisation this quarter thus appreciated

    by +N1.288 trillion(US$8.607bn) compared with -N2.473 trillion(US$ 16.523bn)

    market capitalisation loss recorded in the previous years comparable period.

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    6/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 6

    The Market Game Changers: The outcomes/consequence recorded in the quarter

    could be principally attributed to the issues outlined above and to some of the following

    market and financial fundamentals:

    The compromise resolution administered on the political crisis the country faces as

    well as the decisions/steps taken by the Acting President which has galvanised thestakeholders for good or bad; but eliminated indifference and catastrophe and

    replaced this with hopeful expectations.

    The expected timely passage of the 2010 appropriation bill by the National Assembly

    which is long overdue and is expected to stimulate the economy and the capital

    market.

    Planned elections (with a possibility of an early election timeframe) and the expected

    beneficial impact on the NCM.

    Increasing regulatory co-ordination and seriousness/commitment to tackle hitherto

    protected practices and a transparent & level playing field has gone a long way to

    impact on the psyche of investors and their confidence in the market processes abenefit of doubt level of engagement

    Reduction in the negative news cycle from both regulators and interest groups which

    continue to cast shadows of doubt over the status of banks in the country

    Dearth of loan-able funds from the banking sector and consequential multiplier

    impact on the economy lends credibility to the expectation that the AMC bill will

    receive a favourable passage at the National Assembly and should hopefully address

    the capital gaps in most of the banks.

    Corporate declarations announced by some companies good with relative positives.

    The decline in the returns on bond(s) which now makes equities relatively moreattractive.

    The activities of speculators in playing the market and the holding onto some stocks

    by the investors appear to be dwindling suggesting a significant wash-out of the

    speculators or a change in mindset reflecting the market momentum.

    Several blue chips stocks that have been struggling to break above strong overhead

    resistance finally breached their resistance.

    The management of the leadership issues at both the Nigerian Stock Exchange on

    succession plan and the SEC on the conflicted status of the Board Chairman.

    A litmus test for the banking sector is due in Q2 as Nigerian banks are expected toadhere fully (without exception) to full provisioning in line with the IFRS and

    which marks an end to the differential year-end era. These results would prove

    critical not only in terms of being a determinant for continued correspondent banking

    relationships, confidence to give/increase credit terms and limits by foreign banks,

    but also in terms of determining the true worth of the banks on a given day using a

    comparative basis.

    The recent CBN policy on Universal Banking suggest that there may be more

    challenges ahead for banking sector especially for banks that leverage on their

    subsidiaries for group growth. This may also pose increase in job loss risk in the

    system as the effect of the unbundling does more than ensure supervisory

    enforcement catches up with practice.

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    7/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 7

    The NSE All-Share Index Movement

    The NSE index in Q1 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 at22,985.00; 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%. The aggregate All-

    Share Index growth in the quarter stood at 24.60% to close at 25,966.25.

    After many interruptions in the NSE ASI bids to cross its 200 days moving averages, therecent trends recorded in the month of March seemed to have given the ASI the stamina

    to cross the resistance level. Notwithstanding these 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 has in a way; put the bearish trend behind it.

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    8/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 8

    According to the index moving averages graphically explained above, the NSE ASI is

    trading above its 20 days, 50 days and 200 days moving averages. The trend of the

    market showed that the NSE ASI gained 1,952.59 or 9.5% from December 31, 2009

    through January 12, 2010. The upbeat recorded in the eight days rally raised investors

    raised optimism for many stock.

    However, sell pressures took tolls on the shares on the NSE by Wednesday January 13,

    2010 which resulted in the halt of market upbeat. At the beginning of the uptrend, the

    NSE ASI was 2,342 or 10.1% removed from its 200 day CSMA of 23,169, and at the

    time of the 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 into a full throttle (http://proshareng.com/blog/?p=243).

    With the uptrend recorded in the month of March, the present market trend shows the

    recovery and rebounding status of the market. This positive trend could mostly be

    attributed to performance growth recorded in the non-financial stocks, most especially

    toward the tail end of the quarter.

    The enthusiasm shown by the market appears sustainable.

    Source: NSE, Proshare Research

    Q1 2010 Market Dynamics

    The market dynamics as graphically illustrated below showed the appreciation and

    depreciations on the weekly basis.

    The trend clearly explains the investors sentiment swing in the period under review as

    influenced by some other factors. The latter part of the month of March added much

    impetus to the positive outlook shown in the dynamics (and as explained in our

    introduction).

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    9/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 9

    MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (Q1,2009)

    Source: NSE, Proshare Research

    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 years

    trend. In the period under review, ASI recorded +24.60% appreciations as against -

    36.61% depreciations recorded in 2009 first quarter. This trend is attesting to the fact

    that the market has moved far away on a positive note from the bearish trend as at the

    previous years comparable period.

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    10/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 10

    Source: NSE, Proshare Research

    From the table above, the year to date performance of the year 2009 as at 31st March,

    2009 closing at -36.69% indicated a depressing outlook when compared with the

    positive year to date performance for the year 2010 as at 31 st March, 2010 standing in

    the positive performance growth of+24.60% for the period under review. The negative

    trend of the previous years period when compared with +24.60% appreciations

    recorded in 2010 first quarter showed that the market is on the recovery trend.

    Dates NSE ASIMarket

    Capitalisation(trillion)Market

    Capitalisation($ bn)

    Jan-02-09 31,357.24 6.93 43.31

    Mar-02-09 22,684.18 5.07 31.69

    Mar-31-09 19,851.89 4.48 28.00

    Quarterly Return -36.69% -35.35% -35.35%

    Monthly Return -12.49% -11.64% -11.64%

    Jan-04-10 20,838.90 4.99 33.27

    Mar-01-10 22,995.75 5.53 36.87

    Mar-31-10 25,966.25 6.28 41.87

    Quarterly Return 24.60% 25.85% 25.85%

    Monthly Return 12.92% 13.56% 13.56%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    11/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 11

    Sectoral Index Movements

    Date

    NSE 30Index

    %

    Change

    NSE-FoodIndex %

    Change

    NSE-BankingIndex %

    Change

    NSE-InsuranceIndex %

    Change

    NSE-Oiland GasIndex %

    Change04/01/2010 -0.07 0.43 -0.58 -0.01 0.00

    05/01/2010 0.59 0.73 0.86 -1.52 0.16

    06/01/2010 1.55 0.60 1.42 -1.79 0.00

    07/01/2010 1.16 0.61 1.52 -0.79 0.91

    08/01/2010 0.63 1.02 0.98 -0.29 0.45

    11/01/2010 1.94 3.39 2.34 -0.89 0.65

    12/01/2010 2.22 2.30 2.36 -0.60 1.22

    13/01/2010 -1.15 -1.76 -2.53 0.14 0.43

    14/01/2010 -1.44 -2.40 -1.68 -1.78 0.00

    15/01/2010 0.54 0.63 0.82 0.30 0.00

    18/01/2010 0.58 0.04 0.91 1.10 0.00

    19/01/2010 0.29 0.31 0.62 -1.50 0.00

    20/01/2010 0.05 4.86 0.16 -0.85 -0.27

    21/01/2010 -0.46 0.29 -1.71 0.52 0.00

    22/01/2010 -0.66 -0.08 -0.18 -1.33 0.00

    25/01/2010 0.85 0.92 1.76 0.80 0.00

    26/01/2010 0.64 1.01 1.31 -0.81 0.00

    27/01/2010 -0.33 0.39 -0.68 -0.26 0.00

    28/01/2010 0.49 -0.17 1.54 0.32 0.0029/01/2010 0.05 -0.46 0.73 -1.59 -0.05

    01/02/2010 1.40 2.12 1.69 -0.22 0.00

    02/02/2010 1.31 0.70 1.32 -1.15 0.00

    03/02/2010 2.38 1.47 3.37 -0.06 -0.83

    04/02/2010 1.11 -0.39 1.79 0.80 0.23

    05/02/2010 -2.81 -3.29 -3.62 -1.65 0.86

    08/02/2010 -1.51 -2.12 -2.51 -1.10 0.00

    09/02/2010 0.83 0.07 0.81 -0.71 0.00

    10/02/2010 0.58 0.28 0.44 0.09 -0.61

    11/02/2010 -0.44 0.38 -1.10 1.13 -1.13

    12/02/2010 -0.18 0.51 -0.49 -1.31 -0.01

    15/02/2010 0.45 0.39 0.51 0.30 0.00

    16/02/2010 0.12 0.13 0.27 -1.30 0.03

    17/02/2010 0.01 1.59 -0.38 -1.03 0.00

    18/02/2010 0.44 0.13 0.94 -0.27 0.25

    19/02/2010 0.14 0.27 -0.21 -0.08 0.42

    22/02/2010 -0.65 1.03 -0.50 -1.21 0.69

    23/02/2010 -0.44 0.48 0.02 -2.51 1.41

    24/02/2010 0.64 0.25 0.18 -0.51 1.46

    25/02/2010 -0.12 -0.18 -0.61 0.31 1.00

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    12/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 12

    01/03/2010 0.11 0.78 0.43 -0.44 -0.27

    02/03/2010 0.19 1.11 0.05 -1.31 -0.48

    03/03/2010 -0.02 -0.03 -0.31 -0.76 -0.98

    04/03/2010 -0.34 0.57 -0.74 0.60 -0.69

    05/03/2010 0.03 0.11 0.03 -1.54 0.3608/03/2010 0.78 -0.03 0.70 -0.32 0.03

    09/03/2010 0.74 1.03 1.06 -0.19 1.51

    10/03/2010 0.96 2.21 1.09 -0.58 -1.19

    11/03/2010 1.08 -0.54 1.41 -0.45 -1.67

    12/03/2010 1.76 0.49 3.22 1.63 1.28

    15/03/2010 0.86 0.99 0.70 0.05 -2.23

    16/03/2010 0.41 2.15 -0.53 1.07 0.26

    17/03/2010 0.39 0.52 0.44 1.65 0.89

    18/03/2010 -1.02 -1.40 -1.24 1.07 1.19

    19/03/2010 0.98 2.22 2.39 0.06 0.0022/03/2010 0.36 -0.08 1.18 1.16 -1.11

    23/03/2010 1.65 1.22 1.16 0.61 1.29

    24/01/2010 0.15 0.28 -1.05 0.33 -1.30

    25/03/2010 -0.47 1.62 -0.68 2.22 0.12

    26/03/2010 1.86 1.85 0.83 0.86 -0.01

    29/03/2010 1.98 3.38 2.93 0.95 0.60

    30/03/2010 2.25 1.88 3.00 0.18 -0.22

    31/03/2010 -2.23 -3.16 -1.97 0.96 1.57

    First Quarter Performance 25.63 39.09 28.89 -12.92 6.21Source: NSE, Proshare Research

    In the first quarter, NSE-Food and Beverages sector index led the performance with

    +39.09%, followed by the Banking sector with +28.89%. However, the Insurance

    sector was the only index that declined (by -12.92 %.)

    NSE-30INDEX

    Source: NSE, Proshare Research

    The trend recorded in the blue chips stocks is reflected in the index movement. Therewere interruptions at the many points in the index performance in the quarter due to the

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    13/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 13

    volatility that pervaded the entire market in the period. The sector would probably have

    performed better but for the uncertainty that pervaded both the political and the

    economy landscapes of the country. The few dividends declared in the sector stimulated

    the sectors performance in a way. It was also observed that not many investors were

    keen at holding many of the blue chips stocks for long as there were sell pressures in the

    stocks in between. The sector eventually closed with +25.63% appreciations. And thesome of the stocks in this category look good for investment considerations.

    NSE-FOOD INDEX

    Source: NSE, Proshare Research

    The stocks in the sector posted relatively outstanding trend in the quarter and eventually

    emerged the best performing NSE Sectoral index with +39.09% appreciations. After lull

    that the stocks in the sector experienced towards the tail end of the month of January,the trend in the sector has since remained on the positive side. The investors

    sentiments swung mostly in favour of the stocks in the sector. The sector recorded

    +18.43% appreciation in the month of March alone compared with +13.20% and

    +3.75% appreciation recorded in January and February respectively. Therefore, the

    stocks in the sector appear good considerations (with pre set stop loss targets) for

    investment at this time.

    NSE-BANKING INDEX

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    14/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 14

    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 the

    months of January and February respectively. The aggregate performance growth in the

    quarter closed at +28.89%. Though the sector is saddled with lots of challenges

    occasioned by the non-performing loans crisis in the books of many banks, the

    developments highlighted earlier on page 6 remain relevant to the sector. Enthusiasmabout the impact of the AMC plan for the banks might have also raised the investors

    enthusiasm about the stocks in the sector. Also, with the seemly positive common year

    end results being posted by the banks, the tempo of positive performance may continue

    in the sector if more of such results are posted.

    NSE-INSURANCE INDEX

    Source: NSE, Proshare Research

    Insurance sector posted -10.04% and -10.30% in the month of January and February

    respectively. However, the growth recorded in the month of March closed at +8% and

    this brought the aggregate sectoral performance for the quarter to -12.92%. The penny

    status of majority of the stocks in the sector might have informed the positive rally the

    stocks enjoyed in the month of March coupled with the general improvement in the

    market. Despite all the heads-up; the sectors performance growth is against a dearth of

    impressive returns from the sector; which sadly may not abate anytime soon.

    NSE-OIL INDEX

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    15/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 15

    The sector recorded +3.56 and +3.78% performance growths in the months of January

    and February respectively. The growth however declined by -1.16%. The aggregate

    total performance growth in the quarter closed at +6.21%.

    LAST TRADING DAY -SNAPSHOT

    http://www.proshareng.com/investors/theAnalyst.php?loc=sector

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    16/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 16

    SECTORAL ANALYSIS

    SECTOR PERFORMANCE

    Sector YTD %ChangeHOTEL & TOURISM 101.74%

    MARITIME 44.07%

    ROAD TRANSPORTATION 35.62%

    AIRLINE SERVICES 34.37%

    FOOD/BEVERAGES & TOBACCO 33.92%

    LEASING 32.08%

    MEDIA 31.01%

    BUILDING MATERIALS 29.89%

    BANKING 28.71%

    HEALTHCARE 23.95%

    CONGLOMERATES 20.45%

    REAL ESTATE 19.84%

    AGRICULTURE 18.81%

    PETROLEUM(MARKETING) 16.37%

    CONSTRUCTION 15.49%

    PACKAGING 14.91%

    THE FOREIGN LISTINGS 13.07%

    PRINTING & PUBLISHING 13.01%

    INFORMATION & COMMUNICATION TECHNOLOGY 8.94%COMMERCIAL/SERVICES 8.03%

    MORTGAGE COMPANIES 6.63%

    BREWERIES 5.48%

    CHEMICAL & PAINTS 4.02%

    ENGINEERING TECHNOLOGY 1.83%

    AVIATION 0.00%

    COMPUTER & OFFICE EQUIPMENT -1.01%

    SECOND-TIER SECURITIES -1.88%

    INSURANCE -5.82%

    FOOTWEAR -9.62%OTHER FINANCIAL INSTITUTIONS -10.90%

    AUTOMOBILE & TYRE -12.79%

    INDUSTRIAL/DOMESTIC PRODUCTS -15.38%

    TEXTILES -25.26%Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    17/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 17

    Transactions Volume and Value Trend

    Market Q1 '09' Q1 '10' % Change

    Average Daily Volume of stocks Traded ( inmillions) 308.31 434.8 41.03%

    Average Daily Value of stocks Traded ( inN'millions) 1,708.22 3,093.94 81.12%

    Average Daily Value of stocks Traded ( in US$ millions) 10.68 20.63 93.20%

    Total Volume of stocks Traded (in millions) 19115.93 26957.75 41.02%

    Total Value of stocks Traded (in N'millions) 105,910.22 191,824.75 81.12%

    Total Value of stocks Traded (in $ billion) 661.94 1278.83 93.19%Source: NSE, Proshare Research

    New Listing and Delisting Q1 '09' Q1 '10' % Change

    Number of Equities Delisted 1 2

    Number of New Listings 2 0Source: NSE, Proshare Research

    The volume and value trend as contained in the table above showed that there is an

    improvement in the market activities in Q1 2010 when compared with the preceding

    year. The appreciation recorded in the value and volume of market transaction was an

    indication of push-pull effect indicating the entry of more buyers in the market during

    the period under review.

    Interestingly average daily volume increased by +41.03% and average daily value by

    +81.12%; just as the total volume and total value increased by +41.02% and

    81.12% respectively.

    The market this quarter recorded a total of 27.008 billion units valued at N191.845

    billion (US$1.282 billion) exchanged in 614,960 deals compared with 19.116

    billion units valued at N105.910 billion (US$707.483 million) exchanged in

    418,368 deals in the previous years first quarter. Comparing the volume and value

    traded in the quarter with the previous years first quarter showed +41.28% and a

    +81.16% rise above the volume and value recorded in the previous years first quarter

    respectively.

    In the same vein, comparing the volume and value traded in the most recent previous

    quarter showed that the transactions activities closed on the upward note. The volume

    traded in the previous quarter to December 2009 which stood at 27.485 billion units

    valued at N176.804 billion (US$ 1.181 billion) exchanged in 370,727 deals was

    +1.75% above the volume traded this quarter.

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    18/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 18

    In the course of the quarter, the All-Share index recorded a +24.60% performance

    compared with -36.69% negative growth recorded in the preceding years first quarter

    to close at 19,851.89. The ASI trend this quarter when compared with the most recent

    previous quarter to December 31st, 2009 also outperformed the last quarter which

    recorded -6.82% negative growths. Market capitalisation this quarter appreciated by

    N1.288 trillion (US$8.607 billion) compared with N2.473 trillion (US$ 16.523billion) market capitalisation loss recorded in the previous years comparable period

    Source: NSE, Proshare Research

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    19/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 19

    Top Ten Trades for the First Quarter 2010

    Zenith Bank, First Bank and First Inland Bank stocks topped the transaction volume for

    the quarter appearing consistently in the first three banks on the list. Banking stocks

    generally dominated the charts for the quarter. The price movement of these stocks, it

    must be borne in mind, does not suggest a commitment on the part of the investors, butrather indications of speculative trading on most of these stocks.

    With the exceptions of BAGCo and CapOil (January); IHS and Skye Bank (February),

    Transcorp (March) the other stocks on the list below made the top 10 trades in the year-

    to-date every month.

    Company Total Trade Total Volume Total Value

    ZENITHBANK 180301,796,475,560.00

    28,888,832,332.92

    FIRSTINLND 6815

    1,585,263,748.00

    1,107,629,556.39

    FIRSTBANK 518521,330,760,471.00

    19,990,543,823.75

    ACCESS 124571,064,396,872.00

    9,781,765,713.75

    UBA 15399965,369,907.00

    12,966,712,444.07

    GUARANTY 26271940,936,699.00

    17,419,069,060.53

    FIDELITYBK 10789916,929,002.00

    2,583,851,827.20

    DIAMONDBNK 6705

    910,339,324.00

    8,044,667,084.46

    SKYEBANK 11271642,757,946.00

    4,645,787,381.76

    TRANSCORP 2988553,386,045.00

    293,036,847.74

    Source: Proshare Research

    RECALL TOP TEN TRADES FOR THE 2009 FIRST QUARTER

    Company Total Trade Total Volume Total Value

    INTERCONT 10,526.00 2,037,827,295.00 12,586,744,184.82

    ACCESS 16,555.00 917,462,120.00 4,418,503,765.15

    IAINSURE 1,181.00 821,358,716.00 410,679,358.00

    OCEANIC 22,369.00 803,220,919.00 5,670,195,166.21

    FIRSTBANK 54,627.00 729,913,924.00 12,298,863,107.47

    GUARANTY 24,123.00 714,438,526.00 7,152,599,050.12

    TRANSCORP 3,532.00 677,623,065.00 426,365,192.52

    FIDELITYBK 8,321.00 673,310,698.00 2,539,313,233.86

    UBA 24,577.00 570,023,506.00 5,180,566,791.21

    FIRSTINLND 2,032.00 565,573,752.00 1,371,522,027.56

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    20/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 20

    Top Ten Traded Sectors for the First Quarter 2010

    Banking sector traded more than half of the total volume transactions for the quarter,

    followed by Insurance sector. The volume traded in the banking sector closed at 13.721

    billion units valued at N119.115 billion ($794.102 million) exchanged in 220,287

    deals, the volume traded in the sector represented 59% of the entire market volumetransactions for the period (February 51%). The volume traded in the financial sectors

    combined together accounted for approx. 77% of the entire market transaction.

    Sector Total Trades Total Volume Total Value

    %

    Contribution

    BANKING 220287 13,720,956,012 119,115,312,840.92 59.11%

    INSURANCE 32173 4,245,120,213 4,704,411,777.82 18.29%

    FOOD/BEVERAGES &

    TOBACCO 42255 1,061,112,104 15,817,305,715.70 4.57%INFORMATION &

    COMMUNICATIONTECHNOLOGY 3775 1,032,611,877 2,852,102,832.45 4.45%

    MORTGAGE

    COMPANIES 4298 869,939,992 562,725,884.56 3.75%

    CONGLOMERATES 15353 790,593,910 7,409,606,087.57 3.41%

    SECOND-TIER

    SECURITIES 482 415,652,237 215,978,492.59 1.79%

    PACKAGING 193592 390,105,938 876,170,838.86 1.68%

    OTHER FINANCIAL

    INSTITUTIONS 1460 350,629,605 298,539,360.41 1.51%BUILDING MATERIALS 13186 333,988,912 8,386,898,309.39 1.44%

    526861 23,210,710,800 160,239,052,140.27

    Source: NSE, Proshare Research

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    21/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 21

    Top Twenty Gainers in the Quarter

    COMPANY 04-Jan-10 31-Mar-10 Change % Change

    CAPHOTEL 1.38 3.53 2.15 155.80%

    IKEJAHOTEL 0.87 2.17 1.3 149.43%

    BAGCO 1.52 3.7 2.18 143.42%

    STERLNBANK 1.26 2.76 1.5 119.05%

    FTNCOCOA 0.54 1.11 0.57 105.56%

    FIDSON 1.86 3.7 1.84 98.92%

    DAARCOMM 0.58 1.15 0.57 98.28%

    NASCON 4.56 8.88 4.32 94.74%

    ETERNAOIL 4.74 9.01 4.27 90.08%

    ASHAKACEM 11.39 20.88 9.49 83.32%

    CADBURY 10.49 18.77 8.28 78.93%

    DANGFLOUR 10.42 18.53 8.11 77.83%BERGER 3.2 5.67 2.47 77.19%

    TANTALIZER 0.75 1.32 0.57 76.00%

    CCNN 13 21.98 8.98 69.08%

    COSTAIN 3.8 6.42 2.62 68.95%

    FLOURMILL 36.2 61.06 24.86 68.67%

    GTASSURE 2.18 3.54 1.36 62.39%

    NAHCO 7.18 11.52 4.34 60.45%

    CONOIL 27.63 44 16.37 59.25%Source: NSE, Proshare Research

    Top Twenty Losers in the Quarter

    COMPANY 04-Jan-10 31-Mar-10 Change % Change

    UNITYKAP 2.38 0.56 -1.82 -76.47%

    ALUMACO 27.71 10.5 -17.21 -62.11%

    STACO 1.19 0.5 -0.69 -57.98%

    INCAR 4.12 1.97 -2.15 -52.18%

    AFRINSURE 0.87 0.5 -0.37 -42.53%

    NIWICABLE 0.97 0.57 -0.4 -41.24%

    CRUSADER 1.5 0.91 -0.59 -39.33%

    DNMEYER 5.39 3.4 -1.99 -36.92%

    AFROMEDIA 0.8 0.51 -0.29 -36.25%

    OASISINS 1.49 1.02 -0.47 -31.54%

    ECOBANK 10.1 6.99 -3.11 -30.79%

    BOCGAS 13.48 9.35 -4.13 -30.64%

    UNIC 1.15 0.81 -0.34 -29.57%

    UNTL 1.9 1.42 -0.48 -25.26%

    BECOPETRO 2.53 1.92 -0.61 -24.11%

    NSLTECH 4.35 3.4 -0.95 -21.84%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    22/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 22

    NIGERINS 0.97 0.78 -0.19 -19.59%

    UNIONDICON 6.01 4.91 -1.1 -18.30%

    ETRANZACT 6.4 5.23 -1.17 -18.28%

    CHAMPION 3.15 2.58 -0.57 -18.10%

    From the top twenty appreciations and depreciations tables above, it is evident that non-

    banking stocks mostly contributed to the positive trend recorded in the period under

    review. Though the sector accounted for more than half of the entire market volume, but

    not in market performance. Only Sterling Bank made list in the sector. Conversely, only

    one bank Ecobank also made the list of YTD losers with a 31% drop in value.

    Hotel and Tourism sector emerged the best performing sector with the two stocks in the

    sector emerging the leading gainers with +155.80% and +149.43% - Capital Hotel

    and Ikeja Hotel respectively.

    Though Unity Kapital Plc and Alumaco led the quarter worst losers with -76.47% and -62.11% respectively, the Insurance sector continues to lose value and contributed the

    most number of decliners.

    Gainers and Losers Compared

    Source: Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    23/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 23

    Supplementary Listing in the Month:

    Source: NSE, Proshare Research

    Supplementary Listing in the Month of February 2010

    Supplementary Listing in the Month Units Listed

    African Paints Plc 130,000,000

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

    SUPPLEMENTARY LIST

    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 Plc 348,027,267

    Following the conversion of US$8 millionof the US$10 million Unsecured VariableCoupon Redeemable Convertible Loan

    Stock. The balance of US$2 million wouldremain as loan stock

    3 African Paints Plc 130,000,000Following the conclusion of Placing withCharing Management Limited

    4

    Equity Assurance

    Plc 1,139,415,820

    Following the conclusion of offer for

    subscription

    5

    Ecobank

    TransnationalIncorporated 1,181,055,863

    Being shares issued to InternationalFinance Corporation (IFC).

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    24/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 24

    Corporate Declarations in the Quarter

    SEVEN-UP BOTTLING COMPANY PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 17,853.00 15,214.00 17.35

    Profit before tax 1,004.00 980.29 2.42

    Profit/Loss After Tax 853.72 800.66 6.63

    Balance Sheet Information

    Fixed Assets 18,523.00 18,592.00 -0.37

    Cash and Bank Balances 1,473.00 1,267.00 16.26

    Other Debit Balances 5,222.00 6,798.00 -23.18

    Trade Credits 1,546.00 1,618.00 -4.45

    Other Credit Balances 18,415.00 14,977.00 22.96

    Working Capital 1,737.00 1,414.00 22.84Net Assets 8,838.00 7,984.00 10.70

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

    SCOA NIGERIA PLC

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

    2008 Nm 2007 Nm % change

    Gross Earnings 3,045.00 2,746.00 10.89

    Profit before tax 283.53 1,002.00 (71.70)

    Profit/Loss After Tax 231.91 822.47 (71.80)

    Balance Sheet Information

    Fixed Assets 882.05 856.33 3.00

    Cash and Bank Balances 368.39 86.75 324.65

    Other Debit Balances 974.51 826.80 17.87

    Trade Creditors 52.63 6.86 667.40

    Other Credit Balances 2,057.00 3,948.00 -47.90

    Working Capital 854.79 728.47 17.34

    Net Assets 1,648.00 1,514.00 8.85

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

    AFROMEDIA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09

    2009 Nm 2008 Nm % change

    Gross Earnings 2,397.00 1,956.00 22.55

    Profit before tax 338.42 546.26 (38.05)

    Profit/Loss After Tax 340.79 438.52 (22.29)

    Balance Sheet Information

    Fixed Assets 2,133.00 2,107.00 1.23

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    25/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 25

    Cash and Bank Balances 80,663.00 1,037.00 7678.50

    Other Debit Balances 1,773.00 1,319.00 34.42

    Other Credit Balances 2,044.00 730.13 179.95

    Working Capital 2,603.00 2,539.00 2.52

    Net Assets 4,928.00 4,633.00 6.37http://www.proshareng.com/investors/company.php?ref=AFROMEDIA

    PINNACLE POINTS GROUP PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 188.57 1,635.45 (88.47)

    Profit before tax (1,824.90) 44.56 (4,195.84)

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

    Balance Sheet InformationFixed Assets 610.34 692.67 -11.89

    Cash and Bank Balances 105.15 1,116.14 -90.58

    Other Debit Balances 7,610.66 6,959.81 9.35

    Short Term Borrowing 7,332.50 5,872.77 24.86

    Other Credit Balances 12,468.26 12,797.07 -2.57

    Working Capital (11.89) 2,750.45 -100.43

    Net Assets 13,886.92 15,338.38 -9.46

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

    INCAR PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 125.51 132.81 (5.50)

    Profit before tax (32.70) 7.08 (561.56)

    Profit/Loss After Tax (32.70) 7.08 (561.56)

    Balance Sheet Information

    Fixed Assets 1,512.00 1,258.00 20.19

    Cash and Bank Balances 10.94 16.98 -35.60

    Other Debit Balances 239.75 233.11 2.85

    Other Credit Balances 1,471.00 1,196.00 22.99

    Net Assets 327.79 360.48 -9.07

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

    BECO PETROLEUM PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 825.94 998.85 (17.31)

    Profit before tax 81.37 54.18 50.19

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    26/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 26

    Profit/Loss After Tax 74.97 44.20 69.61

    Balance Sheet Information

    Fixed Assets 3,217.00 3,133.00 2.68

    Cash and Bank Balances 11.21 2.95 280.65

    Other Debit Balances 487.74 436.08 11.85Other Credit Balances 225.37 331.91 -32.10

    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=BECOPETRO

    AFRICAN PAINTS PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 34.91 26.40 32.24Profit before tax (31.77) (36.17) (12.18)

    Profit/Loss After Tax (32.02) (36.60) (12.53)

    Balance Sheet Information

    Fixed Assets 362.99 366.86 -1.05

    Cash and Bank Balances 3.59 1.72 108.30

    Other Debit Balances 1.77 2.37 -25.35

    Trade Credits 37.93 18.44 105.70

    Other Credit Balances 164.60 168.00 -2.03

    Working Capital (345.56) (317.41) 8.87

    Net Assets 17.43 49.45 -64.75

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

    UNITED NIGERIAN TEXTILES PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 6,544.00 8,838.00 (25.96)

    Profit before tax (956.04) (659.64) (44.94)

    Profit/Loss After Tax (956.04) (659.64) (44.94)

    Balance Sheet Information

    Fixed Assets 3,863.00 4,238.00 -8.85

    Cash and Bank Balances 27.34 66.65 -58.97

    Other Debit Balances 969.15 993.58 -2.46

    Trade Credits 922.98 1,032.00 -10.56

    Other Credit Balances 5,125.00 3,487.00 46.97

    Working Capital 4,019.00 3,163.00 27.06

    Net Assets 4,903.00 5,859.00 -16.32

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

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    27/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 27

    COSTAIN WEST AFRICA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09

    2009 Nm 2008 Nm % change

    Gross Earnings 6,274.00 3,815.00 64.46

    Profit before tax (574.79) 380.52 (251.05)Profit/Loss After Tax (615.12) 353.22 (274.15)

    Balance Sheet Information

    Fixed Assets 3,531.00 1,747.00 102.12

    Cash and Bank Balances 2,785.00 46,135.00 -93.96

    Other Debit Balances 7,363.00 2,718.00 170.90

    Short Term Borrowing 435.77 2,017.00 -78.40

    Other Credit Balances 3,820.00 2,978.00 28.27

    Working Capital 3,456.00 (1,293.00) -367.29

    Net Assets 8,692.00 (932.38) 1032.24

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

    FIDSON HEALTHCARE PLC

    AUDITED RESULT FOR THE PERIOD ENDING 30-JUN-09

    2009 Nm 2008 Nm % change

    Gross Earnings 5,019.00 4,503.00 11.46

    Profit before tax 623.04 526.38 18.36

    Profit/Loss After Tax 429.07 189.30 126.66

    Balance Sheet Information

    Fixed Assets 1,903.00 870.48 118.62

    Cash and Bank Balances 79.22 289.77 -72.66

    Other Debit Balances 3,427.00 3,763.00 -8.93

    Short Term Borrowing 592.24 705.28 -16.03

    Other Credit Balances 1,120.00 976.44 14.70

    Working Capital 1,829.00 2,596.00 -29.55

    Net Assets 5,095.00 4,965.00 2.62

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

    STUDIO PRESS PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08

    2008 Nm 2007 Nm % change

    Gross Earnings 2,966.00 1,803.00 64.50

    Profit before tax 31.37 62.71 (49.97)

    Profit/Loss After Tax (212.84) 35.36 (701.84)

    Balance Sheet Information

    Fixed Assets 4,235.00 2,842.00 49.01

    Cash and Bank Balances 1.11 2.87 -61.13

    Other Debit Balances 19.60 20.01 -2.05

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    28/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 28

    Short Term Borrowing 1,175.00 548.96 114.04

    Other Credit Balances 4,146.00 3,036.00 36.56

    Working Capital (1,379.00) (810.07) 70.23

    Net Assets 1,452.00 944.45 53.74

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

    UNIC INSURANCE PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 904.66 550.44 64.35

    Profit before tax 233.60 276.90 (15.64)

    Profit/Loss After Tax 226.18 235.36 (3.90)

    Balance Sheet Information

    Fixed Assets 3,278.00 3,302.00 -0.73Cash and Bank Balances 276.76 79.55 247.93

    Other Debit Balances 3,562.00 3,397.00 4.86

    Short Term Borrowing 436.32 386.76 12.81

    Other Credit Balances 2,948.00 2,971.00 -0.77

    Working Capital 1,745.00 1,095.00 59.36

    Net Assets 5,011.00 4,797.00 4.46

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

    2009 Nm 2008 Nm % change

    Gross Earnings 1,495.00 1,285.00 16.34

    Profit before tax 330.52 451.13 (26.73)

    Profit/Loss After Tax 313.45 369.92 (15.27)

    Balance Sheet Information

    Fixed Assets 3,310.00 3,302.00 0.24

    Cash and Bank Balances 253.96 79.55 219.27

    Other Debit Balances 4,295.00 3,397.00 26.44

    Short Term Borrowing 418.09 386.76 8.10

    Other Credit Balances 3,689.00 2,971.00 24.17

    Working Capital 2,100.00 1,095.00 91.78

    Net Assets 5,100.00 4,797.00 6.32

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

    2009 Nm 2008 Nm % change

    Gross Earnings 2,242.00 1,840.00 21.85

    Profit before tax 380.61 429.71 (11.43)

    Profit/Loss After Tax 372.33 365.25 1.94

    Balance Sheet Information

    Fixed Assets 3,218.00 3,302.00 -2.54

    Cash and Bank Balances 542.55 79.55 582.06

    Other Debit Balances 4,376.00 - 0.00

    Short Term Borrowing 643.30 386.76 66.33

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    29/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 29

    Other Credit Balances 3,680.00 2,971.00 23.86

    Working Capital 2,039.00 1,095.00 86.21

    Net Assets 5,187.00 4,797.00 8.13

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

    AIICO INSURANCE PLC

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

    2009 2008 %

    Gross Earnings 7,718.00 5,532.00 39.52

    Profit/(Loss) Before Tax and After Provisions 1,441.00 884.56 62.91

    Profit/(Loss) After Tax 1,297.00 796.11 62.92

    Balance Sheet Information

    Fixed Assets 1,969.00 1,939.00 1.55

    Cash and Bank Balances 1,410.00 1,263.00 11.64Other Debit Balances 12,752.00 14,423.00 -11.59

    Other Credit Balances 9,358.00 8,108.00 15.42

    Net Assets 13,650.00 12,517.00 9.05

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

    PZ CUZZIONS PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 27,358.00 28,411.00 (3.71)Profit/(Loss) Before Tax and After Provisions 2,603.00 2,340.00 11.24

    Profit/(Loss) After Tax 1,771.00 1,628.00 8.78

    Balance Sheet Information

    Fixed Assets 23,557.00 21,511.00 9.51

    Cash and Bank Balances 978.13 2,804.00 -65.12

    Other Debit Balances 5,048.00 4,344.00 16.21

    Short Term Borrowing 1,068.00 7.74 13700.23

    Other Credit Balances 16,585.00 14,343.00 15.63

    Net Assets 35,403.00 35,565.00 -0.46

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

    WEMA BANK PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-08

    2008 Nm 2007 Nm % change

    Gross Earnings 25,978.00 29,379.00 (11.58)

    Provision for Risk Assets (37,233.00) (8,400.00) 343.25Provision for Recoveries Investment and other

    Assets (15,689.00) 254,571.00 (106.16)

    Profit/(Loss) Before Tax and After Provisions (56,799.00) 356,080.00 (115.95)

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    30/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 30

    Profit/(Loss) After Tax (46,304.00) 1,303.00 (3,653.65)

    Balance Sheet Information

    Fixed Assets 17,990.00 15,342.00 17.26

    Cash and Bank Balances 15,734.00 43,501.00 -63.83

    Other Debit Balances 116,165.00 118,004.00 -1.56Short Term Borrowing 2,135.00 -

    Other Credit Balance 174,005.00 156,459.00 11.21

    Net Assets (20,112.00) 25,752.00 -178.10

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

    WEMA BANK PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09

    2009 Nm 2008 Nm % change

    Gross Earnings 16,551.00 25,978.00 (36.29)Provision for Risk Assets (2,973.00) (37,233.00) (92.02)

    Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)

    Profit/(Loss) Before Tax and After Provisions (28,306.00) (56,799.00) (50.16)

    Profit/(Loss) After Tax (20,455.00) (46,304.00) (55.82)

    Balance Sheet Information

    Fixed Assets 14,883.00 17,990.00 -17.27

    Cash and Bank Balances 19,146.00 15,734.00 21.69

    Other Debit Balances 89,482.00 116,165.00 -22.97

    Short Term Borrowing 660.26 2,135.00 -69.07

    Other Credit Balances 169,125.00 174,005.00 -2.80

    Net Assets (39,921.00) (20,112.00) 98.49

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

    TRIPPLE GEE & CO PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 358.83 788.61 (54.50)

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

    Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)

    Profit/(Loss) Before Tax and After Provisions (60.79) 77.71 (178.24)

    Profit/(Loss) After Tax (60.99) 77.71 (178.49)

    Balance Sheet Information

    Fixed Assets 948.75 1,010.00 -6.06

    Cash and Bank Balances 9.20 5.56 65.31

    Other Debit Balances 317.23 293.41 8.12

    Trade Credits 36.80 126.39 -70.88

    Other Credit Balances (146.96) (148.20) -0.83

    Net Assets 801.78 862.78 -7.07

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    31/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 31

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

    CHELLARAMS PLC

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

    2009 Nm 2008 Nm % ChangeGross Earnings 9,060.00 7,742.00 17.02

    Profit Before Tax 268.45 222.70 20.54

    Profit After Tax 247.79 199.72 24.07

    Balance Sheet Information

    Fixed Assets 2,794.00 2,814.00 -0.71

    Cash and Bank Balances 44.50 80.57 -44.77

    Other Debit Balances 932.82 760.22 22.70

    Trade Credit 993.70 858.63 15.73

    Other Credit Balances 3,375.00 4,244.00 -20.48

    Working Capital (316.31) (589.67) -46.36

    Net Assets 2,592.00 2,200.00 17.82

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

    VITAFOAM NIGERIA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09

    2009 Nm 2008 Nm % Change

    Gross Earnings 9,758.00 8,172.00 19.41

    Profit before tax& After Exep. Items 780.92 1,013.00 (22.91)

    Profit/Loss After Tax 510.78 698.30 (26.85)Balance Sheet Information

    Fixed Assets 1,615.00 1,345.00 20.07

    Cash and Bank Balances 174.04 410.08 -57.56

    Other Debit Balances 995.40 433.44 129.65

    Trade Credits 808.83 583.69 38.57

    Other Credit Balances 1,460.00 1,600.00 -8.75

    Working Capital 2,160.00 1,895.00 13.98

    Net Assets 2,161.00 1,895.00 14.04

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

    NORTHER NIGERIA FLOURMILL PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 7,920.00 6,589.00 20.20

    Profit Before Tax 522.71 107.42 386.59

    Profit/Loss After Tax 388.31 99.41 290.63

    Balance Sheet Information

    Fixed Assets 371.65 352.43 5.45

    Cash and Bank Balances 1,157.00 1,120.00 3.30

    Other Debit Balances 379.13 294.71 28.64Trade Credits 422.96 502.69 -15.86

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    32/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 32

    Other Credit Balances 993.66 1,256.00 -20.89

    Working Capital 1,605.00 888.45 80.65

    Net Assets 1,490.00 865.17 72.22

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

    RESORT SAVING AND LOANS PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 854.72 423.23 101.95

    Profit Before Tax 330.51 114.13 189.59

    Profit/Loss After Tax 231.36 79.89 189.59

    Balance Sheet Information

    Fixed Assets 245.56 161.61 51.94

    Cash and Bank Balances 802.36 647.61 23.90

    Other Debit Balances 7,107.00 7,124.00 -0.24

    Other Credit Balances 1,048.00 1,461.00 -28.27

    Net Assets 7,016.00 6,722.00 4.37

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

    ASO SAVINGS AND LOANS PLC

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

    2009 Nm 2008 %

    Gross Earnings 7,906.00 8,021.00 (1.43)

    Profit before tax and excpt. items 788.52 1,734.00 (54.53)

    Profit/Loss After Tax 551.96 1,214.00 (54.53)

    Balance Sheet Information

    Fixed Assets 1,722.00 1,272.00 35.38

    Cash and Bank Balances 15.64 8,107.00 -99.81

    Other Debit Balances 49.65 53.25 -6.75

    Other Credit Balances 61.58 57.31 7.45

    Net Assets 5,595.00 5,477.00 2.15

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

    NIGERIAN BAG MANUFACTURING PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 7,553.00 7,391.00 2.19

    Profit Before Tax 545.88 116.49 368.60

    Profit/Loss After Tax 371.20 79.22 368.60

    Balance Sheet Information

    Fixed Assets 6,664.00 7,170.00 -7.06

    Cash and Bank Balances 229.08 176.57 29.74

    Other Debit Balances 5,676.00 4,575.00 24.07

    Trade Credits 287.25 963.22 -70.18

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    33/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 33

    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 1.00

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

    JULIUS BERGER NIGERIA PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 97,500.00 84,350.00 15.59

    Profit Before Tax 3,900.00 3,370.00 15.73

    Profit/Loss After Tax 2,300.00 1,970.00 16.75

    Balance Sheet Information

    Fixed Assets 46,179.00 28,381.00 62.71

    Cash and Bank Balances 86,943.00 109,384.00 -20.52

    Other Debit Balances 46,447.00 52,462.00 -11.47

    Trade Credits 5,318.00 5,293.00 0.47

    Other Credit Balances 111,493.00 121,812.00 -8.47

    Working Capital (35,797.00) (16,597.00) 115.68

    Net Assets 6,416.00 6,563.00 -2.24

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

    ROYAL EXCHANGE PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 2,822.00 2,935.00 (3.85)

    Profit Before Tax 383.62 (202.79) (289.17)

    Profit/Loss After Tax 602.41 132.75 353.78

    Balance Sheet Information

    Fixed Assets 5,281.00 3,949.00 33.73

    Cash and Bank Balances 1,084.00 1,632.00 -33.58

    Other Debit Balances 4,567.00 3,108.00 46.94

    Other Credit Balances 4,879.00 5,382.00 -9.35

    Working Capital 1,086.00 399.39 171.91

    Net Assets 8,116.00 11,706.00 -30.67http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE

    ADSWITCH PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 100.52 22.21 352.59

    Profit Before Tax 10.87 (1.50) 824.67

    Profit After Tax 7.61 (1.50) 607.33

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

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    34/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 34

    GUINNESS NIGERIA PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 53,842.00 43,483.00 23.82

    Profit Before Tax 10,534.00 11,707.00 (10.02)

    Profit/Loss After Tax 7,183.00 8,059.00 (10.87)

    Balance Sheet Information

    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 77.00

    Other Credit Balances 23,702.00 18,252.00 29.86

    Working Capital 41,054.00 42,726.00 -3.91

    Net Assets 29,946.00 31,524.00 -5.01

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

    FLOURMILL NIGERIA PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 117,457.00 112,237.00 4.65

    Profit before tax 12,540.00 1,081.00 1,060.04

    Profit/Loss After Tax 8,527.00 756.81 1,026.70

    Balance Sheet Information

    Fixed Assets 25,322.00 22,129.00 14.43

    Cash and Bank Balances 13,187.00 17,906.00 -26.35Other Debit Balances 63,310.00 53,329.00 18.72

    Trade Credits 7,846.00 7,958.00 -1.41

    Other Credit Balances 60,705.00 44,006.00 37.95

    Working Capital 2,562.00 4,171.00 -38.58

    Net Assets 30,541.00 22,868.00 33.55

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

    ROYAL EXCHANGE PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 1,075.00 899.42 19.52

    Profit before tax (191.87) 66.66 (387.85)

    Profit/Loss After Tax (191.87) 46.66 (511.20)

    Balance Sheet Information

    Fixed Assets 5,943.00 3,949.00 50.49

    Cash and Bank Balances 1,107.00 1,632.00 -32.17

    Other Debit Balances 7,104.00 3,323.00 113.78

    Short Term Borrowing - 239.84 -100.00

    Other Credit Balances 5,730.00 8,382.00 -31.64

    Working Capital 3,351.00 1,094.00 206.31

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    35/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 35

    Net Assets 11,023.00 6,084.00 81.18

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

    SOVEREIGN TRUS PLC

    THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-092009 Nm 2008 Nm % Change

    Gross Earnings 3,806.00 3,037.00 25.32

    Profit before tax 126.26 617.09 (79.54)

    Profit/Loss After Tax 107.33 529.73 (79.74)

    Balance Sheet Information

    Fixed Assets 561.47 530.19 5.90

    Cash and Bank Balances 97.68 44.49 119.56

    Other Debit Balances 4,251.00 4,203.00 1.14

    Other Credit Balances 792.50 714.05 10.99

    Working Capital 2,874.00 2,783.00 3.27

    Net Assets 3,730.00 3,619.00 3.07

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

    THOMAS WYATT NIGERIA PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 114.31 150.00 (23.80)

    Profit before tax 1.37 2.52 (45.60)

    Profit/Loss After Tax 0.52 1,786.00 (99.97)

    Balance Sheet Information

    Fixed Assets 415.19 416.35 -0.28

    Cash and Bank Balances 793.85 449.00 76.80

    Other Debit Balances 69.66 89.72 -22.36

    Trade Credits 22.92 6.05 279.14

    Other Credit Balances 347.78 385.42 -9.77

    Working Capital (221.16) (225.84) 2.07

    Net Assets 194.60 191.07 1.84

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

    RED STAR EXPRESS PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % Change

    Gross Earnings 3,148.00 3,036.00 3.69

    Profit before tax 359.80 367.14 (2.00)

    Profit/Loss After Tax 251.86 257.00 (2.00)

    Balance Sheet Information

    Fixed Assets 754.79 680.64 10.89

    Cash and Bank Balances 333.25 365.88 -8.92

    Other Debit Balances 273.54 238.54 14.67

    Trade Creditors 226.65 104.50 116.89

    Other Credit Balances 705.67 811.22 -13.01

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    36/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 36

    Working Capital 793.04 743.42 6.67

    Net Assets 1,353.00 1,278.00 5.87

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

    C &I LEASING PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09

    2009 Nm 2008 Nm % Change

    Gross Earnings 5,771.00 4,767.00 21.06

    Profit before tax 284.45 304.87 (6.70)

    Profit/Loss After Tax 236.09 230.52 2.42

    Balance Sheet Information

    Fixed Assets 2,174.00 2,187.00 -0.59

    Cash and Bank Balances 402.71 383.29 5.07

    Other Debit Balances 8,499.00 7,871.00 7.98

    Other Credit Balances 1,099.00 1,911.00 -42.49

    Working Capital (7,653.00) (7,566.00) -1.15

    Net Assets 2,626.00 2,152.00 22.03

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

    ACADEMY PRESS PLC

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

    2009 Nm 2008 Nm % Change

    Gross Earnings 1,390.00 1,106.00 25.68

    Profit before tax 106.68 73.88 44.41

    Profit/Loss After Tax 74.68 51.71 44.41Balance Sheet Information

    Fixed Assets 961.85 526.54 82.68

    Cash and Bank Balances 2.31 28.34 -91.84

    Other Debit Balances 410.97 478.28 -14.07

    Other Credit Balances 146.36 131.30 11.47

    Working Capital 274.74 139.53 -1.15

    Net Assets 597.93 463.15 29.10

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

    NEIMETH INTERNATIONAL PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % Change

    Gross Earnings 1,352.00 1,228.00 10.10

    Profit before tax 54.17 (123.76) 143.77

    Profit/Loss After Tax 36.84 (123.76) 129.77

    Balance Sheet Information

    Fixed Assets 225.85 189.90 18.93

    Cash and Bank Balances 19.93 14.34 38.93

    Other Debit Balances 331.09 632.54 -47.66

    Trade Credits 132.25 163.57 -19.15

    Other Credit Balances 1,145.00 1,056.00 8.43

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    37/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 37

    Working Capital 1,322.00 1,227.00 2.07

    Net Assets 1,109.00 1,072.00 3.45

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

    UNIVERSITY PRESS PLCTHIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % Change

    Gross Earnings 1,616.00 1,204.00 34.22

    Profit before tax 444.96 304.12 46.31

    Profit/Loss After Tax 307.33 210.69 45.87

    Balance Sheet Information

    Fixed Assets 477.91 539.28 -11.38

    Cash and Bank Balances 28.64 37.15 -22.91

    Other Debit Balances 203.47 225.81 -9.89

    Trade Creditors 50.58 47.49 6.51

    Other Credit Balances 802.32 601.11 33.47

    Working Capital 917.82 660.25 39.01

    Net Assets 1,287.00 1,100.00 17.00

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

    AFROMEDIA PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 661.67 708.68 (6.63)

    Profit before tax 185.88 296.03 (37.21)

    Profit/Loss After Tax 161.09 236.82 (31.98)

    Balance Sheet Information

    Fixed Assets 2,082.00 2,133.00 -2.39

    Cash and Bank Balances 100.00 80.66 23.98

    Other Debit Balances 1,137.00 1,430.00 -20.49

    Trade Credits 4,178.00 135.85 2975.36

    Other Credit Balances 1,480.00 2,162.00 -31.54

    Working Capital 2,815.00 2,602.00 8.19

    Net Assets 5,089.00 4,928.00 3.27

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

    FIDSON HEALTHCARE PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 2,845.00 3,002.00 (5.23)

    Profit before tax 375.62 358.46 4.79

    Profit/Loss After Tax 255.42 243.76 4.79

    Balance Sheet Information

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    38/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 38

    Fixed Assets 2,090.00 2,014.00 3.77

    Cash and Bank Balances 142.86 79.22 80.32

    Other Debit Balances 3,349.00 2,734.00 22.49

    Trade Creditors 253.07 224.95 12.50

    Other Credit Balances 1,304.00 953.30 36.79Working Capital 2,283.00 1,974.00 15.65

    Net Assets 5,796.00 5,411.00 7.12

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

    ETRANZACT INTERNATIONAL PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 567.32 601.51 (5.68)

    Profit before tax 38.78 69.12 (43.90)Profit/Loss After Tax 24.24 48.39 (49.91)

    Balance Sheet Information

    Fixed Assets 582.09 601.65 -3.25

    Cash and Bank Balances 945.83 1,167.00 -18.95

    Other Debit Balances 783.56 670.29 16.90

    Other Credit Balances (45.85) (80.06) 42.72

    Working Capital 1,945.00 2,014.00 -3.43

    Net Assets 2,841.00 2,921.00 -2.74

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

    NESTLE NIGERIA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % change

    Gross Earnings 68,317.00 51,742.00 32.03

    Profit before tax 13,783.00 11,862.00 16.19

    Profit/Loss After Tax 9,783.00 8,331.00 17.43

    Balance Sheet Information

    Fixed Assets 25,404.00 13,817.00 83.86

    Cash and Bank Balances 1,763.00 3,663.00 -51.87

    Other Debit Balances 4,433.00 2,165.00 104.76

    Trade Creditors 3,123.00 3,001.00 4.07

    Other Credit Balances 30,583.00 16,478.00 85.60

    Working Capital (165.21) 4,248.00 -103.89

    Net Assets 10,543.00 9,031.00 16.74

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

    COSTAIN WEST AFRICA PLC

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

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    39/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 39

    2009 Nm 2008 Nm % change

    Gross Earnings 4,233.00 2,877.00 47.13

    Profit before tax 167.66 312.12 (46.28)

    Profit/Loss After Tax 164.31 300.30 (45.28)

    Balance Sheet InformationFixed Assets 4,187.00 3,513.00 19.19

    Cash and Bank Balances 1,290.00 2,784.00 -53.66

    Other Debit Balances 2,419.00 3,093.00 -21.79

    Trade Creditors 713.58 843.40 -15.39

    Other Credit Balances 3,470.00 3,820.00 -9.16

    Working Capital 2,879.00 3,455.00 -16.67

    Net Assets 8,730.00 8,692.00 0.44

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

    NAMPAK NIGERIA PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 1,146.00 911.45 25.73

    Profit before tax 107.00 (131.74) 181.22

    Profit/Loss After Tax 72.76 (145.20) 150.11

    Balance Sheet Information

    Fixed Assets 720.16 732.27 -1.65

    Cash and Bank Balances 143.60 82.92 73.19

    Other Debit Balances 11.60 84.66 -86.30

    Other Credit Balances 2,139.00 2,351.00 -9.02

    Working Capital (185.24) (270.11) 31.42

    Net Assets 497.18 424.42 17.14

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

    LAFARGE WAPCO CEMENT PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % change

    Gross Earnings 45,589.00 43,273.00 5.35

    Profit before tax 8,955.00 12,768.00 (29.86)

    Profit/Loss After Tax 5,055.00 11,252.00 (55.07)

    Balance Sheet Information

    Fixed Assets 69,680.00 43,121.00 61.59

    Cash and Bank Balances 3,627.00 5,974.00 -39.29

    Other Debit Balances 1,091.00 2,363.00 -53.83

    Trade Credits 2,521.00 2,206.00 14.28

    Other Credit Balances 40,630.00 11,993.00 238.78

    Working Capital 6,747.00 487.74 1283.32

    Net Assets 43,710.00 40,456.00 8.04

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    40/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 40

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

    PS MANDRID PLC

    AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-06

    2006 Nm 2005 Nm % change

    Gross Earnings 192.09 253.54 (24.24)

    Profit before tax 8.78 29.42 (70.16)

    Profit/Loss After Tax 8.37 17.19 (51.32)

    Balance Sheet Information

    Fixed Assets 15.31 17.67 -13.34

    Cash and Bank Balances 73.87 80.48 -8.22

    Other Debit Balances 12.91 13.56 -4.80

    Trade Credits 39.72 44.01 -9.74

    Other Credit Balances 65.55 71.13 -7.84Working Capital 112.03 109.04 2.74

    Net Assets 227.13 219.22 3.61

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

    OMATEK VENTURES PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 335.29 191.59 75.00

    Profit before tax 70.96 40.55 75.00Profit/Loss After Tax 61.14 34.94 75.00

    Balance Sheet Information

    Fixed Assets 1,143.00 1,135.00 0.70

    Cash and Bank Balances 19.12 16.77 14.05

    Other Debit Balances 5,874.00 5,997.00 -2.05

    Short Term Borrowing 716.08 768.20 -6.78

    Other Credit Balances 881.74 844.54 4.41

    Working Capital 1,430.00 1,683.00 -15.03

    Net Assets 6,572.00 6,883.00 -4.52

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

    AFRICAN PETROLEUM PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 38,144.00 35,111.00 8.64

    Profit before tax (4,680.00) 3,186.00 (246.89)

    Profit/Loss After Tax (4,608.00) 2,390.00 (292.80)

    Balance Sheet Information

    Fixed Assets 10,122.00 10,291.00 -1.64

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    41/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 41

    Cash and Bank Balances 4,360.00 4,900.00 -11.02

    Other Debit Balances 39,843.00 40,911.00 -2.61

    Short Term Borrowing 45,626.00 53,161.00 -14.17

    Other Credit Balances 22,144.00 8,616.00 157.01

    Working Capital (6,788.00) (1,959.00) -246.50Net Assets 1,835.00 6,852.00 -73.22

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

    AFRICAN PETROLEUM PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 77,682.00 80,751.00 (3.80)

    Profit before tax (5,560.00) 4,851.00 (214.62)

    Profit/Loss After Tax (5,560.00) 3,881.00 (243.26)Balance Sheet Information

    Fixed Assets 10,346.00 10,291.00 0.53

    Cash and Bank Balances 4,150.00 4,900.00 -15.31

    Other Debit Balances 31,943.00 40,911.00 -21.92

    Short Term Borrowing 36,776.00 53,161.00 -30.82

    Other Credit Balances 19,922.00 8,616.00 131.22

    Working Capital (7,373.00) (1,959.00) -246.50

    Net Assets 955.01 6,852.00 -86.06

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

    AFRICAN PETROLEUM PLC

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

    2009 2008 %

    Gross Earnings 118,666.00 112,955.00 5.06

    Profit before tax (5,476.00) 6,318.00 (186.67)

    Profit/Loss After Tax (5,476.00) 5,054.00 (208.35)

    Balance Sheet Information

    Fixed Assets 10,446.00 10,291.00 1.51

    Cash and Bank Balances 1,086.00 4,900.00 -77.84

    Other Debit Balances 25,938.00 40,911.00 -36.60

    Short Term Borrowing 28,084.00 53,161.00 -47.17

    Other Credit Balances 5,979.00 8,616.00 -30.61

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

    Net Assets 16,851.00 6,852.00 145.93

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

    STACO INSURANCE PLC

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

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    42/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 42

    2009 Nm 2008 Nm % change

    Gross Earnings 4,082.00 3,470.00 17.64

    Profit before tax 611.92 990.52 (38.22)

    Profit/Loss After Tax 550.73 891.46 (38.22)

    Balance Sheet InformationFixed Assets 635.96 703.50 -9.60

    Cash and Bank Balances 212.14 175.83 20.65

    Other Debit Balances 4,177.00 4,074.00 2.53

    Short Term Borrowing 151.01 201.38 -25.01

    Other Credit Balances 2,876.00 2,749.00 4.62

    Working Capital 2,916.00 2,227.00 -246.50

    Net Assets 4,612.00 4,337.00 6.34

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

    UNILEVER NIGERIA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % change

    Gross Earnings 44,481.00 37,377.00 19.01

    Profit before tax 7,061.00 4,472.00 57.89

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

    Balance Sheet Information

    Fixed Assets 9,975.00 9,056.00 10.15

    Cash and Bank Balances 1,980.00 2,706.00 -26.83

    Other Debit Balances 3,303.00 2,728.00 21.08

    Trade Credits 2,255.00 3,710.00 -39.22

    Other Credit Balances 11,723.00 10,485.00 11.81

    Working Capital 1,301.00 638.87 103.64

    Net Assets 8,202.00 6,681.00 22.77

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

    UNITED BANK FOR AFRICA PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % change

    Gross Earnings 246,725.00 169,506.00 45.56

    Profit before tax 13,662.00 56,815.00 (75.95)

    Profit/Loss After Tax 2,375.00 40,825.00 (94.18)

    Balance Sheet Information

    Fixed Assets 73,042.00 61,553.00 18.67

    Cash and Bank Balances 68,225.00 120,880.00 -43.56

    Other Debit Balances 758,363.00 886,277.00 -14.43

    Deposits 1,245,000.00 1,333,000.00 -6.60

    Other Credit Balances 115,802.00 144,763.00 -20.01

    Working Capital (528,774.00) (607, 786) 13.00%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    43/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 43

    Net Assets 186,829.00 195,281.00 -4.33

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

    BECO PETROLEUM PLC

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

    2009 Nm 2008 Nm % change

    Gross Earnings 1,547.00 1,997.00 (22.53)

    Profit before tax 181.42 108.36 67.42

    Profit/Loss After Tax 148.01 88.41 67.42

    Balance Sheet Information

    Fixed Assets 3,225.00 3,133.00 2.94

    Cash and Bank Balances 38.11 3.19 1093.42

    Other Debit Balances 118.47 118.47 0.00

    Trade Creditors 35.38 48.04 -26.36Other Credit Balances 127.39 113.93 11.81

    Working Capital 200.51 151.57 13.00%

    Net Assets 3,437.00 3,289.00 4.50

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

    ZENITH BANK PLC

    AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-09

    2009 Nm 2008 Nm % change

    Gross Earnings 277,300.00 211,600.00 31.05Profit before tax 35,100.00 56,100.00 (37.43)

    Profit/Loss After Tax 20,600.00 52,000.00 (60.38)

    Balance Sheet Information

    Total Assets 1,659,700.00 1,787,000.00 -7.12

    Deposits 1,173,900.00 1,188,900.00 -1.26

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

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    44/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 44

    Forecast Results in the Quarter

    DECLARED FORECASTS FOR JANUARY

    Company Year End PeriodGross Earnings

    in N' billionPAT in N'

    billion

    Courtville Investment Plc December Q1 2010 0.206 0.558Afromedia Plc September Q2 2010 2.314 0.838

    Law Union and Rock Plc December Q1 2010 2.4 0.115

    Regency Alliance Insurance Plc December Q1 2010 0.325 0.142

    Lafarge Wapco Plc December Q1 2010 15.64 3.146

    Transnationationwide Express Plc December Q1 2010 0.152 0.018

    Vitafoam Plc September Q2 2010 5.777 0.313

    Tripple Gee Plc March Q4 2010 0.852 0.019

    Wapic Insurance Plc December Q1 2010 1.567 0.289

    Abbey Building Plc October Q2 2010 0.551 0.176

    FCMB December Q1 2010 21.817 1.317

    Consolidated Hallmark Insurance Plc December Q1 2010 0.91 0.107

    Vono Product Plc December Q1 2010 0.243 0.018

    DECLARED FORECASTS FOR FEBRUARY

    Company Year End PeriodGross Earnings

    in N' billionPAT in N'

    billion

    Nigerian Breweries Plc December Q1 2010 40.841 7.967

    Gold Link Insurance Plc December Q2 2010 1.968 0.495

    Skye Bank Plc December Q2 2010 27.189 3.457

    Capital Hotel Plc December Q1 2010 1.257 0.944

    Nampak Plc September Q2 2010 1.062 0.549

    Nampak Plc September Q3 2010 1.278 0.636

    National Sport Lottery December Q1 2010 2.128 0.263

    Tantalizer Plc December Q1 2010 1.355 0.278

    Tantalizer Plc December Q4 2010 6.198 0.421

    Cornerstone Insurance Plc December Q1 2010 1.98 0.297

    Sovereign Insurance Plc December Q1 2010 1.458 0.342

    Neimeth Plc December Q1 2010 1.905 0.655

    Livestock Plc December Q1 2010 0.802 0.324

    BAGCo Plc December Q1 2010 10.452 0.557

    Julius Berger Plc December Q1 2010 36.4 0.92

    Presco Plc December Q1 2010 0.9 0.125

    Aso Savings Plc December Q1 2010 3.882 0.506

    DECLARED FORECASTS FOR MARCH

    Company Year End PeriodGross Earnings

    in N' billionPAT in N'

    billion

    May and Baker Plc December Q1 2010 1.082 0.023

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    45/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 45

    May and Baker Plc December Q2 2010 3.411 0.23

    RT Briscoe Plc December Q2 2010 8.267 0.151

    Evans Medicals Plc December Q2 2010 2.704 0.158

    Tantalizer Plc December Q2 2010 1.372 0.045

    ABC Transport Plc December Q2 2010 1.115 0.056

    Transnationwide Express Plc December Q2 2010 0.331 0.039

    NASCON Plc December Q1 2010 2.498 0.406

    NASCON Plc December Q2 2010 2.099 0.414

    NASCON Plc December Q3 2010 2.396 0.644

    NASCON Plc December Q4 2010 2.533 0.511

    Royal Exchange Plc December Q2 2010 2.448 0.298

    University Press Plc December Q2 2010 0.128 0.084

    Law Union and Rock Insurance Plc December Q2 2010 3.6 1.208

    Staco Insurance Plc December Q1 2010 2.49 0.898

    Staco Insurance Plc December Q2 2010 4.565 0.494

    Custodian and Allied Insurance Plc December Q2 2010 4.956 1.618

    Intercontinental Wapic Insurance Plc December Q2 2010 1.336 0.227

    Unilever Plc December Q2 2010 24.412 2.743

    MRS Oils Plc December Q2 2010 65.017 0.832

    Portland Paints Plc December Q2 2010 1.41 0.116

    Honeywell Flourmill Plc March Q1 2010 10.541 0.501

    Chemical and Allied Product Plc December Q2 2010 1.631 0.276

    Consolidated Hallmark Insurance Plc December Q2 2010 0.83 0.098

    Prestige Insurance Plc December Q2 2010 2.057 0.45

    Equity Assurance Plc December Q2 2010 1.00 0.129

    Guaranty Trust Assurance Plc December Q2 2010 4.233 0.601

    Oasis Insurance Plc December Q2 2010 0.55 0.319

    UAC Nigeria Plc December Q2 2010 27.781 1.539

    UACN Property Plc December Q2 2010 5.708 1.086

    GlaxoSmithKline Plc December Q2 2010 4.459 0.429

    Red Star Express Plc December Q2 2010 1.083 0.061

    Okomu Oil Plc December Q2 2010 1.606 0.333

    Berger Paints Plc December Q2 2010 1.194 0.154

    Alumaco Plc December Q1 2010 0.185 0.043Vono Products Plc December Q2 2010 0.232 0.027

    Total Nigeria Plc December Q1 2010 41.648 0.81

    Nestle Nigeria Plc December Q2 2010 17.555 2.268

    Vitafoam Plc December Q2 2010 8.666 0.507

    Livestock Feeds Plc December Q2 2010 0.982 0.0468

    Tripple Gee Plc December Q1 2010 0.159 0.017

    Nampak Plc December Q1 2010 2.209 0.13

    International Energy Insurance Plc December Q2 2010 3.905 0.839

    Nem Insurance Plc December Q2 2010 4.101 0.724

    Regency Alliance Plc December Q2 2010 0.565 0.228

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    46/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 46

    Eternal Oil Plc December Q1 2010 4.013 0.052

    Eternal Oil Plc December Q2 2010 9.106 0.134

    Eternal Oil Plc December Q3 2010 15.253 0.262

    Eternal Oil Plc December Q4 2010 21.986 0.41

    Airline Services Plc December Q1 2010 0.789 0.177

    Airline Services Plc December Q2 2010 14.749 0.212

    Cadbury Nigeria Plc December Q2 2010 14.749 0.212

    Cutix Plc December Q1 2010 0.476 0.055

    Evans Medicals Plc December Q2 2010 2.704 0.157

    Standard Alliance Insurance Plc December Q1 2010 0.777 0.471

    Standard Alliance Insurance Plc December Q2 2010 0.661 0.137

    Source: NSE, Proshare Research

    Dividends Declared

    DIVIDENDS DECLARED FOR JANUARY

    CompanyDividendDeclared AGM Date Price Adjustment Date

    SCOA Plc N0.10 January 28th, 2010 January 13th, 2010

    Afromedia Plc N0.05 April 1st, 2010 February 5th, 2010

    Nigerian Breweries Plc N1.50 8th February, 2010 27th January, 2010

    Fidson Healthcare Plc N0.22 25th February, 2010 19th January, 2010

    DIVIDENDS DECLARED FOR FEBRUARY

    CompanyDividendDeclared AGM Date Price Adjustment Date

    Nestle Plc N10.60 April 27th, 2010 April 16th, 2010

    Nigerian Breweries Plc N0.89k May 19th, 2010 March 12th, 2010

    Vitafoam Plc N0.25k March 4th, 2010 March 15th, 2010

    Afromedia Plc N0.05k March 3rd, 2010 February 5th, 2010

    DIVIDENDS DECLARED FOR MARCH

    Company

    Dividend

    Declared AGM Date Price Adjustment DateNestle Nigeria Plc N10.60 April 28th, 2010 April 16th, 2010

    Lafarge Wapco Plc N0.10 May 26th, 2010 May 17th, 2010

    Nigerian Breweries Plc N0.89 May 18th, 2010 March 12th, 2010

    GlaxoSmithKline Plc N0.75 May 25th, 2010 April 20th, 2010

    RT Briscoe Plc N0.10 May 27th, 2010 April 19th, 2010

    Capital Hotels Plc N0.075 June 22nd, 2010 June 2nd, 2010

    Zenith Bank Plc N0.45

    UBA Plc N0.10 May 10th, 2010 April 26th, 2010

    Source: NSE, Proshare Research

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    47/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 47

    Sectoral Analysis

    SECTOR ANALYSIS

    Symbol 31-Mar 4-Jan YTD YTD %

    Price PriceChange Change

    AGRICULTURE

    AFPRINT 0.86 0.86 0 0.0%

    ELLAHLAKES 4.26 4.26 0 0.0%

    FTNCOCOA 1.11 0.54 0.57 105.6%

    LIVESTOCK 0.72 0.59 0.13 22.0%

    OKITIPUPA 6.21 6.53 -0.32 -4.9%

    OKOMUOIL 21.62 22.75 -1.13 -5.0%

    Presco 6.38 5.6 0.78 13.9%

    Average 18.8%

    AIRLINE SERVICESAIRSERVICE 2.87 2.65 0.22 8%

    NAHCO 11.52 7.18 4.34 60%

    Average 34.4%

    AUTOMOBILE & TYRE

    DUNLOP 0.5 0.5 0 0%

    INCAR 1.97 4.12 -2.15 -52%

    RTBRISCOE 7 6.15 0.85 14%

    Average -12.8%

    AVIATION

    ALBARKAIR 0.58 0.58 0 0%

    Average 0.0%

    BANKING

    ACCESS 11.21 7.55 3.66 48%

    AFRIBANK 2.69 2.43 0.26 11%

    DIAMONDBNK 9.5 7.19 2.31 32%

    ECOBANK 6.99 10.1 -3.11 -31%

    FIDELITYBK 3.33 2.52 0.81 32%

    FIRSTBANK 16.39 14 2.39 17%

    FCMB 9 7.01 1.99 28%FIRSTINLND 0.67 0.55 0.12 22%

    GUARANTY 20.9 15.78 5.12 32%

    INTERCONT 2.12 1.69 0.43 25%

    OCEANIC 2 1.77 0.23 13%

    PLATINUM 1.66 1.38 0.28 20%

    SKYEBANK 7.94 5.48 2.46 45%

    SPRINGBANK 1 0.73 0.27 37%

    IBTC 10.96 7.16 3.8 53%

    STERLNBANK 2.76 1.26 1.5 119%

    UBA 15.2 10.81 4.39 41%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    48/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 48

    UBN 5.76 6.25 -0.49 -8%

    UNITYBNK 1.02 0.87 0.15 17%

    WEMABANK 1.04 0.97 0.07 7%

    ZENITHBANK 18.97 13.5 5.47 41%

    Average 28.7%BREWERIES

    CHAMPION 2.58 3.15 -0.57 -18%

    GOLDBREW 0.54 0.54 0 0%

    GUINNESS 140.12 127.5 12.62 10%

    INTBREW 3.07 2.27 0.8 35%

    JOSBREW 3.41 3.58 -0.17 -5%

    NB 61.5 53 8.5 16%

    PREMBREW 0.93 0.93 0 0%

    Average 5.5%

    BUILDING MATERIALSASHAKACEM 20.88 11.39 9.49 83%

    BCC 61 43.01 17.99 42%

    CCNN 21.98 13 8.98 69%

    WAPCO 34.5 30 4.5 15%

    NIGERCEM 5 5 0 0%

    NIGROPES 9.14 9.14 0 0%

    NIGWIRE 2.58 2.58 0 0%

    Average 29.9%

    CHEMICAL & PAINTS

    AFRPAINTS 3.49 3.49 0 0%

    BERGER 5.67 3.2 2.47 77%

    CAP 29.67 28 1.67 6%

    DNMEYER 3.4 5.39 -1.99 -37%

    IPWA 1.26 1.45 -0.19 -13%

    NIG-GERMAN 14.29 15.04 -0.75 -5%

    PREMPAINTS 13.4 13.4 0 0%

    PORTPAINT 5.67 5.67 0 0%

    Average 4.0%

    COMMERCIAL/SERVICESCOURTVILLE 0.5 0.5 0 0%

    NSLTECH 3.4 4.35 -0.95 -22%

    REDSTAREX 3.31 2.15 1.16 54%

    TRANSEXPR 6.45 6.45 0 0%

    Average 8.0%COMPUTER & OFFICE

    EQUIPMENT

    HALLMARK 3.22 3.22 0 0%

    NCR 8.13 8.51 -0.38 -4%

    OMATEK 0.57 0.5 0.07 14%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    49/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 49

    THOMASWY 1.75 1.84 -0.09 -5%

    TRIPPLEG 4.37 4.84 -0.47 -10%

    WTN 2.92 2.92 0 0%

    Average -1.0%

    CONGLOMERATES

    AGLEVENT 3.81 2.47 1.34 54%

    CHELLARAM 13.43 14.13 -0.7 -5%

    JOHNHOLT 9.28 9.28 0 0%

    PZ 31.35 25 6.35 25%

    SCOA 8.71 8.81 -0.1 -1%

    TRANSCORP 0.5 0.52 -0.02 -4%

    UACN 50.35 36.75 13.6 37%

    UNILEVER 29.8 19 10.8 57%

    Average 20.4%

    CONSTRUCTIONARBICO 26 26 0 0%

    CAPALBETO 95.49 95.49 0 0%

    COSTAIN 6.42 3.8 2.62 69%

    GCAPPA 14.46 14.46 0 0%

    JBERGER 34.73 25.79 8.94 35%

    MULTIVERSE 0.5 0.5 0 0%

    ROADS 3.46 3.3 0.16 5%

    Average 15.5%ENGINEERING

    TECHNOLOGYCUTIX 3.11 3 0.11 4%

    INTERLINK 5.15 5.15 0 0%

    NIWICABLE 0.57 0.97 -0.4 -41%

    Average 1.8%FOOD/BEVERAGES &

    TOBACCO

    7UP 33.73 29.4 4.33 15%

    BIGTREAT 0.98 0.66 0.32 48%

    CADBURY 18.77 10.49 8.28 79%

    DANGFLOUR 18.53 10.42 8.11 78%DANGSUGAR 18.63 14.9 3.73 25%

    FLOURMILL 61.06 36.2 24.86 69%

    HONYFLOUR 9 8.5 0.5 6%

    FOREMOST 0.51 0.51 0 0%

    MANDRID 5.66 5.95 -0.29 -5%

    NNFM 30.79 22.94 7.85 34%

    NASCON 8.88 4.56 4.32 95%

    NESTLE 270 239.5 30.5 13%

    NBC 32.6 22.49 10.11 45%

    TANTALIZER 1.32 0.75 0.57 76%

  • 8/9/2019 March Q1 2010 NCM Market Report - Proshare

    50/112

    The Monthly NCM Report for Q1 2010 www.proshareng.com Page 50

    UTC 0.72 0.86 -0.14 -16%

    UNIONDICON 4.91 6.01 -1.1 -18%

    Average 33.9%

    FOOTWEAR

    LENNARDS3.85

    4.26-0.41 -10%

    Average -9.6%

    HEALTHCARE


Recommended