Market opened to a slow start at the unlisted securities, though the USI and Market Capitalization managed appreciations of +0.21% (2.01 basis points) and +2.20% (N9.80bn) to record 948.35 basis points and N455.42bn respectively. While value appreciated +161.71% to close N106,514.95 only, the volume of trades executed declined by -80.81% from last friday's figures to record 11,513units executed in 5 deals(+66.67%). 4( Four) securities traded out of the 23 securities admitted to trade, with Afriland PropertiesPlc recording the largest volume of stocks traded in 10,313units. Price chart presented 2(two) gains, with 21 securities remaining unchanged in prices. Friesland Campina Wamco Plc +5.00% ( N210.00) and Afriland Properties Plc +1.42% (N2.15). Given the gloomy trend; we still advice investors to tread cautiously while taking up a medium to long term investment approach in this space.

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November 02, 2015

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Retail Views
NSE…
General bearish sentiment kept the NSE ASI in negative territory as the
benchmark index lost 0.14% before the closing bell. Only 11 stocks
recorded gains while 27 declined and 45 remained unchanged. All
sectorial indices monitored by the NSE closed in negative terrain except
the banking sector on the back of Guaranty (+2.21%), Zenith (+1.70%)
and ETI (1.56%).
ASI-year-to-date stands at -15.91% while market capitalization lost
N53billion. Among the broad indices, volume (308 million units) traded
appreciated by 50% while value (N2.967bn) depreciated by 12% relative
to previous figures. Top on the chart are AIICO (N0.89), FLOURMILL
(N22.05) and PZ (N24.99) while TRANSEXPR (N1.05), LIVESTOCK
(N1.52) and UNILEVER (N36.75) led the decliners.
See below for recent corporate actions and results.
Investors are advised to tread cautiously.
28,000.00
29,000.00
30,000.00
31,000.00
0.300
5.300
10.300
3-wk Trajectory : ASI vs Value
Traded
Series2 Series1
Market Wrap
ASI -0.14% 29,136.85
Index Yr-to-date -15.91%
Market Cap. N10.0.13Tn
Traded value N2,967Bn
Key Gainers Close (N) %Chg.
Aiico 0.89 4.71
Berger 10.10 3.38
Flourmill 22.05 4.21
Pz 24.99 4.13
Guaranty 23.60 2.21
Key Losers Close (N) %Chg.
Transexpr 1.05 -7.89
Unilever 6.75 -4.99
Uacn 25.16 -4.98
Ubn 5.52 -4.83
Cutix 1.60 -4.76
Global Markets Close %Chg.
FTSE 100 6,102.53 -0.25
The DOW 16,351.33 -0.50
S & P 500 1,950.55 -0.54
Nikkei 225 17,965.70 -1.63
Kenya NSE 147.58 0.76
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 6.3434
6-Month 10.0339
9-Month 10.3904
12-Month 11.4720
Crude Oil Spot Price
Brent Crude Us$48.85

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NASD OTC Market.....
Market opened to a slow start at the unlisted securities, though the USI and Market Capitalization managed appreciations of
+0.21% (2.01 basis points) and +2.20% (N9.80bn) to record 948.35 basis points and N455.42bn respectively.
While value appreciated +161.71% to close N106,514.95 only, the volume of trades executed declined by -80.81% from last
friday's figures to record 11,513units executed in 5 deals(+66.67%).
4( Four) securities traded out of the 23 securities admitted to trade, with Afriland PropertiesPlc recording the largest volume
of stocks traded in 10,313units.
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 UAC OF NIGERIA PLC 9M 2015 54,602 -10% 1,431 1,897- -176%
NESTLE NIG PLC INTERIM 1000 KOBO Nil 30-Oct-15 07-Dec-15 UNITY BANK 9M 2015 49,200 2% 10,347 9,313 -16%
SEPLAT PET. DEV. CO INTERIM 30 KOBO Nil 23-Nov-15 17-Nov-15 FLOURMILLS OF NIG. Q2 2015 117,583 -29% 24,109 24,109 452%
NIGERIA BREWERIES INTERIM 120 KOBO Nil 18-Nov-15 19-Nov-15 UNIVERSITY PRESS Q2 2015 1,140 -14% 273 191 -14%
RAK UNITY PETROLEUM FY 2015 30 KOBO Nil 27-Oct-15 02-Nov-15 RT BRISCOE 9M 2015 9,740 -34% 1,477- 1,477- -392%
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 PORTLAND PAINTS & PRODUCT 9M 2015 1,664 -31% 78- 115- -181%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 SEVEN UP BOTTLING CO. PLC 9M 2015 39,569 4% 2,371 1,820 -27%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A DN MEYER 9M 2015 279 2% 1 1 -101%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A SOVEREIGN TRUST INS 9M 2015 5,997 -4% 506 475 -23%
Northern Nigeria Fl. FY2014 30 kobo Nil CAVERTON 9M 2015 17,820 -5% 2,253 1,391 -26%
Triple Gee FY2014 4 kobo Nil MRS OIL NIG PLC 9M 2015 64,050 -7% 1,259 730 27%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 JAPAUL GROUP 9M 2015 7,227 -13% 2,353 2,353- -380%
Union Diagnostic FY2014 ​2.5 kobo ​Nil 21-Aug-15 02-Oct-15 UNION DIAGNOSTIC & CLINICAL 9M 2015 936 21% 155 145 127%
ABC TRANSPORT 9M 2015 5,101 -2% 116 9- 93%
MUTUAL BENEFIT ASSURANCE 9M 2015 11,841 -6% 1,381 1,295 -29%
WAPIC INSURANCE PLC 9M 2015 5,672 22% 108 33 -73%
STACO INSURANCE 9M 2015 5,184 -1% 483 437 -22%
AG LEVENTIS 9M 2015 8,817 5% 400 152 -59%
INTERNATIONA BREWERIES H1 2015 10,140 1% 1,000 704 -48%
RED STAR EXPRESS 9M 2015 3,357 1% 224 157 -24%
ALUMINIUM EXTRUSUION IND 9M 2015 1,866 22% 112 103 178%
AIRLINE SERVICES & LOGISTIC 9M 2015 3,317 30% 166 166 232%
SCOA NIG PLC 9M 2015 3,810 -41% 421- 421- -335%
CUSTODIAN AND ALLIED PLC 9M 2015 20,366 10% 4,971 3,774 19%
REGENCY ALLIANCE PLC 9M 2015 2,667 3% 506 463 14%
TANTALIZERS PLC 9M 2015 1,497 -49% 462- 462- 41%
FIDELITY BANK PLC 9M 2015 106,570 11% 13,789 11,445 6%
CHELLARAMS PLC H1 2015 10,714 -20% 127 108 -123%
AUSTIN LAZ & CO PLC H1 2015 37 -77% 44- 44- -1000%
HONEYWELL FLOURMILL H1 2015 26,192 -3% 1,129 903 -18%
LEARN AFRICA PLC 9M 2015 1,275 -10% 5 1- 67%
LIVESTOCK FEEDS PLC 9M 2015 6,371 17% 200 112 -31%
AXA MANSARD INURANCE PLC 9M 2015 13,502 -8% 1,722 1,512 32%
UACN PROPERTY DEV. CO. PLC 9M 2015 4,306 -48% 2,192- 2,192- -616%
MCNICHOLS CONSOLIDATED PLC 9M 2015 753 92% 51 47 57%
PHARMA-DEKO PLC 9M 2015 1,131 -3% 149 149 6%
ROYAL EXCHANGE 9M 2015 8,873 13% 111 75 -89%
Corporate Action (October 2015) Company Result (October 2015)

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Price chart presented 2(two) gains, with 21 securities remaining unchanged in prices. Friesland Campina Wamco Plc +5.00% (
N210.00) and Afriland Properties Plc +1.42% (N2.15).
Given the gloomy trend; we still advice investors to tread cautiously while taking up a medium to long term investment
approach in this space.
News Highlight – Electricity
Renewable energy to help Nigeria’s electricity problems?
The Nigerian Electricity Regulatory Commission (NERC) has approved a new regulation entitled ‘feed-in tariff
regulations for renewable energy sourced electricity in Nigeria.' This new regulation is designed to encourage
more investment in renewable energy sources that could provide Nigeria with up to 2,000 megawatts (MW) of
additional electricity by 2020. The chairman of NERC, Dr. Sam Amadi, was quoted as saying “With this
regulation, we have been able to unlock further investment potentials in the country’s power sector. Its major
objective is to diversify our sources of electricity and take advantage of our options.”
Renewable energy sources included in the regulation are electricity generated from biomass, small hydro, wind
and solar energy sources. The regulation expects electricity distribution companies to procure half of the
projected renewable sourced electricity, while the Nigerian Bulk Electricity Trading Company (NBET) is
expected to procure the remaining half.
Although power generation has improved over the last two months, it is still significantly below the generation
needed for the national grid. NOI polls in its October report stated that Nigerian households received an
average daily power supply of 10.8 hours in September 2015, which was the highest average daily power supply
received over a 30monthperiod.Constraintssuchasinadequate gassupplytopower plants,the delayed launch
of the Transitional Electricity Market, and the ageing transmission infrastructure have been cited as factors
impeding the power sector currently.
For Nigeria, the challenge of how to increase energy supply to industrial and commercial consumers remains is
an important one. The inclusion of alternative energy sources as part of the total energy mix of the generation
portfolio is a positive one we believe, and could help to improve power generation in the medium term.
900.00
1000.00
02-Oct
04-Oct
06-Oct
08-Oct
10-Oct
12-Oct
14-Oct
16-Oct
18-Oct
20-Oct
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28-Oct
30-Oct
01-Nov
Index
Period
Unlisted Securities Index curve

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