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Reports on Benue Cement Company, Total, Sovereign Insurance, and UACN

Here are the reports analyses from FSDH and Meristem for the recently released results of Benue Cement Company, Total, Sovereign Insurance, and UACN.

FSDH - Company Analysis - Benue Cement - Nov 2008 (36)
FSDH - Company Analysis - Total - Nov 2008 (29)
Meristem - Company Analysis - Sovereign Insurance - Nov 2008 (30)
Meristem - Company Analysis - UACN - Nov 2008 (18)

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Reports for Dangote, RT Briscoe, UACN and Mobil

Here are the reports prepared by FSDH Stock brokers for the recently released results of Dangote Sugar, UACN, Mobil and RT Briscoe:

FSDH - Company Report - Dangote Sugar Q3 2008 (39)
FSDH - Company Report - Mobil Q3 2008 (38)
FSDH Company Report - RT Briscoe Q3 2008 (37)
FSDH Company Report - UACN Q3 2008 (54)

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Analysis of Oando and IAA

Here are the analyses of Oando PLC and Investment & Allied Assurance (IAA) by FSDH and Proshare respectively:

FSDH - Company Report - OANDO - Q3 2008 (38)
Proshare - Company Report - IAA (Oct 2008) (36)

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Quarterly Report For Q3

Here are quarterly and monthly reports for Q3:

Lead Capital - Monthly Economic Review - Sept 2008 (21)
Lead Capital - Q3 2008 Economic Review (28)
FSDH - Q3 2008 Economic Report (Pt 1) (24)
FSDH - Q3 2008 Economic Report (Pt 2) (29)

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Analysis of Lafarge WAPCO and Unilever

Courtesy of FSDH and Zenith Securities, here are the analysis of the recent results for Unilever and Lafarge WAPCO:

FSDH - Company Analysis - Unilever - Q3 2008 (20)
ZSL - Company Spotlight- Lafarge WAPCO - Oct 2008 (35)

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FSDH and ZSL Report on Nigeria Bottling Company

Here are the reports by ZSL and FSDH on Nigeria Bottling Company’s recent quarterly results:

ZSL - Company Spotlight - NBC - Oct 2008 (28)
FSDH - Company Spotlight - NBC - Oct 2008 (19)

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Some research reports

You can read the following reports:

1. Afrinvest’s Weekly Report for the week ended October 17th.
   Afrinvest - Weekly Report - Oct 17 2008 (35)
2. FSDH’s analysis of Oceanic Banks recent results.
   FSDH - Oceanic Bank - Q4 2008 (31)
3. Lead Capital’s Quarterly Economic Report.
   Lead Capital- Economic Market Review (Sept 2008) (34)
4. Renaisance Capital’s Research Report on the Nigerian Economy.
   Renaisance Capital Report on the Nigerian Stock Exchange (32)

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Info on some key stocks

Meristem Securities has prepared a table with information on the major stocks on the NSE. Read here:

Meristem - Key Investment Stats for Selected Stocks (31)

This is Zenith Securities’ stock market report for last week. Happy reading!
ZSL - Weekly Report - Oct 10 2008 (27)

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Zenith Securities’ take on First Bank and GT Bank

You can read here Zenith Securities’ take on First Bank and GT Bank:

ZSL - Spotlight on GTBank (Oct ‘08) (47)
ZSL - Spotlight on First Bank (Oct ‘08) (30)

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Afrinvest Report On Nigeria’s Non-Financial Sector

Afrinvest has released a report on some non-financial sector companies in Nigeria. You can read it here:
Afrinvest Report on The Nigerian Non-Financials Sector (2008) - Pt.1 (64)
Afrinvest Report on The Nigerian Non-Financials Sector (2008) - Pt. 2 (128)

They also prepared reports on the banking and insurance sectors earlier in the year. You can also read those here:
Afrinvest 2008 Nigerian Banking Sector Report (75)
Afrinvest 2008 Nigerian Insurance Sector Report (54)
Some of the main points in their non-financial sector reports are:
Historically, the industial corporations used to be the main stay of the Nigerian economy.
Factors for the reduced emphasis of the non-financial secotr:

1. The emergence of banks on the public equities scene and the rapid growth in thier earnings and valuations has made the banks the dominant factors in the NSE.
2. The Nigerian economy has become more transactional rather than productive.
3. The financial services sector has been quicker to the see the benefits of the macroeconomic policies of the government.
4. Industrial corporations have not been active in issuing new shares creating a general lack of trading liquidity in their stocks relative to banks.

Reasons for the slow growth of the non-financial services sector:

1. The crippling effect of the epileptic power system resulting in increased costs of doing business.
2. The global food crisis.
3. Higher interest rates.

Opportunities:

1. Relative political stability
2. Increased consumerism

The companies covered are:

1. Building and Construction Sector:
2. Ashaka Cement Plc
3. Benue Cement Company Plc
4. Cement Company of Northern Nigeria Plc
5. Lafarge Cement Wapco Plc
6. Julius Berger Plc

Consumer Goods Sector:

1. 7-UP Bottling Company Plc
2. Dangote Sugar Refinery Plc
3. Flour Mills of Nigeria Plc
4. Guinness Nigeria Plc
5. Nestle Nigeria Plc
6. Nigeria Bottling Company Plc
7. Nigerian Breweries Plc
8. P Z Cussons Nigeria Plc
9. U A C of Nigeria Plc
10. Unilever Nigeria Plc

Healthcare Sector:

1. Glaxo Smithkline Plc
2. May & Baker Plc
3. Nigerian-German Chemicals Plc

Chemical and Paints Sector:

1. Berger Paints Plc
2. CAP Plc

Petroleum Marketing Sector:

1. African Petroleum Plc
2. Chevron Oil Plc4
3. Conoil Plc
4. Mobil Oil Nigeria Plc
5. Oando Plc
6. Total Nigeria Plc

Others:

1. Japaul Oil & Maritime Services Plc
2. R T Briscoe (Nigeria) Plc
3. Starcomms Plc
4. Vitafoam Plc

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Weekly Stock Market Reports For The Week Ended Sept 19th ‘08

I apologize for the late post. But here are the stock market reports for the week ended Friday September 19th 2008.

Also find below Zenith’s Analysis of Access Bank.

Express Discount - Weekly Report - Sept 19 ‘08 (36)
Forte - Weekly Report - Sept 19 ‘08 (32)
FSDH - Weekly Report - Sept 19 ‘08 (28)
Lead Capital - Weekly Report - Sept 19 ‘08 (19)
Zenith - Company Analysis - Access Bank (36)

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Research Reports For Here are research reports by Meristem, FSDH, and Lead Capital for Linkage Assurance, NASCON, Guiness, Ecobank, Nigerian Bottling.

Here are research reports by Meristem, FSDH, and Lead Capital for Linkage Assurance, NASCON, Guiness, Ecobank, Nigerian Bottling.

FSDH - Company Report - Ecobank (72)
Lead Capital - Company Report - Ecobank (41)
Meristem - Company Report - Guiness (43)
Meristem - Company Report - Nascon (69)
Meristem - Company Report - Nigeria Bottling (78)
Meristem - Linkage Assurance Plc (36)

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