Nse Market Report For Week 28 (july 11)

A turnover of 5.8 billion shares worth N42.12 billion in 88,146 deals was recorded this week, in contrast to a total of 4.8 billion shares valued at N41.96 billion exchanged last week in 77,288 deals.

Transactions during the week included a total of 1,000 units of Access Bank Plc N13.5 billion Redeemable Bond 2010 valued at N1 million.

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

The Insurance subsector was the most active during the week (measured by turnover volume), with 3.83 billion shares worth N4.6 billion exchanged by investors in 16,880 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 3.31 billion shares, representing 86.35% of the subsector’s turnover.

The Banking subsector, boosted by activity in the shares of Fidelity Bank Plc, Intercontinental Bank Plc and FirstInland Bank Plc, followed on the week’s activity chart with a turnover of 1.5 billion shares valued at N30.25 billion in 40,848 deals.

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

Price Movement:
The All-Share Index dropped by 1.43% to close on Friday at 54,662.06. The market capitalization of the 208 First -Tier equities closed lower at N10.85 trillion.

Thirty - Two (32) stocks appreciated in price during the week, lower than the seventy-four (74) in the preceding week. Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N20.17 to close at N217.04 per share while Chevron Oil Nigeria Plc followed with N16.51 to close at N372.00 per share. Other price gainers in the Top 10 category include:

• Guinness Nigeria Plc - N4.99

• Oando Plc - N3.99

• BOC Gases Plc - N2.91

• First Bank of Nigeria Plc - N1.91

• First City Monument Bank Plc - N1.85

• Ecobank Transnational Inc. - N1.72

• Eterna Oil & Gas Plc - N1.49

• PZ Cussons Nigeria Plc - N1.41

Eighty - One (81) stocks depreciated in price during the week, higher than the thirty-eight (38) in the preceding week. Dangote Sugar Refinery Plc led on the price losers’ table, dropping by
N4.01 to close at N29.99 per share while Presco Plc followed with a loss of N73.59 to close at N12.39 per share. Other price losers in the Top 10 category include:

• Cadbury Nigeria Plc - N2.30

• United Bank for Africa Plc. - N2.20

• Dangote Flour Mills Plc - N2.18

• Japaul Oil & Maritime Services Plc - N2.05

• Oceanic Bank International Plc - N1.78

• DN Meyer Plc - N1.68

• May & Baker Nigeria Plc - N1.58

• Prestige Assurance Co. Plc - N1.46

Four equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Big Treat Plc was adjusted for dividend of N0.10 per share. Prestige Assurance Plc was adjusted for dividend of N0.20 per share and bonus of 1 for 4. International Energy Insurance Plc was adjusted for dividend of N0.09 per share. Longman Nigeria Plc was adjusted for dividend of N1.00 per share.

…Supplementary Listings
A total of 429,996,932 shares were added to the shares outstanding in the name of Prestige Assurance Plc following the bonus of 1 for 4. Also, a total of 223,000,834 shares were added to the shares outstanding in the name of Access Bank Plc on Tuesday, July 8, 2008 following the conversion of part of the bank’s N13.5 billion Redeemable Bond 2010. Similarly, a total of 12,499,487,995 shares were added to the shares outstanding in the name of Fidelity Bank Plc on Tuesday, July 8, 2008 following the conclusion of hybrid offer made up of public offering of 5,501,100,421 shares, Rights offering of 498,899,579 shares and supplementary allotment of 6,498,899,579 shares.

Change of Name and Sector Reclassification
The name of Crusader Insurance (Nig) Plc was changed to Crusader (Nig) Plc following business restructuring. Also, the company was moved from the Insurance sector and listed in the “Other Financial Institutions” sector.

Delisting
The N2.46 billion Special FGB Bond 2012 for Local Contractors Debt was delisted from the Daily Official List. By this action, the number of FGN Bonds and securities dropped to 41 and 316 respectively.

Technical Suspension
This was imposed on Eterna Oil & Gas Plc on Thursday, July 10, 2008 on receiving the Company’s application to undertake supplementary share offering. Also, it was imposed on First Aluminium Nigeria Plc on Friday, July 11, 2008 on receiving the Company’s application to undertake supplementary share offering.
COMPANY NEWS
INTERCONTINENTAL BANK PLC: Unaudited result for the first quarter ended 31st May 2008 shows Gross Earnings of N60.9 billion, as against N28.75 billion in the comparable period of 2007. Profit after tax stood at N7.82 billion compared with N4.7 billion in 2007.

C & I LEASING PLC: Audited result for the year ended 31st January 2008. The Directors had earlier recommended a final dividend of N0.06 per share. The date of closure of register of members is August 4, 2008 while payment date is August 28, 2008.

SOVEREIGN TRUST INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.5 billion as against N1.42 billion in 2006. Profit after tax stood at N357.8 million compared with N233.8 million in 2006. The Directors are recommending a dividend of N0.06 per share and bonus of 1 for 5. The date of closure of register of members is July 23, 2008 while payment date is September 7, 2008. The Annual General Meeting (AGM) of shareholders is scheduled to hold at Diamond Hall, Golden Gate Restaurant, 25B Glover Road, Ikoyi, Lagos on Tuesday, August 12, 2008.

STACO INSURANCE PLC: Audited result for the year ended 31st December 2007. The Directors earlier recommended a dividend of N0.12 per share. The date of closure of register of members is July 21, 2008 while payment date is August 4, 2008.

MAY & BAKER NIGERIA PLC: Audited result for the year ended 31st December 2007. The Directors are recommending a dividend of N0.40 per share. The date of closure of register of members is September 4, 2008 while payment date would be advised later.

ASSOCIATED BUS CO. PLC: Audited result for the year ended 31st December 2007 shows Turnover of N3.13 billion as against N2.71 billion in 2006. Profit after tax stood at N141.25 million compared with N143.01 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 7, 2008 while payment date is September 3, 2008.

ASSOCIATED BUS CO. PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N830.3 million, as against N716.3 million in the comparable period of 2007. Profit after tax stood at N62.9 million compared with N50.2 million in 2007.

CONSOLIDATED HALLMARK INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N1.51 billion as against N508.4 million in 2006. Profit after tax and deferred tax stood at N230.01 million compared with N56.9 million in 2006.

RED STAR EXPRESS PLC: Audited result for the year ended 31st March 2008 shows Turnover of N3.1 billion as against N2.7 billion in 2007. Profit after tax stood at N195.7 million compared with N118.5 million in 2007. The Directors earlier recommended a dividend of N0.25 per share. The date of closure of register of members is July 24, 2008 while payment date is July 29, 2008.

EKOCORP PLC: Audited result for the year ended 31st December 2007 shows Turnover of N532.75 million as against N457.7 million in 2006. Profit after tax stood at N72.2 million compared with N65.61 million in 2006. The Directors are recommending a dividend of N0.15 per share. The date of closure of register of members is August 25, 2008 while payment date is September 8, 2008.
STOKVIS NIGERIA PLC: Audited result for the year ended 31st December 2007 shows Turnover of N2.31 million as against N1.22 million in 2006. Loss before tax stood at N0.714 million compared with N4.3 million in 2006.

NAMPAK NIGERIA PLC: Audited result for the year ended 30th September 2007. The date of closure of register of members is July 21, 2008

CHEVRON OIL NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N8.6 billion, as against N18.34 billion in the comparable period of 2007. Loss after tax stood at N190.63 million compared with profit after tax of N531.24 million in 2007. The company’s result was affected by the strike action embarked upon by the Transport union that lasted for about two months. The company is back into full operations and efforts are being made to recover lost volume.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 206.9 million units worth N210.65 billion in 1505 deals was recorded this week, in contrast to a total of 280.3 million units valued at N281.2 billion exchanged in 2120 deals during the week ended July 3, 2008. The most active bond (measured by turnover volume) was the 3rd FGN Bond 2009 Series 11 with a traded volume of 38.7 million units valued at N42.73 billion in 387 deals.


Source: Nigerian Stock Exchange