The document provides a daily market review and analysis of the Nigerian equity markets from CSL Market. Some key points: - The NSE All Share Index rose slightly due to gains in heavyweight Dangote Cement, though overall market sentiment remains gloomy. - Most sectors closed in the red, with losses over 1% except consumer sector which lost under 1%. - The NASD OTC market benchmark also declined, though volumes and values traded increased dramatically. - News highlights that Ford will start assembling its Ranger pickup truck in Nigeria, joining other automakers increasing local assembly.

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August 18, 2015

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Retail views
NSE…
After a 5-day negative trend, the NSE All Share Index witnessed some respite
at today’s session on account of price appreciation in heavyweight Dangote
Cement. The most capitalized stock on the exchange added 4.97% to keep the
ASI in positive territory, as investors took advantage of its attractive price
caused by a three-day southward trend. However, general market sentiment
remain gloomy as other sectors closed in the red; except for Consumer sector
which lost sub 1%, every other sector recorded losses over 100bps.
ASI-year-to-date stands at -13.02% while market capitalisation added
N7billion. Among the broad indices, 307million units valued at N3.616billion
represents a decrease by 36% and 1% in volume and value traded respectively.
At the close of today’s session, 12 stocks advanced, 33 declined while 61
remained unchanged. Top on the gainers’ chart are DANGCEM (N180.00), GNI
(N0.52) and WEMA (N0.89), while PZ (N29.83), EVANSMED (N0.76) ETERNA
(N1.90) led the decliners.
See below for recent corporate actions and results.
Investors with long term perspective can take advantage of current weakness
in stock prices.
29,000.00
29,500.00
30,000.00
30,500.00
31,000.00
31,500.00
32,000.00
1.00
6.00
11.00
16.00
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI -0.68% 30,112.62
Index Yr-to-date -13.02
Market Cap. N10.321Tn
Traded value N3.616Bn
Key Gainers Close (N) %Chg.
Dangcem 180.00 4.97
Vitafoam 5.85 2.81
Dangflour 3.00 2.39
Dangsugar 6.09 1.33
NB 122.10 0.07
Key Losers Close (N) %Chg.
PZ 29.83 -9.74
Honyflour 2.66 -5.00
Cadbury 30.06 -4.99
Flourmill 25.31 -4.99
UAC-PROP 8.13 -4.91
Global Markets Close %Chg.
FTSE 100 6,526.29 -0.37
The DOW 17,521.23 -0.14
S & P 500 2,097.88 -0.22
Nikkei 225 20,554.47 -0.32
Kenya 151.63 -0.27
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 15.8141
6-Month 15.8797
9-Month 16.0822
12-Month 17.0752
Crude Oil Spot Price
Brent Crude Us$48.61

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NASD OTC Market.....
NASD OTC Market.....
The market benchmark sustained its negative momentumeven though the volumesandvalued traded increaseddramatically.
The “USI” (Unlisted Securities Index) and market capitalization depreciated once again by -0.63% and -1.53% to close 965.30
and N518.71bn.
Volumes recorded grew from yesterday’s figures by 90.17% to show 3,179,366units and values by 97.44% to show
N145,720,158.40. Activity levels also appreciated, closing in 23 deals as against 7 recorded yesterday.
During the course of trades today, the market witnessed a negotiated deal of NDEP PLC 1,000,000units executed at N135.00.
Today’s price chart records only one (1) appreciation and (3) three decliners; Afriland Properties Plc gaining 0.30k(12%) to
close N2.80, Acorn Petroleum lost -0.06k(14.63%) to close 0.35k, and Friesland Campina Wamco losing N4.80K(1.69%) to
close N280.00 .
We expect to see more strategic bargaining from positioning investors.
Name Period Dividend Bonus Closure date Payment date Name Period
Turnover
(N'mil) %Chg PBT (N'mil) PAT (N'mil) %Chg
Zenith H1 2015 25 kobo Nil 08-Aug-15 28-Aug-15 MULTIVERSE H1 2015 27,010 171,011 171,011- -6.7%
MRS FY 2014 88 kobo Nil 17-Jul-15 06-Aug-15 ZENITH H1 2015 229,082 24.2% 72,201 53,180 12.1%
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 MUTUAL BENEFIT H1 2015 10,087 59.8% 2,747 2,661 345.7%
Royalex FY 2014 2 kobo Nil 17-Jul-15 03-Aug-15 MUTUAL BENEFIT FY 2014 2,600 -2.2% 165 110 -83.1%
CCNN FY 2014 35 kobo Nil 24-Jul-15 18-Aug-15 RTBRISCOE Q1 2015 2,353 -6.5% 335 227 710.7%
intbrew FY 2014 25 kobo Nil 25-Jul-15 11-Aug-15 NASCON FY 2015 6,605 22.8% 1,518 1,032 -2.8%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A VITAFOAM H1 2015 9,321 5.3% 547 341 -12.8%
Smartprdct FY 2014 25 kobo Nil 10-Jul-15 11-Aug-15 CAPITAL HOTEL FY 2014 2,353 -6.5% 335 227 710.7%
UACN H1 2015 175 kobo Nil 10-Jul-15 24-Sep-15 INTERBREW Q1 2015 5,224 24.0% 618 420 -40.7%
Stanbic IBTC (Interim) H1 2015 90 kobo Nil 31-Jul-15 28-Aug-15 BOC GASES H1 2015 1,031 -1.0% 49 35 -67.3%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A TOURIST COMPANY FY 2014 3,386 -2.1% 602- 602- -581.6%
Courteville (Interim) H1 2015 4 kobo Nil 10-Aug-15 31-Aug-15 MULTIVERSE FY 2014 49 -82.9% 580.0- 552.0- -0.5%
Honeywell Flour Mills FY 2014 5 kobo Nil 18-Sep-15 25-Sep-15 TRIPPLEGEE Q1 2015 143 -6.5% 6.6 5.2 271.4%
Red Star Express FY 2014 35 kobo Nil 07-Aug-15 14-Sep-15 CHELLARAMS Q1 2015 5,396 -24.7% 22 22 115.2%
AfriPrud (interim) H1 2015 17 kobo Nil 24-Aug-15 31-Aug-15 CUTIX FY 2014 2,358 5.6% 202.0 149.0 -28.0%
Northern Nigeria Flour Mills FY2014 30 kobo Nil UNIVERSITY PRESS Q1 2015 145 -40.6% 75.9- 75.9- -31.9%
Consolidated Hallmark (Interim) H1 2015 2 kobo Nil 14-Aug-15 27-Aug-15 JAPAUL H1 2015 5,816 -9.9% 2- 2- -1050.0%
Flour Mills of Nigeria FY2014 210 kobo Nil 14-Aug-15 14-Sep-15 MRS H1 2015 36,984 -21.6% 64 37 -88.3%
Triple Gee FY2014 4 kobo Nil CUSTODIAN ALLIANCE H1 2015 13,533 11.1% 3,335 2,618 15.0%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 DANGFLOUR 9M 2015 33,102 15.2% 9,554- 9,113- -0.1%
Custodian & Allied (Interim) H1 2015 6 kobo Nil 21-Aug-15 15-Sep-15 FORTE OIL H1 2015 61,168 -23.2% 3,255 2,530 -19.3%
SCOA FY2014 7.5 kobo Nil 28-Aug-15 24-Sep-15​ EVANSMED FY 2013 3,699 -24.0% 1,004- 820- -388.7%
Union Diagnostic FY2014 ​2.5 kobo ​Nil 21-Aug-15 02-Oct-15 VONO 9M 2015 548 -12.7% 36- 37- -76.2%
MAY&BAKER H1 2015 3,408 10.6% 43 29 118.0%
LAWUNION H1 2015 2311 -0.1525 510 433 3.009259
Corporate Action (August 2015) Company Result (August 2015)
900.00
1,000.00
1,100.00
01-Aug04-Aug07-Aug10-Aug13-Aug16-Aug
Index
Period
Unlisted Securities Index curve

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News Highlight – Cars (9)
More interest in the Nigerian auto industry, Ford assembly plant
Bloomberg last week reported that Ford Motor Co. (Ford, Not Rated), the second-largest US automaker, will start
assembling its Ranger compact pickup in Nigeria through a partnership with a local distributor, Coscharis Motors (Not
Listed). The assembly plant, capable of assembling 5,000 trucks a year, is Ford’s second in Africa and will produce
vehicles for sale in the Nigerian market. Last year, Ford sold about 4,000 vehicles in Nigeria and the Ranger accounted
for 50 – 60% of total sales.
Ford’s entry into Nigeria is one of a number we have seen over the last two years. We recall that last month Honda
Motor Company (Not Rated), one of Nigeria’s preferred passenger vehicles manufacturers, announced plans to
commence local production of its most widely-owned Nigerian car - the Honda Accord Sedan. Renault-Nissan (Not
Rated) and Jiangsu Joylong Automobile (Not Rated) of China also unveiled plans to establish assembly plants last
year.
As part of the Federal Government’s industrialisation policy, the government introduced the National Automotive
Industry Development Plan (NAIDP) in October 2013, introducing tariffs on imports as a key instrument to make
domestic production more competitive. To boost local assembly, there is no levy on importing materials and parts for
full assembly, and discounted levies of 5% -10% for partially assembled vehicles, while importers of fully built vehicles
pay an increased tariff of 70.0% (previously 35%) in 2015.
The prevalence of second-hand vehicles regularly stokes controversy in local media over quality and traffic safety, but
we believe is largely reflective of the willingness and ability to pay for cars in a lower-middle-income economy. In our
view, the incentive for automobile companies to establish local assembly plants has increased following the National
Automotive Policy. We will not be surprised if we see other big players such as Toyota Motor Corporation, owner of
arguably one of the most popular passenger vehicle brands in Nigeria, make a similar move.

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