Owing to improved investors’ patronage, the Nigerian Stock Market witnessed some respite at today’s trading session with the ASI appreciating 0.12% to close at 29,014.78bps. Sub-sectors monitored by the exchange showed mixed performance; NSEOILGS closed negative on the back of Oando (-9.67%) while NSEBNK, NSECNSM and NSEINS kept the ASI in positive territory on the back of gains recorded by Mansard (4.96%), Dangflour (4.76%), Flourmill (4.55%), Access (4.00%) and UBA (3.02%). The All-Share-Index has lost 16.28% year-to-date. Among the broad indices, 217million units valued at N1, 458bn represents 32% and 19% decline in volume and value traded relative to previous figures. At the close of today’s session, 12 stocks advanced relative to 25 decliners while 61 remained unchanged. Top in the gainers’ chart are MANSARD(N2.75), DANGFLOUR (N2.42) and FLOURMILL(N21.85) while OANDO (N7.66), TRANSCORP (N1.85) and CCNN (N8.01) led the decliners.

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Retail Views
NSE…
Owing to improved investors’ patronage, the Nigerian Stock Market
witnessed some respite at today’s trading session with the ASI
appreciating 0.12% to close at 29,014.78bps. Sub-sectors monitored by
the exchange showed mixed performance; NSEOILGS closed negative
on the back of Oando (-9.67%) while NSEBNK, NSECNSM and NSEINS
kept the ASI in positive territory on the back of gains recorded by
Mansard (4.96%), Dangflour (4.76%), Flourmill (4.55%), Access (4.00%)
and UBA (3.02%).
The All-Share-Index has lost 16.28% year-to-date. Among the broad
indices, 217million units valued at N1, 458bn represents 32% and 19%
decline in volume and value traded relative to previous figures. At the
close of today’s session, 12 stocks advanced relative to 25 decliners
while 61 remained unchanged. Top in the gainers’ chart are
MANSARD(N2.75), DANGFLOUR (N2.42) and FLOURMILL(N21.85)
while OANDO (N7.66), TRANSCORP (N1.85) and CCNN (N8.01) led the
decliners.
See below for recent Corporate financial 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
16-…
18-…
20-…
22-…
24-…
26-…
28-…
30-…
01-…
03-…
05-…
07-…
09-…
11-…
3-wk Trajectory : ASI vs Value
Traded
Series2 Series1
Market Wrap
ASI +0.12 29,014.78
Index Yr-to-date -16.28%
Market Cap. N9.974Tn
Traded value N1,458Bn
Key Gainers Close (N) %Chg.
Mansard 2.75 4.96
Dangflour 2.42 4.76
Flourmill 21.85 4.55
Access 4.68 4.00
UBA 3.75 3.02
Key Losers Close (N) %Chg.
Oando 7.66 -9.67
Transcorp 1.85 -8.87
Ccnn 8.01 -8.25
Cadbury 19.10 -4.98
Ikejahotel 3.33 -4.86
Global Markets Close %Chg.
FTSE 100 6,318.99 -0.55
The DOW 17,756.04 -0.86
S & P 500 2,080.13 -0.91
Nikkei 225 19,642.74 1.96
Kenya NSE 147.58 0.76
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 2.6481
6-Month 4.1306
9-Month 4.7160
12-Month 5.2160
Crude Oil Spot Price
Brent Crude Us$47.27

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NASD OTC Market.....
NASD Market News…
Themarketfurthertriedtosustaintherallywitnessedfromthebeginningoftheweekasmostoftheindicestradednorthwards.
The Unlisted Securities Index and Market Capitalization appreciated +0.66% and +0.63% (0.66basis points and N2.78bn) to
record 749.59basis points and N444.28bn separately.
Without respite the value of stocks traded again depreciated by -83.55% to record N647,448.75; even as the volume of stocks
still appreciated +786.71% in 502,625units, while trades were executed in 5 deals. Activity levels reflected 5(five) securities
trading out of the 23 securities admitted to trade, and Food Concepts Plc recording the largest volume of stocks traded in
500,000units.
The price chart recorded only 2 (two) gains, leaving 21 securities unchanged. Food Concepts Plc +14.93% and NDEP Plc +8.97%
(N158.00)
Tactical positioning investors are advised take up a medium to long term investment approach in these equities.
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 MAY & BAKER NIG PLC 9M 2015 5,283 9% 60 41 -144%
NESTLE NIG PLC INTERIM 1000 KOBO Nil 30-Oct-15 07-Dec-15 PORTLAND PAINT & PRODUCT H1 2015 1,946 17% 58 58 -17%
SEPLAT PET. DEV. CO INTERIM 30 KOBO Nil 23-Nov-15 17-Nov-15 PORTLAND PAINT & PRODUCT 9M 2015 1,444 9% 67 67 -41%
NIGERIA BREWERIES INTERIM 120 KOBO Nil 18-Nov-15 19-Nov-15 FTN COCOA PROCESSOR 9M 2015 562 253% 39- 39- 87%
RAK UNITY PETROLEUM FY 2015 30 KOBO Nil 27-Oct-15 02-Nov-15 GUINEA INSURANCE FY 2014 1,093 0.46% 14- 81- -308%
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 PRESTIGE ASSURANCE Q1 2015 1,895 -29% 8 5 -97%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 LAW UNION & ROCK INS FY 2015 3,252 -9% 664 564 217%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A SKYE SHELTHER FUND 9M 2015 170 21% 138 138 31%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A RAK UNITY PETROLEUM H1 2015 2,320 -35% 55 38 -4%
Northern Nigeria Fl. FY2014 30 kobo Nil CONOIL PLC 9M 2015 60,156 -42% 1,760 1,196 -16%
Triple Gee FY2014 4 kobo Nil NIGER INSURANCE PLC 9M 2015 7,900 -5% 613 513 41%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 NIGER INSURANCE PLC Q2 2015 6,167 10% 568 518 127%
Union Diagnostic FY2014 ​2.5kobo ​Nil 21-Aug-15 02-Oct-15 NIGER INSURANCE PLC Q1 2015 3,048 -1% 377 342 47%
ELLAH LAKES PLC FY 2015 72 -23% 34- 34- -162%
NEWGOLD ISSUER H1 2015 5,203.00$ -61% 4,938.00$ 3,560.00$ -59%
EQUITY ASSURANCE 9M 2015 2,106 -26% 647- 664- -98%
NASCON ALLIED INDUSTRIES 9M 2015 10,192 25% 2,380 1,618 3%
Corporate Action (October 2015) Company Result (October 2015)
500.00
600.00
700.00
800.00
03-Nov
05-Nov
07-Nov
09-Nov
11-Nov
Index
Period
Unlisted Securities Index Curve

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News Highlight –Banks
Bond yields decline as banking system liquidity rises
Yields on Nigerian bonds across several maturities have declined significantly in recent days on the back of
increased liquidity in the interbank money market.
Banking system liquidity has been rising since September, after the Central Bank of Nigeria (CBN) cut the
Cash Reserve Ratio (CRR) on 22 September from 31% to 25% and reduced its Open market Operations
(OMO) – CBN carried out its last OMO on 29 September.
According to traders, system liquidity stood at N890bn (US$4.5bn) at the close of business yesterday. Reuters
also reported that the CBN is loosening monetary policy possibly to spur credit growth.
We do not think that increasing the liquidity within the banking system will necessarily translate through to
increased lending by the banks as the slowing economy could result in asset quality continuing to deteriorate.
Already, banks like Stanbic IBTC (Hold: target price N28.8/s, current price N20.0/s) reported a rise in NPL’s
from 6.6% in 2014 to 8.8% in its 9M 2015 results. Furthermore, some banks have guided towards a reduction
in their loan growth targets. For example, Diamond Bank (Buy: target price N4.8/s, current price N2.7/s) cut
its 2015 loan growth target to flat from its 5% guidance in H1 2015.

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