Monday, March 23, 2015 | Issue 034
“
Verbatim With continued improvement in economic conditions, however, we do not want to rule out the possibility that an increase in the target range could be warranted at subsequent meetings. Let me emphasize, however, that the timing of the initial increase in the target range will depend on the Federal Open Market Committee’s assessment of incoming information.
”
- Janet Yellen, US Federal Reserve chair, March 18, 2015
MONETARY & CREDIT POLICY
Tough choices face MPC meeting today
FOREX RATES
$/N
196.5
197.1 196.8 196.5 196.2 195.9
The quarterly communiqué issued at the end of every MPC meeting gives the best policy orientation of how the country’s economic managers assess its situation and its outlook. These have worsened since the committee’s last meeting in January, held against what it described as ‘the backdrop of challenging external conditions and downside risks in the domestic economic environment.’ Most market watchers expect the MPC to retain rates unchanged, but anything could happen.
Fr
Mo
Tu
£/N
We
Th
Fr
290.5842
293.0 291.5 290.0 288.5 287.0 Fr
Mo
Tu
Euro/N
We
Th
Fr
210.7266
211.0 210.0 209.0 208.0 207.0 Fr
Mo
Tu
We
CNY/N
Th
Fr
31.6589
31.80 31.60 31.40 31.20 31.00 Fr
Mo
Tu
We
CFA/N
Th
Fr
0.3098
0.33 0.32 0.31 0.30 0.29 Fr
In February, the Central Bank of Nigeria closed the Dutch Auction System to stop the naira being an easy target for currency speculators.
! Page VM2
Mo
Tu
We
Th
Currency
Central Rate
SWISS FRANC
199.4519
YEN
1.6236
WAUA
270.1251
RIYAL
52.3944
DANISH KRONE
28.2697
SDR
270.6198
Fr
FIXED INCOME & FOREX
Source: FMDQ
VM2
ECONOMY
VM | Monday, March 23, 2015 | Issue 034
MONETARY & CREDIT POLICY
Tough choices face MPC meeting today W Continued from Page VM1
Nothing is sacrosanct THE CENTRAL BANK of Nigeria’s Monetary Policy Committee (MPC) meets on Monday and Tuesday in what many are calling its most important meeting in years. The outcome of its deliberations are awaited with bated breath. This will offer the first substantive monetary and credit guidelines since the apex bank’s tacit devaluation of the currency last month. On February 18, the CBN scrapped the bi-weekly Dutch Auction System (DAS). Until its closure, DAS accounted for 10% of all forex transactions. By that act, the CBN did away with its official exchange rate peg of NGN168/$1 +/- 5%. The peg was imposed after a devaluation in November. The February decision came barely four weeks after it had affirmed this rate band at the MPC’s meeting in January. The CBN has little room for manoeuvre. Nigeria’s foreign reserves have suffered a precipitous fall due to the drop in oil prices. Crude oil pumps in 90% of the country’s foreign exchange earnings and about 80% of the federal government’s revenue. In consequence, the apex bank’s beleaguered arsenal leaves it with few palatable options. The adverse effects are being felt on inflation, employment, savings, and investment. It is pertinent to recall that on his assumption of office, Godwin Emefiele, the CBN governor, gave hints that he would review the tight monetary policy instituted by Sanusi Lamido Sanusi, his predecessor in office, to address excess liquidity concerns. This week’s MPC meeting may offer Emefiele the chance to set his own course. He stated his readiness to go in the opposite direction in the maiden speech he gave in June. ‘We shall pursue a gradual reduction in interest rates… To enhance financial access and reduced borrower cost of credit, we would pursue policies targeted at making Nigeria’s T-bill rates more comparable with other emerging markets and by extension, pursue a reduction in both deposit and lending rates. While a reduction in deposit rates would encourage investment attitudes in savers, a reduction in lending rates would make credit cheaper for potential investors.’
O
Monetary policy covers the control of money supply by targeting inflation and interest rates to ensure price stability and confidence in the naira. Its counterpart, credit policy is the use of the financial system to influence aggregate demand. It is focused on bank lending rates and the availability of loans to firms and households. This preoccupation with credit policy stems from the view that the CBN can control the flow of credit and demand stimulation by setting the monetary policy (base) rate, and by extension, the health of the economy. That responsibility places it between the devil and the deep blue sea as it weighs its options this week. In MPC Meeting: Considerations
and Policy Options, a note published last week by FSDH Research, the analysts adduce reasons why the CBN is unlikely to change rates. Raising rates would pinch banks further and stymie lending to businesses and households. For years, beginning during the Sanusi governorship, the CBN offered an attractive yield on government debt drawing in foreign creditors in search of a place to park funds turned away by the accommodative interest rates in the EU and US. According to FSDH, a cursory glance ‘at the trend analysis of the yield on the 1-year U.S. Treasury Bill and the 1-year Nigeria Treasury Bill’ shows ‘that the premium between
Looking at the current and the short-tomedium term outlook for the Nigerian economy and the financial system, we are of the opinion that the MPC would vote to maintain rates at the current levels, as any decision to increase rates would hurt the fiscal position of the government at all levels and that of the private sector. A rate cut may lead to a capital flight, which would hurt the economy and the financial system. – FSDH Research
Hard choices In the present environment the MPC faces its biggest challenge in a long time. The committee was set up ‘in order to facilitate the attainment of price stability and to support the economic policy of the Federal Government,’ by handling ‘the responsibility for formulating monetary and credit policy.’
Published by
EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL
In Association With
CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA
the yields on the two bills increased to 18.66% as at March 18, 2015 from 14.83% as at January 20, 2015.’ The 383 basis points increase in 8 weeks places ‘the current premium among one of the highest in the world, and capable of stimulating external and internal inflows into the government treasury bills market.’ Verdict: If the MPC raises rates, it would have the unintended effect of acting as ‘a disincentive for lending to the private sector; an additional increase in rate would not be desirable.’ The softness of the Nigerian economy places 2015 growth in a vulnerable position. FSDH forecasts GDP growth for 2015 at 5.68%, representing a 54 basis points decline from 6.22% growth recorded in 2014. An attempt to hike rates in the analysts’ view ‘may further lead to a weakness in the GDP growth rate.’ Verdict: If the MPC raises interest rates it would place 2015 GDP growth at risk. Sooner than later, creditors will reprice the risk of holding Nigerian government paper without any need for MPC intervention. As at March 18, the average yields on the 90-day and 180day Nigerian Treasury Bills (NTBs) have fallen 28 basis points to 11.24% and 3 basis points to 15.24% respectively since the January MPC meeting. In comparison, the average 364day has increased by 61 basis points to 17.65% during the same period. The mismatch shows a lag in pricing of risk attached to lending to the Nigerian government. Rather than falling like its shorter-term siblings, FSDH predicts that market forces will drive up the yields on 90-day and 180-day paper in the short-tomedium term. This view is hinged on ‘the expected rise in the inflation rate, weak fiscal position of the Federal Government of Nigeria (FGN) and the expected increased borrowing from the market.’ Verdict: The cost of government borrowing will go up anyway so there is no need to catalyze it. The latest bump in the inflation rate will reset downwards in H2 2015, that is, after elections and the full absorption of effects of the currency devaluation. Though the inflation rate has risen (8.4% in March versus 8.2% in January), it remains within single digits, the result of ‘monetary tightening and favourable prices in the international market.’ Verdict: A rise in the inflation rate to double digits between Q1 and Q2 will be short-lived once the devaluation is universally reflected in prices by Q3. This should recommend a non-interventionist (laissezfaire) approach to interest rates because it would cure itself. The devaluation of the naira and soaring US dollar have worsened trading conditions
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.
for import-dependent businesses. The fall in oil prices – despite recent marginal improvements -has had a deleterious effect on the country’s foreign reserves and the Central Bank’s ability to defend the currency. As a result, it acceded to the devaluation of the naira in February. Coupled with the appreciation of the US dollar’s appreciation many importers, and consumers, are feeling the squeeze. The US dollar’s rise can be explained as the market’s anticipation for a hike in interest rates by the second half of the year in the world’s largest economy. Verdict: If the MPC raises rates it will tighten access to credit for businesses reeling from devaluation of the naira, putting them in an untenable situation. The drop in foreign reserves would be aggravated by capital flight if the Central Bank reduces interest rates. As at March 19, the country’s foreign reserves had fallen from $34.47 billion on January 20, the date of the last MPC meeting, to $30.08 billion, a drop of $4.39 billion or -12.74%. The International Monetary Fund estimates that it still has some way to go – down to $28 billion by year end – before any improvements are seen from a recovery in oil prices. The Economist Intelligence Unit in a report released last week forecasts that the country will run a current account deficit of up to 3% of GDP in 2015. Verdict: Given the unfavourable foreign reserves and current account position, the MPC would be averse to seeing it deteriorate more by reducing rates, which would lead to capital flight.
The US angle Janet Yellen, chair of the United States Federal Reserve went on the record this week to say that the central bank would not ‘rule out the possibility’ of a hike in interest rates at future meetings. This statement caused instant euphoria in markets around the world. The implication for peripheral economies like Nigeria that have attracted international funds through high rates is that a reversal is in the works. A big chunk of these funds will return to the safety of US government debt as soon as the Fed increases rates. The MPC’s decision to increases rates will make no difference at all. Besides, with recent events in Nigeria, capital flight will continue till there is more clarity around the recovery of oil prices, politics, the broader economy. Verdict: A reduction in interest rates is not the doomsday proposition it is being made out to be. To raise or not to raise this is the question. Both sides of the argument have merits. Ultimately, the decision will come down to the ideological biases of individual MPC committee members. ;
Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Website: www.vanguardngr.com ISSN 0794-652X
MARKET DATA
VM | Monday, March 23, 2015 | Issue 034
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW – MARCH 16 – MARCH 23, 2015 TOP GAINERS HONEYWELL FLOUR MILL PLC GLAXO SMITHKLINE CONSUMER NIG. PLC
WTD
TOP GAINERS
WTD
7.91
CHAMPION BREWERIES PLC
COSTAIN (WEST AFRICA) PLC
4.92
AIICO INSURANCE PLC
3.45
NESTLE FOODS NIGERIA PLC
WEMA BANK PLC
3.23
NATIONAL AVIATION HANDLING COMPANY PLC
5
TOP DECLINERS
WTD
AFRICA PRUDENTIAL REGISTRARS PLC ZENITH INTERNATIONAL BANK PLC
3.2
ASSOCIATED BUS COMPANY PLC 7-UP BOTTLING COMPANY PLC
SECTOR PRICE CHANGES – MAR 16 – 23, 2015
1.92
TOP DECLINERS
WTD
-22.58
UNITED BANK FOR AFRICA PLC
-14.53
-19.95
MAY & BAKER NIGERIA PLC
-13.41 -11
1.31
DANGOTE FLOUR MILLS PLC
-17.85
TRANSNATIONAL CORPORATION OF NIG PLC
1.16
DIAMOND BANK PLC
-14.82
R. T. BRISCOE (NIG.) PLC
-10.67
0.6
FIDELITY BANK PLC
-14.57
UNION BANK OF NIGERIA PLC
-9.9
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
3 1 2 9 19 2 1 8 0 5 5
2 3 6 17 35 7 10 12 5 4 11
0 1 1 5 3 1 0 1 0 2 2
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
4-Week
Close
Change, %
Volume
Open
Week Hi
156.01 0.55 5.99 1.29 0.86 1.79 18.45 21.51 39.22 34.50 10.65 32.30 0.83 0.50 3.65 1.45 150.05 3.20 6.10 3.65 2.62 17.30 7.75 2.57 1.28 3.00 32.83 190.05 42.01 22.90 126.02 3.00 17.25 43.00 0.50 3.10 1.50 145.01 48.02 4.75 6.50 131.50 0.64 0.59 840.00 0.50 17.16 13.40 28.42 1.35 3.46 26.40 0.50 24.43 3.80 0.50 0.67 368.68 2.30 0.50 27.28 2.29 135.00 2.67 9.20 34.20 3.53 1.65 9.01 33.90 0.50 3.50 82.71 0.50 0.96 16.49
0.65% 0.00% 2.92% 0.00% -1.15% 5.29% 1.93% -4.70% 0.00% -4.91% -5.00% 0.00% 1.22% 0.00% 0.00%
192 34 3,689 60 36,523 99 2,043 155 88 403 882 637 27,990 121 923 0 137 1,563 9,910 81,234 209 8,192 313,573 212,125 15,525 4,850 4,390 2,449 258 166,122 13,527 4,979 206 473 0 0 1,013 53 0 19 1,937 33,342 0 12,005 1,968 0 0 10,663 87 2 3 4,053 0 2,789 2,318 0 1,630 78 63,958 0 153 9,653 90 51,121 1,123 691 103,293 107,291 1,730 6,266 8,281 4,522 1,293 3,959 33,937 192,381
151.32 0.52 6.10 1.20 0.90 1.72 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
156.01 0.55 6.69 1.29 0.91 1.79 19.60 23.75 39.22 36.29 11.79 33.50 0.87 0.50 4.00 1.59 153.72 3.53 6.50 4.42 2.75 18.05 9.00 2.60 1.53 3.00 34.05 190.05 42.01 25.02 128.00 3.10 18.20 43.99 0.50 3.10 1.80 151.00 48.02 5.00 6.81 140.00 0.70 0.64 840.00 0.50
151.32 0.50 5.78 1.20 0.83 1.66 17.93 21.51 37.26 34.48 10.65 32.30 0.82 0.50 3.65 1.45 148.03 2.90 5.99 3.62 2.41 17.15 7.55 2.39 1.28 2.93 32.20 175.81 40.03 21.38 121.00 2.70 17.00 40.40 0.50 3.00 1.50 143.48 48.02 4.75 6.25 130.00 0.64 0.57 800.00 0.50
3.10% 5.77% -1.80% 7.50% -4.44% 4.07% -0.27% -9.43% 0.00% -4.93% -9.67% -3.58% -1.19% 0.00% -6.41% -8.81% -1.93% -9.35% -4.54% -14.12% 1.95% -4.16% -8.82% -0.77% -14.67% 0.00% -3.58% 2.73% 0.02% -8.40% 0.02% 11.11% -3.09% -2.25% 0.00% 3.33% -16.67% -2.68% 0.00% -5.00% 0.00% -5.40% -8.57% -6.35% 2.44% 0.00%
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
14.50 30.00 1.42 3.60 27.78 0.50 26.93 3.94 0.50 0.72 440.00 2.38 0.50 27.28 2.44 143.98 3.09 9.70 37.00 4.20 1.76 10.50 35.00 0.50 3.78 89.00 0.52 0.96 21.40
13.00 26.30 1.35 3.29 26.40 0.50 24.43 3.80 0.50 0.66 368.68 2.15 0.50 25.08 2.19 134.02 2.60 8.89 34.20 3.53 1.49 8.58 33.10 0.50 3.42 76.58 0.50 0.90 16.46
-4.29% -2.00% -4.93% 0.29% -4.97% 0.00% -5.13% -3.55% 0.00% -6.94% -16.21% 0.00% 0.00% 4.60% -4.58% -3.91% -11.00% -5.15% -5.00% -14.53% -3.51% -9.90% -3.14% 0.00% -3.85% -2.18% 0.00% 3.23% -19.76%
-0.42% 0.00% 1.50% -3.95% -1.13% 0.87% -1.02% -1.15% -1.54% 0.00% 1.77% 5.00% 0.00% 4.09% 0.10% -1.32% 1.35% 6.44% 0.00% -6.25% 1.07% 0.00% 0.00% 4.00% 0.38% 0.00% 1.72% 4.74% -0.45% 0.21% 0.00% 4.85% 0.00% 0.00% -3.25% -3.55% -2.90% -0.36% 4.55% 4.92% 0.00% 0.73% -2.55% 0.55% 0.00% -3.29% 3.12% 4.77% 2.42% 0.00% -0.28% 2.62% 0.00% 2.13% -3.00%
Week Lo Change, %
Volume
Open
Change, %
Volume
2,482 2,697 1,877,451 222 127,313 8,050 4,634 1,412 1,947 3,026 2,652 3,645 41,233 8,651 132,665 53 56,406 11,234 63,641 2,501,105 13,331 140,417 1,100,100 1,128,846 153,608 13,654 13,857 4,074 6,674 771,825 39,395 19,643 34,572 2,833 1,276 6,025 22,897 1,426 40 13,506 26,266 148,602 6,529 46,720 5,044 102 0 76,918 4,107 4 7,164 14,249 1,247 12,138 6,027 520 6,777 1,543 272,692 0 2,950 92,536 664 610,437 6,515 4,812 719,723 733,622 185,721 14,815 864,313 21,118 22,437 163,931 93,922 579,781
151.00 0.52 5.60 1.18 0.74 2.10 18.98 27.08 38.81 37.89 10.69 32.00 0.86 0.50 3.90 1.57 153.95 3.47 6.19 3.82 2.51 16.00 7.45 2.07 1.19 3.00 31.48 220.40 39.90 21.78 120.55 2.83 17.98 38.08 0.50 2.82 1.55 157.50 48.02 4.73 6.78 134.00 0.71 0.60 820.00 0.50 17.15 13.98 32.24 1.54 3.83 31.00 0.50 27.50 3.80 0.50 0.76 445.53 2.01 0.50 24.41 2.22 140.00 2.45 10.00 34.00 3.41 1.32 8.92 32.66 0.50 3.59 85.00 0.50 0.98 17.37
3.32% 5.77% 6.96% 9.32% 16.22% -14.76% -2.79% -20.57% 1.06% -8.95% -0.37% 0.94% -3.49% 0.00% -6.41% -7.64% -2.53% -7.78% -1.45% -4.45% 4.38% 8.13% 4.03% 24.15% 7.56% 0.00% 4.29% -13.77% 5.29% 5.14% 4.54% 6.01% -4.06% 12.92% 0.00% 9.93% -3.23% -7.93% 0.00% 0.42% -4.13% -1.87% -9.86% -1.67% 2.44% 0.00% 0.06% -4.15% -11.85% -12.34% -9.66% -14.84% 0.00% -11.16% 0.00% 0.00% -11.84% -17.25% 14.43% 0.00% 11.76% 3.15% -3.57% 8.98% -8.00% 0.59% 3.52% 25.00% 1.01% 3.80% 0.00% -2.51% -2.69% 0.00% -2.04% -5.07%
27,125 15,505 6,550,800 11,355 718,654 29,855 42,162 26,663 12,705 15,316 34,759 21,870 536,730 38,695 298,073 15,664 144,871 60,449 265,957 5,661,033 43,368 1,133,815 11,851,779 4,725,396 2,356,589 43,260 413,351 27,444 25,282 4,686,671 84,926 57,767 354,683 301,080 1,285 61,879 88,886 11,942 157 72,748 307,142 777,179 24,754 353,596 42,285 3,299 77 1,499,841 45,221 3,939 26,627 27,526 1,832 458,845 34,623 67,584 29,456 10,710
1,332,776
7,139 232,772 822,596 4,949 3,934,474 32,405 1,170,791 5,377,240 2,554,363 699,430 136,301 13,913,224 103,979 137,852 2,256,159 476,847 5,320,764
5-Week trading1
52-Week price range Low 81.23 0.50 4.50 1.09 0.65 1.56 13.87 15.49 33.10 33.01 8.37 29.50 0.80 0.50 1.95 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 17.00 38.08 0.50 1.96 1.29 115.00 41.84 3.56 5.68 122.55 0.64 0.51 743.00 0.50 17.15 12.83 23.20 1.33 3.29 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 83.50 43.99 15.98 79.51 1.24 0.73 4.35 2.07 250.02 9.14 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 2.05 182.00 70.00 5.70 13.48 189.00 1.60 0.90 1,200.00 0.54 23.08 36.89 39.90 1.81 5.75 43.42 0.63 39.80 5.35 0.64 1.32 735.00 3.81 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
-1.88% -3.51% -4.77% -1.53% 2.38% 5.29% -11.34% -18.52% -6.62% -7.51% 7.79% -6.10% -14.43% 0.00% 3.99% 8.21% -21.03% -27.27% 0.99% -33.03% -12.37% -4.95% -10.92% 2.80% -20.00% -19.14% -16.12% -16.31% -11.39% -9.05% -23.76% -9.09% -22.33% -25.39% 0.00% -0.32% -0.66% -6.61% -4.99% -5.00% 3.67% -19.33% -15.79% -9.23% -15.63% 0.00% -1.10% -23.43% 13.68% -8.16% -6.74% 2.64% 0.00% 2.86% 1.06% -3.85% -20.24% 4.89% -9.09% 0.00% 0.74% -5.37% -9.40% -16.82% -3.87% 0.59% -18.29% -1.79% 6.00% -9.82% 0.00% -8.62% 2.11% -21.88% 4.35% -8.39%
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, March 23, 2015 | Issue 034
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
5.99 -0.11
4.50
10.18 -0.30 -4.77%
YtD
-0.67 -10.06%
3M
Jan
1W
Feb
CONTINSURE YtD
-0.14 -14.43%
0.00 0.00%
3M
1W
Feb
FCMB 0.07 2.80%
-0.16 -5.86%
3M
Jan
-2.28 -9.05%
1W
Jan
YtD
Jan
1W
-3.95 -22.77%
3M
Jan
19.40 0.20 0.74%
Jan
-0.60 -4.29%
F
0.03 0.02%
Jan
Feb
OKOMUOIL 3.42 13.68%
F
Jan
-0.60 -14.53%
1W
Feb
F
-0.58 -2.00%
3M
Jan
1W
Feb
UNILEVER
F
1.40 4.31%
FLOURMILL -6.31 -16.12%
-5.17 -13.61%
Jan
F
-1.10 -3.14%
-0.37 -10.98%
Jan
YtD
1W
0.41 6.73%
Jan
F
26.40 1.38 3.30 14.29%
3M
Jan
-1.38 -4.97%
F
67.85 -1.77 -4.92%
3M
16/03
Jan
Feb
WAPCO
-1.80 -5.00%
F
82.71 1.84 4.09 5.20%
3M
Feb
FO YtD
-29.85 -13.57%
3M
Jan
1W
1W
Feb
INTBREW YtD
-4.96 -22.33%
-7.45 -30.16%
Jan
1W
Feb
-20.50 -13.49%
3M
Jan
1W
Feb
3M
Jan
1W
Feb
-0.49 -5.06%
3M
Jan
1W
Feb
ZENITHBANK YtD
20/03 F
9.20 0.50 -0.50 -5.15%
20/03
M T W T
F
16.49 4.06
14.54 -1.84 -2.18%
F
-1.32 -5.13%
M T W T
16/03
Dec
25.80 -1.51 -8.39%
-0.74 -8.72%
3M
Jan
YtD
42.01 0.01
-5.40 -11.39%
-7.39 -14.96%
3M
16/03
Feb
20/03
M T W T
F
16/03
Dec
Jan
Feb
20/03
M T W T
F
16/03
Dec
Jan
Feb
-1.49 -8.29%
3M
20/03
M T W T
F
Jan
Feb
YtD
Jan
20/03
M T W T
JBERGER
43.00 0.99
-14.63 -25.39%
-14.63 -25.39%
3M
-0.99 -2.25%
1W
16/03
Dec
Jan
Feb
NESTLE YtD
20/03
M T W T
1200.00 -155.60 -15.63%
-5.00 -0.59%
3M
Jan
Feb
20.04 2.44%
1W
SEPLAT
20/03
M T W T
735.00 17.18 4.89%
90.41 32.49%
3M
-71.32 -16.21%
1W
16/03
Dec
F
368.68 71.32
252.93 YtD
F
840.00 20.04
16/03
Dec
F
76.45
Jan
Feb
20/03
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
16/03
Dec
0.01 0.02%
1W
16/03
Dec
F
71.20
-4.06 -19.76%
1YtD
25.23 0.01
5
27.406 0.23 0.92%
3M
2.90 12.99%
Feb
20/03
M T W T
F
7 0.01 0.04%
1W
9
11
Jan
20/03
M T W T
GLAXOSMITH
8
Dec
-0.75 -8.82%
1W
Feb
20/03
21.31 -0.37 -3.87%
-0.95 -10.92%
LEGEND
UAC-PROP YtD
-7.50 -5.40%
24.43 1.32 -0.63 -2.51%
7.75 0.75
16/03
Dec
F
16.52
743.00
M T W T
16/03
Dec
F
39.80 0.68 2.86%
FBNH YtD
20/03
M T W T
20/03
M T W T
189.00
PZ YtD
-0.55 -3.09%
131.50 7.50 -31.50 -19.33%
Feb
38.08
16/03
Dec
F
17.25 0.55 3M
Jan
20/03
32.20
NB YtD
5.05 2.73%
-1.14 -9.67%
1W
16/03
Dec
38.22
M T W T
16/03
Dec
F
259.94 -37.05 -16.31%
0.46 4.51%
3M
20/03
190.05 5.05
16/03
Dec
-0.75 -4.16%
M T W T
20/03
M T W T
136.73 1.71 2.11%
Jan
8.09
1W
1W
20/03
M T W T
34.20 1.80 0.20 0.59%
0.10 0.58%
3M
0.77 7.79%
YtD
6.35
16/03
Dec
F
17.30 0.75 -0.90 -4.95%
10.65 1.14 15.98
20/03
20.28
16.60
1W
Feb
UACN
YtD
-1.79 -4.93%
M T W T
20/03
M T W T
16/03
Dec
0.00 0.00%
43.42 0.68 2.64%
ETI
122.55
1W
Feb
PRESCO YtD
F
6.50 0.00 3M
Feb
20/03
M T W T
16/03
Dec
0.30 11.11%
13.48 0.23 3.67%
Jan
17.00
Feb
NASCON
YtD
F
3.00 0.30
3M
16/03
Dec
CCNN 8.37
1W
20/03
M T W T
16/03
Dec
Dec
-1.22 -3.58%
4.50 -0.30 -9.09%
-1.89 -5.19%
3M
86.50
1W
Feb
HONYFLOUR
YtD
F
32.83 1.22
3M
-2.80 -7.51%
20/03
M T W T
16/03
Dec
YtD
-0.60 -14.12%
73.55
66.50
1W
1W
Feb
20/03
M T W T
33.90 1.10
3M
Jan
26.00 -5.50 -3.91%
55.00 -3.69 -9.82%
-1.65 -31.13%
3M
YtD
12.40
16/03
Dec
YtD
F
3.65 0.60
20/03
195.50 -15.00 -10.00%
-1.80 -33.03%
34.50 1.79 43.99
20/03
M T W T
20/03
M T W T
16/03
YtD
-3.99 -2.68%
135.00 5.50
-14.01 -9.40%
YtD
0.00 0.00%
7.05
20.88
16/03
Dec
Dec
F
28.42 0.58
3M
DIAMONDBNK
5.68
M T W T
4.27 17.68%
Feb
20/03
39.90
27.00 1W
1W
16/03
YtD
0.02 0.02%
M T W T
20/03
M T W T
-0.62 -14.94%
3M
1W
Feb
3M
Jan
2.60
145.01 3.99
-10.26 -6.61%
Dec
YtD
F
182.00
130.43 1.20 4.60%
8.26 -0.79 -18.29%
-5.17 -3.94%
3M
16/03
Dec
CAP 33.01
1W
20/03
M T W T
20/03
3.53 0.60
2.90 YtD
F
-0.22 -14.67%
126.02 0.02
MOBIL
35.00
Feb
UBA
Feb
Jan
TOTAL
1W
1W
16/03
Dec
YtD
F
214.99 -39.28 -23.76%
-0.83 -2.07%
3M
26.60
16/03
Jan
27.28 1.20
16/03
Dec
-0.22 -14.67%
3M
-2.78 -6.62%
20/03
1.28 0.22
20/03
M T W T
-1.92 -6.58%
3M
-0.32 -20.00%
Dec
YtD
-2.96 -1.93%
2.35
23.20
1W
Feb
STANBIC YtD
0.10 3.33%
M T W T
16/03
Dec
F
36.89 -4.10 -23.43%
FIDELITYBK
YtD
3.45
M T W T
20/03
13.40 0.60
12.83
1W
Feb
115.00
Feb
OANDO YtD
-2.10 -8.40%
M T W T
-0.06 -1.90%
3M
Jan
GUINNESS
16/03
Dec
F
3.79 -0.01 -0.32%
-14.95 -9.06%
3M
16/03
Dec
YtD
F
250.02 -39.95 -21.03%
39.22 0.00 83.50
20/03
M T W T
20/03
3.10 0.10
1.96
YtD
-0.05 -0.27%
150.05 2.96
110.00
Feb
MANSARD
DANGCEM
22.90 2.10 1W
1W
Feb
31.80
16/03
Dec
F
-0.02 -0.77%
M T W T
-0.46 -1.97%
3M
Jan
CADBURY 33.10
16/03
Dec
1.13
Feb
16.69
-3.76 -16.93%
3M
20/03
4.64
GUARANTY YtD
-0.01 -1.19%
M T W T
16/03
Dec
F
2.57 0.02
1.93
-2.36 -11.34%
139.10
16/03
Jan
YtD
34.60
20/03
M T W T
1.24
Dec
YtD
-0.11 -1.80%
0.83 0.01
0.80
18.45 0.05
13.87
16/03
Dec
ASHAKACEM
10 13
12 May
21/07
June
July
25/07
M T W T
F