General bearish sentiment on the Nigerian stock market led to the benchmark index losing 1.07% on the first trading day of the week. Only 10 stocks recorded gains while 25 declined. Inflation in Nigeria fell for the first time in 2015 to 9.3% year-over-year in October, below the central bank's target range of 6-9%. Traders are advised to take long positions in value stocks for potential long term returns.

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November 16, 2015

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Retail Views
NSE…
General bearish sentiment kept the NSE ASI in negative territory on the
first trading session of the week as the benchmark index lost 1.07%
before the closing bell. Only 10 stocks recorded gains while 25 declined
and 61 remained unchanged. Sectorial indices monitored by the
Exchange showed mixed performance as the banking, consumer and
industrial sectors closed negative on the back of Stanbic (-4.98%),
Zenith (-4.82%), Dangflour (-4.74%) and Dangcem (-0.56%), while
NSEOILGS and NSEINS closed positive on the back of Seplat (1.32%)
and Continsure (2.94%)
The All-Share-Index has lost 17.85% year-to-date. Among the broad
indices, 202million units valued at N1,093bn represents 14% and 17%
decline in volume and value traded relative to previous figures. Top in
the gainers’ chart are FBNH (N5.45), NPFMCRFBK (N1.02) and
UNITYBNK (N1.20) while STANBIC (N19.85), ETRANZACT (N2.33) and
ZENITHBANK (N16.18) led the decliners.
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
Series3 Series4 Series2 Series1
Market Wrap
ASI -1.07% 28,532.81
Index Yr-to-date -17.85%
Market Cap. N9.808Tn
Traded value N1,093Bn
Key Gainers Close (N) %Chg.
FBNH 5.45 8.35
NPFMCRFBK 1.02 4.08
Unitybk 1.20 3.45
Eternal 1.85 2.21
Sterlnbank 1.99 2.05
Key Losers Close (N) %Chg.
Stanbic 19.85 -4.98
Zenith 16.18 -4.82
Dangflour 2.41 -4.74
Guaranty 22.51 -3.72
UBA 3.64 -3.70
Global Markets Close %Chg.
FTSE 100 6,187.29 -1.75
The DOW 17,526.21 -0.86
S & P 500 2,059.90 -0.73
Nikkei 225 19,697.77 0.03
Kenya NSE 147.58 0.76
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 5.0220
6-Month 7.5480
9-Month 8.1042
12-Month 9.2359
Crude Oil Spot Price
Brent Crude Us$44.05

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NASD OTC Market.....
NASD Market News…
Market opened to witness all its indices trading in the negative stretch. The Unlisted Securities Index and Market
Capitalization recorded -5.51% declines equally (41.14bps and N24.36bn) thereby churning out 704.92bps and
N417.95bn respectively.
Similarly, the volume and value of stocks traded declined by -98.43% and -98.13%, thus reflecting 5,575units and
N960,492.30. Sentiments was rather low as the day’s trades were executed in 4 deals, only 1(one) security traded
out of the 23 securities in Friesland Campina Wamco Plc recording only 5,575units.
The day’s chart presented only 1 (one) loss; leaving 22 securities unchanged. Friesland Campina Wamco Plc -12.75%
(N171.00.
NB: the USI is now calculated using the Total Market Capitalization approach.
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 MAY & BAKER NIG PLC 9M 2015 5,283 9% 60 41 -144%
NESTLE NIG PLC INTERIM 1000 KOBO Nil 30-Oct-15 07-Dec-15 PORTLAND PAINT & PRODUCT H1 2015 1,946 17% 58 58 -17%
SEPLAT PET. DEV. CO INTERIM 30 KOBO Nil 23-Nov-15 17-Nov-15 PORTLAND PAINT & PRODUCT 9M 2015 1,444 9% 67 67 -41%
NIGERIA BREWERIES INTERIM 120 KOBO Nil 18-Nov-15 19-Nov-15 FTN COCOA PROCESSOR 9M 2015 562 253% 39- 39- 87%
RAK UNITY PETROLEUM FY 2015 30 KOBO Nil 27-Oct-15 02-Nov-15 GUINEA INSURANCE FY 2014 1,093 0.46% 14- 81- -308%
CONOIL FY 2014 100 Kobo Nil 28-Sep-15 02-Nov-15 PRESTIGE ASSURANCE Q1 2015 1,895 -29% 8 5 -97%
GUINNESS FY 2014 320 Kobo Nil 12-Oct-15 27-Nov-15 LAW UNION & ROCK INS FY 2015 3,252 -9% 664 564 217%
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A SKYE SHELTHER FUND 9M 2015 170 21% 138 138 31%
Academy Press FY2014 Nil 1 for 5 07-Aug-15 N/A RAK UNITY PETROLEUM H1 2015 2,320 -35% 55 38 -4%
Northern Nigeria Fl. FY2014 30 kobo Nil CONOIL PLC 9M 2015 60,156 -42% 1,760 1,196 -16%
Triple Gee FY2014 4 kobo Nil NIGER INSURANCE PLC 9M 2015 7,900 -5% 613 513 41%
Mansard (Interim) H1 2015 3 kobo Nil 14-Oct-15 26-Oct-15 NIGER INSURANCE PLC Q2 2015 6,167 10% 568 518 127%
Union Diagnostic FY2014 ​2.5kobo ​Nil 21-Aug-15 02-Oct-15 NIGER INSURANCE PLC Q1 2015 3,048 -1% 377 342 47%
ELLAH LAKES PLC FY 2015 72 -23% 34- 34- -162%
NEWGOLD ISSUER H1 2015 5,203.00$ -61% 4,938.00$ 3,560.00$ -59%
EQUITY ASSURANCE 9M 2015 2,106 -26% 647- 664- -98%
NASCON ALLIED INDUSTRIES 9M 2015 10,192 25% 2,380 1,618 3%
Corporate Action (October 2015) Company Result (October 2015)
500.00
600.00
700.00
800.00
03-Nov
05-Nov
07-Nov
09-Nov
11-Nov
13-Nov
15-Nov
Index
Period
Unlisted Securities Index Curve

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News Highlight – Inflation
Inflation rate falls for the first time this year
Nigeria’s inflation was down to 9.3% y/y for the month of October, 9bps lower than the inflation figure reported
for September, according to the Nigerian Bureau of Statistics (NBS). Although October’s inflation number
showed a first-time decrease this year, we note that it is still above the Central Bank of Nigeria’s (CBN) 6-9%
target band.
The NBS in its monthly inflation report, attributed the slower pace in October to the dissipating seasonal
effects of the Muslim festive period (Eid El-Kabir) in September. Consequently, the food sub-index fell 10bps
to 10.1% from 10.2% in September, while the core sub-index (all items excluding farm produce) fell 20bps y/y
to 8.7%, from 8.9% in September.
Headline inflation, sub-indices,
y/y
Source: NBS, CSL research
Inflation figures released over the last few months are in line with our broad view that the upward pressure
being exerted by the naira’s depreciation would be offset by weak demand-pull pressures stemming from
slowing economic activity. As such, we do not anticipate headline inflation figures exceeding 10.0% over the
coming months.

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