Get all the latest information on businesses and companies in Nigerian Stock Exchange.

Analysis of NSE For The Week Ended July 18th

Here analysis of the Nigerian Stock Exchange for last week by Zenith Securities, FSDH Securities, and BGL Securities.

Lead Capital - Weekly Report - July 18th (22)
BGL - Weekly Report - July 18th (24)
ZSL Weekly Report - July 18th (25)

You can also read the stock recommendations for the current week from Zenith Securities:
ZSL - Stock Recommendations - July 20th (25)

Share/Save

Stock Report for the Week Ended, Friday, July 18th

A turnover of 3.4 billion shares worth N40.83 billion in 71,899 deals was recorded this week, in contrast to a total of 5.8 billion shares valued at N42.12 billion exchanged last week in 88,146 deals.

There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Insurance subsector was the most active during the week (measured by turnover volume), with 1.50 billion shares worth N2.54 billion exchanged by investors in 11,362 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance Company accounted for 1.02 billion shares, representing 68.32% of the subsector’s turnover.

The Banking subsector, boosted by activity in the shares of First City Monument Bank Plc, First Bank of Nigeria Plc and Union Bank of Nigeria Plc, followed on the week’s activity chart with a turnover of 1.2 billion shares valued at N29.14 billion in 36,130 deals.

Last week, the Insurance subsector led on the activity chart and was followed by the Banking subsector.

Price Movement:
The All-Share Index dropped by 4.35% to close on Friday at 52,286.88. The market capitalization of the 209 First -Tier equities closed lower at N10.47 trillion.

Eighteen (18) stocks appreciated in price during the week, lower than the thirty-two (32) in the preceding week. Also, as in the preceding week, Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N34.20 to close at N251.24 per share while Union Bank of Nigeria Plc followed with N6.06 to close at N42.00 per share. Other price gainers in the Top 10 category include:
• BOC Gases Plc - N3.42
• Chemical & Allied Products Plc - N2.70
• UACN Plc - N1.86
• Longman Nigeria Plc - N1.21
• Starcomms Plc - N0.92
• Nigerian-German Chemicals Plc - N0.92
• Afribank Nigeria Plc - N0.75
• Ferdinand Oil Mills Plc - N0.54

Ninety - One (91) stocks depreciated in price during the week, higher than the eighty-one (81) in the preceding week. Chevron Oil Nigeria Plc led on the price losers’ table, dropping by N36.27 to close at N335.73 per share while Flour Mills Nigeria Plc followed with a loss of N9.85 to close at N75.05 per share. Other price losers in the Top 10 category include:
• Guinness Nigeria Plc - N6.96
• Conoil Plc . - N4.99
• Ashaka Cement Plc - N4.92
• Lafarge WAPCO Plc - N4.30
• Costain (WA) Plc - N3.50
• Unilever Nigeria Plc - N3.10
• Stanbic IBTC Bank Plc - N3.08
• Nigerian Aviation Handling Co. Plc - N2.95

New Listing
The 6,878,478,096 shares in favour of Starcomms Plc were admitted to the Daily Official List at a price of N13.65 per share on Monday, July 14, 2008 by way of Introduction. The shares were listed in the newly created Telecommunications subsector. By this action, the number of listed companies and securities increased to 224 and 317, respectively.

Full Suspension
This was imposed on Cadbury Nigeria Plc on Thursday, July 17, 2008 and would remain in place until the Company complies with the decisions of the Administrative Proceedings Committee (APC).

COMPANY NEWS
FIRST BANK OF NIGERIA PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N155.3 billion as against N91.2 billion in 2007. Profit after tax stood at N36.54 billion compared with N20.64 billion in 2007. The Directors are recommending a dividend of N1.20 per share and bonus of 1 for 4. The date of closure of register of members is August 8, 2008 while payment date is August 29, 2008.

ACCESS BANK PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N58 billion as against N27.9 billion in 2007. Profit after tax stood at N15.85 billion compared with N6.1 billion in 2007. The Directors are recommending a dividend of N0.65 per share. The date of closure of register of members is July 29, 2008 while payment date is August 12, 2008. The 19th Annual General Meeting (AGM) of shareholders is scheduled to hold at Lagoon Restaurant, Ozumba Mbadiwe Avenue, Victoria Island, Lagos on Tuesday, August 5, 2008 by 11.00a.m.

STANBIC IBTC BANK PLC: Audited result for the 9-month ended 31st December 2007 shows Gross Earnings of N28.9 billion as against N21.12 billion during the 12-month ended 31st March 2007. Profit after tax stood at N7.85 billion compared with N5.8 billion during the 12-month ended 31st March 2007. The Directors are recommending a dividend of N0.30 per share. The date of closure of register of members is July 17, 2008 while payment date would be advised later.

OCEANIC BANK INTERNATIONAL PLC: Unaudited result for the third quarter ended 30th June 2008 shows Gross Earnings of N106.74 billion, as against N47.52 billion in the comparable period of 2007. Profit after tax stood at N33.61 billion compared with N13.63 billion in 2007.

UNITED BANK FOR AFRICA PLC: Unaudited result for the third quarter ended 30th June 2008 shows Gross Earnings of N120.3 billion, as against N75.25 billion in the comparable period
of 2007. Profit after tax and exceptional items stood at N28.85 billion compared with N17.13 billion in 2007.

SKYE BANK PLC: Unaudited result for the third quarter ended 30th June 2008 shows Gross Earnings of N47.3 billion, as against N28.8 billion in the comparable period of 2007. Profit after tax stood at N10.9 billion compared with N3.25 billion in 2007.

AIICO INSURANCE PLC: Unaudited result for the first quarter ended 31st March 2008 shows Gross Premium of N2.03 billion, as against N752.73 million in the comparable period of 2007. Profit after tax stood at N402 million compared with N82.3 million in 2007.

NIGERIAN BREWERIES PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N68.05 billion, as against N51.9 billion in the comparable period of 2007. Profit after tax stood at N12.34 billion compared with N8.5 billion in 2007.

NATIONAL SALT CO. NIG. PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N3.6 billion, as against N2.33 billion in the comparable period of 2007. Profit after tax stood at N642.9 million compared with N516.0 million in 2007.

NIGERIAN ENAMELWARE PLC: Unaudited result for the half year ended 31st March 2008 shows Turnover of N1.32 billion, as against N1.23 billion in the comparable period of 2007. Profit after tax stood at N14.33 million compared with N8.2 million in 2007.

NEM INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.55 billion as against N853.6 million in 2006. Profit after tax stood at N399.81 million compared with N8.8 million in 2006. The Directors are recommending a dividend of N0.05 per share. The date of closure of register of members is July 30, 2008 while payment date is August 21, 2008.

REGENCY ALLIANCE INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N783.9 million as against N332.35 million in 2006. Profit after tax stood at N237.54 million compared with N215.23 million in 2006. The Directors are recommending a bonus of 1 for 4. The date of closure of register of members is August 5, 2008.

ETERNA OIL & GAS PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N3.7 billion, as against N3.3 billion in the comparable period of 2007. Profit after tax stood at N57.5 million compared with N30.9 million in 2007.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 129.03 million units worth N131.3 billion in 1092 deals was recorded this week, in contrast to a total of 206.9 million units valued at N210.65 billion exchanged in 1505 deals during the week ended July 10, 2008. As in the preceding week, the most active bond (measured by turnover volume) was the 3rd FGN Bond 2009 Series 11 with a traded volume of 21.9 million units valued at N24.3 billion in 219 deals

Share/Save

Stock Picks For the Week

Below are the stock picks and market analysis from Express Discount and Lead Capital.
Lead Capital’s picks are Dangote Sugar, Zenith Bank and RT Briscoe. Express Discount picks are Diamond Bank, FCMB, Zenith Bank, Dangote Sugar, WAPCO, Law Union & Rock Insurance, Mutual Benefits, Custodian and Allied Insurance, Oceanic, Platinum, and IBTC.
CBN - April 2008 Economic Report (34)
Discovery Fund Newsletter - July 2008 (29)
Express Discount-WeeklyReport-July11th (49)
LeadCapital-StockPicks-July18th (23)

Share/Save

Results for Nascon PLC, Stanbic IBTC Bank, Eterna Oil PLC, and NEM Insurance.

Results for Nascon PLC, Stanbic IBTC Bank, Eterna Oil PLC, and NEM Insurance:

Share/Save

Interesting Gist On The Working Conditions In The Top Naija Banks

I came across this post by superstar1 on Nairaland.com. It describes the working conditions and the pay for the top banks in Nigeria.

i am working in one of the banks, my bank is not in the top five yet but in the top ten.
do not be deceived wit all those paper pays and apart from that, HR policies of each of the banks differs

if  u say bank phb is the highest paying you make me laugh.See they will just tell u the good part of it they, leaving out the negatives.

Do u know that in the same bank phb, you only earn the percentage of the branch target that was met for that month. If u branch makes 75% in target and profitability, then you are going too earn 75% of your salary, be it business developers (marketers) or support guys (operations).

Entry level for 1st bank is 104k and it is a less stressful place to work. this is because they have cheap funds —- monies of our great grandfathers are dead that we are not even aware of (ie monies of the dead).The amalgamation of this funds over the decade makes 1st bank a big bank, thereby putting less stress on ttheir biz developers. they are really being proactive and dynamic nowadays.

As for intercontinental bank, nice pay but unsecured work.don’t be surprised if u get to work tommorrow morning and that your colleague is under suspension for what could be treated as minor issues in other
places.sincerely, i don’t know how there staffs still manage to put up asmil despite the uncertainties thaats surrounds them.

Zenith Bank pay is quite small at entry level but they usualy promote across board unlike other places where promotion is based on performance. Zenith promotes u for your effort and also promotes attimes for you to be geared to be like top performers though you’re not performing very well. if u really want to learnt the ethics and basics of banking, it is not the best place to start for a marketer becoz u will not know more than how to generate deposit. the other aspects of banking ie risk assets generation (credit packaging) will be virtually nil. It is a nice place to be wit good and strong corporate image.they have a sound IT in place and their staffs are proud of heir bank.

GTB is a very classy place to work. my problem wit them, they have quite a sizeable number of contracts staffs as support. their psy is cool too and your promotion is rest assured.their staffs are very distinct.their
staffs are very proud f their bank too.

Oceanic pays well too. It is roughly 90k at the begining for 6months, before you are upgraded from PIT to AO and you start earning upto 156k in a month. They are also pay 87k as quaterly pay for entry level. It is a bank that needs to pay more attention to the quality of staffs they recruit, as well as their IT. more often than not, they are always having finacle down time.at times the quality of staff recruit is a reflection of the organisation.I tend to wonder if some of them tipped HR to be employed or maybe the people that are recruiting are recruiting people like them.

FCMB is a place i will rather advise entry level guys to start from becoz they will learn more within a short period of time. after acquiring the knowledge here, the sky is not even the limit again. entry level is 160k per month before confirmation. immediately you are confirmed, your monthly pay drops to 87k but the remaining part is paid as quarterly pay every three months. this is usally upto 220k.you also have access to 80k line of medical services. they have a superb IT facility and their staffs are highly knowlegeable. My problem with FCMB is their staffs. thay are usually not proud of their workplace and they have a very cause to be — nice t-shirt,advert,product,building. i love their lapel pin.

Stanbic IBTC is a lovely place to work too. entry level is upto 150k.it is another place i ll recommend to starters to begin from because they will learn alot from here.their staffs are cool.

Skye bank — entry level is 130k (not too sure).i heard they have a lot of contracts staffs too. i had an unpleasant experience wit some of their marketers last week and i promised myself if those are the calibres of people working in skye, i will never work for them.they have a very good advert that won them into the hearts of nigerian. i tot they dropped their standard wit that new hakuna matata advert.they also need

to improve their IT.

Access bank place alot of emphasis on the quality of their recruitment.though they have contract staffs too and
they staffs look well paid. entry level i sup to 120k.so i heard o.

ETB — heard they pay well, but it is a one-man biz that is not quoted on the stock market floor.

i don’t know much about the following. —— Fidelity, Eco,Unity, first inland,Union

Be that as it may, banking sector is still one of the best place to work. It makes u couthe and respected.you also meet people you would never jave dreamt of meeting.in terms of pay, the oil boiz may be ahead
initially but the problem is that they hardly get promoted unlike a banker that can become a BM within 4-5years whereas your friend in the oil sector is just about getting his 1st promotion and a time is coming

when money might no be important again but positions. that is why you see people intoducing themselves as Head of this and that while your friend in the oil industry is still saying yes sir to the same oga he has been saying it to for 5years.

Truly speaking, the best thing you can do for yourself is to be self employed.I have read wrote about bankers abd i just an help laughing attimes. banking is not all about marketing and begging for money. there are

other technical depts — finacial control, treasury, credit admin etc. u never know wetin dey, until you’re in the system. i rest my case

Share/Save

The Rise Of Nigerian Banks

Nigerian banks have been fairing well of recent. Oceanic Bank, UBA and GT Bank were among the banks that the most significant rises in the last year. Oceanic Bank leaped 565 places to now be ranked the 310th top bank in the world while UBA, GT Bank and Access Bank are ranked 392nd, 369th and 359th respectively. I more surprised by the performance of Access Bank. I wasnt expecting them to be so highly ranked. The rankings of other banks will be posted as soon as they are received. Here is an excerpt of the report from The Banker Magazine:

At first and second place were Nigerian banks. Oceanic Bank leaped a staggering 565 places up the rankings from 875 in last year’s rankings to 310 in 2008. The bank’s Tier 1 capital exploded from a meagre $297m to $1.75bn. United Bank for Africa also made spectacular strides, jumping 484 places to 392, with a growth in Tier 1 capital from $296m to $1.25bn.

A third Nigerian bank, Guaranty Trust Bank, also made it into the Top 10 in 2008. It registered Tier 1 capital of $1.38bn, up from $406bn last year, and soared 371 places in the rankings to 369. Nigerian banks’ phenomenal growth was triggered by laws passed in 2005 setting a minimum capital requirement of about N25bn ($195m). The legislation was followed by a consolidation of the banking sector from 89 banks in 2005 to 24 banks today.

In a separate report, The Banker Magazine also reported that Nigerian banks are seriously catching up with their South African counterparts:

The total Tier 1 capital of Nigerian banks in the Top 1000 has more than doubled to $11.29bn in 2008’s rankings from $5.38bn in 2007. It takes Nigeria’s share of the sub-Saharan pie to 34% of total Tier 1 capital, up from 24% in 2007. South Africa’s share of the pie has fallen from 71% last year to just 62% in 2008.

New entries among the world’s Top 1000 banks are Platinum-Habib Bank and Access Bank. In terms of growth, it is Access Bank that has impressed the most. In 2007, it did not even feature in the Top 1000 World Banks, and yet this year it enters the league at number 359, with Tier one capital of $1.43bn.

Other impressive performers this year include Oceanic Bank, which shot up the rankings from 875th in the world in 2007, with Tier 1 capital of $297m, to 310th in the world today, with Tier 1 capital of $1.75bn.

Guaranty Trust Bank also performed well. It leaped 371 places in the global rankings to 369th, with Tier 1 capital of $1.38bn, up from $406m last year. United Bank for Africa also made good headway in the rankings. It is now the 392nd biggest bank in the world with Tier 1 capital of $1.25bn. This is up from 876th place last year, when it had just $296m in Tier 1 capital.

The next step for Nigeria’s banks is to convert such phenomenal capital growth into profits. This year’s figures show that despite such enormous growth, return on capital for the sector has actually fallen from 21.9% last year to 18.6% this year. In South Africa, however, return on capital leaped from 38% to 42%.

Share/Save

Analysis of Results for Unilever, GT Bank and Flour Mills

Here are the analysis of the results for GT Bank, Flour Mills, and Unilever for their last quarters.

FSDH - Flour Mills Q3 Analysis (30)
FSDH - GT BANK Q1 Analysis (36)
FSDH - Unilever Q1 Analysis (69)

Share/Save

Dunlop Nigeria Closing Its Tire Plant in Nigeria

Business Day Online is reporting that Dunlop Nigeria, after 45 years of tyre production Nigeria, will be closing its N8billion tire plant due to the persistent power cuts that has more than trippled the cost of production and reduced the company’s ability to make a profit.

… Dunlop plc, the nation’s only surviving tyre manufacturer is closing down its plant and will now import tyres from South Africa and other Dunlop factories around the world. Impaired by persistent power outage, epileptic gas supply, rising cost and failed government policies, Dunlop plc’s board has approved a “strategic redirection” of the company, ending its 45 years history of manufacturing and signaling Nigeria’s further descent into economic maelstrom. In particular, the company has suffered, like many other manufacturers in the country, from the inability of the Federal Government to solve Nigeria’s current most dangerous economic problem, inefficient power generation. This has severely crippled its production capacity.

Business Day also found that the company has for long suffered from inconsistent government tariff policies, some of which made nonsense of business plans predicated on production, a situation which placed importers of tyres at an advantage over genuine local manufacturers.

Dunlop produces both car and truck tyres in its factory at Ikeja in Lagos State. This accounts for 15 percent of tyre consumption in the country. The remaining 85 percent is imported into the country by big tyre importers such as Michelin, Bridgestone, Pirelli, and Goodyear as well as imports from Asia and eastern Europe.

This will result in the lay off of over 1000 people. It also means that in just over year, Nigeria will go from meeting 60% of her tire needs through local production to 0% after Michellin closed its plant earlier in the year.

This is in order to restore shareholder value in the company after recent losses brought about by huge extra production costs, 40 percent of which is accounted for by power outages. The company currently spends about N150 million monthly to generate the power it needs instead of paying about N40 million if they had regular power supply from the Power Holding Company of Nigeria (PHCN).

With the scaling down of tyre production by Dunlop, it means in less than two years, Nigeria has moved from meeting about 60 percent of its tyre demand, which was the combined capacity of both Michellin and Dunlop to virtually nothing, which will happen when and if Dunlop finally shuts down its production.

The tariff for truck tyres had been reduced by the government from 40 percent to 10 percent. Dunlop claimed it had built its ultra modern truck tyre facility at a cost of N8 billion on the basis of the 40 percent tariff on such tyres, adding that the policy reversal of the government meant it can no longer compete with imported tyres. The plant was commissioned in 2005 but began commercial operations in 2007, coinciding with government’s introduction of a lower tariff regime.

The 1,000 job cuts planned by the firm will be a big blow for those affected, some of whom have worked in the company for many years. The losses will eventually mean a loss of 80 percent of the current staff level.

Asked about the plans for the subsidiary of the company in Delta and Cross River states, Pamol, Mohammed Yinusa, the group managing director of the company, said the company plans to export the rubber it produced. Only recently, the company expanded the rubber production capacity of Pamol by 6,000 to 15,000 hectares.

I am not sure the government understands the severity of the problem. Dunlop is like an icon and for it to be closing its plant is a very very big deal

Share/Save

Results for Oceanic, Chevron, First Bank, Skye Bank, UBA and Skye Bank

Results for Oceanic, Chevron, First Bank, Skye Bank, UBA and Skye Bank. Chevron declared a loss of over N190m which was attributed to the strike earlier in the year. Profits for First Bank, AIICO, Skye Bank and Oceanic Bank increased 80% (to N36b), 387% (to N401m), 235% (to N10.87b) and 145% (to N33.6b) respectively. Profits for Access Bank reduced 1% to N15.85b.

Share/Save

Weekly Stock Reports For Week Ending, July 11th

Here are the weekly stock reports from Zenith Securities, BGL Securities, and FSDH. There is also the weekly stock recommendation from Zenith.

BGL - Weekly Report - July 11 (25)
FSDH Weekly Report - July 11 (24)
Lead Capital Weekly Report - July 11 (23)
Zenith - Stock Picks - July 14 (31)

Share/Save

Asa

Share/Save

Stock Market Brief For The Week Ended July 11, 2008.

Market Activities Run Bearish

Major stock market indicators experienced continuous free-fall all through the week save on Thursday. The bearish state of activities resulted in a shed in the weight of the NSE ASI index by 1.43% to close at 54,662.06 points while total Market Capitalization of the 223 listed equities depreciated by 0.23% compared with previous weeks’ figure to stand at N10.85 trillion. The divergence in returns on index and capitalization is attributable to listing of new shares on the Daily Official List of the NSE. However, compared with last week trading statistics, total volume of shares traded increased by 20% representing 5.77 billion shares exchanged by investors in 88,146 valued at N42.12billion.

Decliners Outrun Advancers on Activity Chart
On this weeks’ activity, MOBIL (+N20.17k), CHEHRON (+N16.51k) and GUINNESS (+N4.99k) emerged as top gainers while DANGSUGAR (-N4.01k), PRESCO (-N3.59k) and (-N2.30k) led on the losers’ camp. At close of trading activities this week end, 80 equities experienced price decline, 28 appreciated in value while 30 closed flat.

Insurance Stocks Leads in Sectoral Analysis
As recorded last week, the Insurance sector maintained top position all through the trading week to emerge most active sector by volume, accounting for over 66% (3.83 billion shares) of total turnover of shares in 16,917 deals worth N4.58 billion. Activity in the sector was largely propelled by trading in the shares of IAINSURE, GNI and LASACO which represents 84% of the sector’s turnover. The banking sector ranked next propping up 1.50 billion shares (26%) exchanged in 40,848 trades valued at N30.26billion. Food/Beverages & Tobacco sector accounted for 104 million shares in 6,795 deals worth over N2.14 billion, hence ranking as the third most active sector for the week ended. (Full Update)

CORPORATE NEWS:
EKOCORP PLC declared its audited accounts for the year ended March 31, 2007. The company proposed 15kobo dividend per share, while closure date is on August 25 to 29, 2008. Also REDSTAREX PLC released its audited accounts for the year ended March 31, 2008. The management proposed a dividend of 25kobo per share. Closure date is July 24, 2008.

Likewise, INTERCONTINENTAL BANK PLC released its un-audited Q1 results for the period ended May 30, 2008. The result showed gross earnings of N60.88b compared with N28.75b recorded in corresponding quarter last year while PAT grew to N7.82 from N4.68 recorded Q1 2007.

NAMPAK NIGERIA PLC disclosed the closure date of register as July 21 to 23, 2008.

Also, SOVEREING INSURANCE PLC made public its audited accounts for the year ended December 31, 2007. The company proposed a twin benefit of 6kobo dividend per share and bonus issue of 1 for 5. Closure of register is scheduled for July 23 to 25, 2008.

CHEVRON PLC made public its un-audited Q1 results for the period ended March 31, 2008. The company posted a loss after tax of N190.63 million which was said to be due to strike action between the company and transport union which lasted for about 2 months. )

ABCTRANS PLC and STOVIS NIGERIA PLC released their audited accounts for the year ended December 31, 2007 today.

STACO INSURANCE PLC, STANDARD ALLIANCE INSURANCE PLC and CONSOLIDATED HALLMARK INSURANCE PLC made public their audited accounts for the year ended December 31, 2007.

Eternaoil Plc sent in an application this week to embark on supplementary issue made up of 252 million shares offer for subscription at N28.90k and right issue of 168 million shares at N26.90k.

STARCOMMS PLC will on Monday July 14, 2008 be listed on the Daily Official List of the NSE at N13.65k per share.

ABCTRANS Plc proposed a dividend of 8k per share and STACO Plc announced a 12k per share dividend. Closure dates are August 07, 2008 and July 21, 2008 respectively. Similarly, EKOCORP Plc posted 15kobo dividend per share and closure date is fixed at August 25 to 29, 2008. MAY & BAKER NIGERIA PLC declared 40kobo dividend. Closure date is September 04, 2008.

Share Conversion & Listing
N13.5 billion denominated in Redeemable Convertible Bond was converted to 223,000,834 ordinary shares and was listed on July 08, 2008 in the name of ACCESS BANK PLC. By this, the Bank’s total shares outstanding stand at 16.37billion.
Likewise, the shares issued in the last public offer, rights issue and supplementary offer of Fidelity Bank Plc culminating into 12.499 billion shares were listed same day.

Technical Suspension
On Friday July 11, 2008 JOHNHOLT was placed on indefinite technical suspension due to receipt of several complaints that the company cannot meet its obligations to customers who had deposited money for power generating plants.

ECOBANK TRANSNATIONAL INCORPORATION PLC’s share price was lifted off full suspension on confirmation that the reconciliation of the 5 for 1 share split has been completed.

FIRST ALIMINIUM PLC was on July 11, 2008 placed on technical suspension following the receipt of Application to embark on a right issue of 1.24 billion ordinary shares at N2.00k.

STERLIN BANK PLC will be placed on full suspension on Monday July 14, 2008 for 2 weeks for the purpose of share reconstruction exercise.

Share/Save