Vanguard Markets | Monday, March 02, 2015 | Issue 031
Verbatim
“ ”
We therefore highlight that lower oil prices coupled with lower oil production volumes and its attendant impact on macro-economic indicators remain significant risk to growth in the near term. - Dunn Loren Merrifield, February 24, 2014
EARNINGS IN CONTEXT
Nestlé Nigeria gets leniency for bland 2014 results
FOREX RATES
$/N
Fr
ND THEY ARE OFF. Sort of. The current earnings season has begun, and it is not with the thunder of hooves in full gallop. Disappointed? Look again. On the spectator stands, investors are not booing in reaction to the slowmo take-off. Instead, there are sighs of relief. It could have been worse, they say in hushed tones. Look on the bright side some counsel. The dividend trickled through so things cannot be so bad. If the benevolent commentary from analysts is anything to go by blue chip companies will go unpunished for uninspired 2014 results. Consider them first-time offenders. Besides, their share prices have taken enough beating as it is from the selloff in recent months. How much lower should stock prices prostrate before investors begin to cause selfinflicted injuries? Welcome to the new normal where flat is the new growth for favoured companies with attractive long-term investment theses. Nestlé Nigeria presents the classic case of a company that enjoys the market’s benefit of doubt.
Bellwether stock in stormy weather The back story of Nestlé Foods Nigeria’s 2014 results represents
Earnings per share were flat at N27.90 per share, as revenue grew 8 per cent. Gross margins scaled over at 42.7 per cent, while operating profit rose by 5 per cent. There was an imperceptible drop in the operating margin to 20.4 per cent from 20.9 per cent in the previous year. The big shocker was a leap in net finance costs by 66 per cent to N4.75 billon. This was caused by losses on a US Dollar denominated inter-company loan due to the 14.7 per cent decline in the naira-dollar exchange rate during the year. In their diagnosis, Nestlé’s results were assailed by the insecurity in the north-eastern part of the country,
Tu
We
Th
Fr
304.9203
322.0 317.0 312.0 307.0 302.0 Fr
Mo
Tu
Euro/N
We
Th
Fr
221.7728
264.0 253.0 242.0 231.0 220.0
the challenging environment perfectly. The company’s growth slumped to its lowest level in 17 years, write analysts at CSL Research.
If the benevolent commentary from analysts is anything to go by blue chip companies will go unpunished for uninspired 2014 results
Mo
£/N
Earnings season is in full swing on the NSE. 2014 was a bumpy year especially for companies that depend on consumers’ discretionary income to thrive. Investors are not expecting miracles to happen this time. All they want is prudent management through the turbulence, which some analysts anticipate would last for two years. The tighten seatbelt lights have come on. A
197.5
199.0 198.5 198.0 197.5 197.0
Fr
Mo
Tu
We
CNY/N
Street event for relaunch of Nestlé Maggi Chicken. Once the most popular stock cube in Nigerian cooking pots its market share has dropped to around 35% due to competition from Unilever’s Knorr and Royco brands as well as to Promasidor’s Onga.
growing competition, and weakened consumer spending power are to blame. To these three leg chains will now be added the effects of a devalued currency, a rise in the cost of living due to planned tariff hikes for electricity and used cars, as well as the possible reduction of the subsidy on petrol in 2015. Its lacklustre results notwithstanding, Robyn Collins, food and beverages analyst at Renaissance Capital describes Nestlé’s 2014 performance as ‘a credible result in the current environment’. For aficionados of Monopoly, the board game, this has got to be the equivalent of Pass GO collect $200.
Nestlé’s selling points Nestlé has a handful of positives going for it. It is the leading food and beverages company in the country. This fact alone earns the stock automatic permanent residency status in most investors’ portfolios. It has a well-diversified brand portfolio; however, just four (Golden Morn cereal, Milo Powder, Maggi Mix’py, and Maggi cube) contribute 80 per cent to revenues. The company benefits from extensive local sourcing of raw materials, where its size confer huge
! Page VM2
Th
Fr
31.5003
31.80 31.60 31.40 31.20 31.00 Fr
Mo
Tu
We
CFA/N
Th
Fr
0.3316
0.36 0.35 0.34 0.33 0.32 Fr
Mo
Tu
We
Th
Currency
Central Rate
SWISS FRANC
208.0919
YEN
1.6547
WAUA
279.3005
RIYAL
52.6596
DANISH KRONE
29.6979
SDR
279.3045
Fr
FIXED INCOME & FOREX
Source: FMDQ
VM2
BUSINESS
VM | Monday, March 02, 2015 | Issue 031
EARNINGS IN CONTEXT
Nestlé Nigeria W Continued from Page VM1 bargaining power over farmers. CSL Research estimates that Nestlé sources up to 63 per cent of its inputs (cocoa, maize, sorghum, soya bean, and sugar) from local providers limiting its exposure to deteriorating exchange rates. This gives it an added advantage over importers for the grey market, and food manufacturers that depend heavily on imported raw materials. In reality, this good news is offset by the company’s significant dollar debt exposure. In 2013, Nestlé had 71 per cent of its debt denominated in US dollars with interest ranging from LIBOR+150-300 basis points. A devalued naira and hike in LIBOR rates leaden its repayment burden. Contrary to the general view that Nestlé Nigeria’s high returns are the result of historic cost accounting that has favoured the company in a high inflation environment, CSL analysts use Occam’s Razor to settle the mystery: the company ‘is simply more profitable, at the EBIT level than, for example, its parent Nestlé SA, and even has superior margins to some other Nestlé group companies in emerging markets.’ While its EBIT margins has declined
Nestle Nigeria Plc FY 2014 Result - Financial Highlights (N Billion) Statement of Comprehensive Income FY 2014 FY 2013 Y-o-Y Growth Gross Revenue 143.3 133.1 7.7% Cost of Sales (82.1) (76.3) 7.6% Gross profit 61.2 56.8 7.8% OPEX (32.0) (29.0) 10.6% Investment Income 0.6 0.4 52.7% Finance Cost 5.3 2.1 147.2% PBT 24.4 26.0 -6.1% Taxation (2.2) (3.8) -41.7% PAT 22.2 22.3 -0.1% Per share data Nestle Current Price 824.01 Trailing EPS 28.05 BVPS 45.3 Price multiples/Ratios Shares Outstanding(bn) 0.8 Trailing P/E 29.4x P/BV 18.2x RoAE (Annualized) 58.1% RoAA (Annualized) 20.8% Gross Profit Margin 42.7% Cost of Sales Margin 57.3% 57.3% OPEX Margin 22.3% 21.8% NET Margin 15.5% 16.7% Debt to Equity 90.0% 67.5% Source: Company sources and Afrinvest Research
Nestlé’s product portfolio Category Brand Seasoning Maggi Powdered chocolate Confectionery Water Dairy
Milo Milo Nestlé Waters Nido
Coffee Cereal Infant nutrition
Nescafé Golden Morn Cerelac Nutrend
Product Maggi Mix’py Maggi Cube Milo Powder ChocoMilo Nestlé Pure Life Nestlé Nido Fortified Nestlé Nido Nutripak Nescafé Golden Morn Cerelac Nutrend
Most Nestlé products have variants, e.g., Maggi cube has 4 variants: Regular, Chicken, Crayfish and Arome.
in the last 6 years, they project a degree of stabilisation going forward. According to CSL this will come from four factors. Sustained decent growth, a strong brand presence in its four top products (Golden Morn cereal, Milo Powder, Maggi Mix’py, and Maggi cube), a high degree of local sourcing and effective cost management. Analysts are not discouraged because the truth is that so long as one is playing in the equity market, and constructs a balanced portfolio, there is no place to run. This explains why readers of the company
earnings release could almost hear Dharnesh Gordhon beating his chest in his remarks. ‘We are pleased with the turnover growth despite the challenging macroeconomic environment. It is encouraging that we sustained almost the same level of Profit After Tax in 2013 notwithstanding the devaluation of the naira which increased our net finance costs.’ Only the cocksure, that is those sure of portfolio heaven, make these types of confessions without appearing contrite. In fact, they expect a pat on the back. ;
HIGH TABLE
Pub Grub
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
WORK FOR A TECHnology company in Victoria Island. Though I bring my lunch to work most times I take comfort in the fact that workers in the area are spoilt for choice. The area between Adetokunbo Ademola Street and Ajose Adeogun Street is densely populated with restaurants, bukkas and fast food options. This may be due to the fact that 80 percent of buildings in this metro-triangle are banks. It can best be described as a ‘food zone’ and serves food for masses of bankers, auto company workers and oil companies. During lunchtime it is advisable
I
to forgo the traffic on Ajose Adeogun and send for food from your office as some cleaners serve dual functions as food delivery men and women, making extra in tips or ‘forgone change’ to augment their salaries. The only problem is that you would have to ‘love the one you’re with’. This is because oftentimes you would have limited options to where you can send for delivery using the cleaner system. In my experience they are usually limited to two bukkas and one restaurant that are popular with co-workers. Going out for lunch is rare but if I did, I would go to a hole in the wall called Step Inn. This works because it is on the back road adjacent to Ajose Adeogun Street and so does not involve any time for traffic. It is also as close to an experience of an English public house as you would find in Lagos. Literally. Its patrons in the most literal sense are expatriate men with very friendly waitresses sensitive to the fact that these men are in the country without their wives. It paints a picture of the public house ‘bar maid,’ a notion that lives on 21st century Lagos. One positive is they are perfectly coordinated with matching sport themed outfits and celebrate Nigerian holidays, football matches with their outfits (think of the NigePublished by
It is also as close to an experience of an English public house as you would find in Lagos
Step Inn is a good old fashioned English pub in the center of VI’s bustling business district
rian football jersey on Nigerian Independence Day). The food is just as entertaining as the colourful surroundings. I would generally order chicken livers drowned in a delicious bowl of garlic sauce. This comes with a side of flat bread, which never seems to be enough. The pub also serves steak and ostrich which is typically ordered
EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL
In Association With
CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA
medium rare with mashed potatoes. You won’t find better seasoned steak in Lagos. Depending on what you were having it would run from N3200 N3800. You could also try the South African steak with South African value prices, well almost. Other menu items include fillet of sole, a Sun-
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.
day roast, steak gammon and chips. However my other main interest are the chicken wings. They cost roughly N1000 (depending on the sides you have with them). However a note of warning, Take cash as their POS hardly ever works. Although I have been here numerous times, I am never tired of having the cake and custard, the only dessert at Step Inn. The cake is not particularly noteworthy as an independent, however the combination of both cake and custard as a dessert is very familiar to me. Puddings were the saving grace of every UK boarding school lunch goer as school food was notoriously terrible. Puddings were always the high point at meal times. The hole in the wall in the heart of the Island has left a place in my heart. ; Step Inn 162B, Sinari Daranijo Street Victoria Island, Lagos Tel: +234(0)1-810-2677 +234(0)807-883-3207
Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Website: www.vanguardngr.com ISSN 0794-652X
MARKET DATA
VM | Monday, March 02, 2015 | Issue 031
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW – FEBRUARY 23 – MARCH 02, 2015
SECTOR PRICE CHANGES – FEB 23 – MAR 02, 2015
TOP GAINERS
WTD
TOP GAINERS
WTD
TOP DECLINERS
UAC OF NIGERIA PLC
18.74
CAP PLC
10.19
15.76
FLOUR MILLS NIGERIA PLC
9.59
OKOMU OIL PALM COMPANY -14.22 PLC
UNION BANK OF NIGERIA PLC
JULIUS BERGER NIGERIA PLC 15.55 ACCESS BANK OF NIGERIA PLC
14.29
IKEJA HOTEL PLC
12.95
TRANSNATIONAL CORPORATION OF NIG PLC TRANS NATIONWIDE EXPRESS PLC GUARANTY TRUST BANK PLC
WTD
ACADEMY PRESS PLC
TOP DECLINERS
-12.93
9.39
NATIONAL AVIATION HANDLING COMPANY PLC
-8.3
8.99
RED STAR EXPRESS PLC
-7.69
7.9
R. T. BRISCOE (NIG.) PLC
-7.59
WTD
NATIONAL SALT COMPANY NIGERIA PLC BETA GLASS COMPANY (NIG.) PLC PORTLAND PAINTS AND PRODUCTS NIG. PLC
-7.15 -4.98 -4.96
NAVITUS ENERGY PLC
-4.55
CUTIX PLC
-4.46
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
2 1 1 6 1 0 0 6 0 4 6
2 3 7 16 38 7 11 12 5 4 8
1 1 1 9 18 3 0 3 0 3 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
4-Week
Close
Change, %
Volume
Open
Week Hi
150.35 0.53 6.40 1.15 0.75 2.05 18.04 25.73 38.00 37.80 10.70 31.17 0.92 0.50 3.90 1.45 153.00 3.44 6.34 3.90 2.70 16.01 7.70 2.20 1.28 3.00 34.00 204.57 40.20 23.50 119.25 3.00 18.00 48.51 0.50 2.89 1.65 150.00 48.02 4.36 6.36 142.20 0.71 0.63 820.00 0.50 17.15 13.99 31.00 1.49 3.64 30.77 0.50 28.99 3.53 0.50 0.73 470.00 2.09 0.50 24.98 2.38 139.99 2.68 9.69 40.37 3.47 1.40 9.84 35.00 0.50 3.60 86.40 0.50 0.97 17.60
-0.25% 0.00% 2.73% -3.36% 1.35% -1.91% -9.44% 0.00% 0.26% 0.00% 7.21% 0.06% 8.24% 0.00% 0.00% -3.33% -0.26% 0.29% -1.40% -4.88% 3.85% 1.84% -1.66% 2.33% 0.00% 0.00% -2.86% -0.36% -1.95% 0.86% -1.45% -1.32% 4.59% 5.00%
195 0 381,173 19 18,245 230 302 2 364 357 2,502 1,498 80,578 3,681 17,468 280 5,599 2,466 10,481 115,011 1,802 55,343 422,696 101,534 43,842 1,125 167,295 1,794 622 345,941 1,184 1,912 3,197 371 0 2,328 1,043 273 0 2,261 11,242 64,729 694 7,292 2,486 0 14 12,119 5,368 0 0 5 0 3,100 1,812 9,103 2,385 1,464 25,146 0 5,233 8,513 227 102,836 4,219 294,598 198,629 38,740 4,818 5,052 1,517 6,899 5,081 314,349 41,147 179,203
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
152.00 0.53 6.89 1.19 0.77 2.20 20.91 27.08 40.84 39.79 10.95 32.78 0.92 0.50 4.00 1.64 155.00 3.55 6.45 4.29 2.70 16.62 7.95 2.20 1.30 3.14 36.00 231.99 41.00 23.80 129.99 3.04 18.80 48.51
150.35 0.52 5.50 1.09 0.71 2.00 18.04 25.73 37.10 36.00 9.98 31.15 0.82 0.50 3.72 1.45 151.15 3.26 6.06 3.70 2.51 15.45 7.20 1.99 1.18 2.92 29.99 202.10 39.90 20.02 119.25 2.77 17.01 38.08
-0.43% 1.92% 14.29% -2.54% 1.35% -2.38% -4.95% -4.99% -2.09% -0.24% 0.09% -2.59% 6.98% 0.00% 0.00% -7.64% -0.62% -0.86% 2.42% 2.09% 7.57% 0.06% 3.36% 6.28% 7.56% 0.00% 8.01% -7.18% 0.75% 7.90% -1.08% 6.01% 0.11% 27.39%
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
3.03 1.90 157.50 48.02 4.74 7.14 142.25 0.71 0.65 857.99 0.50 17.15 14.43 35.58 1.54 3.99 32.38
2.70 1.48 147.10 48.02 4.31 6.14 132.45 0.71 0.56 813.15 0.50 17.15 13.35 30.20 1.49 3.64 30.77
2.48% 6.45% -4.76% 0.00% -7.82% -6.19% 6.12% 0.00% 5.00% 0.00% 0.00% 0.00% 0.07% -3.85% -3.25% -4.96% -0.74%
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
29.00 3.80 0.50 0.82 481.57 2.15 0.50 26.29 2.38 141.00 2.77 10.00 42.49 3.90 1.48 9.84 35.00 0.50 3.75 88.99 0.51 1.00 19.00
27.00 3.53 0.50 0.73 445.53 2.00 0.50 24.41 2.20 139.99 2.41 9.30 33.98 3.13 1.26 8.50 32.56 0.50 3.42 80.07 0.50 0.93 16.55
5.42% -7.11% 0.00% -3.95% 5.49% 3.98% 0.00% 2.34% 7.21% -0.01% 9.39% -3.10% 18.74% 1.76% 6.06% 10.31% 7.16% 0.00% 0.28% 1.65% 0.00% -1.02% 1.32%
0.00% -4.62% 0.00% 0.00% -3.33% 0.95% 4.94% 0.00% 0.00% 0.00% 0.00% 0.00% 3.25% 1.57% 0.00% 0.00% -0.03% -3.02% 0.00% 0.00% 5.26% -1.42% 0.00% 4.85% -0.01% -0.37% 4.19% -2.70% -0.29% -3.45% 8.13% 1.27% 0.00% 5.26% 1.65% 0.00% 2.11% -2.76%
Week Lo Change, %
Volume
Open
Change, %
Volume
1,567 2,100 1,586,863 9,425 61,637 10,992 3,245 1,002 3,865 3,612 4,427 7,504 119,793 5,753 29,869 4,394 25,711 19,290 62,750 665,215 8,066 506,014 2,423,420 766,411 663,373 18,593 246,152 14,787 4,897 1,406,055 14,934 14,624 51,411 5,523 0 14,489 40,471 2,450 11 11,833 77,395 214,059 1,179 177,326 5,493 2,248 14 138,793 18,218 1,600 2,955 4,748 0 417,412 5,811 19,989 3,796 4,045 141,654 20 102,307 82,775 1,213 948,644 8,661 665,525 1,504,872 170,354 13,492 89,377 2,915 11,972 43,432 453,011 253,906 1,143,429
153.00 0.51 5.18 1.26 0.80 1.71 20.24 30.00 41.12 38.75 9.37 32.68 0.90 0.50 3.91 1.55 156.00 3.04 6.82 3.58 2.67 16.18 7.09 2.05 1.26 3.26 38.42 230.00 38.68 20.03 129.99 3.00 20.90 44.80 0.50 3.00 1.44 157.00 48.02 4.80 6.42 142.02 0.72 0.53 800.00 0.50 18.95 15.30 28.69 1.43 3.75 31.06 0.50 29.64 3.60 0.50 0.61 305.23 1.97 0.50 26.14 2.32 147.98 2.82 9.11 37.02 3.50 1.44 9.23 34.00 0.50 3.59 82.00 0.51 0.93 16.13
-1.73% 3.92% 23.55% -8.73% -6.25% 19.88% -10.87% -14.23% -7.59% -2.45% 14.19% -4.62% 2.22% 0.00% -0.26% -6.45% -1.92% 13.16% -7.04% 8.94% 1.12% -1.05% 8.60% 7.32% 1.59% -7.98% -11.50% -11.06% 3.93% 17.32% -8.26% 0.00% -13.88% 8.28% 0.00% -3.67% 14.58% -4.46% 0.00% -9.17% -0.93% 0.13% -1.39% 18.87% 2.50% 0.00% -9.50% -8.56% 8.05% 4.20% -2.93% -0.93% 0.00% -2.19% -1.94% 0.00% 19.67% 53.98% 6.09% 0.00% -4.44% 2.59% -5.40% -4.96% 6.37% 9.05% -0.86% -2.78% 6.61% 2.94% 0.00% 0.28% 5.37% -1.96% 4.30% 9.11%
26,801 32,661 10,222,952 14,926 494,721 406,395 22,565 118,217 19,994 13,583 32,882 17,172 200,303 18,306 508,005 17,929 263,611 312,016 1,446,122 3,220,869 27,614 3,135,512 9,922,807 3,926,272 2,053,309 126,717 515,491 48,030 22,671 6,539,482 37,608 50,844 88,576 40,075 50 33,837 79,042 4,593 105 51,166 301,423 1,038,615 3,683 576,045 98,947 8,546 541 1,698,173 126,939 3,646 4,853 47,044 2,228 661,368 18,477 34,548 76,261 18,849
2,967,974 491 221,687 513,057 4,675 4,446,258 33,093 957,292 5,758,910 503,719 200,280 203,509 41,712 127,658 154,169 894,678 737,509 5,037,621
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 85.50 38.22 16.69 110.00 2.77 17.01 38.08 0.50 1.96 1.29 112.54 41.84 3.56 5.68 122.55 0.67 0.51 743.00 0.50 17.15 12.83 23.20 1.33 3.52 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 1.66 0.90 3.12 34.60 31.49 85.40 46.95 15.98 79.51 1.24 0.77 4.35 2.10 250.02 9.65 11.85 7.05 5.35 20.28 16.52 4.64 2.40 3.90 73.91 259.94 71.20 31.80 214.99 4.50 32.20 76.45 0.50 3.79 2.27 182.00 70.00 5.84 13.50 189.00 1.89 0.90 1,200.00 0.54 23.08 36.89 42.98 1.99 5.75 46.30 0.63 39.80 5.35 0.64 1.36 735.00 4.00 0.50 35.00 2.74 195.50 7.08 21.31 67.85 8.26 3.04 10.89 55.00 0.50 4.72 136.73 0.99 1.21 25.80
YtD
Liquidity Rating2
-5.44% -7.02% 1.75% -12.21% -10.71% 20.59% -13.31% -2.54% -9.52% 1.34% 8.30% -9.39% -5.15% 0.00% 11.11% 8.21% -19.47% -21.82% 4.97% -28.44% -9.70% -12.03% -11.49% -12.00% -20.00% -19.14% -13.13% -9.92% -15.21% -6.67% -27.86% -9.09% -18.96% -15.83% 0.00% -7.07% 9.27% -3.39% -4.99% -12.80% 1.44% -12.76% -6.58% -3.08% -17.64% 0.00% -1.15% -20.06% 24.00% 1.36% -1.89% 19.63% 0.00% 22.06% -6.12% -3.85% -13.10% 33.71% -17.39% 0.00% -7.75% -1.65% -6.05% -16.51% 1.25% 18.74% -19.68% -16.67% 15.76% -6.89% 0.00% -6.01% 6.67% -21.88% 5.43% -2.22%
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 02, 2015 | Issue 031
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
6.40 0.80
4.50
10.18 0.11 1.75%
YtD
3M
-1.10 -14.67%
13.87
1W
23/02
Dec
Jan
CONTINSURE 0.80
Feb
-0.05 -5.15%
3M
Jan
FCMB
1W
Feb
0.06 6.98%
-0.30 -12.00%
3M
-1.02 -31.68%
23/02
Dec
Jan
GUARANTY 16.69 -1.68 -6.67%
YtD
3M
Feb
Jan
MANSARD -0.22 -7.07%
3M
Jan
OANDO
Feb
-0.11 -3.67%
1.72 7.90%
YtD
3M
0.07 2.48%
-7.86 -35.97%
Jan
STANBIC 19.40 -2.10 -7.75%
YtD
3M
Feb
Jan
UBA 3M
0.57 2.34%
Feb
Jan
OKOMUOIL YtD
-15.25 -9.23%
6.00 24.00%
1W
Feb
3M
Feb
3M
-25.35 -15.33%
1W
UNILEVER YtD
3M
0.35 1.01%
-5.14 -13.13%
3M
HONYFLOUR YtD
Feb
3M
Jan
NASCON 0.09 1.44%
1W
Feb
-1.51 -19.19%
Jan
PRESCO
Feb
3M
Jan
UACN
Feb
3M
27/02
Jan
WAPCO YtD
Feb
6.37 18.74%
5.90 7.33%
1W
-9.61 -4.49%
1W
Jan
INTBREW
Feb
-8.34 -31.66%
Jan
1W
NB
Feb
-30.30 -17.57%
Jan
PZ YtD
1W
Feb
3M
0.75 2.66%
1W
Feb
3M
Jan
ZENITHBANK
-11.80 -22.69%
3M
Jan
Feb
-9.12 -15.83%
-9.54 -16.43%
3M
NESTLE YtD
Feb
23/02
Feb
27/02
M T W T
F
23/02
Dec
Jan
Feb
27/02
M T W T
F
23/02
Dec
Jan
Feb
-0.77 -7.36%
1W
Feb
-0.31 -3.10%
27/02
M T W T
F
17.60 0.23
3M
-3.30 -15.79%
27/02
M T W T
F
F
1200.00 -175.60 -17.64%
-100.70 -10.94%
3M
0.00 0.00%
1W
23/02
Jan
SEPLAT
Feb
27/02
M T W T
F
470.00 24.47
252.93
735.00 118.50 33.71%
51.99 12.44%
3M
24.47 5.49%
1W
23/02
Dec
Jan
Feb
27/02
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
23/02
Dec
27/02
M T W T
820.00 0.00
Dec
YtD
F
10.43 27.39%
1W
23/02
Jan
0.23 1.32%
1YtD
25.23 0.01
5
27.406 0.23 0.92%
3M
2.90 12.99%
Jan
Feb
27/02
M T W T
F
7 0.01 0.04%
1W
9
11
Jan
27/02
M T W T
48.51 10.43
8
Dec
0.30 0.75%
1W
76.45
Dec
F
25.80 -0.40 -2.22%
-7.21 -15.21%
JBERGER YtD
F
40.20 0.30
23/02
27/02
M T W T
23/02
YtD
1.49 5.42%
27/02
M T W T
71.20
Dec
F
9.69 0.31
14.54 1.40 1.65%
Feb
27/02
21.31
Dec
F
8.20 6.12%
0.25 3.36%
1W
LEGEND
UAC-PROP 0.12 1.25%
Jan
743.00
M T W T
23/02
Jan
-2.70 -25.96%
3M
GLAXOSMITH
F
28.99 1.49 5.24 22.06%
-1.00 -11.49%
27/02
39.80
Dec
YtD
0.02 0.11%
M T W T
23/02
Dec
7.70 0.25
23/02
YtD
F
16.52
Dec
F
189.00 3M
YtD
27/02
M T W T
27/02
142.20 8.20 -20.80 -12.76%
Feb
38.08
23/02
Dec
YtD
-15.83 -7.18%
18.00 0.02 3M
Jan
FBNH
F
32.20 -4.21 -18.96%
23/02
Dec
38.22
M T W T
27/02
M T W T
86.40 1.40 3M
3M
23/02
F
136.73 5.40 6.67%
-22.53 -9.92%
0.01 0.09%
1W
27/02
M T W T
259.94
Dec
YtD
0.01 0.06%
204.57 15.83
8.09
1W
Feb
27/02
M T W T
23/02
Dec
66.50 2.34 7.16%
-0.23 -0.74%
67.85 -3.71 -8.42%
YtD
F
40.37 6.37
6.37 18.74%
FO
16.60
1W
1W
27/02
M T W T
23/02
Dec
F
-0.42 -6.19%
30.77 0.23 3.24 11.77%
Jan
122.55
1W
-1.57 -8.93%
-0.31 -2.82%
3M
6.35
23/02
Dec
F
46.30 5.05 19.63%
3M
0.82 8.30%
YtD
F
16.01 0.01 -2.19 -12.03%
10.70 0.01 15.98
27/02
M T W T
27/02
M T W T
23/02
Dec
YtD
0.17 6.01%
6.36 0.42 3M
YtD
Feb
-0.09 -0.24%
20.28
17.01
13.50
YtD
ETI
F
3.00 0.17 -0.29 -8.81%
1W
27/02
M T W T
23/02
Dec
YtD
2.52 8.01%
4.50 -0.30 -9.09%
Jan
85.50
1W
0.78 2.11%
CCNN 8.33
23/02
Dec
F
34.00 2.52 -16.43 -32.58%
3M
27/02
M T W T
23/02
Jan
26.00 -0.01 -0.01%
M T W T
1W
Feb
0.08 2.09%
73.91
Dec
F
55.00 -2.59 -6.89%
1W
27/02
35.00 2.34
27.00 0.06 1.76%
Feb
YtD
F
-1.24 -3.85%
M T W T
23/02
Jan
FLOURMILL
20.88
1W
-2.16 -35.64%
0.50 1.34%
12.40
27/02
139.99 0.01
Dec
F
-7.50 -4.76%
195.50 -9.02 -6.05%
Jan
5.68
M T W T
23/02
Jan
3M
YtD
F
3.90 0.08
23/02
Dec
F
31.00 1.24 1.46 4.94%
-1.55 -28.44%
37.80 0.09 46.95
27/02
M T W T
27/02
42.98
Dec
YtD
-1.30 -1.08%
150.00 7.50 3M
YtD
Feb
-0.81 -2.09%
7.05
2.77
M T W T
27/02
M T W T
1W
1W
23/02
130.43
-1.67 -32.49%
Jan
Dec
F
8.26 -0.85 -19.68%
-5.27 -3.39%
35.00 1W
-37.97 -24.15%
DIAMONDBNK
F
182.00
TOTAL
Feb
3M
1W
27/02
119.25 1.30
MOBIL YtD
0.09 7.56%
M T W T
23/02
24.98 0.57 -5.47 -17.96%
Feb
27/02
3.47 0.06
2.90
-46.05 -27.86%
Jan
26.60 1W
-4.50 -10.59%
CAP 33.01
23/02
Dec
F
214.99
Dec
F
0.01 0.07%
M T W T
23/02
Dec
Jan
23.20
1W
-0.27 -17.42%
3M
27/02
1.28 0.09
23/02
YtD
-0.95 -0.62%
M T W T
27/02
M T W T
23/02
Dec
3M
Dec
F
36.89 -3.51 -20.06%
-0.32 -20.00%
112.54
Feb
Feb
27/02
M T W T
1W
1W
-4.00 -9.52%
3.45
2.40
GUINNESS
13.99 0.01
12.83
FIDELITYBK
110.00
23/02
Dec
Jan
23.50 1.72 1W
-25.10 -14.09%
23/02
F
3.79
YtD
3M
YtD
F
250.02 -37.00 -19.47%
38.00 0.81 85.40
27/02
153.00 0.95
Dec
YtD
-0.94 -4.95%
M T W T
27/02
2.89 0.07
1.96
YtD
F
0.13 6.28%
M T W T
23/02
Dec
DANGCEM
31.80 -1.75 -6.93%
1W
Feb
CADBURY 33.10
23/02
Jan
1.13 1W
-4.21 -18.92%
27/02
M T W T
4.64
YtD
3M
139.10
2.20 0.13
1.93
-2.77 -13.31%
Dec
F
0.92 0.06 -0.01 -1.08%
YtD
18.04 0.94 34.60
27/02
M T W T
23/02
Dec
YtD
0.80 14.29%
1.24
YtD
ASHAKACEM
10 13
12 May
21/07
June
July
25/07
M T W T
F