Vanguard Markets | Monday, March 09, 2015 | Issue 032
Verbatim
“
The downward review of the benchmark is purely the initiative of the Senate, having seen how the economy is going. We believe that the $52 oil benchmark is the most realistic parameter to execute the 2015 budget, and not the $65 contained in the Medium Term Expenditure Framework.
”
- Senator Ahmed Maccido, Chairman of the Senate Committee on Appropriation, March 1, 2015
AHEAD BY A MILE
Dusting the pack to the zenith
FOREX RATES
$/N
Zenith Bank reported its first annual results under Peter Amangbo, its third chief executive officer since the bank was founded twenty-five years ago. Coming after Jim Ovia, the eminence grise of Nigerian banking, and Godwin Emefiele, the Central Bank of Nigeria governor, there were market whispers at the time of his appointment questioning how long it would take for him to fill the big shoes of his illustrious predecessors. The latest results have provided a resounding answer: right away At the acme
rency, likely further monetary policy and regulatory actions and increased political uncertainty.’ Notwithstanding the grey clouds on the horizon, Fitch noted that ‘Zenith’s viability rating (VR) considers its strong franchise, management quality, conservative risk appetite and robust financial metrics. Asset quality is sound and upstream oil & gas exposure represented a limited 6% of loans at end-September 2014. Zenith has a track record of good client selection and we do not expect major impairments in its corporate book. The bank’s capitalisation and leverage compare well with peers and benefit from a strong funding franchise, sound liquidity and proven access to wholesale markets. Zenith’s resilient financial performance stands out, and the bank should manage 2015 better than most peers.’ Reading this, one has to do a doubletake to be sure that it was not written by Zenith Bank’s PR department. Analysts at Afrinvest said pretty much the same thing. ‘Zenith recorded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s numerous tightening policies in 2014, which tapered the industry’s earnings generation capacity.’
HERE IS ONE INCONT trovertible truth about investors. They love good news. Their reception does not stop at affection. Investors reward the harbinger of glad tidings generously. This was the case last week Thursday when Zenith Bank released its results for the year ended December 31, 2014. In the space of two days, the stock had climbed 10.21%, ending the week with a total gain of 18.98%. Looking at the numbers, it is tempting to conclude that Zenith Bank has joined the league of financial institutions with the Midas touch, banks that continue making money irrespective of the economic cycle. It will be in good company with the likes of Goldman Sachs, JP Morgan Chase, and Wells Fargo. Whether in boom times or lean times, Zenith Bank’s profit engine keeps humming along quietly, confirming the muted aggressiveness of its 4WD business model.
Widespread applause Immediately the bank’s performance was made public, analysts competed to outdo one another with accolades. Impressive, reassuring, outstanding, pleasant surprise, ahead of expectations, and bar raising are just a few of descriptors that were pinned to their commentary. According to Adesoji Solanke, banking analyst at Renaissance Capital, the FY 2014 results ‘buttress why Zenith is a class act in the Nigerian banking space’. In the best economic conditions,
Results review This man acts in your best interest. Peter Amangbo, CEO, Zenith Bank
felicitations like these are given grudgingly. In this case, the results were achieved against the odds. Only last month, Fitch, a global ratings agency, issued a cautionary review of
the Nigerian economy and 10 leading banks. It concluded that ‘The Nigerian operating environment is affected by persistently low oil prices, continuing pressure on the domestic cur-
196.5
198.0 197.5 197.0 196.5 196.0
Zenith Bank’s gross earnings rose 14.8% in 2014 to N403.3 billion. This was achieved on the back of 39.1% and 15.9% growth in noninterest income and interest income respectively.
! Page VM2
Fr
Mo
Tu
£/N
We
Th
Fr
298.3263
305.0 303.0 301.0 299.0 297.0 Fr
Mo
Tu
Euro/N
We
Th
Fr
215.1479
222.0 220.0 218.0 216.0 214.0 Fr
Mo
Tu
We
CNY/N
Th
Fr
31.3743
31.80 31.60 31.40 31.20 31.00 Fr
Mo
Tu
We
CFA/N
Th
Fr
0.3216
0.35 0.33 0.31 0.29 0.27 Fr
Mo
Tu
We
Th
Currency
Central Rate
SWISS FRANC
200.9202
YEN
1.6371
WAUA
273.8745
RIYAL
52.3944
DANISH KRONE
28.8699
SDR
274.5695
Fr
FIXED INCOME & FOREX
Source: FMDQ
VM2
BUSINESS
VM | Monday, March 09, 2015 | Issue 032
AHEAD BY A MILE
Dusting the pack to the zenith W Continued from Page VM1 Credit grew by 38% year-on-year, up from 22% in Q3 2014. Two new line items, auction fee income and foreign withdrawal charges brought in N3.0 billion and N4.9 billion respectively. Together, they contributed 10.0% of total fees and commission income. Its cost-to-income ratio stayed flat at 55.2% (2013: 55.7%). This was achieved from improvements in operating income to counter an 11.2% spike in operating expenses to N163.7 billion. Zenith retained its single-minded vetting of asset quality in 2014. Nonperforming loan ratio was capped at 1.7%, and cost of risk at 0.9%. The bank maintained its momentum in deposit mobilization albeit at ‘chunky cost’ seen in the rise of interest expense to 51.0%. This affected its profit after tax, which rose 4.3% to N99.5 billion. Its capital adequacy ratio (CAR) was healthy at 20%, a good 4% higher than the 16% minimum required by the Central Bank of Nigeria for systemically important banks (SIBs). Its comfortable capital position enabled Zenith to propose a dividend of N1.75. This earns Zenith the top spot for dividend yield at 9.2% in the
banking industry at the top of the dividend yield. On a side note, the bank’s CAR has now slid for 3 years in a row.
Whether in boom times or lean times, Zenith Bank’s profit engine keeps humming along quietly, confirming the muted aggressiveness of its 4WD business model. To restore its buffer, Afrinvest estimates that Zenith will need ‘to raise additional capital via Rights Issue before the end of 2015 to increase its ability to increase risks assets, hence increase interest income.’ Shareholders will welcome this.
Can Zenith repeat this? Brian Mugabe, head of research at Imara Africa, has some reservations about Zenith’s ability to keep generating outsize returns from fx trading
in 2015. ‘An impressive set of results then, relative to our forecasts, although we expect some of the fx-related gains – including revaluation gains - courtesy of market volatility to not be sustainable in the medium term.’ Solanke of Rencap also urged management to provide ‘needed clarity around volatility in FX trading income through the year’. The analyst balances his enthusiasm for the 2014 results with an opinion that there is a lag between when the bad news happens and when it is reported. He writes that ‘FY14 results as an irrelevant indicator of the underlying asset quality stress in the banking system, as the feed through from a weaker oil, Naira and macro environment will only start reflecting significantly in subsequent 2015 results.’ For example, impairment charges are likely to rise in 2015. In 2014 it increased to N13.1 billion from N11.1 billion in 2013, a non-negligible 18.0%. This was mainly attributable to overdraft accounts at 83.2%, a figure which climbed 35.5% in the year. Afrinvest points lays the blame on ‘the recent developments in the oil & gas space as most operators may have challenges in meeting up with their obligations relating to the available credit line.’ It is early days to know how 2015
Zenith Bank FY 2014 Results Financial Highlights (N Billions) Statement of Comprehensive Income FY 2014 FY 2013 Y-o-Y Growth Gross Earnings 403.3 351.5 14.8% Interest Income 313.4 270.5 15.9% Interest Expense (106.9) (70.8) 51.0% Net Interest income 206.5 199.7 3.4% Credit impairment charges (13.1) (11.1) 18.0% Investment and Other Operating Income 90.1 64.7 39.1% OPEX (163.7) (147.2) 11.2% PBT 119.8 106.2 12.8% Taxation (20.3) (15.3) 33.1% PAT 99.5 95.3 4.3% Statement of Financial Position Cash and Bank Balances 752.6 603.9 24.6% Total Loans and advances 1,729.5 1,251.4 38.2% Investment Securities 200.1 303.1 -34.0% Total Assets 3,755.3 3,143.1 19.5% Total Equity 552.6 509.3 8.5% Total Deposits 2,537.3 2,276.8 11.4% Borrowings 359.3 119.7 200.3% Total Liabilities 3,202.6 2,633.9 21.6% Source: Company sources and Afrinvest Research
will turn out. Election results and postelection recovery, CBN’s stance on interest and forex rates, oil prices, and the insurgency in the north-eastern parts of Nigeria will all play their parts.
It is a shifting landscape. If there is one thing that Zenith has shown it is that it keeps adapting to the terrain. After all, this is the whole point of having a 4X4 business model. ;
HIGH TABLE
Little Italy, Big Taste
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
AGOS HAS SEEN ITS fair share of Italian restaurants come and go. One example is the short lived C’era Una Volta. So one may ask, what makes La Veranda, the latest project from Fouad Hanein, owner of the Piccolomondo Restaurant Group (The Blow Fish Hotel, Izanagi), any different? For one, its decor is beautiful. It is part modern art gallery arrangement and part rustic cuccina. Conceptually, this would seem like a confusing mess. In reality, it works harmoniously.
L
The restaurant overlooks the hotel’s newly constructed pool, a popular hangout for Lagos’ Young Cool Set, pronounced YCees for short. La Veranda’s firewood brick oven is part of an exclusive club of similar pizzerias in Lagos that include Manuela’s Residence on Teslim Elias Road, Taverna Milano on Samuel Manuwa Street, Pizze Riah on Musa Yar’Adua Street, all in Victoria Island and Double Four Restaurant on Awolowo Road, Ikoyi. Some of the highlights in the menu for me are the risotto con porcini a funghi, a delicious creamy mushroom risotto. However, if like some if you only like your rice jollofed or fried, then the penne arabiata is a safer bet. This is a pasta in a spicy homemade Napoli sauce with chilli, which is more suited to the Nigerian palate. In fact, the name arrabbiata literally means ‘angry’ in Italiano emphasize the dish’s spiciness. My personal favourites are the lasagne and penne pesto, which is made with pine nuts and basil. The chef’s piece de resistance and romantic date pleaser is parpadelle aragosta, a fresh egg pasta served with lobster. Unless you have a lavish expense account, this is a budget buster at a whopping N7,100. If you are choosing not to dine but
Published by
The penne arabiata lives up to its hot character
want to have an appetizer with your drinks for a more casual experience, then the bruschetta tomate is the way to go. Some may roll their eyes and wonder what makes tomato on bread special. Honestly, I couldn’t tell you. It just tastes great. I suspect the tomatoes have been blanched, skinned and brunoised along with
EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL
In Association With
CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA
onions, fragrant olive oil, vinegar and the freshest herbs. But this would only be a guess. A shining star on the Italian restaurant scene is Pizze Riah, owned by Elga Akerele. It arguably has the best wood fired pizzas in Lagos. Pizze Riah’s insistence on incorporating Nigerian influences into its repertoire
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.
has endeared it to diners. Having a Nigerian husband, Richard Akerele, must have played a small part in the menu configuration. Anyhow, the tropicalized touch makes the experience here refreshingly unique. I cannot imagine getting calamari suya anywhere else in the world. Though the pizzas are the clear stars of the restaurant, you will be doing yourself a clear disservice if you do not try their Italian pastry and desserts. My favorite is their tiramisu, an espresso-spiked ladyfingers sponge biscuit lathered generously with marscapone and decadent zabaione. Another attraction Pizze Riah has is its price list. Entrées start from N500 and on average menu items cost N2000. So you get first class food at great value for money. The place is also great for the entire family as it has an extended play area for children. ; La Veranda Blowfish Hotel 17 Oju Olobun Street Victoria Island Pizze-Riah 13 Musa Yar’Adua Street Victoria Island, Lagos
Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Website: www.vanguardngr.com ISSN 0794-652X
MARKET DATA
VM | Monday, March 09, 2015 | Issue 032
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW – MARCH 02 – MARCH 09, 2015
SECTOR PRICE CHANGES – MAR 02 – 09, 2015 TOP DECLINERS
WTD
CUTIX PLC
-6.67
DANGOTE FLOUR MILLS PLC
-5.38
CONTINENTAL REINSURANCE PLC -10.87
BERGER PAINTS NIGERIA PLC
-5.00
SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD
-8.51
PRESCO PLC
-4.97
MAY & BAKER NIGERIA PLC
-7.88
FORTE OIL PLC
-4.87
TOP GAINERS
WTD
TOP GAINERS
WTD
TOP DECLINERS
ZENITH INTERNATIONAL BANK PLC
18.98
DIAMOND BANK PLC
15.64
-13.81
FBN HOLDINGS PLC
14.42
AIRLINE SERVICES AND LOGISTICS PLC UAC OF NIGERIA PLC
-12.01
UNITED BANK FOR AFRICA PLC 17.29 UNION BANK OF NIGERIA PLC 16.87 NATIONAL AVIATION HANDLING COMPANY PLC
16.01
IKEJA HOTEL PLC
16.00
AIICO INSURANCE PLC
13.33
RED STAR EXPRESS PLC
13.06
SKYE BANK PLC
11.82
WTD
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
2 2 2 4 5 2 0 1 0 3 2
3 2 7 17 34 6 11 15 5 4 8
0 1 0 10 18 2 0 5 0 4 8
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
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 1.49 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
-0.01% 3.77% 0.00% 0.84% 0.00% 0.00% 0.00%
778 334 1,241,437 109 61,753 340 671 0 419 3,464 12,437 1,332 40,314 2,201 10,682 3,987 4,539 6,071 9,093 25,947 683 21,357 1,049,428 438,162 222,665 3,233 20,147 642 624 256,732 7,958 255 3,287 270,028 0 4,568 5,912 766 0 2,716 11,084 47,088 1,060 2,648 14,018 0 9 76,032 1,468 0 1,946 1,042 100 855 3,876 2,138 2,557 620 175,827 0 42,636 78,431 378 439,578 1,716 5,759 603,000 107,050 206,248 2,266 4,496 20,212 8,304 33,215 1,580 254,940
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
154.50 0.55 7.09 1.30 0.86 2.05 19.92 25.73 39.50 39.94 11.46 33.81 0.92 0.50 3.99 1.57 157.90 3.69 6.79 4.51 2.72 17.95 8.82 2.50 1.39 3.10 35.50 213.40 40.20 24.98 129.35 3.12 20.44 48.51
150.35 0.53 6.23 1.15 0.75 1.80 18.04 25.73 37.39 37.80 10.17 30.90 0.81 0.50 3.86 1.40 152.00 3.34 6.22 3.90 2.57 16.01 7.60 2.14 1.25 3.00 33.30 202.01 40.00 22.00 119.25 2.86 17.25 40.00
1.76% 3.77% 0.63% 4.35% 13.33% -12.20% 2.55% 0.00% 3.37% 1.06% 6.54% 3.66% -10.87% 0.00% -1.03% -3.45% 0.00% 2.33% 2.52% 15.64% -1.11% 12.12% 14.42% 9.09% 8.59% 3.33% 0.00% -1.25% -0.47% 3.32% 7.45% -0.33% 7.89% -10.39%
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
3.03 1.65 162.90 48.02 5.00 7.30 151.00 0.71 0.65 849.90 0.50 17.15 16.30 31.00 1.49 3.98 30.77 0.50 28.99 4.07 0.51 0.74 470.00 2.27 0.50 27.30 2.39 144.50 2.99 9.91 42.49 4.07 1.54 11.55 36.00 0.50 3.65 89.02 0.55 1.00 20.94
2.85 1.52 150.00 48.02 4.31 6.31 135.16 0.68 0.59 815.00 0.50 17.15 13.80 30.20 1.49 3.64 30.77 0.50 27.00 3.53 0.50 0.70 430.00 2.03 0.50 24.71 2.25 138.51 2.67 9.35 35.01 3.33 1.40 9.38 33.35 0.50 3.42 84.60 0.50 0.92 17.59
2.08% -7.88% 8.60% 0.00% 14.68% 5.82% 2.57% 0.00% -3.17% 0.00% 0.00% 0.00% 8.22% -0.29% 0.00% 0.27% 0.00% 0.00% -4.42% 15.30% 0.00% 1.37% -6.38% 8.61% 0.00% 9.29% -3.78% 3.22% 4.48% -0.83% -11.99% 17.29% 7.86% 12.40% 0.57% 0.00% 1.11% 3.03% 4.00% 0.00% 18.98%
3.37% 1.06% 10.89% 4.56% 1.23% 0.00% 0.00% -2.10% 0.33% 0.28% 1.72% 10.00% 3.89% 6.21% 10.13% 4.80% 7.75% 0.00% -2.86% -3.27% -0.05% 10.31% 0.90% 0.00% 3.24% -3.40% -1.01% -1.94% 7.59% 4.82% -0.74% 1.86% 0.00% -3.17% 0.00% 0.00% 0.00% 1.54% 0.68% 0.00% -8.29% 0.00% 0.00% 1.09% 0.00% 0.00% 5.71% -2.22% 9.66% 0.00% 5.00% 1.78% 3.21% 0.00% 2.67% -2.44% 10.00% 3.42% 0.55% 3.53% 0.00% 4.30% 2.09% -1.89% 4.30% 10.21%
Week Lo Change, %
Volume
Open
Change, %
Volume
21,154 1,551 2,593,699 962 241,556 8,356 19,279 3 2,987 4,879 14,745 7,179 296,709 6,136 36,722 8,433 35,813 13,496 82,143 1,402,624 6,118 404,087 5,335,264 905,086 724,118 6,381 122,316 4,325 12,279 806,788 15,682 9,292 249,727 283,387 0 10,164 10,233 4,044 25 16,584 111,795 231,841 4,730 26,692 18,914 859 45 236,923 12,984 1,275 5,996 1,318 475 6,913 18,440 7,366 5,434 4,902 402,904 6,414 102,264 387,409 2,145 1,105,588 14,359 88,596 1,736,846 179,837 268,607 18,567 5,057 37,610 27,255 214,234 118,020 1,573,440
152.86 0.55 6.00 1.26 0.81 1.71 20.24 31.49 38.24 37.00 9.50 32.60 0.87 0.50 4.00 1.47 159.80 4.00 6.90 3.95 2.54 16.61 7.00 2.09 1.27 3.20 34.20 210.00 40.21 21.00 128.90 3.07 20.55 42.65 0.50 2.95 1.43 157.60 48.02 4.75 7.55 141.81 0.72 0.57 815.25 0.50 17.15 14.93 27.90 1.43 3.83 30.45 0.50 27.36 3.70 0.50 0.82 333.90 1.97 0.50 24.23 2.35 142.41 2.80 11.35 40.90 3.42 1.45 9.00 35.50 0.50 3.25 88.80 0.51 0.94 16.28
0.09% 0.00% 7.33% -4.76% 4.94% 5.26% -8.60% -18.29% 2.72% 3.24% 20.00% -0.89% -5.75% 0.00% -3.50% -4.76% -4.26% -12.00% -5.80% 14.18% 5.12% 8.07% 25.86% 14.83% 9.45% -3.13% -0.58% -3.80% -0.50% 15.62% -0.59% -2.61% -5.50% 1.92% 0.00% 0.00% 6.29% 3.36% 0.00% 5.26% -10.86% 2.86% -1.39% 7.02% 0.58% 0.00% 0.00% 1.41% 10.79% 4.20% -4.70% 1.05% 0.00% 1.28% 10.00% 0.00% -9.76% 31.78% 15.23% 0.00% 12.67% -2.55% 1.47% 0.00% -15.33% -13.13% 19.01% 4.14% 22.89% -0.85% 0.00% 12.00% 0.25% 1.96% 3.19% 28.62%
30,012 22,116 9,886,856 15,810 674,456 123,498 37,394 45,420 17,922 15,375 40,862 18,130 464,492 19,944 245,031 22,690 249,382 161,313 407,830 3,704,403 22,537 2,297,002 12,068,497 4,055,541 2,320,142 61,702 610,175 48,747 31,970 6,600,412 48,950 46,850 326,846 319,444 50 26,908 82,413 7,785 49 50,205 250,732 1,086,388 6,701 569,384 113,472 3,687 568 732,270 129,371 4,278 9,720 39,468 2,578 584,787 28,510 40,949 36,931 22,984
2,435,513 6,687 279,100 637,267 6,172 4,732,934 33,044 1,015,608 6,504,096 587,958 443,675 166,722 12,202 82,685 139,943 865,266 812,875 5,328,000
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 2.77 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 1.65 0.90 3.08 34.60 31.49 85.40 46.95 15.98 79.51 1.24 0.75 4.35 2.10 250.02 9.50 11.20 7.05 5.35 20.28 16.52 4.64 2.40 3.90 73.55 259.94 71.20 31.80 214.99 4.50 32.20 76.45 0.50 3.79 2.15 182.00 70.00 5.84 13.48 189.00 1.76 0.90 1,200.00 0.54 23.08 36.89 42.49 1.99 5.75 44.00 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 2.98 11.55 55.00 0.50 4.72 136.73 0.93 1.21 25.80
YtD
Liquidity Rating2
-3.77% -3.51% 2.38% -8.40% 1.19% 5.88% -11.10% -2.54% -6.48% 2.41% 15.38% -6.08% -15.46% 0.00% 9.97% 4.48% -19.47% -20.00% 7.62% -17.25% -10.70% -1.37% 1.26% -4.00% -13.13% -16.44% -13.13% -11.05% -15.61% -3.57% -22.48% -9.39% -12.56% -24.57% 0.00% -5.14% 0.66% 4.91% -4.99% 0.00% 7.34% -10.52% -6.58% -6.15% -17.64% 0.00% -1.15% -13.49% 23.64% 1.36% -1.62% 19.63% 0.00% 16.67% 8.24% -3.85% -11.90% 25.18% -10.28% 0.00% 0.81% -5.37% -3.03% -12.77% 0.42% 4.50% -5.79% -10.12% 30.12% -6.36% 0.00% -4.96% 9.90% -18.75% 5.43% 16.33%
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 09, 2015 | Issue 032
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
6.44 0.04
4.50
10.18 0.15 2.38%
YtD
3M
-0.59 -8.39%
13.87
1W
02/03
Dec
Jan
Feb
CONTINSURE 0.80 3M
Jan
1W
3M
-0.69 -22.33%
02/03
Dec
Jan
GUARANTY 16.69 -0.90 -3.57%
3M
Feb
Jan
Jan
OANDO 3M
1W
Feb
Jan
STANBIC 19.40 0.22 0.81%
YtD
-3.71 -19.68%
1W
3M
Feb
Jan
1.15 8.22%
3M
OKOMUOIL
Feb
-5.10 -3.04%
5.91 23.64%
1W
3M
Jan
Feb
3M
02/03
Dec
Jan
UNILEVER 27.00
0.60 17.29%
3M
-0.09 -0.29%
3M
Jan
Feb
0.46 7.34%
-0.37 -5.21%
Jan
PRESCO
Feb
3M
Jan
UACN
Feb
3M
-3.62 -9.25%
02/03
Dec
Jan
WAPCO
-4.84 -11.99%
3M
12.90 16.95%
1W
1W
Jan
1W
NB
Feb
-24.14 -14.20%
1W
02/03
Dec
Jan
PZ
Feb
3M
1W
02/03
Dec
Jan
Feb
3M
Jan
ZENITHBANK 14.54
2.62 3.03%
-0.89 -8.48%
1W
Feb
-0.08 -0.83%
06/03
M T W T
F
20.94 3.34 25.80
2.94 16.33%
YtD
F
9.61 0.08
02/03
Dec
F
06/03
M T W T
21.31 0.04 0.42%
Jan
Feb
JBERGER -14.16 -24.57%
43.47 5.04 -14.16 -24.57%
3M
Jan
Feb
NESTLE
02/03
Feb
06/03
M T W T
F
02/03
Dec
Jan
Feb
06/03
M T W T
F
02/03
Dec
Jan
Feb
3M
2.44 13.19%
06/03
M T W T
F
19.84 2.48%
3M
-0.01 0.00%
1W
02/03
Dec
Jan
Feb
SEPLAT
06/03
M T W T
F
440.00 30.00
252.93
735.00 88.50 25.18%
YtD
F
1200.00 -175.61 -17.64%
61.15 16.14%
3M
-30.00 -6.38%
1W
02/03
Dec
Jan
Feb
06/03
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
02/03
Dec
06/03
M T W T
819.99 0.01
3.34 18.98%
1YtD
25.23 0.01
5
27.406 0.23 0.92%
3M
2.90 12.99%
Jan
Feb
06/03
M T W T
F
7 0.01 0.04%
1W
9
11
Jan
-5.04 -10.39%
1W
02/03
Dec
YtD
F
76.45
8
Dec
06/03
M T W T
LEGEND
UAC-PROP YtD
-1.28 -4.42%
-0.19 -0.47%
1W
02/03
F
27.71 1.28
YtD
-9.79 -19.66%
3M
06/03
M T W T
-2.28 -7.60%
-7.40 -15.61%
YtD
F
40.01 0.19
743.00 3.66 2.57%
06/03
M T W T
71.20
Dec
F
39.80 3.96 16.67%
Feb
06/03
M T W T
189.00 3M
Jan
GLAXOSMITH
F
1.42 7.89%
1.11 14.42%
1W
06/03
145.86 3.66 -17.14 -10.52%
-0.13 -1.45%
3M
02/03
Dec
YtD
F
8.81 1.11 0.11 1.26%
YtD
06/03
M T W T
16.52
38.08
02/03
Dec
YtD
-2.56 -1.25%
M T W T
-5.60 -22.38%
Feb
38.22
19.42 1.42 3M
Jan
FBNH
F
32.20 -2.79 -12.56%
YtD
Feb
06/03
M T W T
136.73 8.02 9.90%
INTBREW
F
89.02 2.62
66.50 YtD
Feb
Jan
8.09
1W
-33.17 -14.10%
06/03
M T W T
67.85 1.53 4.50%
06/03
0.20 0.57%
0.00 0.00%
35.53 4.84
26.00
3M
0.70 6.54%
1W
06/03
M T W T
02/03
Dec
F
1.94 12.12%
259.94 -25.09 -11.05%
YtD
0.61 5.65%
3M
02/03
Dec
F
202.01 2.56
16.60
1W
Feb
06/03
M T W T
02/03
Dec
F
0.37 5.82%
30.77 0.00 3.84 14.26%
FO
F
44.00 5.05 19.63%
Jan
122.55
1W
1W
06/03
M T W T
02/03
Dec
YtD
-0.01 -0.33%
6.73 0.37 3M
-0.05 -0.28%
1.52 15.38%
YtD
6.35
02/03
Dec
F
13.48
YtD
3M
11.40 0.70 15.98
06/03
M T W T
17.95 1.94 -0.25 -1.37%
YtD
Feb
0.40 1.06%
20.28
17.01 1W
1W
06/03
2.99 0.01
NASCON
YtD
0.00 0.00%
M T W T
02/03
F
4.51 3.22%
M T W T
1W
Feb
-0.17 -5.38%
ETI
F
4.50 -0.31 -9.39%
Jan
CCNN 8.33
02/03
Dec
86.50
1W
06/03
35.20 0.20 0.09 0.26%
Jan
Dec
F
55.00 -2.39 -6.36%
YtD
Feb
-12.03 -26.14%
2.10 5.82%
06/03
34.00 0.00
HONYFLOUR YtD
0.61 15.64%
M T W T
02/03
Dec
20.88
1W
Feb
06/03
M T W T
06/03 F
12.90 8.60%
144.50 4.51 -11.62 -7.44%
3M
5.68
30.91 0.09 1W
1W
73.55 -5.14 -13.13%
YtD
F
195.50 -4.51 -3.03%
FLOURMILL
3M
12.40
06/03
M T W T
02/03
YtD
8.89 7.45%
M T W T
Feb
4.21 15.77%
Jan
2.77
42.49
Dec
F
2.32 9.29%
M T W T
1W
1W
-1.08 -19.32%
0.90 2.41%
YtD
F
4.51 0.61
02/03
Dec
F
162.90 12.90
Jan
130.43
-0.67 -14.14%
-16.87 -11.63%
3M
38.20 0.40 46.95
06/03
7.05 -0.94 -17.25%
YtD
1.28 3.37%
M T W T
06/03
128.14 8.89
02/03
Dec
YtD
0.11 8.59%
M T W T
06/03
4.07 0.60 3M
Feb
1W
Feb
DIAMONDBNK
F
182.00 7.63 4.91%
YtD
F
8.26 -0.25 -5.79%
MOBIL
35.00
UBA 2.90
Jan
TOTAL
1W
1W
02/03
Dec
27.30 2.32
Feb
3M
Jan
CAP 33.01
02/03
Dec
26.60
06/03
M T W T
-1.70 -5.86%
-0.16 -10.32%
-5.72 -12.71%
06/03
214.99
23.20
02/03
Dec
YtD
0.06 2.08%
M T W T
02/03
Dec
Jan
-37.16 -22.48%
YtD
0.00 0.00%
1.39 0.11
02/03
Dec
F
36.89 -2.36 -13.49%
3M
3M
3.45
M T W T
06/03
15.14 1.15
12.83
-0.21 -13.13%
YtD
-2.72 -6.48%
YtD
F
2.40
112.54
02/03
Dec
YtD
0.78 3.32%
M T W T
-0.59 -16.67%
Feb
FIDELITYBK
F
2.95 0.06 3M
1W
06/03
3.79 -0.16 -5.14%
YtD
Jan
GUINNESS
Feb
-17.00 -10.00%
39.28 1.28 85.40
06/03
M T W T
02/03
Dec
110.00
MANSARD 1.96
3M
24.28 0.78 1W
Feb
0.46 2.55%
153.00 0.00
31.80 0.28 1.17%
1W
250.02 -37.00 -19.47%
YtD
F
0.20 9.09%
M T W T
02/03
Dec
DANGCEM
1.13 1W
-4.87 -20.84%
06/03
M T W T
4.64 -0.10 -4.00%
YtD
-0.10 -10.87%
2.40 0.20
1.93
Jan
139.10
Feb
FCMB
3M
CADBURY 33.10
02/03
Dec
F
0.82 0.10 -0.14 -14.58%
-2.31 -11.10%
YtD
18.50 0.46 34.60
06/03
M T W T
02/03
Dec
YtD
0.04 0.63%
1.24 -0.15 -15.46%
YtD
ASHAKACEM
10 13
12 May
21/07
June
July
25/07
M T W T
F