NSE... NSE withnessed a reversal in the upward trend seen at the last trading session, as the benchmark index lost 0.19% to close at 30,311.77 with 4,331 deals. Sub-sectors showed mixed performance as the insurance and industrial sectors closed positively on the back of Continsure(9.30%), Mansard(9.79%), Aiico(4.71%) and Wapco(1.02%) while NSECNSM, NSEOILGS and NSEBNK closed in negative territory on the backdrop of PZ(-4.79%), Guinness(-3.17%), Skyebank(-4.68%), Stanbic(-3.45%) and FO(0.48%) ASI-year-to-date stands at -12.54% while market capitalization lost N20billion. Among the broad indices, volume appreciated by 63% while value traded depreciated by 39%. At the close of today's session, 11 stocks advanced, 28 declined while 68 remained unchanged. Top in the gainers’ chart are MANSARD(N2.58), CAVERTON(N3.37) and CONTINSURE (N0.94) while VANLEER (N9.37), UNHOMES (N5.23) and PZ (N26.65) led the decliners. Investors are advised to tread cautiously.

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Retail Views
NSE…
NSE withnessed a reversal in the upward trend seen at the last trading
session, as the benchmark index lost 0.19% to close at 30,311.77 with
4,331 deals. Sub-sectors showed mixed performance as the insurance
and industrial sectors closed positively on the back of
Continsure(9.30%), Mansard(9.79%), Aiico(4.71%) and Wapco(1.02%)
while NSECNSM, NSEOILGS and NSEBNK closed in negative territory
on the backdrop of PZ(-4.79%), Guinness(-3.17%), Skyebank(-4.68%),
Stanbic(-3.45%) and FO(0.48%)
ASI-year-to-date stands at -12.54% while market capitalization lost
N20billion. Among the broad indices, volume appreciated by 63% while
value traded depreciated by 39%. At the close of today’s session, 11
stocks advanced, 28 declined while 68 remained unchanged. Top in the
gainers’ chart are MANSARD(N2.58), CAVERTON(N3.37) and
CONTINSURE (N0.94) while VANLEER (N9.37), UNHOMES (N5.23) and
PZ (N26.65) led the decliners.
Investors are advised to tread cautiously.
28,000.00
29,000.00
30,000.00
31,000.00
1.000
6.000
11.000
16.000
3-wk Trajectory : ASI vs Value
Traded
Series2 Series1
Market Wrap
ASI -0.19 30,311.77
Index Yr-to-date -12.54
Market Cap. N10.417Tn
Traded value N2,361Bn
Key Gainers Close (N) %Chg.
Mansard 2.58 9.79
Nahco 4.74 4.87
Cadbury 22.93 4.66
Unilever 45.80 4.09
Continsure 0.94 9.30
Key Losers Close (N) %Chg.
PZ 26.65 -4.79
Skyebank 2.24 -4.68
Ccnn 8.80 -3.83
Stanbic 22.11 -3.45
Guinness 162.45 -3.17
Global Markets Close %Chg.
FTSE 100 6,137.60 0.87
The DOW 16,528.63 0.96
S & P 500 1,968.79 0.81
Nikkei 225 18,026.48 0.34
Kenya NSE 149.14 1.06
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 15.6543
6-Month 16.0735
9-Month 17.2724
12-Month 17.4898
Crude Oil Spot Price
Brent Crude Us$46.70

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NASD OTC Market.....
Market continued on the downside with the Index and market capitalization of unlisted securities recording -
0.07% and -0.46% declines; therefore leaving the USI pure price to fall to 908.63basis points and market
capitalization dropping to N474.91bn in that order, from previous figures of 909.31basis points and N477.11bn.
As for trades; activity levels recorded appreciations in the volume, value and deals executed. 12 deals was
achieved from previous 8(+50%), the volume of shares traded stood at 5,758,675units (+26.88%), while shares
consummated is valued at N4.98m.
In all 3 securities traded today out of the 23 securities admitted to trade. The price chart recorded 2 losses in CSCS
Plc. and Friesland Campina Wamco Plc. as they finished N5.00 (-0.99%) and N240.00 (-0.83%) respectively even as
other stocks remained unchanged in prices.
We still anticipate the renewed interest from cautious bargain hunters amidst market volatility.
Name Period Dividend Bonus Closure date
Payment
date Name Period
Turnover
(N'mil) %Chg PBT (N'mil) PAT (N'mil) %Chg
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 STANDARD ALLIANCCE H1 2015 2,512 -1% 605 496 104%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 GUINNESS FY 2014 118,495 9% 10,795 7,794 -19%
UBA PLC H1 2015 20 Kobo Nil 10-11th Sep-15 16-Sep-15 STANDARD ALLIANCCE FY 2014 4,333 40.0% 1,982- 2,080- -136.4%
​Nigerian Enamelware FY 2014 45 Kobo Nil 11th Sep 2015 29-Sep-15 UBA H1 2015 166,943 20.8% 39,046 31,999 40.0%
PZ FY 2014 61 kobo Nil 14/18-Sep2015 30-Sep-15 ARBICO FY 2014 3,717 11.0% 252- 259- -193.2%
GTB H1 2015 25 kobo Nil 08-Sep-15 21-Sep-15 CUTIX Q1 2015 665 15.7% 66 43 48.3%
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 HONYFLOUR Q1 2015 12,797 -7.7% 394 283 -38.7%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A OKOMU OIL H1 2015 4,991 2.5% 2,139 1,842 30.3%
UACN H1 2015 175 kobo Nil 10-Jul-15 24-Sep-15 FTN COCOA FY 2014 247 -46.3% 577- 577- -181.6%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A PZ FY 2014 73,126 0.3% 6,557 4,571 -10.1%
Honeywell Flour Mills FY 2014 5 kobo Nil 18-Sep-15 25-Sep-15 FLOURMILL Q1 2015 82,281 -2.0% 1,188 972 -65.6%
Red Star Express FY 2014 35 kobo Nil 07-Aug-15 14-Sep-15 GTB H1 2015 152,995 15.0% 63,111 53,373 21.3%
Northern Nigeria Fl. FY2014 30 kobo Nil ACCESS H1 2015 168,642 43.7% 39,113 31,287 38.5%
Flour Mills of Nigeria FY2014 210 kobo Nil 14-Aug-15 14-Sep-15 STERLING H1 2015 55,042 11.5% 6,055 5,425 6.9%
Triple Gee FY2014 4 kobo Nil R.T BRISCOE H1 2015 6,418 -36.3% 961,662- 961,662- -730.8%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 MULTIVERSE H1 2015 27,010 0.0% 171,011- 171,011- -6.7%
Custodian&Allied(Interim) H1 2015 6 kobo Nil 21-Aug-15 15-Sep-15 ZENITH H1 2015 229,082 24.2% 72,201 53,180 12.1%
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)
800.00
900.00
1000.00
25-Aug
27-Aug
29-Aug
31-Aug
02-Sep
04-Sep
06-Sep
08-Sep
10-Sep
12-Sep
14-Sep
Index
Period
Unlisted Securities Index curve

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News Highlight – Aviation
Aviation data shows the Nigerian consumer is still under pressure
The aviation report released by the Nigerian Bureau of Statistics (NBS) last week showed a 10% y/y decline
in the total number of travelling passengers to and from Nigerian airports, for Q2 2015. Likewise, travelling
passengers to and from Nigerian airports declined 11% q/q to 3.4 million.
The quarter under review coincides with a period of economic slowdown (reflected by a slower GDP growth
rate of 2.4% compared to 6.5% in Q2 2014), rising inflation, and slowing consumer demand. Most notably,
air fares were higher during this period, as airline operators passed through the additional costs resulting
from the weakening naira. We believe this largely contributed to the decline in travelling passengers.
So far, 2015 has been a tough year for Nigerian consumers as living costs have risen. With oil prices reaching
multi-year lows and at present, restrictions in the foreign exchange market, we do not see this pressure
easing in the near-term.

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