Further to booking activities and general bearish sentiment kept the NSE ASI in negative territory as the benchmark index lost 1.61% before the closing bell. Although we saw a slight recovery in the Banking sector on the back of gains recorded by Stanbic(+5.45%), UBA(4.85%) and FBNH(1.97%), other sectorial indices lost points on the backdrop of Dangcem(-5.00%), Wapco(-3.96%), flourmill(-5.00%) Seplat(-3.12%) and NNFM(-4.97%) . ASI-year-to-date stands at -15.19% while market capitalisation lost N164billion. Among the broad indices, volume and value traded depreciated by 38% and 36% respectively from the previous session indicating weak demand postures. Top in the gainers’ chart are VONO (N1.06), TRANSEXPR (N1.05) and STANBIC (N23.20) while ACCESS (N5.02), DANGCEM (N165.30) and PZ (N25.28) led the decliners. UBA PLC released their H1 2015 result declaring an interim....

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Retail Views
NSE…
Further to booking activities and general bearish sentiment kept the
NSE ASI in negative territory as the benchmark index lost 1.61% before
the closing bell. Although we saw a slight recovery in the Banking sector
on the back of gains recorded by Stanbic(+5.45%), UBA(4.85%) and
FBNH(1.97%), other sectorial indices lost points on the backdrop of
Dangcem(-5.00%), Wapco(-3.96%), flourmill(-5.00%) Seplat(-3.12%)
and NNFM(-4.97%) .
ASI-year-to-date stands at -15.19% while market capitalisation lost
N164billion. Among the broad indices, volume and value traded
depreciated by 38% and 36% respectively from the previous session
indicating weak demand postures. Top in the gainers’ chart are VONO
(N1.06), TRANSEXPR (N1.05) and STANBIC (N23.20) while ACCESS
(N5.02), DANGCEM (N165.30) and PZ (N25.28) led the decliners.
UBA PLC released their H1 2015 result declaring an interim dividend of
20kobo. See next page for details.
Index is expected to close lower in the last session of the week. Value
stocks appear ripe for another round of bargain hunt.
28,000.00
29,000.00
30,000.00
31,000.00
32,000.00
1.000
6.000
11.000
16.000
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI -1.61% 29,393.77
Index Yr-to-date -15.19%
Market Cap. N10.108Tn
Traded value N2,898Bn
Key Gainers Close (N) %Chg.
Stanbic 23.20 5.45
Transcorp 2.30 5.02
Dangflour 2.99 4.91
Uba 3.46 4.85
Intbrew 17.86 5.00
Key Losers Close (N) %Chg.
Access 5.02 -5.10
Dangcem 165.30 -5.00
Pz 25.28 -5.00
Flourmill 22.06 -5.00
Ubn 5.82 -4.90
Global Markets Close %Chg.
FTSE 100 6,085.35 0.44
The DOW 16,218.13 0.99
S & P 500 1,929.68 0.83
Nikkei 225 18,095.40 -0.39
Kenya NSE 142.52 -0.42
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 14.5998
6-Month 15.4631
9-Month 15.4761
12-Month 16.0856
Crude Oil Spot Price
Brent Crude Us$51.77

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NASD OTC Market.....
The momentum in market rallied northwards in all directions. The Unlisted Securities Index and market
capitalization further appreciated from yesterday’s figures by 0.23% (2.16basis points) and 5.58% (N26.85bn);
leaving them to close 940.60basis points and N508.21bn respectively in 33deals.
Today’s activity levels witnessed a negotiated cross deal of 140,000units NDEP executed at N175.00; even as the
market witnessed additional appreciation in volumes and values traded by +667.09% and +139.66 %; to offer
427,450units and N53.77m.
In all 11 securities traded today, only one (1) price appreciation recorded in CSCS Plc (+11.11%) N7.00. As for
decliners Friesland Campina Wamco Plc lost -1.83% and Golden Capital -11.11%.
Given the profit taking by investors in the general market; we still anticipate bargain positioning by investors, thus
we advise cautious trading with a view of mid to long term approach.
Name Period Dividend Bonus Closure date
Payment
date Name Period
Turnover
(N'mil) %Chg PBT (N'mil) PAT (N'mil) %Chg
UBA PLC H1 2015 20 Kobo Nil 10-11th Sep-15 16-Sep-15 UBA H1 2015 166,943 20.8% 39,046 31,999 40.0%
​Nigerian Enamelware FY 2014 45 Kobo Nil 11th Sep 2015 29-Sep-15 ARBICO FY 2014 3,717 11.0% 252- 259- -193.2%
PZ FY 2014 61 kobo Nil 14/18-Sep2015 30-Sep-15 CUTIX Q1 2015 665 15.7% 66 43 48.3%
GTB H1 2015 25 kobo Nil 08-Sep-15 21-Sep-15 HONYFLOUR Q1 2015 12,797 -7.7% 394 283 -38.7%
Access H1 2015 25 kobo Nil 03-Sep-15 10-Sep-15 OKOMU OIL H1 2015 4,991 2.5% 2,139 1,842 30.3%
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 FTN COCOA FY 2014 247 -46.3% 577- 577- -181.6%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A PZ FY 2014 73,126 0.3% 6,557 4,571 -10.1%
UACN H1 2015 175 kobo Nil 10-Jul-15 24-Sep-15 FLOURMILL Q1 2015 82,281 -2.0% 1,188 972 -65.6%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A GTB H1 2015 152,995 15.0% 63,111 53,373 21.3%
Honeywell Flour Mills FY 2014 5 kobo Nil 18-Sep-15 25-Sep-15 ACCESS H1 2015 168,642 43.7% 39,113 31,287 38.5%
Red Star Express FY 2014 35 kobo Nil 07-Aug-15 14-Sep-15 STERLING H1 2015 55,042 11.5% 6,055 5,425 6.9%
Northern Nigeria Fl. FY2014 30 kobo Nil R.T BRISCOE H1 2015 6,418 -36.3% 961,662- 961,662- -730.8%
Flour Mills of Nigeria FY2014 210 kobo Nil 14-Aug-15 14-Sep-15 MULTIVERSE H1 2015 27,010 0.0% 171,011- 171,011- -6.7%
Triple Gee FY2014 4 kobo Nil ZENITH H1 2015 229,082 24.2% 72,201 53,180 12.1%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15
Custodian&Allied(Interim) H1 2015 6 kobo Nil 21-Aug-15 15-Sep-15
SCOA FY2014 7.5 kobo Nil 28-Aug-15 24-Sep-15​
Union Diagnostic FY2014 ​2.5 kobo ​Nil 21-Aug-15 02-Oct-15
Corporate Action (August 2015) Company Result (August 2015)
900.00
1000.00
12-Aug
14-Aug
16-Aug
18-Aug
20-Aug
22-Aug
24-Aug
26-Aug
28-Aug
30-Aug
01-Sep
03-Sep
Index
Period
Unlisted Securities Index curve

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News Highlight – Dangote Cement
Again, Dangote cuts cement price
This morning, Dangote Cement (Buy, Target Price: N198.4, Current Price: N174.0) announced that it has
cut the price of its 3X cement brand in Nigeria by N300 (US$1.5) per 50kg bag (N6000 per tonne). According
to Onne van der Weijde, the Chief Executive of Dangote Cement, “Our cost-saving initiatives in Nigeria have
enabled us to cut the price of cement to a level that is good for consumers yet still allows us to achieve strong
returns that are sustainable in the longer term.”
This is not the first time Dangote Cement has cut the price of cement. On 3 November 2014, Dangote Cement
cut cement prices by 13.9% but quickly reversed that decision in December 2014.
Following the November 2014 announcement of a cut in cement prices, Dangote Cement shares were
marked down 12.3% that week. We believe investors may react negatively to today’s announcement and we
expect to see some sell pressure on Dangote Cement stocks.
Also, we believe the read-through for Lafarge Africa's (Under Review) operations in Nigeria is bad, as these
have higher operating costs than Dangote Cement in Nigeria. Lafarge Africa may have to follow suit in
cutting prices, in our view.

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