Once again, the benchmark index recorded modest gains as investors’ confidence in the Nigerian economy appear strengthened on the back of a firm commitment by the Nigerian President to name his cabinet before the end of September. Positive momentum was also seen on the sectoral front, as the Banking sector led all others to higher levels before the closing bell. On the stock specific front, OkomuOil, UBA, Zenith and UBACap have logged more than 2 consecutive gains, bringing their prices closer to profit booking range.

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Retail Views
NSE…
Once again, the benchmark index recorded modest gains as investors’
confidence in the Nigerian economy appear strengthened on the back
of a firm commitment by the Nigerian President to name his cabinet
before the end of September. Positive momentum was also seen on the
sectoral front, as the Banking sector led all othersto higher levels before
the closing bell. On the stock specific front, OkomuOil, UBA, Zenith and
UBACap have logged more than 2 consecutive gains, bringing their
prices closer to profit booking range.
ASI-year-to-date stands at -12.40% while market capitalization added
N105billion. Among the broad indices, volume and value traded
appreciated by 6% and 14% respectively. At the close of today’s session,
37 stocks advanced, 17 declined while 55 remained unchanged. Top in
the gainers’ chart are UBCAP (N1.58), ZENITHBANK (N17.85) and
ABCTRANS (N0.59) while CONOIL (N27.13) TRANSCOHOT (N7.10)
CAVERTON (N3.08) led the decliners.
Considering the breaking news that Nigeria is to be phased out of the JP
Morgan GBI-EM series, we doubt the sustainability of the current
uptrend. 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
Value Traded ASI
Market Wrap
ASI 1.02% 300,358.87
Index Yr-to-date -12.40%
Market Cap. N10.439Tn
Traded value N1,999Bn
Key Gainers Close (N) %Chg.
Ubcap 1.58 9.72
Zenithbnk 17.85 8.84
Ikejahotel 3.79 5.28
Okomuoil 25.83 5.00
Maybaker 1.30 4.84
Key Losers Close (N) %Chg.
Conoil 27.13 -9.72
Transcohot 7.10 -9.67
Diamond 3.57 -4.55
Custodyins 4.00 -4.53
Guinness 125.22 -2.93
Global Markets Close %Chg.
FTSE 100 6,152.12 1.28
The DOW 16,341.06 1.48
S & P 500 1,948.13 1.40
Nikkei 225 17,427.08 2.43
Kenya NSE 145.64 0.37
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 13.7749
6-Month 14.9082
9-Month 15.7514
12-Month 15.8644
Crude Oil Spot Price
Brent Crude Us$48.72

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NASD OTC Market.....
The market finished on a low note with all indices recording losses. The USI and market capitalization both lost -
0.33% (3.07 basis points) and -3.87% (N19.29bn) to close 929.49basis points and N479.11bn. Activity levels were
not left out as the day’s trades were executed in 11deals prior to 18 deals recorded yesterday. Volumes dropped by
-87.77% to reflect 60,460units and value of securities stood at N11.96m as of today’s trades.
3 (three) securities traded, as price chart reflected decline in the prices of two securities leaving others remained
unchanged in prices. Both CSCS Plc and Friesland Campina Wamco Plc lost (-0.17%), (-7.58%) in prices to show
N6.00 and N240.30 respectively.
We still expect the market to continue its losing streak. We therefore advise investors to have their eyes on the
fixed income and listed equities market for guidance while taking position in the unlisted securities.
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 GUINNESS FY 2014 118,495 9% 10,795 7,794 -19%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 STANDARD ALLIANCCE FY 2014 4,333 40.0% 1,982- 2,080- -136.4%
UBA PLC H1 2015 20 Kobo Nil 10-11th Sep-15 16-Sep-15 UBA H1 2015 166,943 20.8% 39,046 31,999 40.0%
​Nigerian Enamelware FY 2014 45 Kobo Nil 11th Sep 2015 29-Sep-15 ARBICO FY 2014 3,717 11.0% 252- 259- -193.2%
PZ FY 2014 61 kobo Nil 14/18-Sep2015 30-Sep-15 CUTIX Q1 2015 665 15.7% 66 43 48.3%
GTB H1 2015 25 kobo Nil 08-Sep-15 21-Sep-15 HONYFLOUR Q1 2015 12,797 -7.7% 394 283 -38.7%
Access H1 2015 25 kobo Nil 03-Sep-15 10-Sep-15 OKOMU OIL H1 2015 4,991 2.5% 2,139 1,842 30.3%
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 FTN COCOA FY 2014 247 -46.3% 577- 577- -181.6%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A PZ FY 2014 73,126 0.3% 6,557 4,571 -10.1%
UACN H1 2015 175 kobo Nil 10-Jul-15 24-Sep-15 FLOURMILL Q1 2015 82,281 -2.0% 1,188 972 -65.6%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A GTB H1 2015 152,995 15.0% 63,111 53,373 21.3%
Honeywell Flour Mills FY 2014 5 kobo Nil 18-Sep-15 25-Sep-15 ACCESS H1 2015 168,642 43.7% 39,113 31,287 38.5%
Red Star Express FY 2014 35 kobo Nil 07-Aug-15 14-Sep-15 STERLING H1 2015 55,042 11.5% 6,055 5,425 6.9%
Northern Nigeria Fl. FY2014 30 kobo Nil R.T BRISCOE H1 2015 6,418 -36.3% 961,662- 961,662- -730.8%
Flour Mills of Nigeria FY2014 210 kobo Nil 14-Aug-15 14-Sep-15 MULTIVERSE H1 2015 27,010 0.0% 171,011- 171,011- -6.7%
Triple Gee FY2014 4 kobo Nil ZENITH H1 2015 229,082 24.2% 72,201 53,180 12.1%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15
Custodian&Allied(Interim) H1 2015 6 kobo Nil 21-Aug-15 15-Sep-15
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)

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News Highlight – Treasury Single Account; FBN Holdings
Switch to TSA or face sanctions
Newspapers reported yesterday that President Muhammadu Buhari gave all Ministries, Departments and
Agencies (MDAs) of the Federal Government up until 15 September to either comply with the instructions on
the opening of a Treasury Single Account (TSA) or face sanctions. This follows an earlier directive by the
President last month that MDAs pay all government revenues and other receipts into a TSA with the Central
Bank Nigeria (CBN).
The Federal Government, under the previous administration, made attempts to operate a TSA as a measure
to monitor cash flows following the decline in oil prices and government revenues.
Already, commercial banks have started to feel the impact of lower liquidity as a result of the changes to the
cash reserve requirement (CRR) in May. Consequently, most banks are now incurring higher funding costs. H1
2015 numbers reflect this. While we expect full compliance with the TSA directive to ultimately improve the
country’s reserves, the shift towards the TSA implies a further liquidity squeeze on commercial banks and
may affect 9M 2015 numbers, in our view.
FBN Holdings announces changes in management
FBN Holdings (Buy, Target Price: N10.3, Current Price: N6.9) announced yesterday that the Executive
Director, South, First Bank of Nigeria Limited, Mr. U.K. Eke would take over from Mr. Bello Maccido as Group
Managing Director (GMD) of the group. Mr. Maccido is expected to assume the role of Chairman of the newly
licensed FBN Merchant Bank Limited.
The group also added that a Non-Executive Director, Mrs. Ibukun Abiodun Awosika, would take over from the
current chairman, Prince Ajibola Afonja, following his retirement.
According to the group, the current Executive Director/CFO, Dr. Adesola Adeduntan, has emerged as
Managing Director-designate of First Bank of Nigeria Limited to succeed the current GMD/CEO of the bank,
Mr. Bisi Onasanya. These changes are effective from January 1 2016.

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