Weekly Round Up - Equities Market Rebound by 3.44%

The NSE All Index rose by 3.44% to close on Friday at 23,271.69. The Market Capitalization closed higher at N5.42 trillion.



A turnover of 3.2 billion shares worth N22.11 billion in 33,985 deals was recorded this weak as compared to a total of 2.2 billion shares valued at N16.14 billion exchanged last week in 27,236 deals.



The Banking subsector was the most active during the week with 2.02 billion shares worth N16.35 billion exchanged by investors in 19,701 deals. Volume in the sector was largely driven in the shares of Access Bank, First City Monument Bank and Zenith Bank.


The Insurance subsector was boosted by the activities in the shares of International Energy Insurance and CornerStone Insurance. Insurance sector has a turnover of 383.95 million shares valued at N386.9 million in 2,432 deals.


Losers and Laggards


The market breadth was positive at 1.44 as compared to 1.08 last week. Oando led on the gainers table with a gain of N4.70 to close at N92.20 while Nigerian bottling Company followed with N2.83 to close at N20.88.


Wapco Nigeria led on the price losers table dropping by N3.95 to close at N30.05 per share while Conoil followed with a loss of N3.51 to close at N32.49.


New Listing

The 3.71 billion of shares of N 0.50 each in favor of Beco Petroleum Products were admitted at a price of N2.50 per share on October 7, 2009. The Company is listed in Petroleum Sub sector.


Technical Suspension

Bank PHB Plc and Spring Bank were placed on technical suspension on Monday October 5, 2009. The Suspension would be reviewed after one week.

Review of The NSE-30 Index

The Index Committee held its quarterly meeting to review and rebalance The NSE 30 Index. At the end of deliberations, Wema Bank Plc and FinBank Plc were dropped from the index while Pinnacle Point Group Plc and Ecobank Nigeria Plc were included.


Corporate Results

ASO SAVINGS & LOANS PLC: Audited result for the year ended 31st March 2009 shows Gross Earnings of N10,090.14 million as against N7,063.13 million in 2008. Profit after tax stood at N873.5 million compared with N1,061.8 million in 2008. The Board of Directors is recommending a dividend of N0.05 per share. The date of closure of register was October 12, 2009 while payment date is November 10, 2009. The 11th Annual General Meeting is scheduled to hold on Tuesday, November 3, 2009 by 11.00a.m.

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC: Audited result for the year ended 31st March 2009. The date of closure of register is October 21, 2009. The 51st Annual General Meeting is scheduled to hold at Lagos Airport Hotel Limited, Ikeja on Wednesday, October 21, 2009 by 11.00a.m.

NATIONAL SALT COMPANY OF NIGERIA PLC: Unaudited result for the half year ended 30th June 2009 shows Turnover of N4,276.14 million, as against N3,602.8 million in the comparable period of 2008. Profit after tax stood at N763.21 million compared with N642.74 million in 2008.

Company Forecast

ASO SAVINGS & LOANS PLC: The Company forecasts Interest Income of N11, 992.5 million and profit after tax of N2, 025.5 million during the year ending March 31, 2010.

UACN PROPERTY DEVELOPMENT COMPANY PLC: The Company forecasts Turnover of N13, 730.9 million and profit after tax of N2, 110.5 million during the fourth quarter ending December 31, 2009.

STANDARD ALLIANCE INSURANCE PLC: The Company forecasts Gross Premium of N1,531.8 million and profit after tax of N1,265.25 million during the year ending December 31, 2009.

VONO PRODUCTS PLC: The Company forecasts Turnover of N669.2 million and loss after tax of N119.53 million during the fourth quarter ending December 31, 2009.