- The Nigerian stock market continued to decline significantly in the past week due to weak investor sentiment, unclear economic conditions, and disappointing bank earnings. Several major stock indices fell to near 52-week lows. - Trading volume and value increased from the previous period but the All-Share Index fell 11.11% year-to-date. A few stocks such as Redstarex and UBA saw price gains while others like Portpaint and Mansard declined. - The pension commission aims to increase the number of pension contributors to 20 million by 2019 from the current 6.5 million by expanding to the informal sector through micro-pension initiatives. However, the target may be difficult to achieve given high

1. CSL MARKET
REVIEW
Perfect your investment Strategy with CSL daily
insight into the Nigerian Equity Markets
July 27, 2015

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Retail views
NSE…
The bloodshed continues unabatedly at the Nigerian Stock Exchange
against the backdrop of weak investor sentiments; unclear economic
direction and disappointing half-year results from Banks, continue to
fuel investors’ uncertainty and apathy towards the market. With 4 days
back-to-back southward movement, these counters are drawing close
to their 52-week low – Stanbic(N22.90), Transcorp(N2.22),
Flourmill(N26.60), Diamond(N3.99), Access(N5.05) and
Inter.Brew.(N18.24). All sectorial indices monitored by the exchange
closed in the red with NSEBNK leading the pack as UBN(-4.94%),
Zenith(-2.97%) and Access(-2.70%) shed points.
ASI has depreciated by 11.11% year-to-date, returning 30,807.57bps.
Among the broad indices, volume and value of transactions
appreciated relative to previous figures as 184million units of shares
valued at N2.294bn represents 28% and 39% improvement. At the
closing bell, 12 stocks advanced relative to 33 decliners while 69
remained unchanged.
Top in the gainers’ territory are Redstarex(N4.97), UBA(N4.31) and
Costain(N0.70) while Portpaint(N4.60), Mansard(N2.66) and
NNFM(N16.30) led the decliners
Cautious trading is strongly advised at this point while investors with
high risk appetite can take up buying opportunities in value stocks.
29,000.00
30,000.00
31,000.00
32,000.00
33,000.00
34,000.00
0.00
5.00
10.00
15.00
20.00
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI -0.90% 30,807.54
Index Yr-to-date -11.11%
Market Cap. N10.559Tn
Traded value N2.294Bn
Key Gainers Close (N) %Chg.
Redstarex 4.97 9.96
UBA 4.31 1.89
UACN 41.40 0.68
Nahco 4.65 0.65
Unilever 37.60 0.53
Key Losers Close (N) %Chg.
Portpaint 4.60 -5.15
Nnfm 16.30 -4.96
UBN 8.08 -4.94
7up 185.10 -4.59
Transcorp 2.22 -3.48
Global Markets Close %Chg.
FTSE 100 6,517.39 -0.95
The DOW 17,471.09 -0.55
S & P 500 2,072.17 -0.36
Nikkei 225 20,350.10 -0.95
Kenya 153.02 -0.10
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 13.6507
6-Month 13.7016
9-Month 14.2693
12-Month 14.3783
Crude Oil Spot Price
Brent Crude Us$53.65

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NASD…
Bullish run observed at the NASD- OTC Market today…..
The NASD- OTC market had a bullish run today with market capitalization gaining N12bn to settle at
N540.41bn in seventeen (17) deals.
While the total Volume and value traded were 178,400units and N7,047,920.00 .
Three stocks appreciating in share price; Friesland Campina WAMCO appreciated by (+13.90%) to close at
N295.00, CSCS Plc gained (+0.16%) to close at N6.26, and IGI Plc appreciating (+14.26%) to close at 0.16k
respectively.
Cappa & D’Alberto Plc lost (-0.01k) to close at N79.00 and NDEP Plc lost (-7.50%) to close at N154.00.
Other stocks like, Resourcery Plc and Geo-Fluids remained unchanged in share prices at today’s trading with
0.50K and 0.06k.
As for the week, we still maintain a neutral stand even as we expect more long term bargain hunting trades
from investors
Name Period Dividend Bonus
Closure
date
Payment
date Name Period PBT (N'mil) PAT (N'mil) %Chg
Turnover
(N'mil) %Chg
UACN FY 2014 N1.75 kobo Nil 10-Jul-15 24-Sep-15 ABBEY H1(2015) 57 46 8.33 662 -4.7
Cornerstone FY 2014 2 kobo Nil 10-Jul-15 25-Jul-15 BERGER H1(2015) 237 161 50.2 1.412 14.91
NEM FY 2014 6 kobo Nil 10-Jul-15 31-Jul-15 CADBURY Q2(2015) 250 250 -120 14.137 -8
Presco FY 2014 100 kobo Nil 08-Jul-15 27-Jul-15 CAP H1(2015) 1.272 868 17 3.558 6
Smart Products FY 2014 25 kobo Nil 10-Jul-15 11-Aug-15 CCNN H1(2015) 1.916 1.303 -17.98 8.739 -6.98
CONTINSURE FY 2014 11 kobo Nil 24-Jul-15 31-Jul-15 CILEASING H1(2015) 409 327 -11 9.692 52
INTERBREW FY 2014 25 kobo Nil 25-Jul-15 11-Aug-15 CORNERST H1(2015) 259 233 -60.18 3.999 23.68
CCNN FY 2014 35 kobo Nil 24-Jul-15 18-Aug-15 DIAMONDBNK H1(2015) 14.193 12.154 -12 83.164 5.6
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A 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
TRANSEXPR FY 2014 10 kobo Nil 13-Jul-15 07-Aug-15 FLOURMILL Q1(2015) 7.724 8.474 -120 308.75 -5.2
MRS FY 2014 88 kobo Nil 17-Jul-15 06-Aug-15 JAPAUL Q1(2015) 557 557 -326 3.108 -3.4
NIGERINS FY 2014 3.5 kobo Nil 17-Jul-15 29-Jul-15 JULI Q3(2014) 24.572 24.572 -10 126.521 -0.1
7UP FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15​ JULI HI(2014) 9.297 9.297 26 85.077 -16
STANBIC H1(2015) ​90 kobo ​Nil ​31-Jul-15 ​28-Aug-15 MBENEFIT FY(2014) 4.526 4.099 102 15.451 638
McNICHOLS H1(2015) 35 32 111.5 485 114
NAHCO H1(2015) 503 377 -0.92 4.246 8.94
NB H1(2015) 30.989 21.477 -10 151.673 7
NEM Q2(2015) 1.872 1.582 45 4.797 11
NPFMCRFBK H1(2015) 370 370 133.3 1.15 121.5
STANBIC H1(2015) 9.537 9.695 -40 68.295 11
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 – PENSION
Pencom targets 20 million contributors
Yesterday, the Nigerian Pension Commission (PenCom), announced plans to increase the number of
contributors under the contributory pension scheme (CPS) to 20 million by 2019.
The number of contributors under the scheme which currently stands at 6.5 million, is only about 11.4% of labour
force, going by our estimates. We believe that unemployment, especially the low level of formal employment is
the primary reason why labour force contribution to the scheme is quite low (see CSL Nigeria Daily, 21 July).
This to us, explains why PenCom expects to reach its target by focusing on an ongoing micro pension initiative
that aims to capture a larger portion of the informal sector.
Source: PenCom, CSL Research
The recently-introduced Pension Reforms Act (2014) also provides a wider scope for the inclusion of the informal
sector by extending participation to organisations with a minimum of three persons from a minimum of five
persons previously. We however have not noticed any significant impact, as number of contributors in the
scheme have only grown by about 5.0% since the PRA was signed into law in July 2014.

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