The Nigerian stock market closed lower, with the All Share Index falling 0.34% as several large companies' shares declined. Trading activity increased from the previous session. In corporate news, several companies reported financial results for recent periods. The document also provides commentary on trends in the fixed income market and commodity prices.

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July 29, 2015

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Retail views
NSE…
The Nigeria equities closed further southward as investor’s maintained
negative postures. Although, we saw a slight recovery in the Industrial sector
on the back of gains recorded by Dangcem(0.30%) and CCNN(0.23%), other
sectorial indices lost points as Unitybnk(-4.98%), Glaxosmith(-4.76%),
Mansard(-4.89%) and Oando(-4.17%) closed lower.
Market capitalization lost N36billion, to close the day at N10.457trillion.
Market activity saw an improvement from the previous session, as value
traded (N4.388billion) appreciated by 103%. 15 stocks advanced relative to 29
decliners while 53 remained unchanged. Top in the gainers chart are
AFRIPRUD (N2.99), TRANSEXPR (N1.05) and BETAGLAS (N41.47) while
PORTPAINT (N4.16), UNITYBNK (N2.10) and UAC-PROP (N9.55) led the
decliners.
See below for recent corporate actions and results.
A cautious approach is advised, albeit aggressive investors may engage stocks
with excellent reputation and of interest to a large number of investors.
29,000.00
29,500.00
30,000.00
30,500.00
31,000.00
31,500.00
32,000.00
32,500.00
33,000.00
0.00
5.00
10.00
15.00
20.00
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI -0.34% 30,510.95
Index Yr-to-date -11.96%
Market Cap. N10.457Tn
Traded value N4.388Bn
Key Gainers Close (N) %Chg.
Afriprud 2.99 7.94
Mobil 155.98 3.99
Flourmill 28.98 3.50
Betaglas 41.47 4.99
Fidson 3.30 2.80
Key Losers Close (N) %Chg.
Uac-prop 9.55 -4.98
Berger 9.80 -4.95
Glaxosmith 40.00 -4.76
Nascon 6.37 -4.93
Cap 37.95 -4.89
Global Markets Close %Chg.
FTSE 100 6.609.01 0.82
The DOW 17,711.01 0.46
S & P 500 2,093.25 1.23
Nikkei 225 20,302.91 -0.31
Kenya 152.22 -0.88
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 13.1548
6-Month 13.8864
9-Month 14.5221
12-Month 14.7007
Crude Oil Spot Price
Brent Crude Us$53.01

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NASD OTC Market.....
The momentum in the market rallied northwards as market capitalization appreciated by N14.45bn to close at
N543.82bn against the previous close of N529.37bn. Furthermore, 22 deals were executed as activity levels
recorded total volumes of 1,723,797units and N9,386,972.00 in values traded.
With today’s rally in place; the stocks which made much impact to the course of events were CSCS Plc and
Friesland Campina WAMCO Plc.
CSCS Plc traded a total volume of 1,601,150units in 9deals also recording a price appreciation of N0.20K
(+3.45%), whereas Friesland Campina WAMCO Plc with a high price of N300.00, traded only 700units in 3deals
to also record a price appreciation of N14.00 (+4.90%).
As for the losers; Acorn Petroleum Plc lost N0.09k (-14.06%) to close at N0.55K and Afriland Properties Plc
likewise lost N0.03k (-1.12%) to close at N2.66k.
However Arm Properties Plc and Jaiz international Plc remained unchanged in today’s trades with N2.98k and
N0.85k respectively.
Clearly we still maintain a neutral stand even as we expect more long term bargain hunting trades from
investors.
Name Period Dividend Bonus Closure date Paymentdate Name Period PBT (N'mil) PAT (N'mil) %Chg
Turnover
(N'mil) %Chg
MRS FY 2014 88 kobo Nil 17 Jul 2015 06-Aug-15 BERGER H1(2015) 237 161 50.2 1.412 14.91
Nigerins FY 2014 3.5 kobo Nil 17-Jul-15 29-Jul-15 CADBURY Q2(2015) 250 250 -120 14.137 -8
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 CAP H1(2015) 1.272 868 17 3.558 6
Royalex FY 2014 2 kobo Nil 17 Jul 2015 03-Aug-15 CCNN H1(2015) 1.916 1.303 -17.98 8.739 -6.98
Berger FY 2014 75 kobo Nil 17 Jun 2015 23-Jul-15 CILEASING H1(2015) 409 327 -11 9.692 52
AirService FY 2014 15 kobo Nil 19 Jun 2015 03-Jul-15 CORNERST H1(2015) 259 233 -60.18 3.999 23.68
Cileasing FY 2014 8 kobo Nil 19 Jun 2015 07-Jul-15 DIAMONDBNK H1(2015) 14.193 12.154 -12 83.164 5.6
Betaglas FY 2014 62 kobo Nil 15-Jun-15 10-Jul-15 FBNH H1(2015) 52 10 7.75 205 24.8
McNichols FY 2014 4 kobo 1 for 10 17-Jul-15 27-Jul-15 FIDELITYBK H1(2015) 9 8 2.46 71 13.6
CCNN FY 2014 35 kobo Nil 24-Jul-15 18-Aug-15 FLOURMILL Q1(2015) 7.724 8.474 -120 308.75 -5.2
Continsur FY 2014 11 kobo Nil 24-Jul-15 31-Jul-15 JAPAUL Q1(2015) 557 557 -326 3.108 -3.4
intbrew FY 2014 25 kobo Nil 25-Jul-15 11-Aug-15 MBENEFIT FY(2014) 4.526 4.099 102 15.451 638
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A McNICHOLS H1(2015) 35 32 111.5 485 114
Smartprdct FY 2014 25 kobo Nil 10-Jul-15 11-Aug-15 NAHCO H1(2015) 503 377 -0.92 4.246 8.94
UACN H1(2015) 175 kobo Nil 10-Jul-15 24-Sep-15 NB H1(2015) 30.989 21.477 -10 151.673 7
Cornerst H1(2015) 2 kobo Nil 10-Jul-15 25-Jul-15 NEM Q2(2015) 1.872 1.582 45 4.797 11
NEM FY 2014 6 kobo Nil 10-Jul-15 31-Jul-15 NPFMCRFBK H1(2015) 370 370 133.3 1.15 121.5
Presco FY 2014 100 kobo Nil 08-Jul-15 27-Jul-15 SEPLAT H1(2015) $8 $24 -66 $48 -19
Stanbic IBTC (Interim) H1(2015) 90 kobo Nil 31-Jul-15 28-Aug-15 STANBIC H1(2015) 9.537 9.695 -40 68.295 11
Academy Press FY 2014 Nil 1 for 5 07-Aug-15 N/A TRANSCORT H1(2015) 2.484 1.758 -16.5 7.241 -10.22
UBCAP Q2(2015) 1.792 1.408 11.58 2.75 22
UBN H1(2015) 6.614 6.458 1.81 55.958 5.8
UNILEVER H1(2015) 94.07 85.57 -94 28.721 -2
WEMA Q2(2015) 1.173 0.997 -31 17 0.9
Corporate Action (July 2015) Company Result (July 2015)

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News Highlight – Public Sector
FAAC disbursements pick up in June
Last week, the Federation Account Allocation Committee (FAAC) announced that it distributed the sum of
N518.6bn (US$2.6bn) to the three tiers of government for the month of June. The sum shared for June was
26.7% higher than N409.4bn (US$2.0bn) distributed for May, but 6.0% lower than the median disbursements
for the last twelve months.
While FAAC did not provide an explanation for the surge in disbursements in June, our sense is that these
incremental revenues may have accrued from an increase in volume of crude oil sold by the government.
Latest data from the Organisation of the Petroleum Exporting Countries’ (OPEC) monthly report (based on
direct communication from the producing countries) indicates that Nigeria’s crude oil production averaged
1.9m barrels per day (b/d) in May, the highest average monthly production reported since the beginning of the
year. Crude oil prices were fairly stable at US$55-60 per barrel in May.
We believe that the improvement in volumes may have been helped by reduced cases of crude oil theft and
pipeline vandalism. The government has recently intensified efforts to boost security around petroleum
transportation pipelines as it seeks to enhance crude volumes in the face of weak oil prices.

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