STOCK MARKET REPORT FOR THE WEEK ENDING FRIDAY, 30TH JULY 2010
A turnover of 2.11 billion shares worth N17.7 billion in 33,067 deals was recorded this week, in contrast to a total of 2 billion shares valued at N14.1 billion exchanged last week in 30,906 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 N9 billion exchanged by investors in 19,170 deals. Volume in the Banking subsector was largely driven by activity in the shares of Diamond Bank Plc, UBA Plc, First Bank of Nigeria Plc, Zenith Bank Plc and Access Bank Plc. Trading in the shares of the five Banks accounted for 560.8 million shares, representing 51.2% and 26.6% of the subsector’s turnover and total volume traded during the week, respectively.
The Insurance subsector, boosted by activity in the shares of AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 329.7 million shares valued at N352.72 million in 1,554 deals.

Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector. Price Movement: The NSE All-Share Index appreciated 574.82 points or 2.3% to close on Friday at 25,844.18 while the market capitalization of the 199 First -Tier equities closed higher at N6.32 trillion. Also, The NSE-30 Index appreciated by 28.57 points or 2.7% to close at 1,075.90. Last week, ASI and NSE-30 Index appreciated by1.7% and 1.4%, respectively.
Three of the four sect oral indices appreciated during the week. The NSE Food/Beverage Index appreciated by 21.27 points or 2.6% to close at 840.42, the NSE Banking Index appreciated by 7.67 points or 2.03% to close at 390.59 and the NSE Insurance Index appreciated by 6.93 points or 3.82% to close at 187.59. However, the NSE Oil/Gas Index depreciated by 11.62 points or 3.04% to close at 374.62.

Forty-four (44) stocks appreciated in price during the week, lower than the forty-six (46) of the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N8.00 to close at N364.00 per share while Guinness Nigeria Plc followed with N7.00 to close at N169.00 per share. Other price gainers’ in the Top 10 category include:
Nigerian Breweries Plc - N4.24
Nigerian Bottling Co. Plc - N3.32
Benue Cement Company Plc - N2.45
7-Up Bottling Company Plc - N2.35
Lafarge WAPCO Cement Nigeria Plc - N2.00
Unilever Nigeria Plc - N1.80
Chemical & Allied Products Plc - N1.52
PZ Cussons Nigeria Plc - N1.50

Forty-nine (49) stocks depreciated in price during the week, higher than the forty-three (43) of the preceding week. Two Petroleum (Marketing) stocks led on the price losers’ table. Mobil Oil Nigeria Plc led, dropping by N7.94 to close at N158.00 per share while African Petroleum Plc followed with a loss of N5.82 to close at N27.08 per share. Other price losers in the Top 10 category include:
Julius Berger Nigeria Plc - N2.74
Conoil Plc - N2.47
The Okomu Oil Palm Plc - N1.06
First Bank of Nigeria Plc - N0.66
Red Star Express Plc - N0.63
UACN Property Development Co. Plc - N0.55
C & I Leasing Plc - N0.38
RT Briscoe (Nig) Plc - N0.37

The price of Red Star Express Plc was adjusted for dividend of N0.30 per share as recommended by the Board of Directors.
New Listing The N35 billion 7th FGN Bond 2030 Series 3 was admitted on the daily official list on Tuesday, July 27, 2010. By this action, the number of listed FGN Bonds and securities listed on the stock market increased to 37 and 262, respectively.
COMPANY NEWS
PZ CUSSONS NIGERIA PLC: Audited result for the year ended 31st May 2010 shows Turnover of N62,667.91 million as against N63,800.73 million in 2009. Profit after tax stood at N5,584.64 million compared with N5,330.9 million in 2009. The Net Assets Value stood at N38,707.54 million compared with N35,565.45 million in 2009. The Board of Directors is recommending a dividend of N0.86 per share.. The date of closure of register of members is August 23, 2010 while payment date is September 14, 2010. The Annual General Meeting is scheduled to hold at the Transcorp Hilton Hotel, Abuja on Thursday, September 9, 2010 by 11.00a.m.
RESORT SAVINGS & LOANS PLC: Audited result for the year ended 31st December 2009. The Board of Directors is recommending a dividend of N0.01 per share. The date of closure of register of members is August 5, 2010 while payment date is September 1, 2010. The Annual General Meeting is scheduled to hold at the Airport Hotel, 11, Obafemi Awolowo Way, Ikeja, Lagos on Tuesday, August 31, 2010. 

UNITY KAPITAL ASSURANCE PLC: Audited result for the year ended 31st December 2009 shows Gross Premium of N1,345.8 million as against N639.25 million in 2008. Profit after tax stood at N112.1 million compared with N137.12 million in 2008. The Net Assets Value stood at N8,191.8 million compared with N8,156.1 million in 2008. The Board of Directors is recommending a bonus of 1 for 19. The date of closure of register of members is August 9, 2010. The Annual General Meeting is scheduled to hold at the Transcorp Hilton Hotel, Abuja on Monday, August 23, 2010.
NIGERIAN AVIATION HANDLING COMPANY PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N3,078.3 million, as against N2,915.2 million in the comparable period ended September 2009. Profit after tax stood at N677.2 million compared with N771.25 million during the comparable period ended September 2009. The Net Assets Value stood at N4,801.4 million compared with N4,676.82 million in 2009. The Board of Directors is recommending an interim dividend of N0.25 per share. The dates of closure of register of members and payment would be advised later.
ECOBANK TRANSNATIONAL INCORPORATED: Unaudited result for the half year ended 30th June 2010 shows Turnover of N61,254.4 million, as against N59,900.33 million in the comparable period of 2009. Profit after tax stood at N10,577.44 million compared with N11,469.32 million in 2009. The Net Asset Value stood at N185,758.82 million compared with N185,408.9 million in 2009.
UNION BANK OF NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Earnings of N66,911 million, as against N86,084 million in the comparable period of 2009. Profit after tax stood at N11,320 million compared with loss after tax of N87,629 million in 2009. The Net Liability Value stood at N235,223 million compared with N228,977 million in 2009.
STERLING BANK PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Earnings of N16,289.15 million, as against N18,476.3 million in the comparable period of 2009. Profit after tax stood at N3,939.25 million compared with loss after tax of N7,043.3 million in 2009. The Net Assets Value stood at N25,012.81 million compared with N21,073.56 million in 2009.
ECOBANK NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Earnings of N25,583 million, as against N30,633 million in the comparable period of 2009. Profit after tax stood at N1,647 million compared with N4,252 million in 2009. The Net Assets Value stood at N75,343 million compared with N73,534 million in 2009.
UNION HOMES SAVINGS AND LOANS PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Earnings of N4,800 million, as against N4,573 million in the comparable period ended September 2009. Profit after tax stood at N1,166 million compared with N259 million during the comparable period ended September 2009. The Net Assets Value stood at N7,765 million compared with N5,709 million in 2009.
NESTLE NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N39,181.8 million, as against N31,302.83 million in the comparable period of 2009. Profit after tax stood at N6,036.3 million compared with N4,146.8 million in 2009. The Net Asset Value stood at N9,536.84 million compared with N10,543.93 million in 2009.
NIGERIAN BREWERIES PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N88,444.2 million, as against N82,691.7 million in the comparable period of 2009. Profit after tax stood at N15,878.2 million compared with N16,855.81 million in 2009. The Net Asset Value stood at N35,633.4 million compared with N46,570.1 million in 2009. 

TOTAL NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N85,429.64 million, as against N85,097.42 million in the comparable period of 2009. Profit after tax stood at N3,518.74 million compared with N1,774 million in 2009. The Net Asset Value stood at N7,690.33 million compared with N6,982.83 million in 2009.
MRS OIL NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N40,497.51 million, as against N32,722.14 million in the comparable period of 2009. Profit after tax stood at N1,072.8 million compared with N702.03 million in 2009. The Net Asset Value stood at N4,038.73 million compared with N2,965.92 million in 2009.
LAFARGE CEMENT WAPCO NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N23,048.0 million, as against N25,027.0 million in the comparable period of 2009. Profit after tax stood at N4,019.0 million compared with N3,418.0 million in 2009. The Net Asset Value stood at N48,401.72 million compared with N43,710.6 million in 2009.
UAC OF NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N23,707.8 million, as against N28,673.61 million in the comparable period of 2009. Profit after tax and extra-ordinary items stood at N2,224.1 million compared with profit after tax of N3,099.3 million in 2009. The Net Asset Value stood at N36,002.8 million compared with N37,486.71 million in 2009. UACN PROPERTY DEVELOPMENT COMPANY PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N3,356.56 million, as against N2,203.3 million in the comparable period of 2009. Profit after tax stood at N852.4 million compared with N648.81 million in 2009. The Net Asset Value stood at N28,225.15 million compared with N29,844.01 million in 2009.
GLAXO SMITHKLINE CONSUMER (NIG) PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N8,429.5 million, as against N7,747 million in the comparable period of 2009. Profit after tax stood at N1,158.2 million compared with N1,224.43 million in 2009. The Net Asset Value stood at 7,023.9 million compared with N6,583.24 million in 2009.
VITAFOAM NIGERIA PLC: Unaudited result for the third quarter ended 30th June 2010 shows Turnover of N7,705.7 million, as against N7,202.2 million in the comparable period of 2009. Profit after tax stood at N542.56 million compared with N350.6 million in 2009. The Net Asset Value stood at N2,515.6 million compared with N2,177.8 million in 2009.
CHEMICAL & ALLIED PRODUCTS PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N1,753.24 million, as against N1,363.31 million in the comparable period of 2009. Profit after tax stood at N330.2 million compared with N256.85 million in 2009. The Net Asset Value stood at N748.63 million compared with N754.44 million in 2009.
MAY & BAKER NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N2,122.52 million, as against N2,088.7 million in the comparable period of 2009. Profit after tax stood at N98.23 million compared with N83.56 million in 2009. The Net Asset Value stood at N2,803.93 million compared with N2,705.71 million in 2009.
THE OKOMU OIL PALM PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N3,814.0 million, as against N4,711.22 million in the comparable period of 2009. Profit after tax and exceptional items stood at N1,474.3 million compared with N516.1 million in 2009. The Net Asset Value stood at N5,827.8 million compared with N4,353.5 million in 2009. 

LIVESTOCK FEEDS PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N887.93 million, as against N1,021.81 million in the comparable period of 2009. Profit after tax and extra-ordinary items stood at N15.44 million compared with N10.12 million in 2009. The Net Asset Value stood at N409.3 million compared with N393.9 million in 2009.
CADBURY NIGERIA PLC: Unaudited result for the half year ended 30th June 2010 shows Turnover of N13,796.2 million, as against N11,921.1 million in the comparable period of 2009. Profit after tax stood at N735.05 million compared with loss before tax of N1,221.8 million in 2009. The Net Asset Value stood at N13,400.3 million compared with N12,665.23 million in 2009.
CUSTODIAN & ALLIED INSURANCE PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Premium of N4,403.42 million, as against N2,873.5 million in the comparable period of 2009. Profit after tax stood at N1,214.15 million compared with N851.62 million in 2009. The Net Asset Value stood at N12,201.12 million compared with N11,133.8 million in 2009.
GUARANTY TRUST ASSURANCE PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Premium of N4,774.81 million, as against N4,459.9 million in the comparable period of 2009. Profit after tax stood at N430.1 million compared with N342.4 million in 2009. The Net Asset Value stood at N12,654.64 million compared with N12,625.34 million in 2009.
 LAW UNION & ROCK INSURANCE PLC: Unaudited result for the half year ended 30th June 2010 shows Gross Premium of N2,293.94 million, as against N2,174.1 million in the comparable period of 2009. Profit after tax stood at N123.83 million compared with N187.81 million in 2009. The Net Asset Value stood at N4,755.9 million compared with N4,537.82 million in 2009.
CHAMPION BREWERIES PLC: Audited result for the year ended 31st December 2009 shows Turnover of N1,226.55 million as against N1,495.51million in 2008. Loss after tax stood at N1,015.8 million compared with loss before tax of N851.03 million in 2008. The Net Liabilities Value stood at N1,075.11 million compared with Net Asset Value of N65.96 million in 2008.
eTRANZACT INTERNATIONAL PLC: Audited result for the year ended 31st December 2009 shows Turnover of N757.2 million as against N757.9million in 2008. Loss after tax stood at N174.7 million compared with profit after tax of N122.71 million in 2008. The Net Assets Value stood at N2,635.25 million compared with N2,921.85 million in 2008.
COMPANY FORECASTS
ACCESS BANK PLC: The Bank forecasts Gross Earnings of N22,569.04 million and profit after tax of N2,318.8 million during the third quarter ending September 30, 2010.
JAPAUL OIL & MARITIME SERVICES PLC: The Company forecasts Turnover of N5,265.4 million and profit after tax of N1,204.72 million during the third quarter ending September 30, 2010. PRESCO PLC: The Company forecasts Turnover of N4,300.0 million and profit after tax of N703.15 million during the third quarter ending September 30, 2010. 

BECO PETROLEUM PRODUCTS PLC: The Company forecasts Turnover of N1,020.3 million and profit after tax of N75.75 million during the third quarter ending October 31, 2010.
OTHER COMPANY NEWS
UNION HOMES REAL ESTATE INVESTMENT TRUST PLC: The Company notified The Exchange of its Annual General Meeting earlier scheduled to hold on Thursday, August 5, 2010 has been changed to Thursday, August 19, 2010.
RED STAR EXPRESS PLC: The Company notified The Exchange of its Annual General Meeting scheduled to hold on Monday, August 9, 2010 at Protea Hotel, 42/44 Isaac John Street, GRA, Ikeja Lagos by 11.00a.m.
SKYE SHELTER FUND PLC: The Company notified The Exchange of its Annual General Meeting earlier scheduled to hold on Thursday, August 5, 2010 had been changed to Monday, August 19, 2010. FLOUR MILLS OF NIGERIA PLC: The Company notified The Exchange that an Extra-Ordinary General Meeting has been scheduled to hold at the Grand Ball Room, Eko Hotel & Suites, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, August 10, 2010 by 11.00a.m.
NIGERIAN WIRE & CABLE PLC: The Company notified The Exchange of a change in the financial year end from September 30 to December 31.
JOHN HOLT PLC: The External Auditors, Pannell Kerr Forster in expressing opinion on the Accounts of John Holt Plc drew attention to the fact that the Group had suffered substantial losses from its operations since the year 2008 culminating in accumulated losses as at 30th September 2009 of N.,630 million (2008: N486 million), working capital deficiency of N2.887 billion (2008: N802 million) and a negative cash flow of N3.033 billion (2008: N3.328 billion). Consequently, the going concern is being threatened by persistent losses from operating activities. However, the financial statements have been prepared on the going concern by the Directors on the assumption that on-going re-organization/restructuring would reverse the trend, and the support of creditors and lenders would continue in the immediate future.
ECOBANK TRANSNATIONAL INCORPORATED : The Bank notified The exchange that it has reached an agreement with Advance Finance and Investment Group (AFIG)), manager of the Atlantic Coast Regional Fund (ACRF)) for an ACRF investment of US$14 million in three subsidiaries of Ecobank Transnational Incorporated (ETI). The subsidiaries involved are Ecobank Chad, Ecobank Liberia and Ecobank Rwanda. The subsidiaries would each receive investments in the form of equity and convertible bonds, distributed as follows: US$6 million in Chad, US$4 million in Liberia, and US$4 million in Rwanda. The investment would strengthen the capital base of the subsidiaries and accelerate the implementation of their respective strategic initiatives. 

REPORT ON THE OTC MARKET FOR FGN BONDS A turnover of 224.16 million units worth N224,383.52 million in 1,937 deals was recorded this week, in contrast to a total of 261.75 million units valued at N291,668.8 million exchanged in 3,286 deals during the week ended Thursday, July 22, 2010. The most active bond (measured by turnover volume) was the 7th FGN Bond 2015 Series 2 with a traded volume of 59.2 million units valued at N49,428.3 million in 443 deals. This was followed by the 7th FGN Bond 2013 Series 1 with a traded volume of 41.7 million units valued at N41,098.5 million in 322 deals. Twenty-two (22) of the available thirty-eight (38) FGN Bonds were traded during the week, compared with eighteen (18) in the preceding week.