the h1 2011 ncm report - 030711proshare

8/6/2019 The H1 2011 NCM Report - 030711Proshare

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ISSN 1597 - 8842 Vol. 1 No. 70

Professional Expertise . Quality Information

The Quarterly NCM Report for June 11

Issued on July 03, 2011


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The Monthly NCM Report for June 2011 www.proshareng.com Page 2

ContentsContentsContentsContents

Executive Summary 3

Introduction 5

All-Share Index Movement 9

Market Dynamics 10

Comparison of 2011 and 2010 Market Performance 10

Sectoral Index Movements 12

NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index

Transactions Volume and Value Trend 19

Top Ten Trades for Q2 2011 v. Q2 2010 21

Top Ten Traded Sectors for Q2 2011 v. Q2 2010 21

Top Twenty Gainers as at Q2 2011 v. Q2 2010 22

Top Twenty Losers/Decliners as at Q2 2011 v. Q2 2010 23

Forecasts (Untested for Believability): Jan June 2011 24

References/Timelines/Appendixes 34

ISSN 1597 - 8842 Vol. 1 No. 70


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The Monthly NCM Report for June 2011

ISSN 1597 - 8842 Vol. 1 No. 70

Executive Summary

Market patterns analysed reveal that the market is technically weak and bearish. This isevident from the NSE ASI moving averages trend with index of 24,980.20 as at June30th, 2011 trading below its 20 days, 50 days and 200 days moving averages of

25,387.42, 25,463.00 and 25,206.62 respectively.

The Q2 2011 market outlook revealed an uptrend in performance when compared with

the bearish trend recorded in Q1 2011. This was in line with our expectation in our Q12011 report we remain optimistic towards quarter two to be more profitable asthe prolonged downtrend recorded in the quarter one seems to provide ampleopportunities for possible bargain hunting due to the attractive prices while Q1

earnings report/scorecard is likely to give supporting drive.http://proshareng.com/reports/view.php?id=3270. The uneven or limiting outcome of the half

year however lies in the negative performance outcome achieved - as the market closedwith a -0.49% YTD.

Activities in Q2 2011 started on a bullish note with sustained positive sentiments in theearly and mid-quarter periods, only to witness increased volatility towards the end of the

quarter due as investors mood became more pessimistic than was expected; post acredible national election coping with illiquidity, low risk appetite, institutional investordrawback and a consequently high level of speculative opportunities for short term daytraders.

The early periods of Q2 2011 (specifically the month of April) experienced improvedprofitable transactions, following the prolonged downtrend witnessed in the preceding

month as prices of equities appeared attractive once again (on the back of corporatedeclarations and improved communications around the twin issue of BankCapitalisation/Mergers and AMCONs intervention. Thus, the month of April witnessedmore buying which boosted the volume growth considerably to record the highest

volume traded in the quarter; and an aggregate gain of 1.71% despite the volatilityexperienced as bulls and bears jostled for supremacy unrelentingly.

The month of May 2011 recorded the second best performance in H1 2011 withsustained and growing optimistic buying despite feeble market confidence witnessed,with less speculative trading as more of value investing was observed- an evidence ofcautious trading as market confidence appeared weak, though market rallied in the

month considerably to close with 3.11% aggregate gain as low valuation of blue chipstocks and Q1 earnings report contributed immensely to impressive performance. As a

result, market CAP recorded value of N269.59bn in the month, a better performance toN134.34bn value recorded in April, following N830.05bn appreciation recorded inJanuary 2011 which remained the highest so far.

However, the quarter experienced underwhelming performance as unrelenting active

selling dominated the month of June, dipping market net worth by N286.19bn to erasethe gains recorded in the month of May while the ASI slumped by -3.46%in the month.

The unfavourable trend in the month of June could be traced to the state of confusion

built around the rescued banks which led to unanticipated 90days deadline given toailing banks to recapitalise or face liquidation by CBN/NDIC- this created series of panicselling in the banking sector as the activities in the sector and Oil & Gas sector impacted

the downtrend considerably as revealed by NSE Banking & NSE Oil & Gas. In addition,


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the stringent and consistent increase of MPR as a measure by CBN to tackle the inflationoutlook which led to a hike in monetary rates to 800bps also contributed to the low

bargain and downtrend in the capital market in the month as the hike triggered funddiversion into money market instruments offering attractive rates.

In the main, Q2 2011 revealed more volatility and consistent price falling in the month of

June as the quarter closed with mixed outlook on positive note by +0.92% aggregategain with negative YTD of -0.49% as against the aggregate loss of-1.92% recorded inQ1, 2011 while the outlook is far better when compared with -3.19% loss recorded inthe previous year comparable period (Q2, 2010).

Finally, the bearish sentiments and the consistent downtrend experienced at the tail endof Q2, 2011 could not be isolated from the lack of economic direction witnessed duringthe period as economic policies and plans directly or indirectly enhance capital marketperformance; while foreign investors consider this in taking investment initiatives as wehighlighted in our NCM report of May 2011 as one of the anticipated key market drivers.

we believe that the performance of government and the new incoming cabinet members mustnot fall short of expectations. Timely and well tailored economic plans and policies that will support

the necessary infrastructural development needs and value-creating economic reforms will have arobust impact on the market performance in the coming periods.https://www.proshareng.com/reports/3346

A number of developments we believed should have impact in the month aspredicted in the past monthly reports. Some of which are:

Factors expected to impact Market OutcomesDirection of policy by new government

No specifics from the government

Plans for Investments in Iinfrastructure revealed No discernible plan beyond sound bites

Diversification of revenue sources - real sector andagricultural sectors

Govt and CBN continue to indicate commitmenttowards this but no clear structure or strategy

Portfolio Restructuring becomes imperative Impacted the intense downtrend witnessed at tail end ofthe quarter

Anticipation of impressive Q2 corporate actionsModerate rally towards blue chips observed

Liquidity challenges Still persist as banks either do not have the cash or arerestricted from lending to private sector

Change in Monetary Policy Rates The continued upward adjustment triggered assetsrelocation

Recapitalization in the banking sector Progress is slow and not encouraging which impactedthe volatility in the sector

Conclusion of bids on rescued banks The September 2011 deadline by CBN has increased

the pace towards conclusion of bids drastically.

Expected Developments in the coming months: New economic direction as new/old managers of economy is appointed. Situation

with Oil prices continues to be of concern.

Liquidity challenges will persist through September 2011 Increased institutional investing continues domination of market

M&As in the banking sector becomes inevitable but impact will be minimal Efforts to address market irregularities on the NSE gets clearer, but slow Shift/Change in Monetary Policy Rates expected.

Thank you. [email protected].


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Introduction

Q2 records 0.92% gain, YTD dips by -0.49% on pessimistic trading.

The equities market (Q2) for the period ended June 30th 2011 closed on a positive note -a trend reversal as envisaged in our Q1 2011 NCM report. This was a fair outcome whencompared with the negative outlook experienced in Q1, 2011 and comparable period in

the previous year.

The quarter successfully sustained the uptrend achieved in the early and mid-quarter toclose with +0.92% as aggregate gain despite unprecedented selling activities andconsistent downtrend with growing volatility witnessed at the tail end of the quarterwhile market net worth depreciated by N286.19bn between the period of 3rd - 30thJune 2011.

The rally in the month of May 2011 added N269.59bn to the market net worth as themonth, rated second best performing so far in the year with aggregate gain of 3.11%,settled with the ASI at 25,866.62 - attempting to break the 3-month high at25,871.22; an indication of optimistic buying despite an atmosphere of cautioustreading and low risk appetite witnessed in the month.

May 2011 initiated the reversal trend from April on the back of renewed investmenttendency, following fading political tension and credible general elections while activeinstitutional buying surged the volume considerably with N134.34bn gain for themonth.

The low valuation and attractive prices in the market which emanated from the bearish

trend observed in the preceding months coupled with dearth of political risk whichfacilitated the return of foreign traders to the market are part of contributory factors forthe impressive performance recorded in the two months highlighted above.

Putting June in a Jar

However, market activity in the month of June was volatile and unfavourable toinvestors as market recorded more of unprofitable transactions during the period withhuge selling activities on the back of pessimistic trading. The bears took control of the

market after ASI broke three months resistance of 25,871.22 to close at 25,875.31 onJune 1st 2011 in a 5-days bullish run between 26 th May to June 2nd 2011 while the keybenchmark indices peaked at 25,995.54, setting new high/resistance at 25,995.54 withYTD standing at 3.56% as at June 2nd 2011.

Subsequently, the market nosedived as volatility struck continuously for 13 days withsingle day break of 0.15% gain on June 8th, 2011. As a result, market CAP dipped by -

N353.56 billion, putting YTD at -0.85% while ASI settled below 11-weeks low at24,889.74.

The key benchmark indices seesawed as the southward trend continued with intensebearish sentiments, erasing the 1.53% gain witnessed between 22nd and 24th June, 2011with four days uninterrupted downtrend to close the quarter with modest gain of

0.92%- a modest gain buoyed by the active bargain witnessed in the month of April andMay as explained earlier.


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The delay in charting a discernable course for economic direction by the new governmentand the hike in monetary policy rates together, coupled with the pronouncement of the

inevitable liquidation of those rescued banks that fail to recapitalise before September30, 2011 contributed, in no small means to the severe negative trend witnessed in thelast month of the quarter.

Market pattern basically revealed that the market is technically weak and bearish ascould be seen from the NSE ASI moving averages trend with index of24,980.20 as atJune 30th, 2011 trading below its 20 days, 50 days and 200 days moving averages of25,387.42, 25,463.00 and 25,206.62 respectively.

The Market Game On

The market this quarter recorded a total volume of 50.76bn units valued at N373.56bn(US$2.39bn) exchanged in 326,578 deals compared with 45.87bn units valued atN294.89bn(US$1.84bn) exchanged in 559,435 deals in Q2 2010.

Comparing, the volume and value traded in the quarter reveals a +10.67% and26.68% above the volume and value recorded in the previous years comparable periodrespectively.


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During the quarter, the All-Share Index recorded a positive trend of 0.92%, a moderatepositive growth from -3.19% negative growth recorded in the quarter two 2010.However, the trend is relatively low/down when compared with the 35.17% recorded inthe preceding years quarter two closed at 26,861.55.

Market capitalisation this quarter appreciated by N78.70bn (US$533.40m) as against

depreciation by N167.49bn (US$1.13bn) recorded in the Q2 2010. Marketcapitalisation recorded higher figures of N1.63trillion (US$11.05bn) in the precedingyears comparable period.

The Market Game Changers:

The low valuation and attractive prices of equities that emanated from bearish trend

witnessed in the preceding months coupled with the calm in the political terrain impactedthe positive trend witnessed during the quarter on the back of cautious trading,

particularly in the months of April and May.

On the other hand, the severe bleeding observed in the last month of the quarter wereby-products of investors pessimistic position while the major factors remained lowenthusiasm, continued hike in MPR, lack of positive news, the September deadline for

the recapitalisation of rescued banks and delay in charting economic direction bygovernment which is considered essential for investment decisions mostly by foreigninvestors.

We cautiously envisage that the severe slope witnessed in the last month of the quarter(June) has a tendency to persist in the coming periods, considering the fallingmomentum and the pessimistic trading and if government maintains the slow pace in

charting a new and purposeful economic direction for the economy - in terms viableeconomic policies that will drive investors confidence there is a likelihood that themarket may suffer a further slow down to its recovery.

Nevertheless, we remain cautiously optimistic about the impact of the following on themarket recapitalisation/M&As in the banking sector, the AMCON intervention andhandling of bad debtors, the much expected rejuvenation of the economy through

infrastructural investments in power, roads and healthcare required to create jobs andboost the productive capacity of the economy.

The contributory factors for Q2 2011 performance can be located in the following indices

as outlined below:


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Negative Factors in the market

Delay in economic policies expected to drive market activitiesIncrease in pessimistic position as cautious investing dominates market atmosphereLack of clear economic direction a vital ingredient for investment initiatives

Uncertainty surrounding rescued banks progressRecapitalization deadline in the banking sector.Relocation of funds due to hike in monetary instrumentsAbsence of positive news to negate bearish sentiment

No lending to the private sectorLow risk appetite as volatility continue to increaseLiquidity squeeze and iincreased investment in money market due to attractive ratesInvestors confidence is still fragile leading to low commitmentHike in the Central Bank of Nigeria's benchmark interest rate.Influx of Federal government and state bonds with other fixed income instrument inmarket.

Absence of Margin loans

Positive Factors in the market

Increasing positive outcomes from the courts as regards hung M&A agreementsConsistent value investing

Moderate institutional buyingInvestment by fund managersImpressive corporate actions from key listed companiesLow valuation position of big and mid cap stocks

Sustained commitment by government to revive economic infrastructures

Market Concerns: Liquidity remains the most important consideration in shallowmarket as the NSE with very little options to excite or/and encourage risk. Of concernmust be the issue of corporate governance in the market itself which impacts onperception despite the efforts of the regulators who appear not to be fazed by theimpediments encountered almost on a daily basis.


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The NSE All-Share Index Movement

Trends showed that activities were dominated by the bulls in the early and mid-quarteri.e. between April 1st and 2nd June, 2011 with aggregate gain of5.02% While market

witnessed trend reversal with severe selling activities as ASI dipped by -3.46% duringthe period (i.e. between the June 3rd and 30th June 2011). At the end of the last trading

day of the quarter under review, the NSE All-Share Index closed below the figurerecorded at the close of 30 June 2010 by -1.59%.

At the end of the last trading day of the quarter, All-Share Index closed below the figurerecorded at the close of 4th January 2011 by -0.49%. Market patterns analysed revealthat the market is technically weak and bearish.

Source: NSE, Proshare Research

This is evident from the NSE ASI moving averages trend with index of 24,980.20 as at

June 30th, 2011 trading below its 20 days, 50 days and 200 days moving averages of25,387.42, 25,463.00 and 25,206.62 respectively.


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Q22011MARKET DYNAMICS

The market dynamics as graphically illustrated below showed the appreciation anddepreciations on a daily basis.


MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (Q2,2011)


COMPARISON OF 2010 AND 2011MARKET PERFORMANCE

The market performance in Q2 2011, when compared with the 2010 comparable period;showed an uptrend. In the period under review, ASI recorded +0.92% appreciationcompared with -3.19% depreciation recorded in quarter two 2010. The scenario


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revealed that the performance in the current years comparable period was far above theprevious year trend but the market closed at approximately in the range of 24,000.


Dates NSE ASIMarket

Capitalisation(trillion)Market Capitalisation

($ billions)

Jan-04-10 20,838.90 4.99 31.19

Jun-01-10 26,232.57 6.38 39.88

Jun-30-10 25,384.14 6.17 38.56

Half-YearReturn 21.81% 23.65% 23.65%

MonthlyReturn

-3.23% -3.29% -3.29%

Jan-04-11 25,102.93 8.02 53.47

Jun-01-11 25,875.31 8.27 55.13

Jun-30-11 24,980.20 7.99 53.27

Half-YearReturn

-0.49% -0.37% -0.37%

MonthlyReturn

-3.46% -3.39% -3.39%


From the table above, the year to date performance as at 30th June, 2011 closing at -0.49%during the previous year comparable period as at 30th June, 2010 with 21.81%

appreciation indicating a significant decline over the trend recorded last year.


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SECTORAL INDEX MOVEMENTS

DatesNSE-30 %

ChangeNSE-Food% Change

NSE-Banking% Change

NSE-Insurance% Change

NSE- Oil &Gas %Change

04/01/2011 1.71 0.698 3.30 -0.86 0.626

05/01/2011 3.09 1.697 4.79 2.84 1.103

06/01/2011 2.50 0.902 3.07 1.65 3.983

07/01/2011 -1.34 -0.157 -3.34 0.06 -0.471

10/01/2011 -0.90 -0.108 -0.96 -1.02 -1.295

11/01/2011 0.44 0.299 1.33 0.17 -0.312

12/01/2011 2.02 0.244 2.32 0.34 1.655

13/01/2011 1.77 0.298 1.30 1.43 1.676

14/01/2011 1.44 1.451 0.31 2.99 1.940

17/01/2011 -0.77 -0.291 -0.42 0.29 -1.83018/01/2011 -0.89 -0.488 -0.88 -0.84 -1.104

19/01/2011 1.55 1.302 2.08 0.52 -0.025

20/01/2011 1.26 1.104 1.09 1.62 1.493

21/01/2011 0.33 0.245 1.15 0.16 -0.181

24/01/2011 0.19 0.770 -0.41 1.29 0.415

25/01/2011 -0.11 0.717 -0.99 0.66 0.887

26/01/2011 -0.11 0.285 -0.06 -1.21 0.451

27/01/2011 -0.83 0.139 -1.77 -1.09 -0.184

28/01/2011 -0.54 1.137 -0.98 1.28 -1.981

31/01/2011 -2.49 -0.265 -2.97 0.83 -2.563

01/02/2011 -0.63 -0.548 0.60 -1.06 -0.181

02/02/2011 0.88 0.111 1.84 0.16 1.133

03/02/2011 -0.16 -0.227 -0.35 -0.71 0.444

04/02/2011 -0.09 -0.566 -0.04 0.32 0.266

07/02/2011 -0.43 0.187 -0.70 1.10 0.176

08/02/2011 -0.15 -0.768 0.79 -2.14 0.000

09/02/2011 -0.16 -0.186 0.40 -1.40 -0.590

10/02/2011 -0.41 -0.376 -0.75 -0.08 0.000

11/02/2011 0.41 0.376 0.35 0.56 -0.59114/02/2011 -0.35 -0.328 -0.33 0.68 -0.445

16/02/2011 -0.57 -0.301 -0.70 -2.37 -0.464

17/02/2011 0.87 0.945 1.81 -0.88 -0.594

18/02/2011 0.26 2.175 -0.40 0.26 -1.209

21/02/2011 0.26 1.750 0.27 2.26 -0.310

22/02/2011 0.43 -0.292 -0.15 2.34 -0.302

23/02/2011 -0.06 -0.153 -0.24 -0.66 0.000

24/02/2011 -1.52 1.688 -2.42 0.47 0.719

25/02/2011 -0.71 -0.922 -0.33 -0.16 0.275


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28/02/2011 -0.81 -1.078 -1.00 -0.15 0.000

01/03/2011 -0.41 -1.105 -0.13 -0.90 -0.035

02/03/2011 -1.05 -0.509 -1.23 -1.26 -0.029

03/03/2011 -0.87 -1.935 -0.79 -1.14 0.000

04/03/2011 -0.52 0.015 -0.49 -0.70 0.00007/03/2011 -0.74 -1.098 -0.42 -0.37 0.000

08/03/2011 -0.50 -0.314 -1.04 -0.14 -0.453

09/03/2011 0.34 0.162 1.34 -0.11 -2.014

10/03/2011 1.12 1.208 1.81 0.44 1.464

11/03/2011 0.77 0.251 0.76 1.43 -0.635

14/03/2011 -1.02 -0.389 -2.34 -0.24 -1.220

15/03/2011 -1.63 -1.196 -2.63 -1.50 -1.274

16/03/2011 -0.82 -0.712 -1.59 -1.66 0.012

17/03/2011 -1.89 -1.596 -2.95 -1.36 0.000

18/03/2011 -1.02 -0.416 -1.90 -0.18 -2.34921/03/2011 0.77 -0.710 3.07 0.54 -2.230

22/03/2011 2.30 0.815 4.58 1.57 1.884

23/03/2011 1.74 1.677 2.04 0.98 -0.281

24/03/2011 -1.26 -1.246 -1.83 -1.00 0.130

25/03/2011 -0.94 -0.143 -2.85 -2.00 1.833

28/03/2011 -1.10 -1.539 -1.35 -0.15 -0.006

29/03/2011 0.62 -0.568 1.98 -1.26 -0.173

30/03/2011 -0.32 0.119 -0.43 -0.05 -0.521

31/03/2011 -0.38 -1.170 -0.97 0.31 0.879

01/04/2011 0.62 0.831 0.96 1.39 2.022

04/04/2011 -0.62 -0.536 -0.57 -2.09 1.163

05/04/2011 0.65 -0.099 0.15 -1.17 -0.006

06/04/2011 -0.72 0.206 -2.03 1.91 0.000

07/04/2011 0.71 0.925 0.94 0.69 -0.615

08/04/2011 -0.02 1.743 -0.90 -0.50 1.089

11/04/2011 -0.39 -0.774 -0.31 -0.77 0.310

12/04/2011 -0.04 -0.247 -0.02 -0.82 -0.569

13/04/2011 1.73 1.631 2.71 -0.32 -0.123

14/04/2011 0.70 0.195 0.25 -0.07 0.74115/04/2011 0.74 0.348 -0.13 1.06 0.204

18/04/2011 0.80 0.290 0.53 2.11 -0.370

19/04/2011 -0.01 -0.908 0.23 0.33 0.000

20/04/2011 -0.32 -0.168 -0.52 1.56 -0.310

21/04/2011 -0.28 -0.138 0.06 0.09 -0.252

27/04/2011 0.12 -0.326 -0.15 -1.18 -0.837

28/04/2011 0.44 -0.038 -0.23 2.23 -0.631

29/04/2011 0.15 1.766 -0.83 -0.84 -0.373

03/05/2011 0.23 0.199 0.82 0.59 -1.898


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04/05/2011 0.31 -0.775 1.63 -1.75 0.000

05/05/2011 0.94 1.445 0.90 -0.31 -0.372

06/05/2011 0.57 0.956 0.08 -0.69 0.000

09/05/2011 -0.09 0.400 -0.97 -0.20 -0.407

10/05/2011 0.89 -0.063 1.89 -0.48 0.24611/05/2011 0.32 0.255 0.61 -0.24 0.568

12/05/2011 -0.10 1.131 -1.06 0.27 0.381

13/05/2011 0.54 0.841 0.26 0.80 0.021

16/05/2011 0.20 -0.642 -0.39 0.32 0.559

17/05/2011 -0.14 -0.558 0.46 -0.33 0.867

18/05/2011 -0.09 0.290 -1.23 0.80 -0.533

19/05/2011 -0.38 -0.432 -0.35 -0.25 0.000

20/05/2011 -0.21 -0.113 -0.87 0.01 0.268

23/05/2011 -0.41 0.215 -0.36 -1.44 0.132

24/05/2011 -0.03 -0.462 -0.29 -0.68 -1.36225/05/2011 -0.52 -0.268 -1.41 0.67 0.508

26/05/2011 0.62 0.202 1.12 1.09 0.448

27/05/2011 1.07 0.683 0.34 -1.35 0.000

31/05/2011 0.33 0.099 0.12 -1.13 0.780

01/06/2011 0.24 -0.376 -0.28 -0.15 0.320

02/06/2011 0.58 0.321 0.32 0.66 0.015

03/06/2011 -0.05 -0.062 -0.38 0.67 0.000

06/06/2011 -0.63 -0.238 -0.60 -0.46 -0.483

07/06/2011 -0.78 -0.127 0.19 0.60 -0.473

08/06/2011 0.40 0.024 -0.38 1.54 -0.508

09/06/2011 -0.09 0.026 -0.16 -0.34 -1.007

10/06/2011 -0.22 0.221 -0.52 -0.02 0.027

13/06/2011 -0.65 -0.173 -0.21 0.72 0.000

14/06/2011 -0.05 -0.089 -0.75 -1.28 -0.488

15/06/2011 -0.36 -0.485 0.13 0.85 1.546

16/06/2011 -0.32 0.128 -0.67 -1.33 -1.118

17/06/2011 -0.15 -1.158 0.09 -0.57 0.000

20/06/2011 -1.12 -0.946 -1.77 -1.49 -0.807

21/06/2011 -0.91 -0.881 -2.93 0.11 0.00022/06/2011 0.92 0.368 2.39 0.54 0.000

23/06/2011 0.39 0.427 1.31 0.98 -0.853

24/06/2011 0.49 0.347 0.49 -0.41 -0.547

27/06/2011 -0.59 -0.451 -1.35 -1.32 -1.196

28/06/2011 -0.81 0.263 -1.07 0.91 -2.194

29/06/2011 -0.49 -0.023 -1.78 0.73 -1.303

30/06/2011 0.37 0.396 1.06 -0.31 -1.962

Half YearlyReturn

3.06 6.68 -6.21 0.87 -11.79

Source: NSE/ Proshare Research


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In the Q2 under review, three sectoral index booked losses as NSE Food & Beverages

lead the gainers chart by +4.78%, followed by NSE 30 by +3.86% while NSE Banking,NSE Insurance and NSE Oil & Gas dropped -6.48%, -1.71% and -10.93% respectively.


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MAY AND JUNE SECTORAL INDEXES COMPARED


Comparatively, trends of sectoral indices in Q2 2011 and Q2 2010 reveal that only NSEOil & Gas recorded mixed outlook while NSE 30 & Food & Beverages Indices sustained

positive outlook as NSE Banking & Insurance sustained negative outlook in both twoperiods as shown in chart below.


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NSE-30INDEX

The trend recorded in the blue chips

stocks is reflected in the NSE 30 index movement. There were series of swings duringthe quarter due to volatility experienced as bulls and bears jostled for supremacy duringthe period but consequently closed positive by 3.86% - a better performance whencompared with 0.09% recorded in the comparable period in the preceding year.

NSE-FOOD INDEX

The NSE Food recorded the highestpositive points despite the intense sell activities that dominated the market during theperiod. The index recorded +4.78% appreciations which suggested a lower performancewhen compared with the +13.17% gain recorded in the previous year comparableperiod.

NSE-BANKING INDEX

The NSE-Banking index experiencedhigh volatility and closed Q2 2011 recording -6.48%loss in the quarter - a n improvedperformance compared with -11.54% depreciation recorded in Q2 2010. This is both a


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reflection of uncertainties pervading the sector as well as the general poorcondition/performance of the NSE equities. All considered, the sector, a key component

of the listed stocks weighed heavily in the overall poor performance recorded.

NSE-INSURANCE INDEX

The Insurance sector remainedvolatile, unstable and dominated by highly speculative tendencies resulting in setries ofswings. The pessimistic position of investors coupled with value investing trendwitnessed in select stocks during the period contributed to the -1.71% loss recorded in

the sector - an improved outlook when compared with -12.63% decline recorded in Q22010. We envisage that sector could sustain the improved outlook due to low pricepositions in the sector, despite its corporate governance challenges.

NSE-OIL INDEX

The sector recorded a negativeperformance of -10.93%, the worst performing index in the quarter under reviewcompared with the impressive +34.12% positive growth recorded Q2 2010. The

negative performance recorded in the month of June 2011 impacted the outlookrecorded due to persistent bearish sentiments towards the sector which could be tracedunenthusiastic trading activities witnessed in the market.

LAST TRADING DAY -SNAPSHOT

http://www.proshareng.com/investors/theAnalyst.php


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Transactions Volume and Value Trend

Market Q2 '10' Q2 '11' % Change

Average Daily Volume of stocks Traded( in millions) 450.06 416.12 -7.54%

Average Daily Value of stocks Traded( in N'millions) 3,581.77 3,062.03 -14.51%

Average Daily Value of stocks Traded( in US $ millions) 22.39 19.63 -12.32%

Total Volume of stocks Traded (in millions) 45,870.74 50,767.27 10.67%

Total Value of stocks Traded (in N'millions) 294,890.35 373,567.28 26.68%

Total Value of stocks Traded (in $ billion) 1,843.06 2,394.66 29.93%

New Listing and Delisting Q2 '10' Q2 '11'

Number of Equities Delisted 2 11 9

Number of New Listings 0 3 -


The transaction volume in quarter two when compared with the preceding year

comparable period closed higher by 10.62% to close at 50.76bn units compared with

45.87bn units traded in Q2 2010. This could be an indication that the investorspatronage of the market in the month under review was significantly different. Also, thetransaction value in the quarter under review closed higher by 26.68% at N373,56bn($2.39mn) compared with N294.89bn ($1.84mon) of Q2 2010.

Q2 2011 vs. 2010 Daily Volume Chart


20/36




2011 2010


21/36


Top Ten Trades for Q2 2011

Company Total Trades Total Volume Total Value

TRANSCORP 7,154.00 8,120,822,817.00 10,911,853,130.38

ZENITHBANK 45,602.00 4,440,865,475.00 69,000,751,809.48FIRSTBANK 84,800.00 3,046,767,948.00 44,903,199,207.36

UBA 32,713.00 2,127,913,324.00 18,186,930,544.38

GUARANTY 65,338.00 1,945,820,881.00 34,895,344,363.32

FIRSTINLND 12,839.00 1,833,405,854.00 1,616,159,299.69

ACCESS 24,602.00 1,543,346,798.00 13,981,582,025.90

DIAMONDBNK 10,552.00 1,420,905,119.00 9,874,204,113.75

OCEANIC 17,291.00 1,358,681,984.00 3,565,601,809.66

FIDELITYBK 13,943.00 1,140,197,670.00 3,281,888,951.60

Recall Top Ten Trades for Q2 2010Company Total Trades Total Volume Total Value

ZENITHBANK 52614 4,483,182,651.00 70,307,022,591.09

FIRSTBANK 134664 3,536,917,315.00 52,524,974,520.65

FIRSTINLND 16137 3,441,807,904.00 2,368,984,656.63

UBA 41704 2,731,343,373.00 35,679,735,962.51

ACCESS 32998 2,574,993,802.00 23,511,867,608.48

GUARANTY 72810 2,566,755,516.00 46,576,352,531.56

FIDELITYBK 27234 2,530,273,656.00 7,124,203,876.81

SKYEBANK 29244 2,203,140,628.00 16,897,627,382.15

DIAMONDBNK 16736 2,162,679,074.00 18,840,672,179.91

GTASSURE 5677 1,472,651,893.00 3,849,876,705.59Source: NSE, Proshare Research

Top Ten Traded Sectors for Q2 2011

Sector Total Trades Total Volume Total Value

%

Contribution

BANKING 61,011 3,295,520,989 27,721,919,586.72 50.04%

MORTGAGE COMPANIES 654 711,501,631 366,403,900.99 10.80%

INSURANCE 4,011 527,769,825 396,975,770.80 8.01%

CONGLOMERATES 5,781 484,382,276 2,359,689,200.16 7.36%

ICT 668 209,583,684 133,789,807.25 3.18%

HOTEL & TOURISM 302 179,343,535 778,651,659.40 2.72%

FOOD/BEVERAGES & TOBACCO 10,213 171,985,041 4,380,899,051.36 2.61%

THE FOREIGN LISTINGS 595 139,422,308 2,149,537,535.65 2.12%

BREWERIES 4,560 131,441,055 3,701,274,456.33 2.00%

PETROLEUM(MARKETING) 6,130 112,530,171 2,766,232,836.70 1.71%

Top 10 Traded Sectors 93,925 5,963,480,515 44,755,373,805.36

Total Traded Sectors 110,447 6,585,723,642 48,808,572,272.20


22/36


Recall Top Ten Traded Sectors for Q2 2010

Sector Total Trades Total Volume Total Value%

Contribution

BANKING 577,850 35,092,134,589 307,881,147,898.03 52.23%

INSURANCE 82,370 10,990,346,377 12,530,352,778.20 16.36%

FOOD/BEVERAGES & TOBACCO 117,116 2,765,703,833 46,393,255,825.03 4.12%ICT 10,619 2,658,250,526 6,582,411,936.89 3.96%

MORTGAGE COMPANIES 10,798 2,159,680,171 1,359,205,178.36 3.21%

CONGLOMERATES 40,503 1,863,439,596 20,338,098,259.39 2.77%

SECOND-TIER SECURITIES 1,141 993,697,684 517,223,339.37 1.48%

PACKAGING 464,659 950,573,881 2,297,036,585.46 1.41%

HEALTHCARE 18,660 875,117,364 3,155,275,137.99 1.30%

MARITIME 20,833 871,977,648 1,271,879,561.92 1.30%

Grand Total 1,552,071 67,187,652,960 505,740,607,402.80 Source: NSE, Proshare Research

Top Ten Gainers as at Q2 2011 {YTD}

COMPANY 30-Jun-11 4-Jan-11 Change % Change

TRANSCORP 1.03 0.5 0.53 106.00%

CHAMPION 4.25 2.23 2.02 90.58%

NEIMETH 1.7 1.01 0.69 68.32%

AIRSERVICE 2.63 1.72 0.91 52.91%

FLOURMILL 95 70 25 35.71%

GUINNESS 245 190.56 54.44 28.57%

BERGER 10.43 8.36 2.07 24.76%

JBERGER 62.26 50 12.26 24.52%

UAC-PROP 20 16.51 3.49 21.14%

EVANSMED 1.26 1.05 0.21 20.00% Source: NSE, Proshare Research

Top Ten Gainers as at Q2 2010 {YTD}


INTBREW 6.84 2.27 4.57 201.32%

CADBURY 27.17 10.49 16.68 159.01%

CAPHOTEL 3.07 1.38 1.69 122.46%

JBERGER 55 25.79 29.21 113.26%

COSTAIN 7.58 3.8 3.78 99.47%

IKEJAHOTEL 1.72 0.87 0.85 97.70%

DANGFLOUR 20.55 10.42 10.13 97.22%

CONOIL 54 27.63 26.37 95.44%

FLOURMILL 69 36.2 32.80 90.61%

BERGER 5.72 3.2 2.52 78.75% Source: NSE, Proshare Research


23/36


Top Ten Decliners as at Q2 2011


STARCOMMS 0.5 1.37 (0.87) -63.5%

COSTAIN 2.46 6.69 (4.23) -63.2%DNMEYER 1.38 3.51 (2.13) -60.7%

PAINTCOM 1.42 3.36 (1.94) -57.7%

INTERCONT 1.05 2.26 (1.21) -53.5%

PLATINUM 0.89 1.83 (0.94) -51.4%

NSLTECH 1.01 1.88 (0.87) -46.3%

OCEANIC 1.43 2.62 (1.19) -45.4%

FIDSON 1.75 3.06 (1.31) -42.8%

AFRIBANK 1.32 2.28 (0.96) -42.1% Source: NSE, Proshare ResearchSource: NSE, Proshare Research

Top Decliners as at Q2 2010


UNITYKAP 0.53 2.38 (1.85) -77.7%

ALUMACO 8.15 27.71 (19.56) -70.6%

OASISINS 0.59 1.49 (0.90) -60.4%

BECOPETRO 1.01 2.53 (1.52) -60.1%

CRUSADER 0.60 1.50 (0.90) -60.0%

STACO 0.50 1.19 (0.69) -58.0%

UNIC 0.53 1.15 (0.62) -53.9%

ECOBANK 4.70 10.10 (5.40) -53.5%

INCAR 1.97 4.12 (2.15) -52.2% Source: NSE, Proshare Research


24/36


Forecasts, Dividends, Listings & De-Listings

SUPPLEMENTARY LISTING IN Q22011

There were seven supplementary listings in quarter two. A total of 2,500,618,928 shareswere added to the shares outstanding in the name ofWema Bank Plc during Q1 2011following the conclusion of the placing.

Also, a total of 508,184,698 of shares were added to the shares outstanding in the nameofRoyal Exchange Plc in the same Q1 2011 following the conclusion of a 1 for 8 bonusissue.

Further, the following companies increased their share outstanding in the quarter, viz:Mutual Benefits Assurance Plcadded 2,309,964,676 units on the back of conclusion

of placing. On the same reason, Great Nigeria Insurance Plc added 2,327,485,380units to its outstanding shares; Oando Plcadded 452,542,314 as a result of a 1 for 4bonus issue; just as Unity Bank Plcincreased its outstanding shares by 1,664,358,862units due to a 1 for 20 bonus declaration.

Company

Additional Shares

(Units) Rationale for Action

1 Wema Bank Plc 2,500,618,928 Conclusion of Placing

2 Royal Exchange Plc 508,184,698 A bonus issue of 1 for 8.

3 Mutual Benefits Assurance Plc 2,309,964,676 Conclusion of Placing.

4 Oando Plc 452,542,314 Bonus of I for 4

5 Great Nigeria Insurance Plc 2,327,485,380 Conclusion of Placing

6 Unity Bank Plc 1,664,358,862 Following the bonus of 1 for 20

7 Smart Products Nigeria Plc 9,000,000 Following the bonus of 1 for 4.

Supplementary Listing in Q2 2011

Source: Proshare Research/NSE

FORECASTS (UNTESTED FORBELIEVABILITY):JAN JUNE 2011

Month

No of Companies that

Submitted Forecasts

January 29

February 19

March 60

April 10

May 15

June 63



25/36


Company Year End Period

Gross Earnings in

N' billion

PAT in N'

billion

1 Seven-Up Plc March Q4 2011 13,993 1,008

2 Skye Bank Plc December Q1 2011 25,759 3,539

3 Abbey Building Society Plc December Q1 2011 496.46 104.97

4 Guinness Nig Plc June Q3 2011 31,947 4,215

5 Consolidated Hallmark Ins Plc December Q1 2011 837.50 110.82

6 Beco Petroleum Plc July Q3 2011 0.853 0.33

7 Unity Bank Plc December Q1 2011 10.302 0.394

8 Evans Medical Plc December Q1 2011 0.892 0.32

9 Academy Press Plc March Q4 2011 0.549 0.35

10 African Petroleum Plc December Q1 2011 40.225 1.989

11 International Breweries Plc December Q1 2011 1.971 0.178

12 Continental Reinsurance Plc December Q1 2011 2.78 0.414

13 Fin Bank Plc December Q1 2011 11.293 1.031

14 Multi-trex Integrated Foods Plc April Q4 2011 7.057 0.18

15 Scoa Nigeria Plc October Q1 2011 0.504 0.12

16 May & Baker Nigeria Plc December Q1 2011 1.33 0.24

17 AIICO Insurance Plc December Q1 2011 3.228 1.511

18 RT Briscoe Plc December Q1 2011 4.244 0.83

19 Wema Bank Plc December Q1 2011 4.881 0.285




23 FCMB Plc December Q1 2011 17.613 3.042

24 United Bank for Africa Plc December Q1 2011 57.709 3.23425 Oando Plc December Q1 2011 101.96 2.91

26 Union Ventures & Petroleum Plc December Q1 2011 0.167 0.0196

27 Dangote Sugar Refinery Plc December Q1 2011 32.893 4.208

28 Dangote Sugar Refinery Plc December Q4 2010 25.239 3.438

29 DN Meyer Plc December Q1 2011 0.492 0.2

DECLARED FORECASTS FOR JANUARY 2011


26/36



Gross Earnings in

N' billion

PAT in N'

billion

1 Stanbic IBTC Bank Plc December Q1 2011 15.518 2.564

2 Neimeth Int'l Pharm Plc March Q4 2011 2.058 0.95

3 Equity Assurance Plc March Q4 2011 1.000 0.139

4 Chams Plc December Q1 2011 2.507 1.631

5 Livestock Feeds Plc December Q1 2011 0.78 0.31

6 Oceanic Bank Plc December Q1 2011 25.492 0.41

7 Royal Exchange Plc December Q1 2011 1.075 0.13

8 Starcomms Plc December Q1 2011 9.698 -2.027

9 Intercontinental Wapic Insurance Plc December Q1 2011 1.660 0.19

10 Eterna Oil Plc December Q1 2011 4.088 0.211

11 DN meyer Plc December Q2 2011 0.554 0.16

12 Interlinked Technologies Plc December Q2 2011 0.343 0.4

13 Interlinked Technologies Plc December Q4 2011 0.855 0.116

14 Nestle Nigeria Plc December Full Year 87.267 9.86515 C & I Leasing Plc January Q4 2011 9.466 0.255

16 Nigeria German Chemical Plc April Q4 2011 0.855 0.116

17 Dangote Flour Mills Plc December Q1 2011 13.848 0.865

18 Alumaco Plc December Q1 2011 0.206 0.6

19 Nampak Plc September Q3 2011 3.652 0.265

DECLARED FORECASTS FOR FEBRUARY 2011


Gross Earnings in

N' billion

PAT in N'

billion

1 Resort Saving & Loans Plc December Q1 2011 0.460 0.520

2 Resort Saving & Loans Plc December Q2 2011 0.473 0.760

3 Abbey Building Plc September Q3 2011 1.017 0.252

4 Goldlink Insurance Plc December Q2 2011 2.643 0.701

5 Nem Insurance Plc September Q2 2011 4.929 0.758

6 Nestle Nigeria Plc December Q1 2011 22.100 2.274

7 UPDC Plc December Q2 2011 3.305 0.674

8 CAP Plc December Q2 2011 0.922 0.183

9 Prestige Assurance Plc December Q2 2011 2.166 0.397

10 Consolidated Hallmark Insurance Plc December Q1 2011 1.120 0.199

11 International Energy Insurance Plc December Q2 2011 3.540 0.615

12 Chams Plc December Q2 2011 1.861 0.36

13 UAC Plc December Q2 2011 25.630 1.422

14 Japaul Oil & Maritime Plc December Q2 2011 5.58 1.436

15 Livestocks Feeds Plc December Q2 2011 0.831 0.3

16 Portland Paints & Products Plc December Q2 2011 0.71 0.68

17 Diamond Bank Plc December Q2 2011 26.558 4.021

18 Regency Alliance Plc December Q2 2011 0.698 0.217

19 Stanbic IBTC Bank Plc December Q2 2011 15.973 2.723

20 GT Assure Plc December Q2 2011 5.080 0.75

DECLARED FORECASTS FOR MARCH 2011


27/36



Gross Earnings in

N' billion

PAT in N'

billion

DECLARED FORECASTS FOR MARCH 2011

21 Julius Berger Nig Plc December Q2 2011 80.22 2.211

22 Guinea Insurance Plc December Q2 2011 1.002 0.241

23 Berger Paints Plc December Q2 2011 1.607 0.157

24 Custodian & Allied Insurance Plc December Q2 2011 5.61 1.337

25 Access Bank Plc December Q2 2011 24.571 2.572

26 Glaxosmithkline Nig Plc December Q2 2011 4.927 0.531

27 Okomu Oil Palm Plc December Q2 2011 1.943 0.553

28 African Petroleum Plc December Q2 2011 45.991 2.161

29 Cornerstone Inusrance Plc December Q2 2011 1.51 0.77

30 MRS Oil Plc December Q2 2011 53.706 1.159

31 Total Nig Plc December Q2 2011 38.899 0.825

32 Air Service and Logistcs Plc December Q2 2011 0.867 0.62

33 Oasis Insurance Plc December Q2 2011 0.6 0.21334 Law Uinon & Rock Insurance Plc December Q2 2011 3.72 0.426

35 Skye Bank Plc December Q2 2011 48.296 7.202

36 Unity Bank Plc December Q2 2011 11.056 1.06

37 Afromedia Plc September Q3 2011 1.112 0.121

38 Tantalizer Plc December Q2 2011 1.412 0.51


40 Red Star Express Plc March Q1 2011 1.24 0.98

41 Intercontinental Wapic Insurance Plc December Q2 2011 1.216 0.173

42 University Press Plc December Q2 2011 0.131 -0.92

43 Associated Bus Company Plc December Q2 2011 1.366 0.56

44 Vitafoam Plc September Q3 2011 10.404 0.64

45 Dangote Flour Mills Plc December Q1 2011 24.013 2.548

46 Scoa Nigeria Plc September Q3 2011 0.317 0.5

47 Transnationwide Plc December Q2 2011 0.292 0.25

48 Vono Products Plc December Q2 2011 0.302 0.35

49 May & Baker Plc December Q2 2011 2.539 0.233

50 Presco Plc December Q2 2011 2.456 0.731

51 Equity Assurance Plc December Q1 2011 2.000 0.456

52 Seven-Up Bottling Company Plc March Q1 2011 16.039 0.931

53 UBA Plc December Q2 2011 90.000 6.500

54 Continental Reinsurance Plc December Q2 2011 6.255 0.830

55 Standard Alliance Insurance Plc December Q2 2011 1.538 0.771

56 Fidson Healthcare Plc June Q4 2011 5.150 0.458

57 Union Ventures & Petroleum Plc December Q2 2011 0.355 0.1


59 Morison Plc December Q2 2011 0.163 0.11

60 Cadbury Nigeria Plc December Q2 2011 15.467 0.699


28/36



Gross Earnings in

N' billion

PAT in N'

billion

1 NBC Plc December Q2 2011 28.163 0.708

2 AG Leventis Plc December Q2 2011 3.500 0.170

3 Eterna Oil Plc December Q2 2011 8.421 0.852

4 Beta Glass Plc December Q2 2011 2.703 0.203

5 Niger Insurance Plc December Q2 2011 2.100 0.126

6 Mutual Benefits Insurance Plc December Q2 2011 1.125 1.153

7 Aso Savings & Loans Plc December Q2 2011 0.4 0.6


9 DN Meyer Plc December Q2 2011 0.554 0.16

10 Alumaco Plc December Q2 2011 0.310 0.9


Gross Earnings in

N' billion

PAT in N'

billion

1 BOC Gases Plc December Q2 2011 1,189 0.193

2 FCMB Plc December Q2 2011 17.737 2.632

3 International Breweries Plc December Q2 2011 4.426 0.327

4 Lafarge WAPCO Plc December Q2 2011 13.521 1.399

5 Capital Hotels Plc December Q2 2011 1.225 0.219

6 Briscoe Plc December Q2 2011 3.212 0.40

7 Oceanic Bank Plc December Q2 2011 57.174 5.650

8 Adswitch Plc April Q1 2011 36.215 4.981

9 Livestock Feeds Plc December Q3 2011 0.877 0.35


11 Unilever Plc December Q3 2011 39.456 3.607

12 Oando Plc December Q2 2011 138.553 2.926


14 FTN Cocoa Processors Plc September Q2 2011 0.474 0.29

15 Costain WA Plc March Q1 2011 4.350 0.111

DECLARED FORECASTS FOR MAY 2011

DECLARED FORECASTS FOR APRIL 2011


Gross Earnings in

N' billion

PAT in N'

billion

1 Law Union & Rock Plc December Q3 2011 4.650 0.451

2 Int'l Energy Plc December Q3 2011 4.310 0.7813 Consolidated Hallmark Inusrance Plc December Q3 2011 1.120 0.199

4 CAP Plc December Q3 2011 3.005 0.582

5 Nestle Nigeria Plc December Q3 2011 21.040 2.358

6 GTAssure Plc December Q3 2011 7.577 1.05

7 Skye Bank Plc December Q3 2011 69.500 11.880

8 Trans-Nationwide Express Plc December Q3 2011 0.473 0.42

9 UAC of Nig Plc December Q3 2011 42.355 4.06

10 UPDC Plc December Q3 2011 5.949 0.895

DECLARED FORECASTS FOR JUNE 2011


29/36


11 Goldlink Insurance Plc December Q3 2011 3.375 0.522

12 Stanbic IBTC Bank Plc December Q3 2011 Nil 2.525

13 Vitafoam Plc December Q3 2011 13.873 0.854

14 AIICO Insurance Plc December Q3 2011 8.086 2.935

15 Custodian & Allied Insurance Plc December Q3 2011 7.140 1.835

16 Prestige Assurance Plc December Q3 2011 3.025 0.388

17 Associated Bus Company Plc December Q3 2011 1.477 0.58

18 Cadbury Plc December Q3 2011 24.980 1.318

19 Diamond Bank Plc December Q3 2011 26.025 1.362

20 Okomu Oil Palm Plc December Q3 2011 1.369 0.212

21 Regency Alliance Inusrance Plc December Q3 2011 0.943 0.187

22 Seven-Up Bottling Company Plc March Q2 2011 13.198 0.271

23 UTC Plc December Q3 2011 1.164 0.54

24 Abbey Building Society Plc December Q3 2011 1,188 0.253

25 Access Bank Plc December Q3 2011 24.903 2.999



28 Continental Insurance Plc December Q3 2011 10.425 1.24429 Eterna Oil Plc December Q3 2011 12.351 0.957


31 Guinea Insurance Plc December Q3 2011 1.127 0.201

32 Japaul Oil & Maritime Plc December Q3 2011 7.229 1.86

33 Linkage Assurance Plc December Q3 2011 794.517 156.904

34 Red Star Express Plc December Q3 2011 2.141 0.22

35 UBA Plc December Q3 2011 143.0 12.0


37 Studio Press Plc December Q3 2011 1.592 0.11

38 Glaxosmithkline Plc December Q3 2011 5.142 0.607

39 LASACO Plc March Q1 2011 1.248 0.144


41 Scoa Nigeria Plc December Q3 2011 0.425 0.5

42 May & Baker Plc December Q3 2011 0.982 0.38

43 Champion Breweries Plc December Q4 2011 0.438 -0.122

44 Champion Breweries Plc December Q3 2011 0.348 -0.192

45 Oasis Insurance Plc December Q3 2011 0.300 0.132


47 Law Union & Rock Plc December Q3 2011 1.282 0.287

48 Nem Insurance Plc December Q3 2011 6.416 1.457

49 Tantalizer Plc December Q3 2011 1.373 0.27


51 Sovereign Trust Insurance Plc December Q3 2011 4.537 Nil

52 Julius Berger Nigeria Plc December Q3 2011 120.8 3.39

53 University Press Plc March Q2 2011 1.335 0.241

54 Beta Glass Plc December Q3 2011 2.859 0.373

55 DN Tyre & Rubber Plc September Q4 2011 0.15 -0.9

56 MRS Oil Plc December Q3 2011 80.559 1.739

57 AG Leventis Plc March Q2 2011 4.719 0.167


59 NBC Plc December Q3 2011 23.595 0.1

60 Vono Products Plc December Q3 2011 0.3 0.272

61 Greif Nigeria Plc December Q3 2011 7.229 1.86

62 Mutual Benefits Assurance Plc December Q3 2011 3.75 0.889

63 Tripple-Gee & Company Plc March Q2 2011 0.166 0.74


30/36


DIVIDENDS DECLARED IN H12011

Company

Dividend

Declared

Bonus

Declared AGM Date Price Adjustment Date

1 Arbico Plc 28th Jan 2011

2 Vitafoam Nig Plc 30 kobo 17th Feb 2011 31st Jan 2011

3 Fidson Healthcare Plc 10kobo

4 Nigerian Wire Industries Plc 25th Feb 2011

Company

Dividend

Declared

Bonus


1 Fidson Healthcare Plc 10kobo 23-Feb-11 3rd - 8th Feb, 2011

2 Poly Products Plc 30-Mar-11 16th - 30th Mar, 2011

3 Nestle Nig Plc 10.60kobo 1 for 5 26-Apr-11 18th

22nd

April 2011

4 IHS Nig Plc 6kobo 29-Mar-11 11th 15th March 2011

5 Nigeria Breweries Plc N1.25kobo 18-May-11 17th 23rd March 2011

Company

Divi en

Declared

Bonus


1 Nampak Plc 4-May-11 27th - 29th April 2011

2 IHS Nig Plc 6k 8-Apr-11 21st - 25th March 2011

3 Paints & Coatings Plc 6k 12-May-11 23rd - 24th March, 2011

4 Deap Capital Plc 21-Apr-11 6th April, 20115 NPF Micrrofinance Bank Plc 5k

6 GTBank Plc 75k 1 for 4 21-Apr-11 7th April 2011

7 Zenith Bank Plc 85k 14-Apr-11 6th - 8th April 2011

8 Access bank Plc 30k 26-May-11 13th May 2011

9 Nigerian Breweries Plc 1.25k 18-May-11 17th -23rd March 2011

10 Stanbic IBTC Bank Plc 39k 8th -15th April 2011

11 BOC Gases Plc 36k

12 Diamond Bank Plc

13 FCMB Plc 35k 13-May-11 2nd - 6th May, 2011

14 Livestock Feeds Plc 24-May-11 31-May-11

15 Presco Plc 0.216 Trasnationwide Plc 5k 1 for 2

17 Julius Berger Plc 2.00 7-Jul-11

24th June - 7th July

2011

18 ABC Plc 3k

DIVIDENDS DECLARED FOR JANUARY 2011

DIVIDENDS DECLARED FEBRUARY 2011

DIVIDENDS DECLARED MARCH 2011


31/36


Company

Dividend

Declared

Bonus


1 Oando Plc N3.00 1 for 4 12-May-11 3rd 6th May 2011

2 Unilever Nigeria Plc 1.10 10-May-11 11-Apr-11

3 Lafarge WAPCO Plc 25kobo 20-May-11 20-May-11

4 Tantalizer Plc 2k 27-Apr-11

5 Okomu Oil Palm Plc 50 kobo 8-Jun-11 16th - 20th May, 2011

6 Capital Hotels Plc 0.075 23-Jun-11 6th 10th June 2011

7 BOC Gases Plc 36k 17-Jun-11 24th - 27th May 2011

8 Diamond Bank Plc 15k 29-Apr-11 20th 21st March 2011

9 UPDC Plc 55 kobo 7-Jun-11 16th - 20th May, 2011

10 CAP Plc 2.00 1 for 1 19-May-11 27th - 29th April, 2011

11 Fidelity Bank Plc 0.14 5-May-11 27th - 29th April, 2011

12 Prestige Assurance Plc 0.06 1 for 6 11-Aug-11 26th- 29th July, 2011

13 UAC Plc 1.10 15-Jun-11 23rd - 27th May, 2011

14Presco Plc 0.50 27-Jul-11 18th - 22nd July,2011

15 Dangote Cement Plc 2.25 19-May-11 27th April- 3rd May, 2011

16 Sterling Bank Plc 31-May-11

17 Skye Bank Plc 0.40 25-May-11 27th April- 4th May 2011

18 NPF Microfinance Bank Plc 0.05 9-Jun-11 30-May-11

19 RT Briscoe Plc 10k 1 for 5 26-May-11 25th April 6th May 2011

20 Juli Plc 6-May-11

21 Portland Paints Plc 16 kobo 9-Jun-11 30th May 3rd June 2011

22 First Bank Plc 0.60k 2-Jun-11 9th - 13th May, 2011

23 UBA Plc 5k 1 for 4 13-May-11 27th - 29th April, 2011

24 Total Nigeria Plc 600k 9th 13th May 2011

25 Nacho Aviance Plc 40k 9-Jun-11

26 Ashaka Cement Plc 30k 27-Jul-11 18-Jul-11

27 AG Leventis Plc 12k 9-Jun-11 9th 13th May 2011

28 Nestle Nigeria Plc 10.60k 1 for 5 28-Apr-11 18th 22nd April 2011

29 Continental Reinsurance Plc 7.5k 20-Jul-11 11th 15th July 2011

30 Stanbic IBTC Bank Plc 39k 8-Jun-11 8th 15th April 2011

31 Dangote Sugar Refinery Plc 60k 17-May-11 4th 6th May 2011

32 Greif Plc 30k 11-May-11 3rd 6th May 2011

33 GTAssure Plc 9k 12-May-11 4-May-11

DIVIDENDS DECLARED APRIL 2011


32/36


Company

Dividend

Declared

Bonus


1 Japaul Oil & Maritime Plc 30-Jun-11

2 Ecobank Transnational Incorporated 30-Jun-11

3 Julius Berger Plc 2.00 7-Jul-11 20th - 23rd June, 2011

4 Total Nigeria Plc 600k 30-Jun-11 9th 13th May 2011

5 Conoil Plc 2.00 24-Jul-11 06 10 June 2011

6 DN Meyer Plc 30-Jun-11

7 Oando Plc 30-Jun-11

8 Great Nigeria Insurance Plc 30-Jun-11 9th 17th June, 2011

9 MRS Oil Plc 1.25k 26-Jul-11 11th - 15th July, 2011

10 Smart Products Plc 0.12k 1 for 4 30-Jun-11 17th - 27th June, 2011

11 Unity Bank Plc 0.5k 1 for 20 29-Jul-11 10th - 14th, June, 2011

12 National Salt Coy of Nigeria Plc 50k 30-Jun-11 20th - 24th June, 2011

13 Costain WA Plc 13-Jul-11 29th June- 6th July 2011

14 Universal Insurance Plc 22-Jun-11

Company

Dividend

Declared

Bonus


1 AIICO Insurance Plc 5kobo 13-Jul-11 27th-30th June 2011

2 DN Meyer Plc 30-Jun-11

3 Courtville Investment Plc 4.5k 28-Jul-11 16-Jul-11

4 Nigerian Ropes Plc 30-Jun-11

5 Aluminium Extrusion Ind. Plc 5kobo 22-Sep-11 8-Sep-11

6 Tantalizer Plc 2k 29-Jun-11 16th - 17th June, 2011

7 Regency Alliance Insurance Plc 2k 20-Jul-11 13-Jul-11

8 Abbey Building Society Plc 5kobo 26-Jul-11 12th 19th July 2011

9 Ashaka Cement Plc 30k 27-Jul-11 11th 15th July 2011

10 Julius Berger Nig Plc 2.00 8-Jul-11 20th 23rd June 2011

11 Law Union & Rock Plc 5kobo 8th 14th July 2011

12 Nacho Aviance Plc 40k 23-Jun-11 20-Jun-11

13 Consolidated Hallmark Ins. Plc 3kobo 28-Jul-11 11th -15th July 2011

14 University Press Plc 35k 29-Sep-11 5-Sep-11

15 ABC Plc 2kobo 12-Sep-11 1st - 6th Aug, 2011

16 NCR Plc 3.00 28-Jul-11 4th - 11th July, 2011

17 Northern Nig Flour Mills Plc 90k 6-Sep-11 8th 12th Aug, 2011

DIVIDENDS DECLARED MAY 2011

DIVIDENDS DECLARED JUNE 2011

LISTINGS IN H12011

Company Amounts/Units Listed

1 Flour Mills of Nigeria Plc N37.5 billion 12.00% Fixed Rate Senior Unsecured Bond

2 Chellarams Plc N1.5 Billion Senior Unsecured Fixed Rate Bonds

3 AMCON AMCON (N1.675 Trillion Naira Zero Coupon Bond )

New Listing in Q2 2011



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DE-LISTINGS IN H12011

Delisting in Q2 2011

Company

1 Nigercem Plc

2 Albarka Air Plc

3 Foremost Diaries Plc

4 Wiggins Teape Nigeria Plc

5 Okitipupa Oil Palm Plc

6 First Capital Investment & Trust Plc

7 Flexible Packaging Plc

8 Netpak Plc

9 Krabo Nigeria Plc

10 Tropical Petroleum Plc

11 Daily Times of Nigeria Plc


Listed

Since Delisted On

New Listing and Delisting Q2 10 Q2 11 Change %

Number of Equities Delisted 2 11 9 450%

Number of New Listings 0 3 3 -


The New Proshare 5.0 a Different Thinking for a Different Kind of Market


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References: Useful links to this Report

Corporate Actions Released in H12011

Market News in H1 and Impact on the ASI -030711

Forecasts, Dividend

Reports and Analyst Opinion onthe Economy and Marketshttp://www.proshareng.com

The Monthly NCM Report for February 2011 -Proshare Monthly NC

ISSN1597 -8842Vol.1 No.70

HHHH11112011201120112011

The Half Year Nigerian Capital Market Report -@ June 2011

Market News in H1 2011 and Impact on the NSE ASIIssued on July 03, 2011

ISSN1597 -8842Vol.1 No.70

The Nigerian Capital Market Report

Corporate Actions for H1 2011Issued onJuly 03, 2011

HHHH11112011201120112011

ISSN 1597 -8842Vol.1 No. 70


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