Issuu

Vanguard Markets | Monday, March 16, 2015 | Issue 033

Verbatim

“

I remember when we were in South Africa on a state visit, MTN paid a courtesy call on me and one of the key things that we raised – myself and Ngozi (Okonjo-Iweala) the Coordinating Minister of the Economy, was the need for them to list. We are working very hard to make sure that companies that are supposed to list, list. That is the only way Nigerians can participate in some of these companies. And in the next four years we will look at it; it is a very delicate area. This government does not want to do something that will injure the private sector.

”

- President Goodluck Jonathan speaking at Nigerian Stock Exchange, Lagos, March 12, 2015 EMPLOYMENT

NBS survey shows formal sector new jobs’ slowdown in Q4 2014 World Bank figures show that as many as 41 million Nigerians, or 24% of the country’s 170 million population, are unemployed. The figures are grimmer for young persons below 24 years. The World Bank estimates that as many as 80% of this group do not have jobs. Government figures place this closer to 38%, which is still alarming. In the run up to elections, political parties are promising to create million of new jobs if elected though how they plan to is vague.

FOREX RATES

$/N

196.5

197.1 196.8 196.5 196.2 195.9 Fr

£/N

HE NATIONAL BUREAU T of Statistics published its 4th Quarter Job Creation and Employment Generation Survey last week. It covers from September-December, 2014. According to the agency’s statistics 1,121,052 new jobs were added to the national economy last year. The figures on private employment are useful because they serve as a proxy of economic health. One canary in the coal-mine view is that companies will shed jobs faster than the economy is contracting, and hire slower than the economy is growing. Now in its third year, the NBS’ Quarterly Job Creation and Employment Generation Survey survey covers 5,000 establishments spread across all 36 states and the Federal Capital Territory (FCT). The latest survey had a response rate of 82.10%. A sample of 5,000 establishments was taken across the country covering all sectors of the economy. NBS categorizes employers into 3 groups: formal (these have 10 employees and above or are professional firms with less than 10 employees), informal (less than 10 employees or operating with only basic structures), and public (government ministries, departments, and agencies across the three tiers and arms). The low employee cut-off mark for the formal sector allows the survey to capture micro-, small-, and me-

Job seekers crowd around an official at last year’s recruitment exercise for the Nigerian Immigration Service. Reports said 500,000 applicants were invited to apply for about 4,500 vacancies.

New jobs for all sectors: Q3 2012- Q4 2014 Sectors Formal Sector Informal Sector Public Institutions Total

2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 174,326 80,412 76,385 101,597 76,018 78,755 145,464 138,026 232,327 112,567 140,673 143,278 158,894 175,786 198,144 227,072 24,368

28,075

28,931

20,827

5,959

4,812

5,735

4,387

431,021 221,054 245,989 265,702 240,871 259,353 349,343 369,485 Source: National Bureau of Statistics

dium scale enterprises (MSMEs) far better than many other surveys do. In the formal sector, 38.10% of

new workers during the review period were hired to fill positions left by ex-employees. Business expansion

came next at 24.37%, while 18.86% were employed to ease the work burden on existing staff members. In considering the number hired to fill positions left by ex-employees (52,588) it is important to recall that they were replacements to departed personnel, and did not have a net positive effect on employment figures. During the year, employee replacements totalled 145,975 out of 438,263 creaed in the formal sector. It is illuminating how replacements slowed down in absolute numbers in the last quarter (52,588), against 55,422 in the third quarter. This could highlight a watch-and-see attitude on the part of businesses to refill their payrolls when employees leave due to the first signs of economic turmoil that became obvious in the final three months. The informal sector was a different story. It added 14.50% more jobs over the third quarter, while the formal sector shrunk by 5.11% in new job additions. The breakdown of new jobs by business activity showed that education added the most jobs in the 4th quarter (39.65%), followed by manufacturing (22.75%), trade (7.72%), which was almost tied with accomodation and food services (7.36%). Agriculture came further down on the list (6.40%) and so did financial intermediation (3.39%).

! Page VM2

290.7218

301.0 298.0 295.0 292.0 289.0 Fr

Analysis

Euro/N

207.9167

217.0 214.0 211.0 208.0 205.0 Fr

CNY/N

31.3868

31.80 31.60 31.40 31.20 31.00 Fr

CFA/N

0.3079

0.34 0.33 0.32 0.31 0.30 Fr

Currency

Central Rate

SWISS FRANC

194.9985

YEN

1.6179

WAUA

269.7703

RIYAL

52.3916

DANISH KRONE

27.8775

SDR

269.3819

FIXED INCOME & FOREX

Source: FMDQ

VM2

BUSINESS

VM | Monday, March 16, 2015 | Issue 033

AHEAD BY A MILE

NBS survey shows new jobs’ slowdown W Continued from Page VM1 Construction (0.79%) and real estate (0.43%), typically seen as high labour demand industries, threw up surprises that should not be ignored as they struggled to add new jobs. In terms of job quality, of the 138,026 new jobs added in the fourth quarter, by far the highest number were for operatives (37.02%) understood as workers with elementary skillsad below apprentices. Managerial, Professional and Technical Workers were the second most in demand group (23.89%). Clerical and related office workers came next (19.68%).

1,121,052 New jobs created in 2014

Hirings to fill positions left by departed employees in formal sector Period Total jobs created Replacements % Q1 2014 Q2 2014 Q3 2014 Q4 2014 Total

76,018 78,755 145,464 138,026 438,263

16,481 21,484 55,422 52,588 145,975

Rhetorics of job creation In the run-up to national elections, presidential candidates of the two main contenders, President Goodluck Jonathan of the ruling Peoples

21.68 27.28 38.10 38.10

Source: National Bureau of Statistics

Democratic Party (PDP), and his main rival, Major General Muhammadu Buhari (rtd.) of the All Progres-

sives Congress (APC) have promised to make job creation a priority. Professor Chukwuma C.

Soludo, a former governor of the Central Bank of Nigeria, has questioned whether either candidate fully grasps the scale of the problem, and has the ability to address it. In a public letter, Buhari vs Jonathan: Beyond the Election, published in January, he opined that ‘So far, neither the APC nor the PDP has a credible programme for employment and poverty reduction.’ In fact, job creation, in his view ought to be the main focus of the next administration. His analysis is that the APC does not go far enough, while the PDP strategy is hazy at best. He wrote that: ‘The fundamental challenge for the next government on the economy can be framed around the goal of creating twelve million jobs over the next four years to have a dent on unemployment and poverty. The chal-

lenge is to craft a development agenda to deliver this within the context of broken public finance, and an economy in which painful structural adjustments will be inevitable if current trends in oil prices continue.’

Job quality matters too In the debate about numbers, it is also important to assess the quality of jobs being created and how they fit into a coherent national development plan. Issues around transferable skills acquisition, professional development, salary scales, worker protection, and pensions coverage need attention too. The mismatch between being the largest economy in Africa and having a 24% unemployment figure demands urgent answers that the party campaign offices have failed to speak directly to. ;

HIGH TABLE

Has the Champagne Bubble Burst? (1)

Ify Oji is a lawyer, writer and food lover. She is the creator of the GidiTang.com (synonym: Lagos Flavour) blog on food and drink in Lagos ify@teamlogicgroup.com

FEW YEARS AGO SPIROS Malandrakis, senior analyst at Euromonitor, a global market research company, predicted that the yearly consumption of champagne in Nigeria will rise to 1.1 million litres by 2017. Only France, homeland of the sparkling drink, would experience higher volume growth, he said. In 2012, Nigerians spent $59 million on champagne, confirming its spot as the biggest market in Africa and the Middle East for Moët Hennessy, makers of the eponymous champagne. The previous year, Nigerians drank 752,879 bottles of bubbly, more than Russia and Mexico. Charles Armand de Belenet, global marketing and communications director at Pernod’s GH Mumm and Perrier-Jouët champagne brands went on record that ‘Nigerian champagne consumption is quite big and we are building our network here and it is one of the most attractive places for us at the moment.’

These figures will make the socially conscious Global Development lecturer look away uncomfortably in contempt. The sub text of the above statistics begs for analysis. It delves into the mind of the average Nigerian and in some ways is a better social commentary on our economic position. Nigerians identify with the aspirations tied into champagne consumption. With our high table mentality, everyone wants to feel like the guest of honour whenever they eat or drink. This answers the question raised by the huge disparity in price points of champagne bought in restaurants and bars and champagne bought in the retail market. It is not uncommon for the price mark up to soar to 500%. Many club and bar owners view champagne sales during weekend club hours as ‘harvest season’ from a long drought with lunchtime crowds and weekday diners. A recent example of this boom occurred when a patron in a high brow night club in Victoria Island called Escape famously spent N10 million on Dom Pérignon champagne in one sitting. This sent the Lagos Twitterverse in feverish activity among a usually unimpressed social media group. Perceived success and exclusivity is paramount especially when there are observers. Ultra-luxe champagne brands add to the exclusivity. One club in Victoria Island serves Angel Champagne (the singularly most expensive champagne brand) at a retail value of $2200 per bottle. The club says that its patrons quaff at least a carton of this coveted brand every weekend. Quilox also manages to sell volumes of Ace of Spades and Cristal Champagne to wealthy club goers. Published by

Excess! The 18-carat white gold logo on this limited edition bottle of Goût de Diamants champagne, which translates to ‘taste of diamonds’, is encrusted with 19-carat diamonds. It sells for $1.8 million, and was designed by Alexander Amosun, the British-born Nigerian lifestyle designer.

The focus on the bottle label disguises the fact that there is more to champagne quality than names. John Obayuwana, owner of Polo Luxury Group, the country’s premier luxury store, was quoted in the Economist magazine’s December 2014 Special Report on Luxury that as far as fashion and luxury go, ‘for Nigerians the bigger the logo the

EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL

In Association With

CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA

better.’ Unscrupulous importers of champagne have been exploiting this perception complex for a long time. On the side lines of this alarming trend in conspicuous consumption, wine drinkers are becoming more aware. The sheer volume they consume has given these amateur oenophiles the palates to tell good champagne from plonk. Playing the role

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors. Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in association with Customs Street Advisors Limited, a specialist communications consultancy.

of informal watchdogs, they detect that a lot of the champagne sold in Nigeria is of inferior quality to that sold in Europe. This argument gains potency when similar brand champagne bought in markets such as Apongbon in Lagos Island is compared to its duty-free counterpart from Europe. It would appear clarity and bubbles are compromised - to the point that some argue that we are given ‘first press’, a less desired batch of champagne. Champagne sellers blame poor storage for any difference in quality stating that it is impossible for champagne houses to know which country their champagnes are exported to. For all its promise during the heady years, closer analysis shows a slowdown in the purchase of champagne. Champagne by the glass, once a rarity in Lagos, is becoming more common. The cocktail list at Mansilla and Casa d’Lydia offer the bubbly in flutes. This could be due to the current economic downturn. Another sign that all is not well is that newer champagne brands in the market have not been able to increase their market share among the staple brands sold in Nigeria. ; Casa d’Lydia 19, Glover Road, Ikoyi Escape 234B, Adeola Odeku Street, Victoria Island Mansilla 6, Musa Yar’Adua Street, VI Quilox 873, Ozumba Mbadiwe Street, Victoria Island

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Website: www.vanguardngr.com ISSN 0794-652X

MARKET DATA

VM | Monday, March 16, 2015 | Issue 033

VM3

TRADING UPDATE Declined Unchanged Advanced

MARKET REVIEW – MARCH 09 – MARCH 16, 2015 TOP GAINERS

WTD

TOP GAINERS

WTD

TOP DECLINERS

MAY & BAKER NIGERIA PLC

17.76

CUTIX PLC

8.57

UBA CAPITAL PLC

12.58

INTERNATIONAL ENERGY INSURANCE COMPANY PLC

COSTAIN (WEST AFRICA) PLC

CADBURY NIGERIA PLC

8.92

NPF MICRO FINANCE BANK PLC

8.89

FIDELITY BANK PLC

8.63

FCMB GROUP PLC TRANSNATIONAL CORPORATION OF NIG PLC CAVERTON OFFSHORE SUPPORT GROUP PLC

SECTOR PRICE CHANGES – MAR 09 – 16, 2015 WTD -16.44

UNION BANK OF NIGERIA PLC -13.04

7.92

BETA GLASS COMPANY (NIG.) PLC

-12.3

7.14

OANDO PLC

-8.56

6.05

INTERNATIONAL BREWERIES PLC

-8.34

TOP DECLINERS

WTD

MOBIL OIL NIGERIA PLC

-6.71

DIAMOND BANK PLC

-5.76

WEST AFRICAN PROVINCIAL INSURANCE PLC DANGOTE SUGAR REFINERY PLC ACCESS BANK OF NIGERIA PLC

-5.66 -5.55 -5.28

Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services

3 0 1 12 8 3 0 5 0 5 4

2 4 6 16 33 5 11 12 5 5 10

0 1 2 3 16 2 0 4 0 1 4

DASHBOARD Friday Ticker 7UP ABCTRANS ACCESS AGLEVENT AIICO AIRSERVICE ASHAKACEM BETAGLAS CADBURY CAP CCNN CONOIL CONTINSURE COURTVILLE CUSTODYINS CUTIX DANGCEM DANGFLOUR DANGSUGAR DIAMONDBNK ETERNA ETI FBNH FCMB FIDELITYBK FIDSON FLOURMILL FO GLAXOSMITH GUARANTY GUINNESS HONYFLOUR INTBREW JBERGER LINKASSURE MANSARD MAYBAKER MOBIL MRS NAHCO NASCON NB NEIMETH NEM NESTLE NIGERINS NNFM OANDO OKOMUOIL PAINTCOM PORTPAINT PRESCO PRESTIGE PZ REDSTAREX ROYALEX RTBRISCOE SEPLAT SKYEBANK SOVRENINS STANBIC STERLNBANK TOTAL TRANSCORP UAC-PROP UACN UBA UBCAP UBN UNILEVER UNITYBNK VITAFOAM WAPCO WAPIC WEMABANK ZENITHBANK

5-day

Change, %

Volume

Open

Week Hi

151.32 0.52 6.10 1.20 0.90 1.80 18.50 23.75 39.22 36.29 11.79 33.50 0.84 0.50 3.90 1.59 153.01 3.53 6.39 4.25 2.57 18.05 8.50 2.59 1.50 3.00 34.05 185.00 42.00 25.00 126.00 2.70 17.80 43.99 0.50 3.00 1.80 149.00 48.02 5.00 6.50 139.00 0.70 0.63 819.96 0.50 17.16 14.00 29.00 1.42 3.45 27.78 0.50 25.75 3.94 0.50 0.72 440.00 2.30 0.50 26.08 2.40 140.50 3.00 9.70 36.00 4.13 1.71 10.00 35.00 0.50 3.64 84.55 0.50 0.93 20.55

-1.10% 1.96% -3.17% -3.23% 0.00% 0.00% -2.63% -5.00% 0.00% 0.00% 4.89% 3.65% -4.55% 0.00% 0.00% 3.92% -0.74% -1.67% -1.08% -0.93% 0.00% 0.00% -4.82% 0.00% -3.85% 0.00% 0.12% -0.54% 5.00% 0.00% -0.40% -1.82% -0.84% 0.66%

412 800 86,870 285 37,972 0 532 1,285 78 1,071 237 33 5,435 1,000 25,075 125 1,776 2,517 4,788 18,575 1,724 719 445,481 271,563 49,884 58 3,550 193 650 350,282 6,938 2,756 6,535 2,697 0 6,476 2,214 276 0 687 9,288 57,403 9,025 3,417 1,145 0 0 18,145 1,324 1,000 3,903 61 110 456 120 15 96 101 14,829 5 1,432 76,094 6 371,373 53 400,406 122,389 294,459 115,104 3,996 13,000,116 14,672 16,809 926,178 908 358,602

153.00 0.55 6.44 1.20 0.85 1.80 18.50 25.73 39.28 38.20 11.40 32.31 0.82 0.50 3.86 1.40 153.00 3.52 6.50 4.51 2.67 17.95 8.81 2.40 1.39 3.10 34.00 202.01 40.01 24.28 128.14 2.99 19.42 43.47 0.50 2.95 1.52 162.90 48.02 5.00 6.73 145.86 0.71 0.61 819.99 0.50 17.15 15.14 30.91 1.43 3.65 30.77 0.50 27.71 4.07 0.50 0.74 440.00 2.27 0.50 27.30 2.29 144.50 2.80 9.61 35.53 4.07 1.51 11.06 35.20 0.50 3.64 89.02 0.52 0.97 20.94

154.00 0.55 7.09 1.28 0.95 1.90 19.00 25.73 41.28 39.74 12.00 35.50 0.91 0.50 4.00 1.59 157.99 3.59 6.83 4.73 2.72 18.99 9.45 2.65 1.58 3.10 35.50 202.01 42.00 26.76 135.34 2.99 20.44 46.00 0.50 3.00 1.80 162.90 48.02 5.70 7.08 149.00 0.73 0.67 829.98 0.50 17.16 16.30 32.23 1.43 3.95 30.77 0.50 28.10 4.07 0.51 0.78 456.75 2.59 0.50 28.49 2.44 144.50 3.09 9.70 37.00 4.33 1.81 11.55 35.20 0.50 3.78 91.00 0.54 0.97 23.07

0.00% 3.45% -0.67% 0.00% 0.81% -1.37% -0.71% 1.45% -1.56% 2.50% 0.00% 0.00% -4.11% -4.92% 0.00% -9.45% 0.00% 0.00% -3.56% 0.00% 0.00% -7.69% 7.55% -2.54% 0.00% 0.31% -1.64% -0.35% 1.01% 1.89% 0.00% -0.72% -0.58% -0.10% 2.73% 0.00% 1.11% -7.09% -1.96% 0.00% -2.14%

4-Week

Week Lo Change, % 151.32 0.51 6.03 1.18 0.84 1.75 17.90 23.75 39.22 35.90 10.38 32.31 0.80 0.50 3.70 1.40 152.09 3.34 6.30 4.20 2.57 16.95 8.40 2.28 1.33 3.00 33.80 185.00 39.15 23.13 125.00 2.60 17.67 40.00 0.50 2.78 1.51 149.00 48.02 4.82 6.50 135.00 0.64 0.60 800.00 0.50 17.15 14.00 29.00 1.42 3.45 27.78 0.50 25.66 3.70 0.50 0.70 409.10 2.17 0.50 25.40 2.29 140.00 2.73 9.00 35.00 3.88 1.46 10.00 33.95 0.50 3.41 84.55 0.50 0.93 19.95

-1.10% -5.45% -5.28% 0.00% 5.88% 0.00% 0.00% -7.70% -0.15% -5.00% 3.42% 3.68% 2.44% 0.00% 1.04% 13.57% 0.01% 0.28% -1.69% -5.76% -3.75% 0.56% -3.52% 7.92% 7.91% -3.23% 0.15% -8.42% 4.97% 2.97% -1.67% -9.70% -8.34% 1.20% 0.00% 1.69% 18.42% -8.53% 0.00% 0.00% -3.42% -4.70% -1.41% 3.28% 0.00% 0.00% 0.06% -7.53% -6.18% -0.70% -5.48% -9.72% 0.00% -7.07% -3.19% 0.00% -2.70% 0.00% 1.32% 0.00% -4.47% 4.80% -2.77% 7.14% 0.94% 1.32% 1.47% 13.25% -9.58% -0.57% 0.00% 0.00% -5.02% -3.85% -4.12% -1.86%

Volume

Open

Change, %

Volume

1,922 9,157 492,787 746 288,148 2,457 15,004 24,246 3,906 3,799 12,935 3,542 78,995 18,155 98,817 2,784 26,941 16,429 57,423 1,092,089 15,853 83,297 2,992,995 1,925,053 815,490 4,632 31,026 4,258 1,432 1,702,003 14,915 14,208 18,973 9,337 9 31,201 15,285 4,022 81 30,825 91,686 182,677 12,316 102,858 12,834 90 18 1,047,207 9,912 1,060 10,512 7,211 110 22,382 4,345 39,709 13,449 220 515,526 705 25,251 259,876 927 1,269,805 2,870 411,858 1,415,799 1,470,550 231,610 13,542 13,040,939 33,279 44,728 1,424,983 10,999 2,024,114

149.17 0.54 5.32 1.18 0.75 2.04 17.37 28.50 40.00 36.82 9.62 30.97 0.80 0.50 3.93 1.57 141.90 3.60 6.14 3.50 2.39 16.15 6.37 2.00 1.25 2.93 29.40 212.10 41.00 17.00 114.01 3.00 18.44 42.18 0.50 2.82 1.41 153.00 48.02 4.53 6.17 130.00 0.71 0.53 751.00 0.50 17.15 13.24 29.29 1.53 3.83 29.80 0.50 26.00 3.80 0.50 0.80 368.00 1.82 0.50 24.90 2.32 130.43 2.28 11.35 34.58 3.00 1.33 8.80 34.01 0.50 3.42 79.00 0.50 0.94 15.62

1.44% -3.70% 14.66% 1.69% 20.00% -11.76% 6.51% -16.67% -1.95% -1.44% 22.56% 8.17% 5.00% 0.00% -0.76% 1.27% 7.83% -1.94% 4.07% 21.43% 7.53% 11.76% 33.44% 29.50% 20.00% 2.39% 15.82% -12.78% 2.44% 47.06% 10.52% -10.00% -3.47% 4.29% 0.00% 6.38% 27.66% -2.61% 0.00% 10.38% 5.35% 6.92% -1.41% 18.87% 9.18% 0.00% 0.06% 5.74% -0.99% -7.19% -9.92% -6.78% 0.00% -0.96% 3.68% 0.00% -10.00% 19.57% 26.37% 0.00% 4.74% 3.45% 7.72% 31.58% -14.54% 4.11% 37.67% 28.57% 13.64% 2.91% 0.00% 6.43% 7.03% 0.00% -1.06% 31.56%

28,559 29,278 7,623,373 14,946 696,191 35,390 41,373 27,645 17,191 17,380 39,349 19,896 525,115 37,502 244,226 24,560 193,049 74,676 362,876 4,363,485 31,754 1,255,105 12,144,600 5,066,523 2,903,480 42,965 568,895 43,932 30,077 6,038,312 57,453 49,170 337,344 304,464 9 57,214 89,994 11,433 117 73,578 317,115 815,354 18,325 612,229 74,576 3,532 287 1,585,639 110,193 3,945 19,463 41,133 715 549,268 31,043 68,299 27,127 19,944

2,476,087 7,270 277,824 788,384 5,236 4,324,229 34,619 1,389,311 7,074,446 1,975,849 538,428 137,272 13,049,542 97,376 129,474 2,199,528 680,674 5,459,146

5-Week trading1

52-Week price range Low 81.23 0.51 4.50 1.09 0.65 1.56 13.87 15.49 33.10 33.01 8.33 29.50 0.80 0.50 1.90 1.21 139.10 2.88 4.70 3.45 2.39 12.40 6.35 1.93 1.13 2.32 26.60 86.50 38.22 16.69 110.00 2.60 17.01 38.08 0.50 1.96 1.29 112.54 41.84 3.56 5.68 122.55 0.64 0.51 743.00 0.50 17.15 12.83 23.20 1.33 3.45 20.88 0.50 16.60 3.44 0.50 0.58 252.93 1.70 0.50 19.40 2.09 130.43 2.19 8.09 26.00 2.90 1.26 6.48 27.00 0.50 3.23 66.50 0.50 0.85 14.54

Close ( )

High 197.94 0.92 10.18 1.65 0.95 2.79 34.60 31.49 85.40 43.99 15.98 79.51 1.24 0.73 4.35 2.07 250.02 9.30 10.25 7.05 5.35 20.28 16.52 4.64 2.35 3.90 73.55 259.94 71.20 31.80 214.99 4.50 32.20 76.45 0.50 3.79 2.14 182.00 70.00 5.70 13.48 189.00 1.68 0.90 1,200.00 0.54 23.08 36.89 40.35 1.81 5.75 43.42 0.63 39.80 5.35 0.64 1.32 735.00 3.95 0.50 35.00 2.74 195.50 7.08 21.31 67.85 8.26 2.71 11.55 55.00 0.50 4.72 136.73 0.93 1.21 25.80

YtD

Liquidity Rating2

-4.83% -8.77% -3.02% -8.40% 7.14% 5.88% -11.10% -10.04% -6.62% -2.71% 19.33% -2.62% -13.40% 0.00% 11.11% 18.66% -19.47% -19.77% 5.79% -22.02% -14.05% -0.82% -2.30% 3.60% -6.25% -19.14% -13.00% -18.54% -11.41% -0.71% -23.77% -18.18% -19.86% -23.67% 0.00% -3.54% 19.21% -4.04% -4.99% 0.00% 3.67% -14.72% -7.89% -3.08% -17.64% 0.00% -1.10% -20.00% 16.00% -3.40% -7.01% 8.01% 0.00% 8.42% 4.79% -3.85% -14.29% 25.18% -9.09% 0.00% -3.69% -0.83% -5.71% -6.54% 1.36% 5.88% -4.40% 1.79% 17.65% -6.89% 0.00% -4.96% 4.38% -21.88% 1.09% 14.17%

LEGEND 5-week trading bar: This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis. 1

Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded according 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres. Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score • Category 4: This is shown by 4 blue spheres. It indicates that the stock has 2

traded between 12 to 19 deals per day on at least 4 days in the past week • Category 3: Shown with 3 spheres, this liquidity classification represents those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week • Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week • Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

VM2

BUSINESS

VM | Monday, March 16, 2015 | Issue 033

MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS

ACCESS

6.10 0.34

4.50

10.18 -0.19 -3.02%

YtD

-0.04 -0.65%

Jan

Feb

CONTINSURE YtD

-0.13 -13.40%

-0.03 -3.45%

Feb

FCMB 0.09 3.60%

-0.36 -12.20%

Jan

16.69 -0.18 -0.71%

Jan

19.40 -1.00 -3.69%

Jan

-39.30 -23.77%

-1.22 -4.47%

9.00 7.69%

09/03

Jan

Feb

OKOMUOIL 4.00 16.00%

-1.91 -6.18%

Jan

Feb

UNILEVER

-0.72 -14.49%

Jan

35.00 0.20

FLOURMILL -5.09 -13.00%

Jan

-0.20 -0.57%

2.70 0.29 -0.40 -12.90%

Jan

YtD

6.50 0.23 3M

0.52 8.70%

Jan

Feb

PRESCO

-0.23 -3.42%

27.78 2.99 3M

3.46 14.23%

Jan

Feb

UACN

-2.99 -9.72%

67.85 3M

-0.10 -0.28%

Jan

Feb

WAPCO

0.47 1.32%

84.55 4.47 3M

12.55 17.43%

-0.20 -1.10%

Jan

Feb

FO YtD

-31.99 -14.74%

Jan

Feb

INTBREW YtD

-6.90 -27.94%

Jan

Feb

-5.49 -3.80%

Jan

Feb

Jan

Feb

-0.50 -4.90%

Jan

Feb

ZENITHBANK YtD

13/03 F

9.70 0.09 0.09 0.94%

13/03

M T W T

20.55 0.39

14.54 -4.47 -5.02%

-1.96 -7.07%

M T W T

09/03

Dec

25.80 2.55 14.17%

8.50 0.31

-0.20 -2.30%

-0.08 -0.93%

Jan

Feb

-5.41 -11.41%

42.00 1.99 -7.40 -14.98%

09/03

Feb

13/03

M T W T

09/03

Dec

Jan

Feb

13/03

M T W T

09/03

Dec

Jan

Feb

3.54 20.81%

13/03

M T W T

Jan

Feb

Jan

13/03

M T W T

JBERGER

43.99 0.52

-13.64 -23.67%

0.52 1.20%

09/03

Dec

Jan

Feb

NESTLE YtD

13/03

M T W T

819.96 0.03 1200.00

-175.64 -17.64%

39.86 5.11%

-0.03 0.00%

09/03

Dec

Jan

Feb

SEPLAT

13/03

M T W T

440.00 0.00

252.93 YtD

76.45

735.00 88.50 25.18%

145.00 49.15%

0.00 0.00%

09/03

Dec

Jan

Feb

13/03

M T W T

1. 52-week low price 2. Year low price 3. Current price 4. Year high price 5. 52-week high price 6. Current price 7. 5-day price change 8. 1-year price change 9. 3-months price change 10. 1-week price change 11. Daily price movement over 3 months. 12. 30-day moving average 13. Daily price movement over last week

1 2 TICKER

19.23

09/03

Dec

1.99 4.97%

09/03

Dec

YtD

71.20

-0.39 -1.86%

1YtD

25.23 0.01

27.406 0.23 0.92%

2.90 12.99%

Feb

13/03

M T W T

7 0.01 0.04%

Jan

13/03

M T W T

GLAXOSMITH

Dec

-0.31 -3.52%

09/03

Dec

YtD

16.52

13/03

21.31 0.13 1.36%

FBNH YtD

13/03

M T W T

LEGEND

UAC-PROP YtD

-6.86 -4.70%

25.75 1.96 -2.04 -7.34%

Feb

743.00

M T W T

09/03

Dec

39.80 2.00 8.42%

Jan

13/03

M T W T

189.00

PZ YtD

-1.62 -8.34%

139.00 6.86 -24.00 -14.72%

09/03

Dec

38.08

09/03

Dec

0.39 3.42%

13/03

17.80 1.62

NB YtD

-17.01 -8.42%

32.20 -4.41 -19.86%

2.98 33.83%

38.22

M T W T

09/03

Dec

259.94 -42.10 -18.54%

1.91 19.33%

13/03

185.00 17.01

09/03

Dec

0.10 0.56%

M T W T

13/03

M T W T

136.73 3.55 4.38%

8.09

09/03

Dec

-0.15 -0.82%

YtD

6.35

09/03

Dec

18.05 0.10

13/03

M T W T

36.00 0.47 2.00 5.88%

YtD

11.79 0.39 15.98

13/03

20.28

16.60

09/03

Dec

ETI

-1.91 -5.00%

M T W T

13/03

M T W T

43.42 2.06 8.01%

Feb

122.55

13/03

M T W T

09/03

Dec

YtD

-0.29 -9.70%

13.48 0.23 3.67%

Jan

CCNN 8.33

09/03

Dec

17.01

Feb

NASCON

-0.21 -0.58%

13/03

M T W T

09/03

Dec

YtD

0.05 0.15%

4.50 -0.60 -18.18%

86.50

Feb

HONYFLOUR

YtD

34.05 0.05 -5.43 -13.75%

-1.01 -2.71%

13/03

M T W T

09/03

Dec

YtD

-0.26 -5.76%

73.55

66.50

Feb

13/03

M T W T

1.00 2.94%

YtD

12.40

09/03

Dec

YtD

4.25 0.26

26.00 -4.00 -2.77%

55.00 -2.59 -6.89%

-1.20 -22.02%

36.29 1.91 43.99

13/03

7.05

13/03

195.50 -11.53 -7.58%

YtD

-0.06 -0.15%

M T W T

13/03

M T W T

09/03

YtD

-13.90 -8.53%

140.50 4.00

-8.51 -5.71%

DIAMONDBNK

20.88

Feb

27.00 0.06 1.47%

29.00 1.91

09/03

Jan

Feb

5.68

M T W T

3.92 15.63%

13/03

40.35

Dec

-2.14 -1.67%

M T W T

4.94 3.43%

Jan

CAP 33.01

09/03

Dec

2.60

182.00

Dec

YtD

149.00 13.90

-6.27 -4.04%

-0.78 -1.95%

13/03

126.00 2.14

Feb

MOBIL

YtD

0.11 7.91%

M T W T

13/03

M T W T

Feb

Jan

130.43

0.33 8.68%

0.04 2.74%

26.60

09/03

Dec

YtD

214.99

35.00

4.13 0.06 3M

-2.78 -6.62%

13/03

1.50 0.11

09/03

Dec

YtD

0.01 0.01%

M T W T

13/03

8.26 -0.19 -4.40%

-0.10 -6.25%

YtD

3.45

2.35

TOTAL

Feb

2.90

FIDELITYBK

26.08 1.22 -2.42 -8.49%

UBA YtD

-1.14 -7.53%

M T W T

09/03

Jan

Feb

23.20

Feb

STANBIC

Jan

13/03

14.00 1.14

09/03

Dec

0.05 1.69%

M T W T

-2.69 -16.12%

13/03

36.89 -3.50 -20.00%

-6.99 -4.37%

112.54

Feb

12.83

YtD

0.72 2.97%

M T W T

-0.04 -1.32%

OANDO

09/03

Dec

YtD

250.02 -36.99 -19.47%

39.22 0.06 85.40

13/03

153.01 0.01

GUINNESS

09/03

Dec

3.79 -0.11 -3.54%

YtD

0.00 0.00%

M T W T

13/03

3.00 0.05

1.96

DANGCEM

110.00

Feb

25.00 0.72

Feb

MANSARD

Jan

CADBURY 33.10

09/03

Dec

31.80

09/03

Dec

YtD

0.19 7.92%

M T W T

3.15 14.42%

-3.71 -16.70%

1.13

Feb

GUARANTY

13/03

M T W T

09/03

YtD

0.02 2.44%

4.64

Dec

YtD

2.59 0.19

1.93

-2.31 -11.10%

139.10

09/03

Jan

YtD

34.60

13/03

M T W T

1.24

Dec

YtD

-0.34 -5.28%

0.84 0.02

0.80

18.50 0.00

13.87

09/03

Dec

ASHAKACEM

10 13

12 May

21/07

June

July

25/07

M T W T

Vanguard Markets - 4 page version - March 16, 2015 edition