STOCK MARKET REPORT FOR THE WEEK ENDED FRIDAY, 13TH JUNE 2008

A turnover of 3.71 billion shares worth N53.93 billion in 75,156 deals was recorded this week, in contrast to a total of 5.06 billion shares valued at N74.9 billion exchanged last week in 83,613 deals.

Transactions during the week included a total of 717,000 units of Access Bank Plc N13.5 billion Redeemable Bond 2010 valued at N717 million.

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

The Insurance subsector was the most active during the week (measured by turnover volume), with 1.6 billion shares worth N3.95 billion exchanged by investors in 11,020 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 741.84 million shares, representing 46.82% of the subsector’s turnover.

The Banking subsector, boosted by activity in the shares of PlatinumHabib Bank Plc, Intercontinental Bank Plc and Access Bank Plc, followed on the week’s activity chart with a turnover of 1.51 billion shares valued at N39.9 billion in 35,490 deals.

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

Price Movement:
The All-Share Index rose by 7.04% to close on Friday at 60,191.83. The market capitalization of the 206 First -Tier equities closed lower at N11.72 trillion.

Ninety - Two (92) stocks appreciated in price during the week, higher than the twenty - five (25) in the preceding week. Nestle Nigeria Plc led on the gainers’ table with a gain of N11.25 to close at N236.25 per share while Ashaka Cement Plc followed with N8.48 to close at N45.79 per share. Other price gainers in the Top 10 category include:

• Julius Berger Nigeria Plc - N5.45

• Chemical & Allied Products Plc - N4.98

• Eterna Oil & Gas Plc - N3.39

• Chevron Oil Nigeria Plc - N2.50

• Guinness Nigeria Plc - N2.35

• Nigerian Breweries Plc - N1.54

• Japaul Oil & Maritime Services Plc - N1.52

• John Holt Plc - N1.49

Ninety - Five (95) stocks depreciated in price during the week, higher than the ninety – five (95) in the preceding week. United Bank for Africa Plc led on the price losers’ table, dropping by

N26.42 to close at N32.78 per share while Mobil Oil Nigeria Plc followed with a loss of N12.00 to close at N187.50 per share. Other price losers in the Top 10 category include:

• Conoil Plc - N8.60

• Costain (WA) Plc . - N7.48

• Flour Mills Nigeria Plc - N6.90

• Skye Shelter Fund Plc - N6.15

• Lafarge WAPCO Plc - N6.00

• First Bank of Nigeria Plc - N4.41

• Dangote Flour Mills Plc - N4.02

• Dangote Sugar Refinery Plc - N3.87

The price of Guaranty Trust Bank Plc was adjusted for final dividend of N0.70 per share and bonus of 1 for 11 as recommended by the Board of Directors.

Supplementary Listing

A total of 1,259,090,909 shares were added to the shares outstanding in the name of Guaranty Trust Bank Plc following the bonus of 1 for 11.

Delisting

The FGN Bond 2012 (Local Contractors Debt Series 3) was delisted from the Daily Official List. By this action, the number of FGN Bonds and securities dropped to 43 and 316 respectively.


COMPANY NEWS

INTERCONTINENTAL BANK PLC: Audited result for the year ended 29th February 2008 shows Gross Earnings of N173.6 billion as against N87.4 billion in 2007. Profit after tax stood at N34.8 billion compared with N15.5 billion in 2007. The Directors are recommending a final dividend of N0.40 per share. The date of closure of register of members is June 20, 2008 while payment date would be advised later. The stock price had on December 17, 2007 been adjusted for an interim dividend of N0.35 per share, thus bringing the total cash dividend to N0.75 per share.

BIG TREAT PLC: Audited result for the year ended 31st December 2007 shows Turnover of N3.0 billion as against N1.6 billion in 2006. Profit after tax stood at N245.9 million compared with N131.1 million in 2006. The Directors are recommending a dividend of N0.10 per share. The date of closure of register of members is July 7, 2008 while payment date is July 18, 2008.

NIGER INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N3.9 billion as against N3.14 billion in 2006. Profit after tax stood at N657.02 million compared with N589.6 million in 2006. The Directors are recommending a dividend of N0.15 per share. The date of closure of register of members is June 23, 2008 while payment date is July 31, 2008. The 38th Annual General Meeting (AGM) of shareholders is scheduled to hold at Transcorp Hilton Hotel, Abuja on July 10, 2008 by 11.00a.m.

PRESTIGE ASSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.3 billion as against N1.54 billion in 2006. Profit after tax stood at N638.1 million compared with N407.4 million in 2006. The Directors are recommending a dividend of

N0.20 per share and bonus of 1 for 4. The date of closure of register of members is July 8, 2008 while payment date is August 4, 2008. The Annual General Meeting (AGM) of shareholders is scheduled to hold on July 31, 2008.

PRESTIGE ASSURANCE PLC: Unaudited result for the first quarter ended 31st March 2008 shows Gross Premium of N661 million, as against N435 million in the comparable period of 2007. Profit after tax stood at N215 million compared with N169 million in 2007.

BENUE CEMENT CO. PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N1.04 million, as against N1.8 billion in the comparable period of 2007. Profit after tax stood at N139.1 million compared with profit after tax and exceptional items of N536.8 million in 2007.

INTERNATIONAL ENERGY INSURANCE CO. PLC: Unaudited result for the first quarter ended 31st March 2008 shows Gross Premium of N980.3 million, as against N309.3 million in the comparable period of 2007. Profit after tax stood at N320.15 million compared with N98.9 million in 2007.

REPORT ON THE OTC MARKET FOR FGN BONDS

A turnover of 131.3 million units worth N135.6 billion in 943 deals was recorded this week, in contrast to a total of 202 million units valued at N208.7 billion exchanged in 1659 deals during the week ended June 5, 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 19.0 million units valued at N20.85 billion in 187 deals.

Source: Nigerian Stock Exchange