On the backdrop of falling money market rates, the equity market received some boost today as the volume and value rose significantly. The rise in market activity, however, did not lead to positive return in the All Share Index as the benchmark index, closed a marginal 0.03% lower. Sub-sectors showed mixed performance as NSEOILG and NSEINS closed positive on the back of Oando (+10.10%), NEM(+4.55%) and Lawunion (+3.85%) while NSEBNK, NSECNSM and NSEIND closed in negative territory on the backdrop of Guaranty(-0.34%), 7UP(-3.15%) and heavyweight Dangcem (-0.61%).

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Retail Views
NSE…
On the backdrop of falling money market rates, the equity market
received some boost today as the volume and value rose significantly.
The rise in market activity, however, did not lead to positive return in
the All Share Index as the benchmark index, closed a marginal 0.03%
lower. Sub-sectors showed mixed performance as NSEOILG and
NSEINS closed positive on the back of Oando (+10.10%), NEM(+4.55%)
and Lawunion (+3.85%) while NSEBNK, NSECNSM and NSEIND closed
in negative territory on the backdrop of Guaranty(-0.34%), 7UP(-3.15%)
and heavyweight Dangcem (-0.61%).
The All-Share-Index has lost 15.84% year-to-date. Among the broad
indices, 1.125billion units valued at N14.623bn represents an increase by
13% and 139% in volume and value traded relative to previous figures.
At the close of today’s session, 25 stocks advanced relative to 15
decliners while 46 remained unchanged. Top in the gainers’ chart are
OANDO (N8.50), CCNN (N8.73) and FIDSON (N3.09) while CAVERTON
(N2.63), WEMABANK (N0.95) and EVANSMED (N0.52) led the
decliners.
See below for recent company financial results.
In the trader’s opinion, investors are advised to take up buying positions
in value stocks for possible long term returns.
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 -0.03% 29,168.04
Index Yr-to-date -15.84%
Market Cap. N10.026Tn
Traded value N1,125Bn
Key Gainers Close (N) %Chg.
Oando 8.50 10.10
Ccnn 8.73 10.09
Diamondbnk 2.87 9.54
Maybaker 1.26 5.00
Unilever 33.00 5.00
Key Losers Close (N) %Chg.
Caverton 2.63 -4.71
Wemabank 0.95 -4.04
Evansmed 0.52 -3.70
7up 185.06 -3.12
Skyebank 1.90 -2.06
Global Markets Close %Chg.
FTSE 100 6,318.99 -0.55
The DOW 17,756.04 -0.86
S & P 500 2,080.13 -0.91
Nikkei 225 19,642.74 1.96
Kenya NSE 147.58 0.76
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 3.1850
6-Month 5.9396
9-Month 7.6396
12-Month 7.7176
Crude Oil Spot Price
Brent Crude Us$47.78

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NASD OTC Market.....
NASD Market News…
The market opened this week to show a positive rally, as it left the indices churning out increases in all its indices. The Unlisted
Securities Index and Market Capitalization appreciated +5.23% equally (36.98basis points and N21.93bn) to record 743.84basis
points and N441.02bn in that arrangement.
Value and volume of shares traded also appreciated +164.55% and +54.27% to close N4.69m and 40,881units from previous
figures; altogether, trades were executed in 7 deals. Further activity levels recorded 5(five) securities trading out of the 23
securities admitted to trade, with NDEP Plc recording the largest volume of stocks traded in 32,100units.
The day’sprice chart recorded 2 (two) gainsand1(one) losswith 20 securities remainedunchanged. FrieslandCampina Wamco
Plc +15.00% (N197.80), NDEP Plc +0.63% ( N160.00) and CSCS Plc -11.50% (N5.31)
Tactical positioning investors are advised take up a medium to long term investment approach in these equities.
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 SKYE SHELTHER FUND 9M 2015 170 21% 138 138 31%
NESTLE NIG PLC INTERIM 1000 KOBO Nil 30-Oct-15 07-Dec-15 RAK UNITY PETROLEUM H1 2015 2,320 -35% 55 38 -4%
SEPLAT PET. DEV. CO INTERIM 30 KOBO Nil 23-Nov-15 17-Nov-15 CONOIL PLC 9M 2015 60,156 -42% 1,760 1,196 -16%
NIGERIA BREWERIES INTERIM 120 KOBO Nil 18-Nov-15 19-Nov-15 NIGER INSURANCE PLC 9M 2015 7,900 -5% 613 513 41%
RAK UNITY PETROLEUM FY 2015 30 KOBO Nil 27-Oct-15 02-Nov-15 NIGER INSURANCE PLC Q2 2015 6,167 10% 568 518 127%
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 NIGER INSURANCE PLC Q1 2015 3,048 -1% 377 342 47%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 ELLAH LAKES PLC FY 2015 72 -23% 34- 34- -162%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A NEWGOLD ISSUER H1 2015 5,203.00$ -61% 4,938.00$ 3,560.00$ -59%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A EQUITY ASSURANCE 9M 2015 2,106 -26% 647- 664- -98%
Northern Nigeria Fl. FY2014 30 kobo Nil NASCON ALLIED INDUSTRIES 9M 2015 10,192 25% 2,380 1,618 3%
Triple Gee FY2014 4 kobo Nil CHARMS PLC 9M 2015 855 -56% 564- 564- -756%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 CONTINENTAL REINSURANCE 9M 2015 15,109 26% 2,072 1,537 13%
Union Diagnostic FY2014 ​2.5 kobo ​Nil 21-Aug-15 02-Oct-15 UAC OF NIGERIA PLC 9M 2015 54,602 -10% 1,431 1,897- -176%
UNITY BANK 9M 2015 49,200 2% 10,347 9,313 -16%
FLOURMILLS OF NIG. Q2 2015 117,583 -29% 24,109 24,109 452%
UNIVERSITY PRESS Q2 2015 1,140 -14% 273 191 -14%
RT BRISCOE 9M 2015 9,740 -34% 1,477- 1,477- -392%
PORTLAND PAINTS & PRODUCT 9M 2015 1,664 -31% 78- 115- -181%
SEVEN UP BOTTLING CO. PLC 9M 2015 39,569 4% 2,371 1,820 -27%
Corporate Action (October 2015) Company Result (October 2015)
600.00
700.00
800.00
03-
Nov
05-
Nov
07-
Nov
09-
Nov
Index
Period
USI

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News Highlight –Treasury Single Account
CBN fines Skye Bank for non-compliance with TSA directive
Over the weekend, Thisday newspaper reported that the CBN has fined Skye Bank (Hold, target price
N2.7/s, current price N2.0/s) N4bn (US$20m) for its failure to remit N40.1bn of Federal Government
Ministries, Departments and Agencies (MDAs) funds to the Treasury Single Account (TSA).
The sanction on Skye bank comes barely two weeks after FBN Holdings (Buy, target price N10.3/s, current
price N5.1/s) and UBA (Buy, target price N7.2/s, current price N3.5/s) were fined N1.9bn and N2.9bn
respectively for failure to fully comply with the Federal Government’s directive on TSA. The fines charged on
FBN Holdings and UBA represented 5% of the funds they failed to remit.
According to the newspaper, Skye Bank’s N4bn fine is equivalent to 10% of the funds it failed to remit. The
paper stated that the CBN meted out a harsher sanction on Skye Bank because the funds were discovered
only after CBN examiners visited the Bank almost a month after the deadline.
We believe this fine will have a significant impact on Skye Bank’s FY 2015e earnings. Using 9M 2015 run-rate,
Skye Banks fine of N4bn is 25% of its annualised PBT of N16.0bn.
Following the announcement of fines levied on FBNH and UBA, their respective share prices declined 12.3%
and 12.1% that week. As such, we believe Skye Bank’s share price may also react negatively to this news.

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