Weekly Report For The Week Ended January 8th 2010

Courtesy of Express Discounts, here is the weekly report for the week ended January 8th 2010

A turnover of 1.8 billion shares worth N9.97 billion in 35,987 deals was recorded this week, in contrast to a total of 1.4 billion shares valued at N6.6 billion exchanged last week in 18,369 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 987.7 million shares worth N6.23 billion exchanged by investors in 17,640 deals. Volume in the Banking subsector was largely driven by activity in the shares of FinBank Plc, First Bank of Nigeria Plc and Fidelity Bank Plc. Trading in the shares of the three Banks accounted for 380.04 million shares, representing 38.5% of the subsector’s turnover.

The Insurance subsector, boosted by activity in the shares of Lasaco Assurance Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 222.1 million shares valued at N204.05million in 2,341 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 by 4% to close on Friday at 21,658.69. The market capitalization of the 200 First -Tier equities closed higher at N5.19 trillion. Also, The NSE-30 Index appreciated by 3.91% to close at 860.34.

Three of the four sectoral indices appreciated – The NSE Food/Beverages Index appreciated by 3.43% to close at 544.78, the NSE Banking Index appreciated by 4.27% to close at 353.81 and the NSE Oil/Gas Index appreciated by 1.53% to close at 292.46. However, the NSE Insurance Index depreciated by 4.34% to close at 238.21.  Sixty-Eight (68) stocks appreciated in price during the week, higher than the forty-nine (49) of the preceding week. Also, as in the preceding week, Nigerian Breweries Plc led on the gainers’ table with a gain of N3.98 to close at N57.00 per share while Benue Cement Company Plc followed with N3.49 to close at N46.50 per share. Other price gainers’ in the Top 10 category include:
•    Flour Mills of Nigeria Plc -N3.00
•    Conoil Plc -N2.83
•    Dangote Flour Mills Plc -N2.63
•    Unilever Nigeria Plc -N2.55
•    Nig. Bottling Company Plc    -N2.22
•    Ashaka Cement Plc         -N1.75
•    Julius Berger Nigeria Plc -N1.68
•    Cement Co. of Northern Nig. Plc       -N1.44

Thirty-Five (35) stocks depreciated in price during the week, lower than the fifty-five (55) of the preceding week. Incar Nigeria Plc led on the price losers’ table, dropping by N0.95 to close at N3.38 per share while Ecobank Transnational Inc. Plc followed with a loss of N0.84 to close at N14.16 per share. Other price losers in the Top 10 category include:
•    Vitafoam Nigeria Plc          -N0.63
•    Ecobank Nigeria Plc -N0.53
•    Longman Nigeria Plc      -N0.45
•    National Sports Lottery Plc -N0.41
•    Honeywell Flour Mills Plc -N0.41
•    Unity Kapital Assurance Plc -N0.32
•    Union Dicon Salt Plc                -N0.30
•    Tripple Gee & Co. Plc -N0.24

Redemption Payment
The third redemption payment in respect of Access Bank Plc’s N13.5 billion 3-Year Redeemable Convertible Bond had been effected. In accordance with the terms of the Trust Deed, the bond is expected to be redeemed in four equal redeemable payments (25% each). Consequently, the final redemption payment equal to 25% is expected to be effected on June 15, 2010.

Annual Briefing
The Director General/Chief Executive Officer of The Nigerian Stock Exchange, Professor Ndi Okereke-Onyiuke, OON will on Tuesday, January 12, 2010 address a World Press Conference to appraise The Exchange’s performance in 2009 and give an outlook for 2010. The schedule is as stated below:
Date: Tuesday, January 12, 2010 Venue: Stock Exchange House (11th Floor)  Time:  12.30p.m

Company News
SCOA NIGERIA PLC: Audited result for the year ended 31st December 2008 shows Turnover of N3,045.1 million as against N2,745.75 million in 2007. Profit after tax and exceptional items stood at N231.91 million compared with N822.5 million in 2007. Exceptional items represent net profit on disposal of property, interest charges and penalties waived by banks.  The Board of Directors is recommending a dividend of N0.10 per share. The date of closure of register of members is 13th January 2010 while payment date is 23rd February 2010. The Annual General Meeting is scheduled to hold at NICON Luxury Hotel, Plot 903 Tafawa Balewa Way, Area 11. Garki, Abuja on Thursday, January 28, 2010 by 11.00a.m.

AFROMEDIA PLC: Audited result for the year ended 30th September 2009 shows Turnover of N2,396.75 million as against N1,956.2 million in 2008. Profit after tax stood at N340.8 million compared with N438.52 million in 2008. The Board of Directors is recommending a dividend of N0.05 per share. The date of closure of register of members is 5  February 2010 while payment date is 1 April 2010.

7-UP BOTTLING COMPANY PLC: Unaudited result for the half year ended 30th September 2009 shows Turnover of N17,853.42 million, as against N15,215 million in the comparable period of 2008. Profit after tax stood at N853.71 million compared with N800.65 million in 2008.

INCAR NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2009 shows Turnover of N125.51 million, as against N132.81 million in the comparable period of 2008. Loss after tax stood at N32.7 million compared with profit after tax of N7.1 million in 2008.

PINANCLE POINT GROUP PLC: Unaudited result for the half year ended 31st August 2009 shows Turnover of R9.25 million, as against R80.13 million in the comparable period of 2008. Loss after tax stood at R64.12 million compared with profit after tax of R3.2 million in 2008.

Company Forecasts
COURTEVILLE INVESTMENT PLC: The Company forecasts Turnover of N205.6 million and profit before tax of N55.83 million during the first quarter ending March 31, 2010.
AFROMEDIA PLC:  The Company forecasts Turnover of N2,313.53million and profit after tax of N838.32 million during the half year ending March 31, 2010.
LAW UNION & ROCK INSURANCE PLC:  The Company forecasts Gross Premium of N2,400.0 million and profit after tax of N115.0million during the first quarter ending March 31, 2010.
REGENCY ALLIANCE INSURANCE PLC:  The Company forecasts Gross Premium of N325.04 million and profit after tax of N141.64million during the first quarter ending March 31, 2010.

Report On The OTC Market For FGN Bonds
A turnover of 86.7 million units worth N101,105.6 million in 1164 deals was recorded this week, in contrast to a total of 15.56 million units valued at N16,724.3million exchanged in 28 deals during the week ended Wednesday, December 30, 2009.  The most active bond (measured by turnover volume) was the 4th FGN Bond 2014 Series 3 with a traded volume of 14.25 million units valued at N16,637.6 million in 285 deals. This was followed by the 6th FGN Bond 2029 Series 3 with a traded volume of 10.7million units valued at N14,071.5 million in 103 deals. Seventeen (17) of the available forty-one (41) FGN Bonds were traded during the week, compared to thirteen (13) in the preceding week.