The Nigerian stock market rose over 3% with gains in the banking, consumer, and industrial sectors. The All Share Index approached 30,000 but remains down 14.35% for the year. Top gainers were PZ, Okomuoil, and NAHCO while top losers were Jberger, 7up, and Dangsugar. The NASD OTC market fell with Acorn Petroleum and CSCS among the top gainers and IGI, Resourcery, and Friesland Campina Wamco among the top losers. The document also provides corporate actions, earnings results, and analysis of the government's plans to improve taxation.

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August 31, 2015

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Retail Views
NSE…
Going from strength to strength, Nigeria equity market traded at a 3-week
high point, with massive gains of over 3% which heaved NSE close to
psychologically crucial 30,000 level. The sentiments were on optimistic note
on sustained buying activities by retail investors in the face of lower stock
prices and amidst news of cabinet appointments on the street. Traders were
seen piling positions in Banking, Consumer and Industrial sectors as they
garnered most gains on the sectorial front.
ASI-year-to-date stands at -14.35% while market capitalisation added
N870billion. Among the broad indices, volume traded appreciated by 37%
while the value of trades depreciated by 19% from the previous session. Top in
the gainers’ chart are PZ (N24.15), OKOMUOIL (N21.60) and NAHCO (N4.68),
while CAVERTON (N3.25), ETRANZACT (N2.58) and CWG (N2.81) led the
decliners.
Honeywell flour mill Plc and Cutix Plc released their Q12015 results. See page
2
Bargain hunters are advised to tread cautiously: engage stocks with excellent
reputation, which have demonstrated sustained growth and is of interest to a
large number of investors.
28,000.00
29,000.00
30,000.00
31,000.00
32,000.00
1.000
6.000
11.000
16.000
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI +3.02% 29,684.84
Index Yr-to-date -14.35%
Market Cap. N10.208Tn
Traded value N3,463Bn
Key Gainers Close (N) %Chg.
PZ 24.15 10.22
Okomuoil 21.60 10.20
Guinness 138.99 9.43
Access 5.14 10.06
Oando 11.10 8.93
Key Losers Close (N) %Chg.
Jberger 42.00 -2.33
7up 190.05 0.00
Dangsugar 7.24 -0.28
Aiico 0.80 -1.23
Caverton 3.25 -4.97
Global Markets Close %Chg.
FTSE 100 6,247.94 0.90
The DOW 16,556.02 -0.52
S & P 500 1,976.20 -0.64
Nikkei 225 18,890.48 -1.28
Kenya NSE 142.80 1.87
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 15.3395
6-Month 15.4752
9-Month 15.6722
12-Month 15.8354
Crude Oil Spot Price
Brent Crude Us$49.20

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NASD OTC Market.....
The week opened to witness -1.16% drop in the Unlisted Securities Index to spring 939.02basis points, while market
capitalization also declined by -5.42% to show N489.10bn. Activity levels showed an appreciation in 11 deals with positive
volumes and values of 1,315,069units and N1,774,950.70 (+2.41%) respectively.
Top of the price gainers chart was Acorn Petroleum Plc (+12.90%) N0.35k, with CSCS Plc (+0.32%) N6.32k. Losers were IGI
Plc (-14.29%) 0.12k, Resourcery Plc (-14.00%) 0.43k, and Friesland Campina Wamco (-10.70%) N250.00.
Given the strength in the rally in crude oil price we expect a rebound in the market even as the activities of profit takers will
still be seen.
Name Period Dividend Bonus Closure date
Payment
date Name Period
Turnover
(N'mil) %Chg PBT (N'mil) PAT (N'mil) %Chg
​Nigerian Enamelware 45 Kobo Nil 11th Sep 2015 29-Sep-15 CUTIX Q1 2015 665 15.7% 66 43 48.3%
PZ FY 2014 61 kobo Nil 14/18-Sep201530-Sep-15 HONYFLOUR Q1 2015 12,797 -7.7% 394 283 -38.7%
GTB H1 2015 25 kobo Nil 08-Sep-15 21-Sep-15 OKOMU OIL H1 2015 4,991 2.5% 2,139 1,842 30.3%
Access H1 2015 25 kobo Nil 03-Sep-15 10-Sep-15 FTN COCOA FY 2014 247 -46.3% 577- 577- -181.6%
Zenith H1 2015 25 kobo Nil 08-Aug-15 28-Aug-15 PZ FY 2014 73,126 0.3% 6,557 4,571 -10.1%
MRS FY 2014 88 kobo Nil 17-Jul-15 06-Aug-15 FLOURMILL Q1 2015 82,281 -2.0% 1,188 972 -65.6%
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 GTB H1 2015 152,995 15.0% 63,111 53,373 21.3%
Royalex FY 2014 2 kobo Nil 17-Jul-15 03-Aug-15 ACCESS H1 2015 168,642 43.7% 39,113 31,287 38.5%
CCNN FY 2014 35 kobo Nil 24-Jul-15 18-Aug-15 STERLING H1 2015 55,042 11.5% 6,055 5,425 6.9%
intbrew FY 2014 25 kobo Nil 25-Jul-15 11-Aug-15 R.T BRISCOE H1 2015 6,418 -36.3% 961,662- 961,662- -730.8%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A MULTIVERSE H1 2015 27,010 0.0% 171,011- 171,011- -6.7%
Smartprdct FY 2014 25 kobo Nil 10-Jul-15 11-Aug-15 ZENITH H1 2015 229,082 24.2% 72,201 53,180 12.1%
UACN H1 2015 175 kobo Nil 10-Jul-15 24-Sep-15 MUTUAL BENEFIT H1 2015 10,087 59.8% 2,747 2,661 345.7%
Stanbic IBTC (Interim) H1 2015 90 kobo Nil 31-Jul-15 28-Aug-15 MUTUAL BENEFIT FY 2014 2,600 -2.2% 165 110 -83.1%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A RTBRISCOE Q1 2015 2,353 -6.5% 335 227 710.7%
Courteville (Interim) H1 2015 4 kobo Nil 10-Aug-15 31-Aug-15 NASCON FY 2015 6,605 22.8% 1,518 1,032 -2.8%
Honeywell Flour Mills FY 2014 5 kobo Nil 18-Sep-15 25-Sep-15 VITAFOAM H1 2015 9,321 5.3% 547 341 -12.8%
Red Star Express FY 2014 35 kobo Nil 07-Aug-15 14-Sep-15 CAPITAL HOTEL FY 2014 2,353 -6.5% 335 227 710.7%
AfriPrud (interim) H1 2015 17 kobo Nil 24-Aug-15 31-Aug-15 INTERBREW Q1 2015 5,224 24.0% 618 420 -40.7%
Northern Nigeria Fl. FY2014 30 kobo Nil BOC GASES H1 2015 1,031 -1.0% 49 35 -67.3%
Consol.Hallmark(Interim) H1 2015 2 kobo Nil 14-Aug-15 27-Aug-15 TOURIST COMPANY FY 2014 3,386 -2.1% 602- 602- -581.6%
Flour Mills of Nigeria FY2014 210 kobo Nil 14-Aug-15 14-Sep-15 MULTIVERSE FY 2014 49 -82.9% 580- 552- -0.5%
Triple Gee FY2014 4 kobo Nil TRIPPLEGEE Q1 2015 143 -6.5% 6.6 5.2 271.4%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 CHELLARAMS Q1 2015 5,396 -24.7% 22.4 22.4 115.2%
Custodian&Allied(Interim) H1 2015 6 kobo Nil 21-Aug-15 15-Sep-15 CUTIX FY 2014 2,358 5.6% 202 149 -28.0%
SCOA FY2014 7.5 kobo Nil 28-Aug-15 24-Sep-15​ UNIVERSITY PRESS Q1 2015 145 -40.6% 75.9- 75.9- -31.9%
Union Diagnostic FY2014 ​2.5 kobo ​Nil 21-Aug-15 02-Oct-15 JAPAUL H1 2015 5,816 -9.9% 1.9- 1.9- -1050.0%
MRS H1 2015 36,984 -21.6% 64 37 -88.3%
CUSTODIAN ALLIANCE H1 2015 13,533 11.1% 3,335 2,618 15.0%
Corporate Action (August 2015) Company Result (August 2015)
900.00
1000.00
15-Aug 17-Aug 19-Aug 21-Aug 23-Aug 25-Aug 27-Aug 29-Aug 31-Aug
Index
Period
Unlisted Securities Index curve

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News Highlight – Government Finance
Taxation
Newspapers reported last week that the newly appointed Acting Executive Chairman, Federal Inland
Revenue Service (FIRS), Mr. Babatunde Fowler, has said that his primary focus is to improve the country’s
tax administration and increase tax revenue. He also noted that his appointment was based on the
Presidency’s resolve to ensure an increase in tax revenue in the face of dwindling oil prices.
In the 2015 budget speech presented by the former coordinating minister for the economy and minister of
finance, Dr Ngozi Okonjo Iweala, emphasis was also placed on improving tax revenues by blocking leakages,
increasing the tax base and improving tax collection efficiency. The budget also included plans to review
existing tax waivers and exemptions especially pioneer status. There have also been reports of plans to
increase the VAT rate to at least 10% (see CSL Nigeria Daily 10 Aug 2015) and impose luxury tax on the
purchase of certain items like private jets, luxury yachts, champagnes, wines and spirits, business and first
class tickets etc.
It goes without saying that Nigeria’s tax system is not optimal. Government revenues are c.70% derived
from oil, with direct taxation, VAT and excise duties currently making up a small part. In April 2014, Dr
Okonjo Iweala was quoted as saying that the tax revenue ratio to the country’s Gross Domestic Product
(GDP) was only 12% and of the 12%, only 4% was non-oil tax to GDP compared to over 20% in most
countries. Clearly, with oil revenues down, there is pressure to improve the total tax take.
A large informal economy that cannot be taxed, weak legal sanctions for defaulters and poor tax
administration are a few of the problems responsible for the low tax to GDP ratio in Nigeria. In our view, an
improved tax system would significantly help the country cover the gaps in government financing in the face
of declining oil prices, we are however concerned about how quickly the tax system can be improved given
that the stated problems require considerable time and infrastructure to overcome.

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