A summary of market activities and stock performance that occurred on the floor of the Nigerian stock exchange at the close of trading activities yesterday.

1. Retail views
UBA Q4 results
Nigeria Monday, 12 January 2015
Daily Retail Report
.
Market Review
The Nigerian Equity Market witnessed some respite at today’s
session after suffering sharp slump in the last five back-to-back
sessions. Though, cautious trading persisted but investors went
for value buying and lapped up fundamentally strong shares at
lower levels. The All Share Index got support from IND and OILG
sectors on the backdrop of Dangote Cement(+4.88%) and
Seplat(+5%). BNK and CNSM were the worst hit as GTB touched
2-years low to close N19.99, Stanbic fell by 3.7%, Zenith 2.62%
and Nestle 5%.
One out of every three stocks that changed price in the broad
market closed strong with 57 issues remaining unchanged. Top
on the key gainers’ chart are Dangote Cement(N166.40),
Seplat(N315), UBN(N8.42) and Oando(N15.54) while
Nestle(N812.25), JBerger(N46.95), GSK(N40.66) and
GTB(N19.99) led the losers’ chart. Highest value of trades were
in Zenith, Dangote Cement, NB and Nestle which accounted for
about 65% of total value traded.
While we maintain cautious trading mood, investors are advised
to engage defensive stocks with healthy performance.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 -2.20 -14.58 -29.99
NSE BNK10 -2.76 -15.73 -31.87
NSE CNSM10 -1.18 -15.12 -31.1
NSE OILG5 -0.25 -8.16 12.42
NSE INS10 -0.81 -5.59 -8.81
Market Wrap
ASI 0.30 30,234.72
Index year-to-datee -11.37
Market Cap. N10.010Tril
Traded value 3.615Bn
Key gainers (%)
SEPLAT 5.00
UBN 4.99
NAHCO 4.92
OANDO 3.26
HONEYFLOUR 2.94
Key losers (%)
JBERGER -9.75
NASCON -5.00
NESTLE -5.00
ETI -4.98
GLAXOSMITH -4.98
NITTY
1M 10,4691
2M 11,1124
3M 12,0122
6M 13.3285
9M 14.6989
12M 15.7377
Crude oil spot price
Brent crude US$48.25
Contact information
Phone: 01-2713923; 01-2713920
Mobile: 08068015502
Email: cslservice@fcmb.com
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2. Daily Retail Report
Page 2
Retail views
Stock Recommendations
Banking Comment
Current
Price
Target
Price
Potential
Upside %
EPS FY
2012
1 Yr
forward
EPS
1-yr PAT
Latest
(Nbillion)
1 yr forward
PAT(Nbillion)
Last year's
Dividend(N)
Dividend
Yield (%)
Last
year's
RoAE %
Shares
Outstanding
(millions)
Year
End
Access Bank Plc Hold 5.23 11.00 110.3% 1.68 1.61 42.862 36.860 0.85 8.80 19.2% 22,883 Dec.
Diamond Bank Plc Buy 4.70 8.10 72.3% 1.53 1.64 22.075 23.801 0.00 0.00 22.7% 14,475 Dec.
Fidelity Bank Buy 1.48 3.00 102.7% 0.63 0.50 18.201 20.116 0.21 14.19 12.0% 28,974 Dec.
First Bank Holding Company Hold 7.80 14.70 88.5% 2.30 2.30 75.400 74.900 1.00 12.82 18.8% 32,632 Dec.
Guaranty Trust Bank Plc Buy 19.99 39.80 99.1% 3.06 3.30 90.000 97.400 1.70 8.50 29.0% 29,431 Dec.
Stanbic Hold 26.00 15.50 -40.4% 1.02 1.82 11.446 20.300 0.10 0.38 12.4% 10,000 Dec.
Sterling Bank Hold 2.49 2.70 8.4% 0.44 0.40 6.954 8.000 0.20 8.03 16.0% 21,592 Dec.
Skye Bank under review 2.20 under review N/A 0.96 1.20 12.646 15.182 0.50 22.73 12.0% 13,219 Dec.
United Bank for Africa Plc Hold 3.79 7.40 95.3% 1.70 1.50 54.800 49.800 0.50 13.19 32.3% 32,981 Dec.
Zenith Bank Plc Buy 16.00 31.50 96.9% 3.19 2.96 95.300 101.800 1.75 10.94 19.5% 31,396 Dec.
Food & Beverage
Dangote Sugar Refinery under review 5.72 under review N/A 0.89 1.10 10.700 12.800 0.50 8.74 26.0% 12,000 Dec.
Cadbury Plc under review 42.00 under review N/A 1.10 3.20 5.500 6.000 0.50 1.19 19.0% 1,878 Dec.
Flour Mills Plc Hold 35.38 54.80 54.9% 2.90 3.50 8.400 10.618 1.60 4.52 10.0% 2,385 Mar.
Honey Flour Mills Buy 3.15 5.20 65.1% 0.34 0.40 2.702 3.208 0.15 4.76 16.0% 7,930 Dec.
Nestle Nig. Plc Hold 812.25 821.80 1.2% 26.70 27.20 22.258 21.768 25.50 3.14 75.0% 792 Dec.
PZ Plc Hold 24.54 34.60 41.0% 0.60 1.20 2.400 3.800 0.43 1.00 6.0% 3,970 May
UACN Plc Buy 27.60 72.60 163.0% 2.57 2.70 7.100 9.400 1.60 5.80 12.1% 1,920 Dec.
Unilever Plc Sell 33.80 31.80 -5.9% 1.51 1.26 5.600 4.800 1.40 4.14 58.0% 3,783 Dec.
Building Materials
WAPCO under review 80.08 under review N/A 4.90 10.00 14.700 30.009 1.20 1.50 23.0% 3,001 Mar.
Dangote Cement Plc Buy 166.40 258.50 55.3% 8.90 11.40 151.900 194.000 3.00 1.50 37.0% 17,040 Dec.
Breweries
Guinness Sell 130.00 111.00 -14.6% 7.93 8.70 11.863 13.400 7.00 5.38 36.0% 1,506 June
International Breweries Hold 21.39 24.50 14.5% 0.71 0.90 2.327 2.800 0.25 1.00 25.0% 3,263 Mar.
Nigerian Breweries Plc sell 144.40 121.20 -16.1% 5.00 5.50 38.100 41.012 3.00 2.08 41.0% 7,562 June
Agriculture
OkomuOil Buy 25.46 41.50 63.0% 7.50 3.50 3.591 3.300 7.00 15.20 16.0% 953 Dec.
Presco Buy 27.00 42.70 58.1% 3.55 1.56 3.550 1.556 1.00 2.80 21.0% 1,000 Dec.
Pharmaceuticals
GlaxoSmithkline Buy 40.66 78.60 93.3% 2.95 3.31 2.824 3.170 1.30 3.20 29.0% 957 Dec.
Note – for full report on the recommended stocks kindly send an email to cslcsu@firstcitygroup.com

3. Daily Retail Report
Page 3
Retail views
Top Highlight
Violence
Early signs of pre-election violence
Ahead of the 14 February presidential elections, political violence was reported in several parts of the country over the weekend. Yesterday, an
explosion occurred at the All Progressives Congress (APC) secretariat in Rivers State. Local newspapers reported that the blast was caused by
unidentified individuals who threw dynamite into the ground floor of the APC secretariat. This was followed shortly by an attack on four members
of the APC in another part of the state. Although the APC’s Presidential candidate, Retired Major General Muhammadu Buhari, last week went on
a campaign tour of the South East and so-called South South regions, we believe the violence in Rivers was driven more by intra-State politics
than the presidential elections.
The election violence was however not limited to the South as two campaign buses of President Goodluck Jonathan, whose party is the ruling
People’s Democratic Party (PDP), were burned in Plateau State on Saturday. Historically Plateau State has been a political and religious hotbed,
though limited cases of violence have been reported of late.
While fears have been expressed that violent clashes between rival political parties could flare up in the run-up to elections, there has been a
markedly sharp increase in attacks by the Boko Haram group in the last two weeks. It was reported that, following the group’s capture of the town
of Baga on 3 January, it went on a killing campaign. It was reported that about 2,000 people have been killed in Baga and neighbouring villages. It
is believed that the group is specifically targeting members of the local vigilantes working with security forces. The group is also credited with a
bomb blast in Maiduguri, Borno State on Saturday which killed around 19 people and another blast on Sunday in Potiskum, Yobe State, which
killed four.
While pre-election violence isn’t unusual in the run-up to presidential elections in Nigeria, the scale of attacks appears to be higher than usual this
time around. Judging by the level of support for either side, we believe that the upcoming Presidential elections could be the closest since the
return to Democracy in 1999.
News Headlines
SEC announces exit of Oteh as Director-General: The Securities and Exchange Commission (SEC) on Sunday announced the exit of Ms.
Arunma Oteh as the commission’s Director-General. The commission made the disclosure in a statement issued by its management and made
available to the News Agency of Nigeria (NAN) in Lagos. Source: thisdaylive.com
CBN defers implementation of policy on oil sector risk mitigation: The Central Bank of Nigeria (CBN) has postponed an earlier directive that
deposit money banks should strengthen their capital buffers in order to mitigate shocks as a result of their exposure to the oil sector. The latest
decision is to ensure that the on-going implementation of the Basel II/III capital adequacy framework is not dislocated. Source: thisdaylive.com
Nigerian Cocoa processors groan under huge debts: Data gathered by BusinessDay suggests that Nigeria’s Cocoa Processors are paying the
price for their un-serviced loans and high input costs, with cost eroding sales. “Many of them are burdened with un-serviced debts estimated
collectively at about N40 billion ($241m),” said Akin Olusuyi. Source: businessdayonline.com

4. Daily Retail Report
Page 4
Retail views
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