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Weekly Report For Week Ended Nov 21st 2008

Apologies for the very late post. But this is the weekly report for the week ended November 21st 2008:

download: Market Analysis for Week Ended November 14th (187KB) added: 21/11/2008 clicks: 10 description: Market Analysis for Week Ended November 14th

download: Market Analysis for Week Ended November 21st (181.5KB) added: 26/11/2008 clicks: 9 description: Market Analysis for Week Ended November 21st

FSDH - Weekly Report - Nov 21st 2008 (7)

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Weekly Report by Stockbrokers

Here are the weekly market reports from stockbrokers:

Forte Weekly Market Review November 14, 2008 (15)
Afrinvest - Bi-weekly Report - Nov 14 2008 (20)
Investor Delight - Weekly Report - Nov 14th 2008 (15)
Lead Capital - Weekly Report - Nov 14 2008 (21)
Meristem - Weekly Report - Nov 14th 2008 (19)

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Weekly Report for Week Ended Nov 14th

Courtesy of Investor Delight, here is the weekly report for the week ended Friday, November 14th 2008:
A turnover of 2 billion shares worth N18.55 billion in 53,739 deals was recorded this week, in contrast to a total of 1.8 billion shares valued at N13.74billion exchanged last week in 38,845 deals.

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

The Banking subsector was the most active during the week (measured by turnover volume), with 1.1 billion shares worth N13.82 billion exchanged by investors in 33,773 deals. Volume in the Banking subsector was largely driven by activity in the shares of Access Bank Plc, First City Monument Bank Plc and Oceanic Bank International Plc. Trading in the shares of the three banks accounted for 397.44 million shares, representing 36.4% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of International Energy insurance Plc and Investment and Allied Assurance Plc, followed on the week’s activity chart with a turnover of 482.25 million shares valued at N878.92 million in 5,125 deals.

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

Price Movement
The All-Share Index rose by 10.3% to close on Friday at 37,876.06. The market capitalization of the 197 First -Tier equities closed higher at N8.31 trillion. Sixty (60) stocks appreciated in price during the week, higher than the twenty-two (22) in the preceding week. Two stocks each from the Breweries and Banking subsectors occupied the Top four positions on the gainers table.

Guinness Nigeria Plc led on the gainers’ table with a gain of N22.50 to close at N104.03 per share while Nigerian Breweries Plc followed with N9.13 to close at N45.00 per share. Other price gainers in the Top 10 category include:
+ First Bank of Nigeria Plc - N6.11
+ Zenith Bank Plc - N5.85
+ Dangote Sugar Refinery Plc - N4.05
+ Guaranty Trust Bank Plc - N3.79
+ Dangote Flour Mills Plc - N3.36
+ United Bank for Africa Plc - N3.12
+ Costain (WA) Plc - N3.00
+ Nigerian Aviation Handling Co. Plc - N2.85

Forty (40) stocks depreciated in price during the week, lower than the seventy-nine (79) in the preceding week. Two Petroleum (Marketing) stocks led on the losers table.

As in the preceding week, Chevron Oil Nigeria Plc led on the price losers’ table, dropping by N44.41 to close at N267.00 per share while Oando Plc followed with a loss of N27.09 to close at N119.02 per share. Other price losers in the Top 10 category include:
- Nig. Enamelware Plc - N13.67
- Julius Berger Nigeria Plc - N6.18
- Benue Cement Co. Plc - N5.56
- Nig. Bottling Co. Plc - N3.22
- BOC Gases Plc - N2.90
- UACN Plc - N1.77
- Neimeth International Pharmaceutical Plc - N1.00
- Lafarge WAPCO Plc - N0.90

The price of Nigerian Enamelware Plc was adjusted for dividend of N0.60 per share and bonus of 1 for 5 as recommended by the Board of Directors.

Supplementary Listing
A total of 11,520,000 shares were added to the shares outstanding in the name of Nigerian Enamelware Plc on following from the bonus of 1 for 5.

Company News

1. ZENITH BANK PLC: Audited result for the 15 months ended 30th September 2008 shows Gross Earnings of N208.3 billion as against N94.9 billion during the 12 months ended 30th June 2007. Profit after tax stood at N52 billion compared with N18.8 billion in June 2007. The Directors are recommending a dividend of N1.70 per share.The date of closure of register of members is November 24, 2008 while payment date is December 5, 2008. The Annual General Meeting is scheduled to hold on Thursday, December 4, 2008
2. PLATINUM HABIB BANK PLC: Unaudited result for the first quarter ended 30th September 2008 shows Gross Earnings of N34.8 billion, as against N14.6 billion in the comparable period of 2007. Profit after tax stood at N6.54 billion compared with N3.55 billion in 2007.
3. FIDELITY BANK PLC: Unaudited result for the first quarter ended 30th September 2008 shows Gross Earnings of N13.94 billion, as against N7.7 billion in the comparable period of 2007. Profit after tax stood at N3.02 billion compared with N2.64 billion in 2007.
4. AFRICAN PETROLEUM PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N122.95 billion, as against N74.81 billion in the comparable period of 2007. Profit after tax stood at N5.05 billion compared with N2.82 billion in 2007.
5. BENUE CEMENT PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N9.82 billion, as against N4.5 billion in the comparable period of 2007. Profit after tax stood at N4.8 billion compared with profit after tax and extra-ordinary items of N2 billi0n in 2007.
6. JULIUS BERGER NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N69.5 billion, as against N49.65 billion in the comparable period of 2007. Profit after tax stood at N1.7 billion compared with N995.0 million in 2007.
7. GLAXO SMITHKLINE CONSUMER PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N9.3 billion, as against N7.4 billion in the comparable period of 2007. Profit after tax stood at N1.12 billion compared with N728 million in 2007.
8. UNION DIAGNOSTICS & CLINICAL SERVICES PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N918.51 million, as against N545.8 million in the comparable period of 2007. Profit after tax stood at N386.71 million compared with N255.1 million in 2007.
9. TANTALIZERS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N3.3 billion, as against N2.75 billion in the comparable period of 2007. Profit after tax stood at N344.03 million compared with N140.85 million in 2007.
10. COSTAIN (WEST AFRICA) PLC: Unaudited result for the half year ended 30th September 2008 shows Turnover of N590.82 million, as against N558.42 million in the comparable period of 2007. Profit after tax stood at N300.3 million compared with N130.55 million in 2007.
11. NORTHERN NIGERIA FLOUR MILLS PLC: Unaudited result for the half year ended 30th September 2008 shows Turnover of N4.7 billion, as against N2.45 billion in the comparable period of 2007. Profit after tax stood at N75.2 million compared with N32.3 million in 2007.
12. EKOCORP PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N193.52 million, as against N166.0 million in the comparable period of 2007. Profit after tax stood at N35.31 million compared with N40.2 million in 2007.
13. INTERNATIONAL ENERGY INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N2.41 billion, as against N1.6 billion in the comparable period of 2007. Profit after tax stood at N1.6 billion compared with N590.15 million in 2007.
14. GOLDLINK INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N2.12 billion, as against N1.8 billion in the comparable period of 2007. Profit after tax stood at N619.51 million compared with N490.4 million in 2007.
15. CONSOLIDATED HALLMARK INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N1.92 billion, as against N999.82 million in the comparable period of 2007. Profit after tax stood at N597.45 million compared with N89.23 million in 2007.
16. EQUITY ASSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N1.85 billion, as against N1.23 billion in the comparable period of 2007. Profit after tax stood at N541.9 million compared with N150.7 million in 2007.
17. STARCOMM PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N27.13 billion, as against N14.73 billion in the comparable period of 2007. Loss after tax stood at N2.15 billion compared with N675.02 million in 2007.
18. ADSWITCH PLC: Unaudited result for the first quarter ended 31st July 2008 shows Turnover of N9.31 million, as against N7.432billion in the comparable period of 2007. Loss after tax stood at N2.4 billion compared with N0.97 million in 2007.
19. AFRICAN PAINTS (NIG) PLC: Audited result for the year ended 31st December 2007 shows Turnover of N59.9 million as against N78.11 million in 2006. Loss after tax stood at N16.42 million compared with N22.3 million in 2006.
20. ALUMACO PLC: Audited result for the year ended 31st December 2007 shows Turnover of N417.83 million as against N500.62 million in 2006. Loss after tax stood at N39 million compared with N73.64 million in 2006.
21. DUNLOP NIGERIA PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N1.25 billion, as against N3.6 billion in the comparable period of 2007. Loss before tax stood at N1.5 billion compared with N500.72 million in 2007.

Company Forecasts

1. AFRICAN PETROLEUM PLC: The Company forecasts a Turnover of N43.7 billion and profit after tax of N1.8 billion during the fourth quarter ending December 31, 2008.
2. JULIUS BERGER NIGERIA PLC: The Company forecasts a Turnover of N102.1 billion and profit after tax of N2.43 billion by year ending December 31, 2008.
3. NEM INSURANCE PLC: The Company forecasts Gross Premium of N4.05 billion and profit after tax of N726.34 million by year ending December 31, 2008.
4. ROYAL EXCHANGE PLC: The Company forecasts Turnover of N1.1 billion and profit after tax of N89.05 million during the fourth quarter ending September 30, 2008.
5. UNITY BANK PLC: The Bank forecasts Gross Earnings of N20.35 billion and profit after tax of N8.2 billion during October – December 2008.

Report On The OTC Market For FGN Bonds
A turnover of 275.7 million units worth N274.4 billion in 1,800 deals was recorded this week, in contrast to a total of 237.8 million units valued at N237.9 billion exchanged in 2,036 deals during the week ended Thursday, November 6, 2008. The most active bond (measured by turnover volume) was the 4th FGN Bond 2010 Series 14 with a traded volume of 48.7 million units valued at N48.9 billion in 224 deals. This was followed by the 4th FGN Bond 2010 Series 4 with a traded volume of 32.3 million units valued at N31.52 billion in 136 deals. Twenty-Five (25) of the available 41FGN Bonds were traded during the week compared to twenty-three in the preceding week.

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Weekly Market Analysis for the week ended November 7th

Weekly Market Analysis for the week ended November 7th:

download: Market Analysis for Week Ended November 7th (150KB) added: 12/11/2008 clicks: 29 description: Market Analysis for Week Ended November 7th

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Stockbroker’s Weekly Reports

Here are the weekly reports from CSL Stockbrokers, FSDH, and Forte Assets.

CSL Weekly Report - Nov 07 2008 (34)
Forte Weekly Market Review November 07, 2008 (36)
FSDH Weekly Report - Nov 7th 2008 (23)

As jara, here is Express Discount’s analysis of the current state of the Nigerian Stock Market.

Express Discount - State of the Stock Market (Oct 2008) (15)

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Stock Market Report For Week Ended Nov 7th

Courtesy of Meristem Securities, here is the stock market report for the week ended Friday November 7th:

Light of Resurgence Ends Week’s Transaction

1. The week ended in a colourful mood. A bullish light emerged down the dark bearish tunnel on Thursday, illuminating the long murky moment for investors. With a two day market bubble to cap up activities for the week under review, the NSE ASI and Market Capitalisation of the 212 listed equities both leapt 0.35 percent on Thursday and jumped 1.41 percent on Friday. However, the losses recorded earlier in the week crowded out the last 2 days’ positive returns. Nonetheless, hope is high for a positive turn upcoming week.
2. The NSE ASI settled at 34,351.81 points, 5.43 percent lower than 36,325.86 points last week end while market capitalisation tread same path to close at N7.54trl ($63.33b USD) by end of trading session on Friday.
3. Indications of recovery waxed stronger as more participants head down to shares trading. Cummulative transaction volume surged by over 64 percent indicating 1.09b shares exchanged in 38,845 trades gross value at N13.73b matched up with 1.08b shares (last week) transacted in 25,472 deals valued at N7.19b.
4. Volume of shares on offer dropped significantly, suggesting a possible retraction from selling, as investors hope for further price appreciation and the bid to purchase shares took an upturn indicating a possible restoration of investors’ confidence. 
5. In deep contrast to previous week performance, the gainers camp witnessed an eruption of bullish run with 22 stocks striding northwards higher than 2 (preceding week) as it appears the bulls are returning from their long southern journey. The share price of Nigerian Breweries topped the weekly price chart as it rose 12 percent (N3.70k) to close N35.87k. Others on top price movers include: FIRSTBANK (up N2.11k to N22.21k), IBTC (up 0.93k to N9.49k) and PRESCO (up 0.59k to N12.43k). Still active are the bears as they succeeded pulling down 73 stocks lower than 81 previous week. CHEVRON tops the losers’ camp after shedding N33.63k (10 percent) off its share price to close the week at N311.41k. NESTLE followed sliding N11.27k to N214.16k and FLOURMILL which plunged to settle at N8.41k to close at N51.50k. 
6. With SPRINBANK (167m units), FIRSTINLND (160m units) and ACCESS (148m units) at helm of activity, the banking sector remains investors toast for the week ended. Trading in the shares of the 3 banks accounted for 42 percent of the sector’s turnover while the sector wrapped up 64 percent of the entire market transaction volume. In 21,953 deals investors exchanged 1.14b shares worth N9.97b from the banking sector. Insurance sector likewise witnessed some spikes with traders executing 316m shares (signify 18 percent of market volume) in 3,039 trades which was valued at N383m while Food/beverages sector ranked third with 79m (4 percent) shares transacted in 3,556 deals worth N1.12b. 
7. Bank PHB Posts Audited Accounts, Declares 45kobo Dividend: PLATINUM BANK Plc made public its audited accounts for the year ended June 30, 2008 alongside a 45 kobo dividend per share. Closure date is scheduled for November 17, 2008 and payment date November 26, 2008. 
8. Also, OANDO Plc released its un-audited Q3’08 results for the period ended September 30, 2008. Mobil Plc, Great Nigeria Insurance Plc, Investment & Allied Assurance Plc, Niger Insurance Plc, Aluminium Extrusions Plc, Scoa Nigeria Plc, VONO Product Plc, ARBICO Plc, STANBIC IBTC Plc, Diamond Bank Plc, A.G. Leventis Plc, Goldlink Insurance Plc, Standard Alliance Insurance Plc, First Bank Nigeria Plc, Dangote Sugar Refinery Plc and R.T. Briscoe Plc, Morison Industries Plc, INCAR Plc, and ASO Savings Plc all released their results for their respective period ended.
9. The share price of CAP PLC was adjusted for an interim dividend of N2.00k per share.

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Afrinvest’s Market Report for week of Oct 25th - 31st

Here is Afrinvest’s market report for the week of October 25th to 31st:

Afrinvest Nigeria Update Issue - Oct 31st 2008 (53)

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Market Analysis For the Week of Oct 26th - 31st

Here is the full market analysis for the week of Oct 26th - 31st.

download: Market Analysis for Week Ended October 31st (154KB) added: 04/11/2008 clicks: 19 description: Market Analysis for Week Ended October 31st

You can also view for the previous week:

download: Market Analysis for Week Ended October 24th (146.5KB) added: 28/10/2008 clicks: 24 description: Market Analysis for Week Ended October 24th

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Weekly Reports from Stockbrokers

Here are the stock market reports from FSDH, Forte Assets, Investor Delight, Lead Capital, Express Discounts, ZSL and Meristem:

Express Discount - Weekly Report - Oct 31 2008 (20)
Forte - Weekly Report - Oct 31 2008 (12)
FSDH - Weekly Report - Oct 31 2008 (13)
Investor Delight - Weekly Report - Oct 31 2008 (13)
Lead Capital - Weekly Report - Oct 31 2008 (14)
Meristem - Weekly Report - Oct 31 2008 (12)
ZSL - Weekly Report - Oct 31 2008 (16)

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Weekly Report for Week Ended Oct 31st

Courtesy of Investor Delight, here is the stock market report for the week ended October 31st 2008:

A turnover of 1.1 billion shares worth N7.2 billion in 25,472 deals was recorded this week, in contrast to a total of 987.5 million shares valued at N8.44 billion exchanged last week in 19,885 deals. There were no transactions in the Federal Government Development Stocks, State Government Bonds, and Industrial Loans/Preference Stocks sectors.
The Banking subsector was the most active during the week (measured by turnover volume), with 383.23 million shares worth N4.3 billion exchanged by investors in 14,364 deals. Volume in the Banking subsector was largely driven by activity in the shares of Spring Bank Plc. Trading in the shares of the Bank accounted for 120.12 million shares, representing 31.34% of the subsector’s turnover.
The Insurance subsector, boosted by activity in the shares of Investment and Allied Assurance Plc and Universal Insurance Co. Plc, followed on the week’s activity chart with a turnover of 360.9 million shares valued at N468.6 million in 1,923 deals.
Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

Price Movement
The All-Share Index dropped by 13.3% to close on Friday at 41,884.10. The market capitalization of the 197 First -Tier equities closed lower at N8 trillion.
Two (2) stocks appreciated in price during the week, lower than the three (3) in the preceding week. Nigerian Bag Manufacturing Co. Plc led on the gainers’ table with a gain of N0.24 to close at N3.90 per share while FTN Cocoa Processors Plc followed with N0.12 to close at N2.03 per share.
Ninety - One (91) stocks depreciated in price during the week, higher than the seventy-four (74) in the preceding week. Chevron Oil Nigeria Plc led on the price losers’ table, dropping by N37.26 to close at N345.04 per share while Guinness Nigeria Plc followed with a loss of N21.33 to close at N86.25 per share. Other price losers in the Top 10 category include:
1.    Oando Plc - N15.77
2.    Conoil Plc - N10.22
3.    Union Bank of Nigeria Plc - N7.12
4.    Nigerian Breweries Plc - N6.27
5.    Zenith Bank Plc - N5.97
6.    First Bank of Nigeria Plc - N4.80
7.    Lafarge WAPCO Plc - N4.77
8.    BOC Gases Plc - N4.77
The price of Guinness Nigeria Plc was adjusted for a final dividend of N6.00 per share as recommended by the Board of Directors.

Delisting
The African Paints Plc N20 Million Redeemable Debenture Stock 1997/2000 was delisted from the Daily official List on October 30, 2008 on receiving confirmation from the Trustee that the Debenture had been fully redeemed. By this action, the number of listed corporate bonds and securities dropped to 43 and 302, respectively.

Company News

1. UNION BANK OF NIGERIA PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N113 billion as against N89.24 billion in 2007. Profit after tax stood at N26.85 billion compared with N13.9 billion in 2007. The Directors are recommending a dividend of N1.00 per share and bonus of 1 for 6. The date of closure of register of members is November 17, 2008 while payment date is December 3, 2008. The Annual General Meeting is scheduled to hold at the Auditorium of Giginya Hotel, Bye-Pass Road, Sokoto on Wednesday, November 26, 2008
2. ACCESS BANK PLC: Unaudited result for the half year ended 30th September 2008 shows Gross Earnings of N46.2 billion, as against N23.43 billion in the comparable period of 2007. Profit after tax stood at N11.5 billion compared with N5.32 billion in 2007.
3. THE TOURIST COMPANY OF NIGERIA PLC: Audited result for the year ended 31st December 2007 shows Turnover of N1.5 billion as against N1.23 billion in 2006. Profit after tax stood at N123.8 million compared with loss after tax of N296.62 million in 2006. The date of closure of register of members is December 1, 2008.
4. COSTAIN (WA) PLC: Audited result for the year ended 31st March 2008 shows Turnover of N3.8 billion as against N3.02 billion in 2007. Profit after tax stood at N353.22 million compared with N108 million in 2007.
5. PREMIER PAINTS PLC: Audited result for the year ended 31st December 2007 shows Turnover of N186.02 million as against N203.1 million in 2006. Profit after tax stood at N6.11 million compared with loss after tax of N16.6 million in 2006. The date of closure of register of members is November 13, 2008. The Annual General Meeting is scheduled to hold on December 11, 2008.
6. ECOBANK TRANSNATIONAL INCORPORATED: Unaudited result for the third quarter ended 30th September 2008 shows Gross Revenue of N97 billion (US$824.51 million), as against N60.3 billion (USUS$473.83 million) in the comparable period of 2007. Profit after tax stood at N12.22 billion (US$103.93 million) compared with N10.00 billion (US$78.61 million) in 2007.
7. UAC OF NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N28.1 billion, as against N22 billion in the comparable period of 2007. Profit after tax and extra-ordinary items stood at N3.7 billion compared with N2.3 billion in 2007.
8. UACN PROPERTY DEVELOPMENT CO. PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N11.15 billion, as against N4.1 billion in the comparable period of 2007. Profit after tax stood at N2.6 billion compared with N788.24 million in 2007.
9. ASO SAVINGS & LOANS PLC: Unaudited result for the half year ended 30th September 2008 shows Gross earnings of N5.34 billion, as against N3.01 billion in the comparable period of 2007. Profit after tax stood at N1.02 billion compared with N557 million in 2007.
10. PRESCO PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N2.83 billion, as against N1.9 billion in the comparable period of 2007. Profit after tax stood at N811.54 million compared with N267.14 million in 2007.
11. CHEMICAL & ALLIED PRODUCTS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N1.8 billion, as against N1.5 billion in the comparable period of 2007. Profit after tax stood at N435.54 million compared with N711 million in 2007.
12. RED STAR EXPRESS PLC: Unaudited result for the half year ended 30th September 2008 shows Turnover of N2.04 billion, as against N1.6 billion in the comparable period of 2007. Profit after tax stood at N190.4 million compared with N148.2 million in 2007.
13. NEM INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N3.3 billion, as against N2.02 billion in the comparable period of 2007. Profit after tax stood at N623.04 million compared with N330.05 million in 2007.
14. LASACO ASSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.42 billion, as against N1.6 billion in the comparable period of 2007. Profit after tax stood at N657 million compared with N560.03 million in 2007.
15. OASIS INSURANCE PLC: Unaudited result for the third quarter ended 30th September 2008 shows Gross Premium of N626.8 million, as against N380.3 million in the comparable period of 2007. Profit after tax stood at N121.5 million compared with N81.42 million in 2007.
16. TRANS-NATIONWIDE EXPRESS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N355.12 million, as against N287.2 million in the comparable period of 2007. Profit after tax stood at N45.84 million compared with N44.23 million in 2007.
17. ETERNA OIL & GAS PLC: Unaudited result for the third quarter ended 30th September 2008 shows Turnover of N10 billion, as against N4.1 billion in the comparable period of 2007. Profit after tax stood at N86.3 million compared with loss after tax of N101.95 million in 2007.
18. UNION VENTURES & PETROLEUM PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N46.53 million, as against N31.7 million in the comparable period of 2007. Loss after tax stood at N1.3 million compared with N3.15 million in 2007.
19. CHAMPION BREWERIES PLC: Audited result for the year ended 31st December 2007 shows Turnover of N1.62 billion as against N1.1 billion in 2006. Loss after tax stood at N330.74 million compared with N422.54 million in 2006.

Company Forecasts

ASO SAVINGS & LOANS PLC: The Company forecasts a Gross Earnings of N8.23 billion and profit after tax of N1.53 billion by the third quarter ending December 31, 2008.

Report On the OTC Market for FGN Bonds
A turnover of 226.1 million units worth N229.45 billion in 1,546 deals was recorded this week, in contrast to a total of 376.7 million units valued at N382.5 billion exchanged in 3,587 deals during the week ended Thursday, October 24, 2008. The most active bond (measured by turnover volume) was the 5th FGN Bond 2013 Series 1 with a traded volume of 19.7 million units valued at N18.7 billion in 94 deals. This was followed by the 4th FGN Bond 2010 Series 4 with a traded volume of 18.9 million units valued at N19.5 billion in 121 deals. Twenty-Seven (27) of the 42 listed FGN Bonds were traded during the week.

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Weekly Report for Week Ended October 24th

Courtesy of Meristem Securities, here is the weekly report for the week ended Friday, October 24th 2008:

Investing Potentials in a Bear Raided Market
As expectation for resurgence swells while bearish moments roll by, mixed feelings and reactions from investors trail activity as market nears bottom. The week opened and ended with trading pointing southward. NSE All Share Index plummeted 2.50 percent to settle at 41,884.10 point. Number of listed shares increased with the listing of 4.2 billion shares of Abbey Building Society and supplementary offer of Custodian & Allied Insurance Plc which prop up total market capitalisation of the 212 listed equities by 0.22 percent to stand at N9.188 trillion.

A hitch in activities was noted as total volume for the week plunged by 2.31 percent culminating into trading in shares of over 987 million with a market value of N8.44 billion in 19,886 deals in contrast with 1.01 million shares valued at N7.56 billion executed in 26,395 previous weeks.

Unusual Volume: There was a jostling for the shares of ACCESS BANK PLC as over 346 million shares worth N3.45 billion were transacted in 173 deals

Bid and Offer: The shares of SPRINGBANK (6.90m units), FIRSTBANK (1.14m units), and MULTIVERSE (86, 259 units) surprisingly closed on bid by end of trading session on Friday while IAINSURE led on the supply side with over 272.8m units on offer. LASACO (82.35m units), FIDELITYBK (69.63m units), FIRSTINLD (89.68m units) and NEM Insurance (47.62m units) followed.

FIRSTBANK Pulls Weight to emerge Leader in Gainers’ Camp: Friday saw FIRSTBANK and MULTISERVE in the gainers camp. FIRSTBANK rose N1.18k to N24.90k and MULTISERVE gained 10 kobo to N2.13k. On the other side of the camp, CAP slid 49 kobo to N49.41k. NB plunged 38 kobo to N38.44k and UBN was down 37 kobo to N36.91k.

Banking Sector Lead Sectoral Performance: With a 62 percent take of the total market volume, the banking sector emerged most active sector for the week with 613 million valued at N6.62 billion executed in 11,076 trades. This feat is not unconnected to spiky movements in the shares of ACCESS (356 units), SPRINGBANK (118 million units) and FIRSTBANK (25 million). Driven by IAINSURE (53million units), UNIVINSURE (16million units) and AIICO (13million units), the insurance sector ranked next accounting for 124 million shares exchanged in 1,625 deals worth over N195 million. Conglomerates sector clinched third most active sector with 114 million shares transacted in 386 trades valued at N212.

Company News and Results

1. JaPaul Oil and Maritime PLC and Wapco (Lafarge) Cement PKC released their unaudited Q3’08 results for the period ended September 30. Also, National Sports Lottery Plc posted its unaudited Q3’08 results for the period ended October 30.
2. Cap Plc Declares Interim dividend: CAP PLC proposed an interim dividend of N2.00k per share alongside the release of its un-audited Q3’08 results for the period ended September 30. Closure date is November 03 to 05, 2008 and payment date November 20, 2008.
3. Custodian & Allied Insurance Plc declared an interim dividend of N0.075k (7.5 kobo) per share which coincidentally the closure date was scheduled for today, October 20, 2008 and payment date October 23, 2008.
4. The share prices of 7UP Plc and CUTIX Plc were adjusted for dividend payment of N1.50k and 12 kobo respectively while NESF was marked for coupon payment of N152.00k.
5. 4.2 billion Shares of ABBEY BULIDING SOCIETY PLC were on Tuesday, October 21, 2008 introduced into the fold of listed equities on the daily official list of the stock exchange.
6. The supplementary offer of 40,744,328 ordinary shares of CUSTODIAN & ALLIED INSURANCE PLC was on Friday, October 24, 2008 listed on the daily official list. This brings the shares outstanding of the Insurance Company to 4.79 billion.

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Stock Broker Reports For Week Of October 24th

Here are the stockbroker reports from Zenith Securities, FSDH and Forte Asset:

Forte - Weekly Report - Oct 24th 2008 (16)
FSDH - Weekly Report - Oct 24th 2008 (17)
ZSL - Weekly Report - Oct 24th 2008 (12)

And this is the full stock analysis for the week (with input from CSL Securities and Meristem)

download: Market Analysis for Week Ended October 24th (146.5KB) added: 28/10/2008 clicks: 24 description: Market Analysis for Week Ended October 24th

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