The document provides a daily market and sector report from Nigeria. It summarizes the performance of the Nigerian stock market for the day, noting that the benchmark index rose 1.03% and market capitalization increased. It also provides sector performance updates. The document then lists recommendations and analysis for various banks, food/beverage, and other companies trading on the Nigerian stock exchange, assigning a buy, hold, or sell rating and providing price targets and financial metrics. It concludes with highlights of recent news headlines pertaining to the Nigerian market.

1. Retail views
UBA Q4 results
Nigeria Wednesday, 25 March 2015
Daily Retail Report
.
Market Review
The bulls sustained dominance at the Nigerian Stock Exchange as
the benchmark index appreciated by 103bps to return
29, 889.91bps with 3,915 deals. All sub-sectors monitored by the
NSE closed in green with OILGS leading the pack with FO (5.00%),
Total (2.86%) and Oando (2.04%) while NSEIND was the most hit as
Cutix (-4.61%) and Dangcem (-0.18% ) shed points.
ASI year-to-date return currently stands at -11.62%, while market
capitalization added N102billion to return N9.974trillion. At the
close of today’s session, 33 stocks advanced relative to 23 decliners
while 67 remained unchanged. Top in the gainers’ chart are
DANGFLOUR (N3.33), TRANSCORP (N2.89) and AFRIPRUD (N2.52)
while ACCESS (N5.60), REDSTAREX (N3.75) and STERLNBANK
(N2.18) led the losers’ chart.
Sterling Bank Plc released its FY results for the period 31st
December, 2014. Gross earnings (N103.679Bn) appreciated by 13%
and PAT (N9.004Bn) rose significantly by 9% from the prior ended.
Sterling bank Plc has proposed a dividend of 6kobo per share.
Trader still reiterate that value investors are advised to take up
buying opportunities as stock prices remain fairly priced.
Sector Report Today(%) Month-To-Date(%) Year-To-Date(%)
NSE30 1.34 0.76 -7.49
NSE BNK10 1.55 4.62 -6.61
NSE CNSM10 1.30 -0.84 -7.98
NSE OILG5 1.88 -6.49 -7.19
NSE INS10 0.31 3.56 -17.14
NSE IND -0.05 -1.64 -12.94
Market Wrap
ASI +1.03 29,907.66
Index year-to-datee -11.62
Market Cap. N9.974Tril
Traded value 4.004Bn
Key gainers (%)
DANGFLOUR 9.90
TRANSCORP 9.89
FO 5.00
UBN 4.99
ZENITHBANK 4.97
Key losers (%)
ACCESS -5.08
REDSTAREX -4.82
STERLNBANK -4.80
MOBIL -3.45
UBCAP -0.74
NITTY
1M 14.4759
2M 14.6762
3M 14.8070
6M 15.6987
9M 15.7164
12M 16.6143
Crude oil spot price
Brent crude US$55.99
Contact information
Phone: 01-2713923; 01-2713920
Mobile: 08068015502
Email: cslservice@fcmb.com
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2. Daily Retail Report
Page 2
Retail views
Stock Recommendations
Banking Comment
Current
Price
Target
Price
Potential
Upside %
EPS
FY
2013
1 Yr
forward
EPS
Last
Dividend
(N)
P/BV
2013
Yield FY
2013
Yield FY
2014e
Shares
Outstanding
(millions)
Year
End
ACCESS BANK Buy 5.60 7.70 38% 1.60 1.90 0.35 0.80 7.10% 11.5% 22883.00 Dec.
DIAMOND BANK Buy 4.10 5.30 29% 2.00 1.70 0.30 0.60 5.40% 5.4% 14475.00 Dec.
FIDELITY BANK PLC Buy 1.48 1.90 28% 0.30 0.50 0.14 0.30 7.40% 11.6% 28974.00 Dec.
FBN HOLDINGS Buy 8.59 12.90 50% 2.20 2.30 1.10 0.80 10.00% 10.0% 32632.00 Dec.
GUARANTY TRUST BANK Buy 22.60 28.40 26% 3.20 3.30 1.45 2.20 6.90% 7.3% 29431.00 Dec.
STANBIC HOLDINGS Hold 29.00 32.40 12% 1.90 2.60 1.20 3.10 2.70% 3.5% 10000.00 Dec.
STERLING BANK Hold 2.18 1.60 -27% 0.40 0.40 0.25 0.80 10.90% 8.7% 21592.00 Dec.
SKYE BANK Under review 2.45 Under review #VALUE! 1.20 1.10 0.30 0.30 11.10% 20.7% 13219.00 Dec.
U B A Buy 4.03 5.70 41% 1.40 1.50 0.50 0.70 10.10% 10.1% 32981.00 Dec.
ZENITH BANK Buy 17.00 24.60 45% 3.00 3.00 1.75 1.30 8.10% 8.3% 31396.00 Dec.
Food & Beverage
EV/EBITDA (x)
2013
Yield FY
2013e
DANGOTE SUGAR REFINERY Under review 6.45 Under review N/A 0.89 1.20 0.60 4.70 7.40% 7.4% 12000.00 Dec.
CADBURY NIG. Under review 39.23 Under review N/A 2.90 3.20 1.30 7.60 0.00% 4.7% 1878.00 Dec.
FLOUR MILLS Hold 33.06 54.80 66% 2.90 3.50 1.60 8.90 3.30% 4.0% 2385.00 Mar.
HONEYWELL FLOURMILLS Buy 3.00 5.20 73% 0.40 0.30 0.17 12.00 5.70% 4.7% 7930.00 Mar.
NESTLE FOODS NIG. Hold 800.00 777.60 -3% 28.10 31.30 24.00 24.90 2.60% 3.0% 792.00 Dec.
P Z INDUSTRIES Hold 25.55 34.60 35% 1.20 1.30 0.19 7.80 2.70% 3.0% 3970.00 May
U A C N Buy 33.48 72.60 117% 2.90 3.60 1.75 5.40 4.00% 4.7% 1920.00 Dec.
UNILEVER NIGERIA PLC Sell 34.00 31.80 -6% 1.30 1.60 1.25 13.70 3.80% 3.8% 3783.00 Dec.
Building Materials EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
LAFARGE WAPCO PLC Under review 84.00 Under review N/A 9.40 9.40 3.30 8.20 3.30% 3.3% 3001.00 Mar.
DANGOTE CEMENT Buy 152.60 198.40 N/A 11.80 11.90 7.00 16.10 3.40% 3.5% 17040.00 Dec.
Breweries EPS 2013e
EV/EBITDA(x)
2013e
Yield FY
2013e
GUINNESS NIG. Sell 127.00 111.00 -13% 7.90 5.90 7.00 14.50 4.30% 3.0% 1506.00 June
INTERNATIONAL BREWERIES Hold 18.00 24.50 36% 0.90 1.30 0.30 16.20 1.00% 1.5% 3263.00 Mar.
NIGERIAN BREWERIES Sell 136.00 121.20 -11% 5.70 5.60 4.50 13.30 2.90% 2.1% 7562.00 June
Agriculture EPS 2013e
EV/EBITDA (x)
2013e
Yield FY
2013e
OKOMU OIL Buy 28.42 41.50 46% 2.20 3.00 1.00 9.00 3.20% 6.7% 953.00 Dec.
PRESCO PLC Buy 27.78 42.70 54% 1.29 1.60 0.10 9.20 0.40% 1.7% 1000.00 Dec.
Pharmaceuticals EV/EBITDA (x)
2013
Yield FY 2013
GLAXOSMITHKLINE BEECHAM NIG. Buy 42.00 78.60 0.87 3.10 4.30 1.30 8.90 2.50% 3.8% 957.00 Dec.
Note – for full report on the recommended stocks kindly send an email to cslcsu@firstcitygroup.com

3. Daily Retail Report
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Retail views
Top Highlight
MPC meeting- Calm for now, but we expect action soon after elections
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) concluded its regular two-day meeting yesterday with a unanimous
vote to retain the Monetary Policy Rate (MPR) at 13.0%, the Cash Reserve Requirement (CRR) on private sector deposits at 20.0%, the CRR on
public sector deposits at 75.0%, and to retain banks’ mandatory liquidity ratios at 30.0%.
In other words, no change, just as we (see CSL, Nigerian Monetary Policy Committee Preview, the FX conundrum, 23 Mar 2015), and
doubtless the rest of the market, expected. National banks tend not to make dramatic changes just before elections (general elections are due on
28 March and 11 April). A fair proportion of the communiqué was taken up with the recent rise in inflation from 8.2% y/y in January to 8.4% y/y
in February.
This is an interesting stance in view of the fact that gross foreign exchange reserves have fallen from US$34.47bn at the beginning of the year to
US$29.92bn currently (as reported by Bloomberg), and have fallen by US$2.52bn since the CBN made a significant administrative adjustment –
the withdrawal of its retail of the retail dutch auction system (RDAS) – on 18 February. (FX reserves were US$37.88bn a year ago.)
Post-elections, we believe the CBN will be more outspoken than before in managing currency expectations. Depending on the
state of security, politics and capital flows at that time we expect the CBN either to stick to the current naira rate (today
N199.0/US$1.0) or to choose a new rate to defend, using interest rates and further administrative tools as necessary. Our base
case is an exchange rate of N220.0/US$1.0 to emerge in H1 2015.
News Headlines
CBN holds rates at 13 pct, worried by economic growth outlook: The Central Bank of Nigeria left its benchmark interest rate unchanged at
13% as expected on Tuesday, saying tight monetary policy should offset the inflationary effects of elevated spending ahead of a 28 March election.
Governor Godwin Emefiele said the Monetary Policy Committee was also satisfied with the bank’s attempts to stabilise the naira. Source:
businessdayonline.com
Skye Bank issues N100bn(US$500m) Commercial Paper: Skye Bank Plc Tuesday signed an agreement with Stanbic IBTC and the Financial
Market Dealers Quotation System (FMDQ) to issue N100 billion in commercial paper to increase its ability to do more transactions. The first
tranche of the transaction in the size of N20 billion, opened on Monday and is expected to close on March 27th, 2015. Group Managing
Director/Chief Executive Officer of the bank, Mr. Timothy Oguntayo explained that the bank took advantage of the commercial paper window to
expand the number of instruments on its balance sheet. Source: thisdaylive.com
FG’s revenue hits N711 billion (US$3.6bn) in January: Nigeria’s estimated federally collected revenue stood at N710.78 billion as at January
2015, the Central Bank of Nigeria (CBN) has revealed. According to the central bank’s economic report for January 2015 obtained from its website,
the amount generated by the federal government was above the receipts in the preceding month as well as the the corresponding period of 2014,by
4.6 and 4.3 per cent, respectively. The increase relative to receipts in the preceding month was due to the respective increase of 3.9 and 6.2 per
cent in gross oil and non-oil revenue during the review period. Source: thisdaylive.com

4. Daily Retail Report
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Retail views
Important Risk Warnings and Disclaimers
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5. Daily Retail Report
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Retail views
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