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1
Retail views
NSE…
In the absence of active buying activity, the Nigerian Equity market tanked
further at today’s session. Heavy throbbing in large caps: FBNH(-3.73%),
Guinness(-1.73%), GTB(-1.73%) and Nig.Brew.(-0.83%) pushed the benchmark
index further southward. Most sectoral indices on the exchange reeled under
pressure with the Insurance counters leading the pack. NSEIND and NSEOILG
were the only sub-indices that closed in the green, on the backdrop of
Wapco(+4.13%) and ForteOil(+1.90%)
NSEASI lost 0.25% to close at 30,436.18bps. In the broad market, decliners
thumped advancers32 to 14 leaving 68 issues unchanged. Market activity level
depreciated today; trades valued at N4.21bn represents 4.05% decrease from
the last session. Top worst performers were Pharmadeko(N2.14),
Livestock(N1.76), and Portpaint(N3.96) while Transexpr(N1.10), 7-
Up(N190.00), and CCNN(N9.14) led the gainers’ list.
Buying opportunities abound in highly capitalized stocks; buy into penny
stocks with strong fundamentals and you may consider stocks trading below
its 52yr lows
See below for recent corporate actions and results.
29,000.00
29,500.00
30,000.00
30,500.00
31,000.00
31,500.00
32,000.00
32,500.00
33,000.00
0.00
5.00
10.00
15.00
20.00
3-wk Trajectory : ASI vs Value
Traded
Value Traded ASI
Market Wrap
ASI -0.25% 30,436.18
Index Yr-to-date -12.18%
Market Cap. N10.432Tn
Traded value N4.210Bn
Key Gainers Close (N) %Chg.
Transexpr 1.10 4.76
7up 190.00 4.40
Ccnn 9.14 4.22
Wapco 103.09 4.13
Fo 188.00 1.90
Key Losers Close (N) %Chg.
Pharmdeko 2.14 -4.89
Unitybnk 2.00 -4.76
Mansard 2.41 -4.74
Uacn 40.00 -3.61
Fbnh 7.22 -3.73
Global Markets Close %Chg.
FTSE 100 6,668.87 0.57
The DOW 17,733.43 -0.10
S & P 500 2,105.77 -0.13
Nikkei 225 20,522.83 1.08
Kenya 152.22 -0.88
Source : Bloomberg
Fixed Income & Commodities
NITTY
3-Month 13.6142
6-Month 14.2359
9-Month 14.3389
12-Month 14.9706
Crude Oil Spot Price
Brent Crude Us$53.61
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2
NASD OTC Market.....
The Equities market recorded a negative trend as all the stocks traded southwards thereby losing N2bn in
market capitalization to close at N541bn as against N543.82bn recorded yesterday.
17deals was executed today, amongst which 14deals recorded negative price changes and 3 remaining
unchanged to offer an activity level of 19,885,431units in total volumes of stocks and N78,310,932.48 in value
traded.
NDEP Plc led the losers pack to record a price difference of -N4.01 to close at N149.99, Friesland Campina
WAMCO Plc followed by losing -N1.10k to close at N298.90k, Partnership Plc lost -0.15k, while Trustbond Plc
and CSCS Plc both lost -0.07k and -0.01k.
For the unchanged prices; Cappa & Dalberto Plc, Food Concepts Plc, and IGI Plc closed at N79.00, 0.85k, and
0.50k respectively.
As for volumes; CSCS Plc traded 13,051,931units, Partnership Investment Plc traded 6,821,000units to record
the highest volumes traded for the day.
Clearly we still maintain a neutral stand even as we expect more long term bargain hunting trades from
investors.
Name Period Dividend Bonus Closure date Payment date Name Period PBT (N'mil) PAT (N'mil) %Chg
Turnover
(N'mil) %Chg
MRS FY 2014 88 kobo Nil 17 Jul 2015 06-Aug-15 BERGER H1(2015) 237 161 50.2 1.412 14.91
Nigerins FY 2014 3.5 kobo Nil 17-Jul-15 29-Jul-15 CADBURY Q2(2015) 250 250 -120 14.137 -8
7up FY 2014 275 kobo Nil 17-Jul-15 29-Sep-15 CAP H1(2015) 1.272 868 17 3.558 6
Royalex FY 2014 2 kobo Nil 17 Jul 2015 03-Aug-15 CCNN H1(2015) 1.916 1.303 -17.98 8.739 -6.98
Berger FY 2014 75 kobo Nil 17 Jun 2015 23-Jul-15 CILEASING H1(2015) 409 327 -11 9.692 52
AirService FY 2014 15 kobo Nil 19 Jun 2015 03-Jul-15 CORNERST H1(2015) 259 233 -60.18 3.999 23.68
Cileasing FY 2014 8 kobo Nil 19 Jun 2015 07-Jul-15 DIAMONDBNK H1(2015) 14.193 12.154 -12 83.164 5.6
Betaglas FY 2014 62 kobo Nil 15-Jun-15 10-Jul-15 FBNH H1(2015) 52 10 7.75 205 24.8
McNichols FY 2014 4 kobo 1 for 10 17-Jul-15 27-Jul-15 FIDELITYBK H1(2015) 9 8 2.46 71 13.6
CCNN FY 2014 35 kobo Nil 24-Jul-15 18-Aug-15 FLOURMILL Q1(2015) 7.724 8.474 -120 308.75 -5.2
Continsur FY 2014 11 kobo Nil 24-Jul-15 31-Jul-15 JAPAUL Q1(2015) 557 557 -326 3.108 -3.4
intbrew FY 2014 25 kobo Nil 25-Jul-15 11-Aug-15 MBENEFIT FY(2014) 4.526 4.099 102 15.451 638
ETI FY 2014 Nil 1 for 15 22-Jul-15 N/A McNICHOLS H1(2015) 35 32 111.5 485 114
Smartprdct FY 2014 25 kobo Nil 10-Jul-15 11-Aug-15 NAHCO H1(2015) 503 377 -0.92 4.246 8.94
UACN H1(2015) 175 kobo Nil 10-Jul-15 24-Sep-15 NB H1(2015) 30.989 21.477 -10 151.673 7
Cornerst H1(2015) 2 kobo Nil 10-Jul-15 25-Jul-15 NEM Q2(2015) 1.872 1.582 45 4.797 11
NEM FY 2014 6 kobo Nil 10-Jul-15 31-Jul-15 NPFMCRFBK H1(2015) 370 370 133.3 1.15 121.5
Presco FY 2014 100 kobo Nil 08-Jul-15 27-Jul-15 SEPLAT H1(2015) $8 $24 -66 $48 -19
Stanbic IBTC (Interim) H1(2015) 90 kobo Nil 31-Jul-15 28-Aug-15 STANBIC H1(2015) 9.537 9.695 -40 68.295 11
Redstarex FY 2014 50kobo Nil 07-Aug-15 14-Sep-15 TRANSCORT H1(2015) 2.484 1.758 -16.5 7.241 -10.22
Academy Press FY 2014 Nil 1 for 5 07-Aug-15 N/A UBCAP Q2(2015) 1.792 1.408 11.58 2.75 22
UBN H1(2015) 6.614 6.458 1.81 55.958 5.8
UNILEVER H1(2015) 94.07 85.57 -94 28.721 -2
WEMA Q2(2015) 1.173 0.997 -31 17 0.9
REDSTAREX H1(2015) 661 383 -4.95 6.658 3.77
GSK H1(2015) 424 297 -65.56 15.444 -1.14
LIVESTOCK FY(2014) 106 62 -27 4.006 19
ETRANZACT H1(2015) 264 165 147.4 2.02 15.5
LASACO H1(2015) 431 396 5.22 2.89 -10.5
AFRIPRUD FY(2014) 830 749 25.67 369 -9.54
PRESCO H1(2015) 1.559 1.191 -7.47 4.685 15.37
HONYWELL FY(2014) 1.434 1.12 -66.57 49.057 -10.94
Corporate Action (July 2015) Company Result (July 2015)
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3
News Highlight – Rice
The troubles with Nigeria’s rice industry (2)
As part of a new National Rice Intervention Framework, the Central Bank of Nigeria (CBN) said on Tuesday that
rice growers would now be able to access loans at a maximum interest rate of 9%. The loans will be accessed
under the micro, small, and medium enterprises scheme from the CBN through commercial banks. Rice millers
under the commercial agricultural credit scheme will also access loans to buy unsold stock from farmers.
The CBN on 23 June restricted importers of 40 physical items, which included rice, from accessing US$ from
the interbank market and bureaux de change. The CBN cited Nigeria’s huge and rising annual rice import bill as
part of the reasons for the inclusion of rice on the restricted list. Data from the CBN shows that from January
2012 to May 2015, the country spent over US$2.4bn (N482.0bn) on rice importation to the disadvantage of
domestic rice growers and integrated rice millers.
Since 2011 the government has been making substantial efforts to encourage the domestic cultivation of rice
and to completely eliminate imports using incentives such as subsidised loans, cheap fertilizer, free farm land,
and, tax rebates. The government’s efforts to boost domestic production have, however, been curtailed by
smuggled imports, which were selling for between 25-40% lower than locally-produced rice last.
It is surprising that despite Nigeria’s rich farmland, the country remains a net importer of rice and other
crops. We believe that increased investment in schemes aimed at subsidising agricultural production and
greater commitment on the part of the government to backward integration polices can help boost the
agricultural sector.