VM | Monday, August 17 2015 | Issue 054
BUSINESS
VM1
X-RAY
Q2 results throw up glasses half-empty If failure is deemed a relative, and not an absolute metric then the companies that lagged behind in the first six months can take solace in the fact that they are in good company.
Nigerian oil rig technician. The fall in crude oil prices over the past 12 months has had a crippling effect on the Nigerian economy.
IN CONTEXT HEN NEWS LEAKED W last month that Afren, the AIM-listed independent exploration and production company, had been taken over by administrators, investors were rattled in no small measure. The company, which raised £31.2 million during its IPO and placements in 2005 produces about 22,000 barrels of oil per day from its Ebok and Okoro fields in Nigeria’s Niger Delta region. In sharp contrast to a pre-tax profit of $140 million declared in 2013, Afren an-
exchange rate volatility. Nigeria falls squarely in this category. The domino effects of the fall in global oil prices have raised ‘risks to general commerce given the weaker macro and currency in Nigeria’ wrote analysts at Renaissance Securities last month. This, coupled with the induced economic paralysis the country suffered in the run-up to general elections beginning in the last quarter of 2014 to the end of April this year, made for a tough operating environment.
The fall in oil prices has thrown up ‘risks to general commerce given the weaker macro environment and currency in Nigeria’ – Analysts at Renaissance Securities nounced losses of $1.95 billion in 2014. The Telegraph of London labelled the once shining star of frontier exploration ‘the first victim of the oil slump’. Indeed, reverberations from sub$60 oil prices regime, what many are calling the ‘new normal’ are being felt around the world. Of course, oil producing countries are feeling the pinch the most. Exporters are suffering unfavourable balance of payments position and unprecedented
Q2 REPORT CARDS A close study of the year-to-date deterioration of bank loan books paints a sobering picture of trouble ahead particularly for those with significant exposure to the oil and gas sector. First Bank, Fidelity Bank, and Diamond Bank have restructured 11 percent, 14 percent, and 5 percent of their books respectively. The sector average is about 10 percent.
Preceding the announcement of Q2 results, analysts at FBN Capital sent out a Half Year Results Preview note with a forewarning of what to expect. The prognosis was glum. ‘The combination of a weak underlying macroeconomic environment and a marked reduction in FX-related income due to decisions by the central bank would weigh on banks’ Q2 earnings. For manufacturers a weaker macro environment precipitated by softer crude oil prices would have a negative effect. Consumer focused companies will feel the squeeze on household wallets, and that is likely to translate into even weaker top line growth for most firms.’ The slate of half-year financial results released by most companies on the Nigerian Stock Exchange have played out their portent omen. Speaking of his bank’s half year results, Ladi Balogun, group managing director of FCMB Ltd, described the period as one ‘characterised by significant macro-economic and policy headwinds.’ The NSE’s All Share Index has fallen 9.3 percent this year. The exchange’s statistics show that over the 6 month period, foreign inflows of N285 billion were overcast by outflows of N304 billion, a net difference of N19 billion. Results posted by Mobil Nigeria, and Seplat, bellwethers of the oil sector, give support to Balogun’s
statement. Mobil Nigeria reported a 32.5 percent decline in H1 2015 revenue to N31.82 billion, and a 33 percent drop in profit to N4.11 billion against the same period last year. Seplat, which produces 70,000 barrels of crude oil per day, fared worse. Its revenue fell 36 percent to $247.58 million, and pre-tax profit for the first 6 months slipped 73.5 percent to $41.26 million. In a break from the omerta that shrouds the operators’ relationships with the national oil company, its filing disclosed that the Nigerian Petroleum Development Company (NPDC), the operating arm of the Nigerian National Petroleum Company (NNPC) had failed to meet obligations due to the company to the tune of $504 million, what is commonly referred to as cash call arrears. Seplat has a joint venture with NPDC for Oil Mining Leases (OMLs) 4, 38 and 41, in the western Niger Delta Basin. Other sectors were not immune to the malaise. UAC, the conglomerate, reported a loss of N150.19 million compared to a profit before tax of N2.44 billion in the same period last year. A breakdown showed that occupancy rates at its UPDC Hotels fell 24.24 percent to 31 percent from a year ago. At UAC Restaurants, operators of Mr. Biggs, the quick service restaurant franchise, revenue fell 14.4 percent. Nestlé, the nutrition giant with a portfolio of household brands like Milo, Golden Morn, Nescafe, Nido, and Cerelac, saw its profit after tax drop 33.18 percent to N8.89
137.4 percent to N1.6 billion in the first six months. In the alcoholic beverages category, Nigerian Breweries reported an 8.5 percent decline in profit before tax of N3.1 billion. This figure would have been worse save for the company’s value brands led by Ace Roots, its ready-to-drink (RTD) answer to Guinness’ Orijin drink, and the Consolidated Breweries brands led by 33” Export Lager Beer, Hi-Malt Malt Drink and Maltex Malt Drink. Sales of its premium and mainstream beer brands are expected to remain depressed due to weak consumer spending. In the technology arena, Computer Warehouse Group announced a 6 percent increase in revenues to N8.85 billion. Four factors combined to push the company’s second quarter results into the red. One, the negative movement of the naira increased CWG’s international procurement expenses. Two, the company was compelled to write-off N103 million that had been recognized in the last quarter of 2014 due to a cancellation of that transaction. Three, its financing costs went through the roof, growing 173 percent to N109.49 million. A fourth reason, according to Kunle Ayodeji, executive director, finance and operations, was that ‘many organizations are holding back on new capital expenditure and investments, as the economic direction of the new government is being observed.’ Put together, the company declared a loss of N350.59 million. Courteville Business Solu-
billion. Its results were dragged down by finance costs, which rose 199.85 percent to N3.23 billion during the period. Analysts at FSDH Merchant Bank fingered the nutrition company’s ‘exposure to foreign exchange loss and the rising interest rate prevailing in the country’ for the ballooning of debt servicing charges. Unilever was another tale entirely. The home and personal care products manufacturer reported that its pre-tax profit dropped 95.5 percent from N2.08 billion to N94.1 million. This was mainly due to finance expenses from foreign loans that rose
tions, another technology stock, cited ‘a difficult and volatile economic environment driven by the drop in oil prices, a depreciating naira, and uncertainty in the run-up to the general elections’ as reasons for the meagre growth in revenues. These, according to Adebola Akindele, its group managing director, dampened consumer spending, rattled business confidence, and dipped government budgets. Courteville posted a 1.9 percent rise in half year revenues to N822.2 million, just as it managed
! Page VM2
VM2
BUSINESS
VM | Monday, August 17 2015 | Issue 054
X-RAY
Q2 results throw up glasses half-empty
Austin Okere, CEO, CWG weigns in during panel discussion a World Economic Forum event in Tianjin, China
W Continued from Page VM1 to shave off 21 percent off its cost of sales. The company’s profit before tax declined 2.4 percent to N250.6 million. The pain has also been felt by companies once assumed to be immune from the business cycle. MTN, the country’s biggest telecoms operator with 62.8 million subscribers announced that revenues at its Nigerian subsidiary tumbled 9 percent in the six month period to June. Not so long ago a decline in revenues would have been unthinkable for the telco, which started operations in the country fourteen years ago. Most companies have issued optimistic statements about the second half of the year. With the All Progressives Congress-led federal government yet to announce nominees for key positions and publicly articulate its economic blueprint it is hard to judge at this stage if their sanguine estimates will turn to reality.
TALE OF TWO TECH COMPANIES There are 9 companies listed under the Information and Communications Technology (ICT) sector of the Nigerian Stock Exchange. Two of these, Computer Warehouse Group and Courteville Business Solutions, stand out from the rest because of their leadership, potential, and track records. Due to the divergence of specialities in technology, attempts to compare the two run the risk of falling into the apples versus oranges trap, or pitting IBM against Facebook (both listed under Technology stocks on NASDAQ). Be that as it may, it would be still be educative for investors to understand the spread of competences, and differences in challenges faced by players in the ICT sector. CWG was started by Austin Okere, a University of Lagos Computer Sciences graduate, in 1992. Seeking to up his management intelligence, he later attended the Executive MBA program at the IESE Business School, Navarra, Spain.. The story of how he started the company with N160,000 in capital
has become folklore. Over the years, it has evolved from a hardware supply company to a systems integration solutions provider with direct operations in Nigeria, Cameroun, Ghana and Uganda, while serving clients in more than 20 African countries. The company’s culture retains its strong IT DNA, employing over 334 certified professionals out of headcount of over 600. About 80 percent of its employees are Information Technology Infrastructure Library (ITIL) certified. CWG draws a big part of its revenues as a vendor of hardware and solutions produced by global IT companies. For example, through its partnership with Wincor-Nixdorf of Germany, CWG has installed and services over 3,500 automated teller machines, or about 30 percent of operational ATMs in Nigeria. CWG is the local partner for Infosys, the global technology solutions provider. It has claimed over 55 percent market share for the Indian company’s Finacle core banking application. The company also has special vendor relationships with IBM, Cisco, Microsoft, and Oracle. Though listed in the same sector, Courteville Business Solutions is a different type of ICT company. Its founder does not come from an IT background. Bola Akindele, the group managing director, has a multidisciplinary background. He received a bachelor’s degree in Animal Science from the University of Ife (now Obafemi Awolowo University), and went on to complete a master’s program in Banking and Finance at the University of Lagos. In addition, he has been conferred with fellowships by the Institute of Chartered Accountants of Nigeria, and the Chartered Institute of Taxation of Nigeria. Until he started Courteville, Akindele’s entire career had spanned the whole spectrum of responsibilities in banking. He saw early the competitive advantage that technologydriven automation gave a number of banks over their peers still bogged down in manual processing. That lesson stuck with him. The company he started in 2004 begun as a business process reengineering consultancy. From this ori-
gin, Akindele identified opportunities in using custom-built technology applications to improve efficiency for previously non-automated tasks at organizations across the private and public sectors. Courteville’s flagship solution, AutoReg is targeted at motor vehicle administration agencies and leads that category by a wide margin. Others like its Central Insurance Industry Database (CIID), and the NAFDAC Automated Product Administration and Monitoring System (NAPAMS) also enjoy dominant market positions. Hiring-wise, Courteville recruits from a broader pool of professional talent than CWG. The company employs about 70 full time members of staff, who are supported by a 6,000-strong agent network spread across Nigeria. Though focused on different markets and offering different suites of solutions, both companies share a common start on their journey to becoming public companies. Like several other companies, the two tech companies had their private placements in 2008, at the peak of the global financial crisis. In the two year period from 2007-9, investors put up N700 billion in these restricted capital raising exercises.
Adebola Akindele, GMD, Courteville Business Solutions
qualified investors 487,000,000 ordinary shares of 50 kobo each at N3.40 per share. A few months later, Vetiva Capital valued the company at N6.97 billion. In 2013, the stock was listed on the NSE at N5.48. Since 2012, CWG has enjoyed Pioneer Status, which exempts it from the payment of company income tax. It is the highest capitalized stock in the ICT sector. In the same year, Courteville offered 2,960,000,000 ordinary shares at N1.53 per unit to qualified investors, raising N1.53 billion. Its shares were listed on the Main Board in 2009. Without delay, the company signalled its shareholder-friendly intentions by announcing a dividend even before putting the cash to use. Over the last two years, both companies have announced a major change in strategy. While Courteville’s board has decided to pursue an aggressive products and geographic diversification strategy, CWG’s has announced a sharpened pursuit of ‘subscription business to enable it withstand macroeconomic shocks better’ through its CWG 2.0 vision. The two companies share a few traits. Adebola Akindele, and Austin Okere have received numerous recognitions for their contributions to the industry. They also share a com-
The next step will be to see how well Courteville and CWG execute on their articulated strategies: Courteville in diversification and international expansion, CWG in transforming into CWG 2.0, Africa’s version of Jack Ma’s Alibaba. Other companies in that cohort include Acorn Petroleum, Afromedia, ARM Properties, Batun Oil and Gas, BUA Group, Credit Registry, eTranzact, Food Concepts & Entertainment, GeoFluids, Industrial & General Insurance, Lead Insurance, MTech, Negris Holdings, Personal Trust Savings and Loans, and Resort Savings & Loans. More than 6 years later, only a handful of these companies have listed their shares. In October 2008, CWG offered
mon passion for mentorship. Both companies have benefited from stability at the management team and boards levels. They are consistently ranked among the best places to work in the sector. Courteville has been listed on the rolls of Great Place to Work Nigeria, and CWG has been named as a Global Growth Company by the World Economic Forum, Davos. Until recently, the two companies kept to their turfs. Now, for the first time they are rearing to go headto-head in two areas: providing the
technology backbone for ecommerce retailers and developing financial and business management solutions for micro-, small- and medium enterprises (MSMEs). In effect, they are opening the gates to red ocean territory. In ecommerce, Courteville’s Egole site has been clawing market share by signing up sellers, while CWG’s OpenShopen.ng site is seeking to gain its place in the sun. SME Lite, an online market hub and financial management portal aimed at MSMEs has received the attention of stakeholders, with a number of banks signifying interest in utilizing it for qualifying companies in the category. SMERP is CWG’s answer for a scalable enterprise resource planning platform tailormade for the country’s 17.7 million MSMEs. Time will reveal which company wins the race in these two areas. The next step will be to see how well the companies can execute on their articulated strategies. This year, Courteville entered the Jamaican market with its acquisition of Priority Loss Adjusters, a leader in motor vehicle administration in the Caribbean country. It has also launched its CIID in Zimbabwe. CWG is pushing ahead with its CWG 2.0 strategy of becoming the Africa’s biggest IT utility enabler, the continent’s Alibaba. Courteville and CWG companies sit atop the pile of local technology companies creating indigenous solutions to peculiar business situations in Nigeria. It is telling that when Alexis Akwagyiram of Reuters, in his widely shared July article, Nigeria tech enclave springs up in Lagos suburb, identified Yaba as Africa’s budding Silicon Valley as a new phenomenon those in the know chuckled. Akindele saw this trend many years ago. In 2009, he moved the company from its plush office in the posh Ikoyi area to the gritty mainland neighbourhood to take advantage of the ecosystem. For Courteville and CWG, identifying the next bounce of the ball is the only way to thrive. ;
by Obiora Onyeaso obiora.onyeaso@customsstreet.com
MARKET DATA
VM | Monday, August 17 2015 | Issue 054
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW – AUG 07 – 14, 2015
SECTOR PRICE CHANGES – AUG 07 – 14, 2015
TOP GAINERS
WTD
TOP GAINERS
WTD
TOP DECLINERS
EVANS MEDICAL PLC
22.67
TOTALFINAELF NIGERIA PLC
5.33
-18.55
VONO PRODUCTS PLC
-12.39
PORTLAND PAINTS AND PRODUCTS NIG. PLC
9.81
ROADS NIGERIA PLC
4.93
UNITED BANK FOR AFRICA PLC
-14.10
CAP PLC
8.83
3.49
ETERNA PLC
-10.00
AIICO INSURANCE PLC
NPF MICRO FINANCE BANK PLC
3.37
-13.66
SKYE BANK PLC
-10.00
8.44
FORTE OIL PLC
UNITY BANK PLC
UNILEVER NIGERIA PLC
CHAMPION BREWERIES PLC
-9.82
7.09
3.23
-13.04
HONEYWELL FLOUR MILL PLC
PRESCO PLC
RED STAR EXPRESS PLC FIDELITY BANK PLC
-12.99
CONOIL PLC
-9.74
WTD
TOP DECLINERS
WTD
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
1 1 3 11 20 3 0 4 0 5 8
3 4 5 16 35 6 11 13 5 4 9
1 0 1 4 2 1 0 4 0 2 1
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
Close
Change, %
Volume
Open
Week Hi
190.50 0.53 4.35 1.05 0.89 2.00 23.50 43.00 33.30 41.30 8.75 33.28 0.90 0.50 4.20 1.64 180.50 3.00 6.00 3.34 2.01 19.62 6.52 2.47 1.34 3.20 28.03 215.00 40.00 23.05 121.00 2.87 18.45 43.31 0.50 2.76 1.36 154.00 49.66 4.52 6.30 126.93 1.35 0.63 858.00 0.50 12.83 11.68 24.83 0.96 4.14 32.00 0.50 33.05 4.00 0.50 0.62 285.00 1.89 0.50 19.87 2.15 158.00 2.57 8.60 37.00 3.38 1.32 7.29 41.00 1.77 5.69 103.50 0.50 0.90 16.08
0.26% 0.00% -1.58% 0.00% 7.23% 0.00% 2.17%
1,201 115 91,510 255 126,008 1,365 1,153 0 119 2,772 1,066 175 23,231 0 38,546 72 2,183 7,880 1,674 202,278 304 800 123,875 8,332 53,303 5,265 5,091 2,476 14 278,668 487 8,918 282 5,163 0 648 2,143 38,829 0 1,269 5,441 6,791 100 26,494 294 26,495 1,540 48,113 166 2,106 25 787 0 24 234 0 805 342 18,636 5 2,784 33,071 289 137,986 338 5,204 117,620 28,604 1,056 1,671 8,953 7,036 8,012 237 4,924 195,028
192.50 0.54 4.77 1.10 0.86 2.00 23.00 43.00 33.30 37.95 9.50 36.87 0.93 0.50 4.25 1.64 181.00 3.25 6.00 3.68 2.34 20.00 7.00 2.67 1.54 3.25 29.00 208.00 40.00 24.10 131.00 2.68 18.24 45.58 0.50 2.80 1.50 160.00 49.66 4.77 6.80 135.00 1.42 0.65 850.01 0.50 13.30 12.30 24.83 1.00 3.77 31.00 0.50 34.51 4.60 0.50 0.68 300.00
195.00 0.54 4.87 1.10 0.89 2.01 23.50 43.00 33.30 41.30 9.69 36.87 0.97 0.50 4.28 1.64 188.50 3.38 6.10 3.68 2.34 20.65 7.20 2.70 1.56 3.37 29.50 215.00 40.00 24.97 135.00 2.87 18.45 45.58 0.50 2.94 1.50 165.00 49.66 4.77 6.98 135.06 1.42 0.66 865.00 0.50 13.50 12.45 24.83 1.01 4.14 33.59 0.50 34.51 4.60 0.50 0.68 300.00
0.50 21.00 2.14 150.00 2.66 9.10 37.00 4.15 1.37 7.34 37.81 2.05 5.74 103.25 0.50 0.90 16.90
0.50 21.97 2.15 158.00 2.88 9.10 38.00 4.20 1.40 7.58 41.00 2.14 6.15 103.50 0.50 0.90 17.18
0.00% 9.55% 0.00% 0.00% 0.00% 2.44% 0.00% -1.37% -1.96% 0.00% -4.57% 0.00% 0.00% 2.03% -1.59% -4.96% 0.00% 0.00% 3.38% 0.00% 1.10% 0.00% 7.09% 0.00% 0.00% 0.00% 0.00% 3.82% -3.14% 0.00% 0.44% 0.64% 1.54% 0.00% 5.00% 0.00% 0.00% 0.00% -2.59% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.53% 0.00% -0.40% 0.00% 0.32% 2.80% 0.00% 0.00% -4.25% 1.54% 0.00% 0.00% -4.84% -1.56% 0.49% 0.00% 0.00% 0.94%
2.10
4-Week
Week Lo Change, % 190.00 0.53 4.35 1.05 0.82 2.00 22.90 43.00 33.30 36.06 8.75 33.28 0.90 0.50 4.02 1.64 180.50 3.00 6.00 3.34 2.01 19.62 6.39 2.40 1.34 3.20 26.90 200.00 39.10 22.60 121.00 2.56 18.24 43.31 0.50 2.76 1.31 154.00 49.66 4.50 6.26 124.89 1.35 0.60 850.01 0.50 12.83 11.65 24.83 0.96 3.59 31.00 0.50 33.05 3.96 0.50 0.62 285.00 1.89 0.50 19.87 2.05 150.00 2.35 8.60 36.25 3.38 1.30 6.97 37.81 1.77 5.34 103.00 0.50 0.82 15.90
2.18
-1.04% -1.85% -8.81% -4.55% 3.49% 0.00% 2.17% 0.00% 0.00% 8.83% -7.89% -9.74% -3.23% 0.00% -1.18% 0.00% -0.28% -7.69% 0.00% -9.24% -14.10% -1.90% -6.86% -7.49% -12.99% -1.54% -3.34% 3.37% 0.00% -4.36% -7.63% 7.09% 1.15% -4.98% 0.00% -1.43% -9.33% -3.75% 0.00% -5.24% -7.35% -5.98% -4.93% -3.08% 0.94% 0.00% -3.53% -5.04% 0.00% -4.00% 9.81% 3.23% 0.00% -4.23% -13.04% 0.00% -8.82% -5.00% -10.00% 0.00% -5.38% 0.47% 5.33% -3.38% -5.49% 0.00% -18.55% -3.65% -0.68% 8.44% -13.66% -0.87% 0.24% 0.00% 0.00% -4.85%
Volume
Open
Change, %
Volume
7,185 10,875 1,621,050 2,656 149,572 14,347 4,304 433 653 8,169 6,665 2,604 98,501 4,696 60,632 975 25,907 16,906 31,668 292,567 25,406 138,507 712,607 129,311 341,091 18,958 14,527 11,430 5,633 942,349 3,158 29,916 2,486 5,459 39,926 4,284 17,798 41,578 0 9,892 10,962 76,193 6,007 112,706 11,466 180,998 5,576 294,212 3,862 2,828 6,145 2,426 2 3,567 9,727 6,531 11,651 1,485 168,456 35 15,138 189,238 927 510,862 4,011 24,201 1,460,714 210,692 9,621 16,869 56,664 97,868 37,835 34,294 59,836 1,544,461
183.15 0.52 5.22 1.15 0.97 2.08 21.92 35.91 35.05 41.00 9.60 40.85 0.89 0.50 4.00 1.57 170.46 3.20 5.71 4.06 2.09 20.62 7.78 3.00 1.61 3.31 29.20 190.00 43.50 25.50 141.80 2.80 18.74 47.97 0.50 2.75 1.45 155.00 49.66 4.76 7.00 129.60 1.33 0.63 856.93 0.50 18.05 13.89 25.82 1.33 4.85 31.19 0.50 27.88 4.75 0.50 0.71 319.00 2.10 0.50 23.65 2.05 164.95 2.33 9.80 41.18 4.35 1.39 8.37 38.10 2.40 5.70 100.00 0.50 0.94 17.84
4.01% 1.92% -16.67% -8.70% -8.25% -3.85% 7.21% 19.74% -4.99% 0.73% -8.85% -18.53% 1.12% 0.00% 5.00% 4.46% 5.89% -6.25% 5.08% -17.73% -3.83% -4.87% -16.20% -17.67% -16.77% -3.32% -4.01% 13.16% -8.05% -9.61% -14.67% 2.50% -1.55% -9.71% 0.00% 0.36% -6.21% -0.65% 0.00% -5.04% -10.00% -2.06% 1.50% 0.00% 0.12% 0.00% -28.92% -15.91% -3.83% -27.82% -14.64% 2.60% 0.00% 18.54% -15.79% 0.00% -12.68% -10.66% -10.00% 0.00% -15.98% 4.88% -4.21% 10.30% -12.24% -10.15% -22.30% -5.04% -12.90% 7.61% -26.25% -0.18% 3.50% 0.00% -4.26% -9.87%
38,684 96,359 6,001,187 10,829 680,541 42,321 23,521 19,758 2,748 17,079 103,499 10,705 6,502,168 257,719 303,170 17,064 75,000 139,383 150,712 869,974 46,075 353,231 3,290,966 763,879 1,593,649 232,976 401,694 42,118 61,499 4,761,195 21,896 77,394 30,799 7,269 539,284 2,013,759 79,520 51,951 83 149,297 92,724 507,185 93,811 641,696 58,032 194,123 13,822 2,801,104 19,365 34,472 13,752 10,152 7,057 37,569 40,264 9,534 15,562 5,901 686,331 979 515,972 526,755 8,823 2,635,164 33,660 131,429 4,361,760 589,839 39,695 133,791 348,549 245,557 211,989 1,043,672 174,553 13,054,629
5-Week trading1
52-Week price range Low 115.00 0.50 4.35 1.05 0.65 1.56 17.22 17.11 33.10 32.31 8.37 29.50 0.80 0.50 3.14 1.24 139.10 2.76 4.70 3.34 2.01 12.22 5.77 1.93 1.13 2.79 26.60 141.67 31.99 16.69 110.00 2.56 17.00 38.08 0.50 2.30 1.27 136.33 47.18 3.24 5.68 120.00 0.64 0.51 743.00 0.50 12.83 11.35 23.20 0.96 3.30 20.89 0.50 16.60 3.44 0.50 0.58 252.93 1.62 0.50 19.87 1.96 134.05 2.02 8.09 26.00 2.90 1.26 6.48 27.00 1.77 2.69 66.50 0.50 0.82 14.54
Close ( )
High 197.94 0.76 10.00 1.70 1.24 2.47 34.60 44.05 63.99 43.99 15.98 71.85 1.12 0.57 4.41 1.99 231.00 7.50 9.00 6.63 4.50 22.65 14.07 4.64 2.27 3.94 69.98 215.22 52.79 31.88 214.98 4.20 32.20 70.00 0.52 3.72 2.01 182.00 58.90 6.60 10.30 184.99 1.59 0.96 1,110.00 0.50 22.10 27.95 35.58 1.61 5.50 37.50 0.53 36.00 5.51 0.63 1.01 700.00 3.11 0.50 35.00 2.54 188.89 7.08 17.00 61.00 7.44 2.25 11.74 50.61 5.00 6.15 131.32 0.81 1.12 25.48
YtD
Liquidity Rating2
15.18% -7.02% -30.84% -19.85% 5.95% 17.65% 12.93% 54.79% -20.71% 10.72% -11.44% -12.67% -11.76% 0.00% 16.02% 32.26% -5.00% -34.07% -0.66% -38.72% -32.78% 22.65% -17.56% -1.20% -17.28% -17.95% -28.39% 13.61% 5.46% -8.46% -26.80% -17.05% -16.93% -24.85% 0.00% -11.25% -13.92% -2.53% -6.65% -0.56% -3.08% -22.13% 77.63% -3.08% -13.82% 0.00% -28.92% -33.26% -0.68% -37.66% 6.43% 30.61% 0.00% 39.16% 1.52% 0.00% -26.19% -18.92% -21.56% 0.00% -29.04% -11.16% 6.04% -19.94% -10.14% 8.82% -21.76% -21.43% -14.24% 12.39% -64.60% 69.43% 27.78% -21.88% -2.17% -10.67%
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.
VM4
MARKET DATA
VM | Monday, August 17 2015 | Issue 054
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
4.35 0.42
4.35 YtD
10.00 -1.94 -30.84%
3M
-1.85 -29.84%
Jun
1W
Jun
CONTINSURE YtD
-0.12 -11.76%
3M
-0.09 -9.09%
1W
Jun
FCMB -0.03 -1.20%
3M
-0.63 -20.32%
Jun
16.69 -2.13 -8.46%
3M
1W
Jun
3M
Jun
1W
3M
Jun
19.87 -8.13 -29.04%
3M
F
Jun
-44.30 -26.80%
1W
-1.13 -5.38%
3M
-39.00 -24.38%
1W
Jun
3M
F
1W
10/08
Jun
Jun
OKOMUOIL -0.17 -0.68%
3M
F
0.00 0.00%
3M
Jun
1W
Jun
UNILEVER
F
3M
-1.14 -25.45%
Jun
F
41.00 3.19
FLOURMILL -11.11 -28.39%
3M
Jun
YtD
3M
1W
Jun
-0.20 -3.08%
Jun
3.19 8.44%
-1.70 -21.25%
Jun
F
-0.50 -7.35%
F
32.00 1.00 3M
Jun
1W
Jun
UACN
1.00 3.23%
F
61.00 3M
-3.00 -7.50%
Jun
Jun
WAPCO
1W
0.00 0.00%
F
131.32 3M
5.00 5.08%
3M
55.40 34.71%
Jun
1W
1W
Jun
INTBREW YtD
3M
-1.55 -7.75%
Jun
1W
Jun
3M
-27.07 -17.58%
Jun
1W
Jun
3M
Jun
1W
Jun
3M
-1.65 -16.10%
Jun
1W
Jun
ZENITHBANK YtD
14/08 F
8.60 0.50 -0.50 -5.49%
14/08
M T W T
F
16.08 0.82
14.54 0.25 0.24%
F
-1.46 -4.23%
M T W T
10/08
May
25.48 -1.92 -10.67%
6.52 0.48
-1.39 -17.56%
-2.28 -25.91%
3M
Jun
Jun
YtD
40.00 0.00
2.07 5.46%
-4.20 -9.50%
3M
10/08
Jun
14/08
M T W T
F
10/08
May
Jun
Jun
14/08
M T W T
F
10/08
May
Jun
Jun
3M
-6.12 -27.57%
14/08
M T W T
F
Jun
Jun
YtD
Jun
14/08
M T W T
JBERGER
43.31 2.27
-14.32 -24.85%
-8.39 -16.23%
3M
-2.27 -4.98%
1W
10/08
May
Jun
Jun
NESTLE YtD
14/08
M T W T
1110.00 -137.60 -13.82%
-42.00 -4.67%
3M
Jun
Jun
7.99 0.94%
1W
SEPLAT
14/08
M T W T
700.00 -66.50 -18.92%
-102.00 -26.36%
3M
-15.00 -5.00%
1W
10/08
May
F
285.00 15.00
252.93 YtD
F
858.00 7.99
10/08
May
F
70.00
Jun
Jun
14/08
M T W T
F
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
4
3
19.23
1W
10/08
May
0.00 0.00%
1W
10/08
May
F
52.79
-0.82 -4.85%
1YtD
25.23 0.01
5
27.406 0.23 0.92%
3M
2.90 12.99%
Jun
14/08
M T W T
F
7 0.01 0.04%
1W
9
11
Jun
14/08
M T W T
GLAXOSMITH
8
May
-0.48 -6.86%
1W
10/08
May
F
14.07
14/08
17.00 -0.97 -10.14%
FBNH YtD
14/08
M T W T
LEGEND
UAC-PROP YtD
-8.07 -5.98%
33.05 1.46 4.65 16.37%
Jun
743.00
M T W T
10/08
May
F
36.00 9.30 39.16%
Jun
14/08
M T W T
184.99
PZ YtD
0.21 1.15%
126.93 8.07 -36.07 -22.13%
10/08
May
38.08
10/08
May
F
-0.75 -7.89%
1W
14/08
18.45 0.21
NB YtD
7.00 3.37%
32.20 -3.76 -16.93%
-1.75 -16.67%
3M
31.99
M T W T
10/08
May
F
215.22 25.75 13.61%
-1.13 -11.44%
14/08
215.00 7.00
10/08
May
-0.38 -1.90%
M T W T
14/08
M T W T
103.50 0.25
22.50 27.78%
Jun
8.09
10/08
May
Jun
YtD
5.77
1W
14/08
M T W T
37.00 0.00 3.00 8.82%
0.72 3.83%
16.60
10/08
May
3M
14/08
M T W T
2.01 6.70%
YtD
F
19.62 0.38 3.62 22.65%
8.75 0.75 15.98
14/08
22.65
10/08
May
3.35 8.83%
M T W T
14/08
37.50 7.50 30.61%
Jun
120.00
1W
Jun
PRESCO
YtD
0.19 7.09%
M T W T
10/08
YtD
F
6.30 0.50 3M
Jun
17.00 1W
1W
14/08
M T W T
10.30
May
YtD
-0.97 -3.34%
2.87 0.19
NASCON YtD
F
FO
10/08
May
YtD
141.67
-0.78 -21.37%
-1.70 -3.95%
14/08
4.20 -0.59 -17.05%
3M
ETI
28.03 0.97
Jun
HONYFLOUR
4.00 10.72%
CCNN 8.37
10/08
May
69.98
10/08
May
-0.34 -9.24%
M T W T
-8.17 -22.57%
66.50
1W
1W
Jun
14/08
M T W T
-4.00 -8.89%
3M
YtD
12.22
10/08
May
YtD
F
3.34 0.34
26.00 8.00 5.33%
50.61 4.52 12.39%
-2.11 -38.72%
41.30 3.35 43.99
14/08
6.63
14/08
188.89 3.00 1.94%
YtD
0.00 0.00%
M T W T
14/08
M T W T
10/08
YtD
-6.00 -3.75%
158.00 8.00
9.00 6.04%
DIAMONDBNK
20.89
1W
Jun
27.00 -0.77 -18.55%
F
24.83 0.00
10/08
Jun
Jun
5.68
M T W T
-3.61 -12.69%
1W
14/08
35.58
May
May
-10.00 -7.63%
M T W T
2.70 1.78%
Jun
CAP 32.31
10/08
May
2.56
182.00
May
YtD
F
154.00 6.00
-4.00 -2.53%
-6.60 -16.54%
14/08
121.00 10.00
MOBIL
YtD
-0.20 -12.99%
M T W T
14/08
M T W T
1W
1W
Jun
Jun
134.05
-1.79 -34.62%
-0.54 -28.72%
3M
26.60
10/08
May
YtD
F
214.98
35.00
3.38 0.77 3M
3M
-8.70 -20.71%
14/08
1.34 0.20
10/08
May
YtD
-0.50 -0.28%
M T W T
14/08
7.44 -0.94 -21.76%
-0.28 -17.28%
YtD
3.34
2.27
TOTAL
Jun
2.90
FIDELITYBK
19.87 1.13 -10.13 -33.77%
UBA YtD
F
-0.62 -5.04%
M T W T
10/08
Jun
Jun
23.20
1W
Jun
STANBIC
Jun
14/08
11.68 0.62
10/08
May
F
-0.04 -1.43%
M T W T
-6.01 -33.97%
1W
14/08
27.95 -5.82 -33.26%
2.00 1.12%
136.33
Jun
11.35
YtD
-1.05 -4.36%
M T W T
-0.24 -8.00%
OANDO
3M
10/08
May
YtD
F
231.00 -9.50 -5.00%
33.30 0.00 63.99
14/08
180.50 0.50
GUINNESS
10/08
May
May
F
3.72 -0.35 -11.25%
YtD
0.50 2.17%
M T W T
14/08
2.76 0.04
2.30
DANGCEM
110.00
1W
1W
Jun
23.05 1.05
Jun
MANSARD
Jun
CADBURY 33.10
10/08
May
31.88
10/08
May
YtD
F
-0.20 -7.49%
M T W T
-6.95 -23.17%
3.03 14.80%
1.13
Jun
GUARANTY
3M
14/08
M T W T
10/08
YtD
-0.03 -3.23%
4.64
May
YtD
F
2.47 0.20
1.93
2.69 12.93%
139.10
10/08
Jun
YtD
34.60
14/08
M T W T
1.12
May
YtD
-0.42 -8.81%
0.90 0.03
0.80
23.50 0.50
17.22
10/08
May
ASHAKACEM
10 13
12 May
21/07
June
July
25/07
M T W T
F