The Equity market moved southward for the fourth session in a row as the benchmark index struggled for direction loosing 0.07% to close at 29,032.44bps. This pessimistic mood was witnessed across all sectorial indices monitored by the exchange except for NSEOILGS which closed positive on the back of Oando(+7.22%). NSEOILGS topped the losers chart on the backdrop of Unilever(-4.98%), Champion(-4.83%), Intbrew(-4.69%) and 7UP(-2.55).

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November 04, 2015

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Retail Views
NSE…
The Equity market moved southward for the fourth session in a row as
the benchmark index struggled for direction loosing 0.07% to close at
29,032.44bps. This pessimistic mood was witnessed across all sectorial
indices monitored by the exchange except for NSEOILGS which closed
positive on the back of Oando(+7.22%). NSEOILGS topped the losers
chart on the backdrop of Unilever(-4.98%), Champion(-4.83%),
Intbrew(-4.69%) and 7UP(-2.55)
The All-Share-Index has lost 16.27% year-to-date. Among the broad
indices, 181million units valued at N2.055bn represents an increase by
9% and 83% in volume and value traded relative to previous figures. At
the close of today’s session, 14 stocks advanced relative to 28 decliners
while 52 remained unchanged. Top in the gainers’ chart are OANDO
(N6.98); GUINNESS (N136.42) and STANBIC (N19.85) while MOBIL
(N138.99), FIDSON (N3.08) and CUTIX (N1.52) led the decliners.
See below for recent corporate actions and results.
In the trader’s opinion, investors are advised to take up buying positions
in value stocks for possible long term returns.
28,000.00
29,000.00
30,000.00
31,000.00
0.300
5.300
10.300
3-wk Trajectory : ASI vs Value
Traded
Series2 Series1
Market Wrap
ASI -0.07% 29,032.44
Index Yr-to-date -16.27%
Market Cap. N9.977Tn
Traded value N2,055Bn
Key Gainers Close (N) %Chg.
Oando 6.98 7.22
Guinness 136.42 4.99
Stanbic 19.85 4.97
Uacn 26.41 4.97
ETI 18.49 1.59
Key Losers Close (N) %Chg.
Mobil 138.99 -9.75
Fidson 3.08 -9.68
Uac-prop 6.65 -5.00
Unilever 33.18 -4.98
Champion 4.14 -4.83
Global Markets Close %Chg.
FTSE 100 6,102.53 -0.25
The DOW 16,351.33 -0.50
S & P 500 1,950.55 -0.54
Nikkei 225 17,965.70 -1.63
Kenya NSE 147.58 0.76
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 5.1225
6-Month 7.7633
9-Month 8.3880
12-Month 8.4117
Crude Oil Spot Price
Brent Crude Us$50.13

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NASD OTC Market.....
Market sustained the low momentum at the unlisted securities with the Market Capitalization declining -0.25% (N1.12bn) to
record N443.91bn. Value of shares appreciated +745.52% to close N2,96m, unlike the volume of trades executed also declining -
36.95% to record 32,600units. All trades were executed in 8 deals.
7( Seven) securities tradedout ofthe 23 securities admittedto trade,with NDEPPlc recording the largest volume ofstocks traded
in 20,000units.
The price chart presented 3(three) gains, 1 (one) loss and 19 securities remaining unchanged. Afriland Properties Plc +14.42%
(N2.46), CSCS Plc +5.26% (N6.00), Partnership Inv. Plc +1.27% (0.80) and NDEP Plc -12.74% ( N145.00).
Given the gloomy trend; we still advice investors to tread cautiously while taking up a medium to long term investment approach
in this space.
Name Period Dividend Bonus Closure date
Payment
date Name Period Turnover (N'mil) %Chg PBT (N'mil) PAT (N'mil) %Chg
TOTAL NIG PLC INTERIM 2.00 KOBO Nil 04-Dec-15 14-Dec-15 NIGER INSURANCE PLC Q2 2015 6,167 0.10 568 518 127%
NESTLE NIG PLC INTERIM 1000 KOBO Nil 30-Oct-15 07-Dec-15 NIGER INSURANCE PLC Q1 2015 3,048 -1% 377 342 47%
SEPLAT PET. DEV. CO INTERIM 30 KOBO Nil 23-Nov-15 17-Nov-15 ELLAH LAKES PLC FY 2015 72 -23% 34- 34- -162%
NIGERIA BREWERIES INTERIM 120 KOBO Nil 18-Nov-15 19-Nov-15 NEWGOLD ISSUER H1 2015 5,203.00$ -0.61 4,938.00$ 3,560.00$ -59%
RAK UNITY PETROLEUM FY 2015 30 KOBO Nil 27-Oct-15 02-Nov-15 EQUITY ASSURANCE 9M 2015 2,106 -26% 647- 664- -98%
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 NASCON ALLIED INDUSTRIES 9M 2015 10,192 25% 2,380 1,618 3%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 CHARMS PLC 9M 2015 855 -56% 564- 564- -756%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A CONTINENTAL REINSURANCE 9M 2015 15,109 26% 2,072 1,537 13%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A UAC OF NIGERIA PLC 9M 2015 54,602 -10% 1,431 1,897- -176%
Northern Nigeria Fl. FY2014 30 kobo Nil UNITY BANK 9M 2015 49,200 2% 10,347 9,313 -16%
Triple Gee FY2014 4 kobo Nil FLOURMILLS OF NIG. Q2 2015 117,583 -29% 24,109 24,109 452%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 UNIVERSITY PRESS Q2 2015 1,140 -14% 273 191 -14%
Union Diagnostic FY2014 ​2.5kobo ​Nil 21-Aug-15 02-Oct-15 RT BRISCOE 9M 2015 9,740 -34% 1,477- 1,477- -392%
PORTLAND PAINTS & PRODUCT 9M 2015 1,664 -31% 78- 115- -181%
SEVEN UP BOTTLING CO. PLC 9M 2015 39,569 4% 2,371 1,820 -27%
DN MEYER 9M 2015 279 2% 1 1 -101%
SOVEREIGN TRUST INS 9M 2015 5,997 -4% 506 475 -23%
CAVERTON 9M 2015 17,820 -5% 2,253 1,391 -26%
MRS OIL NIG PLC 9M 2015 64,050 -7% 1,259 730 27%
Corporate Action (October 2015) Company Result (October 2015)

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News Highlight – Banks
CBN disagrees with the FRCN over Stanbic IBTC sanction
The Central Bank of Nigeria (CBN) have questioned the regulatory decisions taken by the Financial Reporting
Council of Nigeria (FRCN) against Stanbic IBTC Holdings (Stanbic; Hold, Target Price: N28.82, Current Price:
N18.91).
The FRCN in a statement late last month, had directed Stanbic to withdraw and restate their financial
statements for full years 2013 and 2014, and suspended the FRC registration numbers of four of its Directors,
following its indictment of the bank for a number of infractions relating to;
1. Sale, purchase, and assignment agreements
2. Statutory audits and auditors independence
3. Presentation and concealment of information,
4. Misleading disclosures based on transactions with holding company)
5. Unrecognised intangible assets,
6. Franchise/management fees (National Office for Technology Acquisition and Promotion related issues);
and
7. Regulatory breaches.
Despite Stanbic’s claim that FRCN’s allegations were inaccurate, Stanbic’s share price has declined by 13.5%
since FRCN’s statement was released.
In a letter signed by the CBN governor on Monday however, the CBN pointed out that Stanbic had not
committed any serious infractions in its financial statements and added that the FRCN failed to follow due
process laid down by the FRCN Act.
We expect Stanbic’s management to provide more clarity on this development during its 9M 2015
teleconference call next week Monday.

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