Vanguard Markets | Monday, November 10, 2014 | Issue 018
$/N
Euro/N
155.3
155.4 155.3 155.2 155.1 155.0
194.4201
197.0 196.0 195.0 194.0 193.0 Th
Fr
Mo
£/N
Tu
We
Th
Th
Fr
Mo
CNY/N
247.6414
249.3 248.6 247.9 247.2 246.5
Tu
We
Th
25.4077
25.60 25.50 25.40 25.30 25.20 Th
Fr
Mo
Tu
We
Th
Th
Fr
Mo
Tu
We
Th
MACRO
Volatility ahead The Nigerian economy is sailing dangerously close to a perfect storm. The price of oil, the country’s main export, has fallen sharply in recent weeks wreaking havoc on exchange rates with no end in sight as Saudi authorities play a game of chicken with shale producers in the United States. Add to that fears of fiscal indiscipline motivated by the political business cycle leading to elections in February 2015. Top it all off with an expanding terrorism-fuelled insurgency in the north-eastern part of the country. Totalled up it has led to nervousness among the large cohort of foreign portfolio managers on the Nigerian Stock Exchange, a pause on new investment, and general seat-belt buckling in preparation for a rough ride in 2015.
The country is like a household. There may be periods that your income may shrink because of some unforeseen circumstances and you must adjust. – Dr. Ngozi Okonjo-Iweala, coordinating minister of the economy
‘I can explain’. Ngozi Okonjo-Iweala, primus inter pares in the Federal Executive Council, stressing a point.
Turbulence! Fasten seat belt sign on IGERIA’S POLICY makers are battening the hatches. Two weeks ago, the Central Bank of Nigeria expressed its concern over ‘the growth in foreign currency borrowings of banks through foreign lines of credit and issuance of foreign currency denominated bonds (Eurobonds).’ Figures released by Afrinvest, an investment bank, show that this year alone, the country’s banks led by Zenith Bank, First Bank, Diamond Bank, and FCMB, have raised about $2 billion through this means, and $4
N
billion since 2011. Sterling Bank has joined the queue with plans to issue up to $200 million in Eurobonds in 2015. These figures have sparked anxiety among the country’s economic managers that the end of quantitative easing by the US Federal Reserve could cause a hike in rates with domino effects on borrowers’ balance sheets. To protect the banking sector, the CBN lowered the ceiling on foreign currency borrowing by financial institutions to 75 percent of shareholders’ funds. Under the previous rule, Section 6 of the Guidelines for Foreign Borrowing for on-Lend-
ing by Nigerian Banks issued in November 2001, they were allowed to borrow up to 200 per cent of shareholders’ funds in foreign currency. According to a report by Reuters, the CBN is also seeking ‘to ease pressure on the naira as banks borrow more dollars to cover interest payments offshore and as demand for imported goods stays high at 80 percent of all non-food consumption.’
Austerity syrup one drop at a time Last week the apex bank issued a circular wherein it stated that ‘in order to maintain the existing stability of the for-
eign exchange market and to further strengthen the various policy measures initiated by the Central Bank of Nigeria’ it would henceforth exclude certain consumer-focused items from the Retail Dutch Auction System (RDAS). Affected were generators, finished products, information technology, telecoms equipment, and invisible transactions. These account for up to 50 percent of forex demand at the auction. Importers who deal in these items would now have to source funds from the interbank foreign exchange market. The action provoked acute volatility in the interbank market causing the naira to
shed N2.75, falling to a low of N170.10 to the dollar. The CBN’s latest move is a policy admission that the federal government can no longer bear the burden of meeting forex demands in the face of dwindling foreign earnings as oil prices continue their downward spiral. Oil prices have fallen more than 40 per cent from a peak of $115 a barrel in July to a 5-year low of $82 per barrel this month. Crude oil sales account for 80 per cent of the country’s fiscal revenue and about 95 percent of foreign exchange earnings, writes Ayodeji Ebo of Afrinvest. By itself, the list of excluded items would not seem a big deal when misjudged as a oneoff act. It is not. On deeper reading, it marks a big shift that going forward the belt hole is going to be clasped a couple of notches tighter.
It’s the elections, schtupid The RDAS exclusion circular is the first salvo in a long overdue restructuring of the Nigerian economy postponed
since the January 2012 fuel subsidy removal stalemate. The federal government backed down then due to political considerations in recognition of President Jonathan’s delicate mandate despite winning elections months earlier. The drop in oil prices presents the perfect excuse for a ‘shock therapy program’ most likely to be launched no later than the middle of next year. It would include the removal of the subsidy on fuel, the devaluation of the naira, possibly a reset on the sharing formula of the excess crude account (ECA) between the federal government and state governments, and a slew of austerity measures. President Goodluck Jonathan and the People’s Democratic Party need to win and win convincingly big too at the legislature and state levels to assure the political legitimacy required to carry out the wholesale reforms being pressed by international financial institutions.
! Page VM2
FIXED INCOME & FOREX
Source: FMDQ
VM2
ECONOMY
VM | Monday, November 10, 2014 | Issue 018
MACRO
Volatility ahead
Okonjo-Iweala led the federal government’s team of negotiators at the successful talks with its bilateral creditors. In her defence, supporters argue that the accomplishment is adequate evidence that she would not go on pawn the country’s future, and her reputation, to satisfy the electoral aspirations of the ruling People’s Democratic Party.
W Continued from Page VM1 In a way the looming crisis is an answered prayer for those who have been calling for a recalibration of the economy. The coming elections are the main reason why the reforms cannot be pushed faster down the throats of Nigerians. Once that is out of the way the real business of swallowing the bitter medicine would begin. It is not a question of if, but when.
Geo-politics hits the grocery list
Mixed signals on the macro plane Dr. Ngozi Okonjo-Iweala, the co-ordinating minister of the economy, is quick to urge caution among political parties when discussing the budget in public debate. In an interview she gave to Foreign Affairs, a journal published by the influential Council of Foreign Relations, a U.Sbased think tank, she advised that ‘our politicians need to realize that you do not politicize the budget. In a developing country, that’s lethal.’ Whatever the minister’s touchy-feely attitude to the subject, in these times of economic turbulence the budget is a legitimate area of civic discourse, however heated and partisan. In an election season no subject is off the table. Since the beginning of the year, concerns have issued from various quarters over the risk of inflation and distortion of Nigeria’s economic well-being due to the pressures of the political business cycle. There is a strong belief that federal and state governments will embark on reckless spending sprees in a populist attempt to shore up the self-explanatory stomach infrastructure, a new entry into the lexicon of Nigerian politics. Speaking with journalists at a recent engagement, the bespectacled technocrat, who earned the nickname OkonjoWahala for her insistence on due process and transparency when she served under the President Olusegun Obasanjo administration, brushed aside fears that government spending in the lead up to 2015 elections is stoking inflation. The Harvard-trained economist gave assurances that the government has adhered strictly to the budget. The bulk of the spending that the administration of President Goodluck Jonathan will embark on will be tied to providing the logistical requirements necessary for the conduct of
Data visualization by Publican Media
the elections, she remarked. As if proof was needed, she pointed out that ‘we are in October and we are just running the budget the way it should be run.’ Although she has won credit for her masterful handling of the Nigerian economy during her two tours as minister of finance, there are creeping doubts whether she has enough foam in her can to douse the fire this time. Sensing the unease,
Published by
she felt compelled to tell her listeners that ‘despite the dwindling revenue of the nation due to falling crude oil prices and decrease in output, the nation is not broke, as feared in some quarters… though the money that comes into the coffers now is a little bit small.’ While pitching the economy’s growth prospects, she slipped in that the finance ministry had facilitated a $14.1 billion loan on ad-
EDITOR: MIDENO BAYAGBON GROUP BUSINESS EDITOR: OMOH GABRIEL
In Association With
CONTENT DIRECTION: OBIORA TABANSI ONYEASO DESIGN & ILLUSTRATION: PUBLICAN MEDIA
vantageous terms to support government projects. That set alarm bells ringing among many who have accused the Jonathan administration of going on a borrowing binge less than a decade after Nigeria reached a deal with the Paris Club of creditors to settle $30 billion in accumulated debt through a mixture of cash ($12 billion), and debt relief ($18 billion). The irony is not lost that
The fall in oil prices is a fallout of the contest between powerful Arabian producers led by Saudi Arabia, and shale producers in the United States. Rising tensions in the Middle East over the last decade has pushed the United States to focus attention on guaranteeing energy security from domestic sources. Technological advances like hydraulic fracturing and horizontal drilling have boosted oil production in the U.S. by more than 60 per cent since 2010 to 9 million barrels a day. This threatens the dominance of producers like Saudi Arabia. As a result, the Riyadh government is rallying members of the Organization of Petroleum Exporting Countries, the 12-member producers’ cartel, in a longterm greedy counter-intuitive strategy to maintain supply levels in the face of falling prices. This it hopes will drive shale producers in the US out of the market. From the look of things, this game of intercontinental brinkmanship is not fazing the target. Chesapeake Energy Corporation, a major shale producer is confident that shale production is here to stay. Archie Dunham, the company’s non-executive chairman, told Bloomberg that ‘if the Saudis take the price down to $60 or $70 a barrel, you will see a slowdown in the U.S. But you’re not going to see it stop. The consequences for other OPEC countries are far more dire.’ Some companies like Texas-based EOG Resources have told investors that they can make money at $40 a barrel, reaping a 10 per cent rate of return. The antagonistic sentiment is best described by Scott Sheffield, chief executive of Pioneer Natural Resources, a large independent U.S. oil and gas company. He told the Wall Street Journal that ‘we’re in a battle with Saudi Arabia in regard to market share.’ So far, commentators have framed the contest along the lines of ‘who blinks first?’ This is not an either-or existential struggle. In reality, OPEC will
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.
need to adjust to the rise of USbased production. On its part, US producers will eventually reach an accommodation with the cartel to limit production in defence of global oil prices. All this time, Nigeria is anxiously watching from the side lines. Coupling concerns about slowing global growth with a strengthening US dollar as funds flow back to US treasury bonds post-QE, and a glut in supply the projections are not heartening for Nigeria’s public finances. Barclays and Goldman Sachs have issued reports in recent weeks that do not see a return to prices above $100 in 2015. Dr. Okonjo-Iweala drove the point home at her press briefing in October. ‘The country is like a household. There may be periods that your income may shrink because of some unforeseen circumstances and you must adjust. If, in the past, you were indulging in very expensive food you may tell your children that it is time we just manage garri and if you have a spouse that is not working, you tell her please you must go and start a trade.’
Stock markets feel the pain It was a lethal week. At the close of trading on Friday, the All Share Index had lost a whopping 11.52 percent. Since January, it has declined 19.61 per cent. The fall in oil prices is only one side of the story. The end of quantitative easing in pulling money back from the periphery to the centre.
Not the C-word Nigeria’s economic management team is doing its best not to spook markets. It is calling the situation anything but a crisis. That is the unspoken rule. The coordinating minister herself attested this much when she said that in difficult times ‘you would not jump out and begin to tell people that your condition is the worst of all and that you are dying. This is because you know that it is a temporary condition. That is the same with a country.’ The obvious take home here is that tough times do not last but tough countries do. While hapless Nigerians pray, the CME and CBN governor are praying harder. The two senior officials must be fervently hoping that they can maintain their juggling act without drawing too much attention to the fact. Until President Goodluck is safely re-elected to power with a comfortable majority the real work of dietary adjustment from expensive dishes to garri cannot begin. ;
Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa. Website: www.vanguardngr.com ISSN 0794-652X
MARKET DATA
VM | Monday, November 10, 2014 | Issue 018
VM3
TRADING UPDATE Declined Unchanged Advanced
MARKET REVIEW – OCTOBER 31 – NOVEMBER 7, 2014 INDICES
WTD
INDICES
WTD
TOP DECLINERS
WTD
NSE All-Share Index
-11.54
NSE Lotus Islamic Index
-14.8
LAFARGE AFRICA PLC
NSE 30 Index
-12.08
NSE Industrial Index
-19.88
DANGOTE SUGAR REFINERY PLC
NSE Banking Index
-7.39
NSE Insurance Index
-3.25
NSE Consumer Goods Index
-12.65
NSE Oil/Gas Index
-14.71
NSE ASeM INDEX
1.49
TOP GAINERS
WTD
BETA GLASS COMPANY (NIG.)
-30.14 -29
TOP DECLINERS
WTD
OANDO PLC
-21.98
UNILEVER NIGERIA PLC
-21.55
ASHAKA CEMENT PLC
-28.62
VONO PRODUCTS PLC
-21.14
P. Z. INDUSTRIES PLC
-26.43
FBN HOLDINGS PLC
-20.03
-23.76
R. T. BRISCOE (NIG.) PLC
TRANSNATIONAL CORPORATION OF NIG PLC
5
SECTOR PRICE CHANGES – OCT 31 – NOV 7, 2014
-20
Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services
2 3 2 15 26 4 2 8 0 6 8
3 2 7 14 29 6 9 13 5 4 8
0 0 0 2 2 0 0 0 0 1 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
Close 128.25 0.62 7.40 1.42 0.80 1.74 22.37 21.30 33.10 38.38 10.99 46.77 0.85 0.50 3.25 1.48 188.53 6.23 4.91 5.31 3.33 16.72 9.25 3.22 1.65 3.12 58.33 175.77 46.55 24.00 160.60 3.31 31.00 63.84 0.50 2.99 1.60 161.98 53.20 4.59 6.96 143.45 0.87 0.65 839.33 0.50 18.96 16.99 29.79 1.55 4.97 24.82 0.50 17.54 4.00 0.55 0.72 508.53 2.39 0.50 26.74 2.19 157.00 3.08 11.41 44.68 4.30 1.53 7.16 28.32 0.50 4.09 76.84 0.58 0.95 20.11
Change, Volume % -4.29% 679 3.33% 19,497 -2.63% 254,689 2.90% 97 0.00% 61,610 0.00% 20 -9.69% 816 -3.40% 529 -4.94% 804 -4.00% 1,982 5.17% 1,460 0.00% 22 -3.41% 1,951 -1.96% 15,948 -4.97% 2,869 -7.50% 507 -5.00% 527 0.00% 10 -9.58% 149,943 -3.63% 441,557 0.00% 1,346 -4.89% 97,901 -7.13% 873,225 -4.73% 273,126 -8.33% 151,323 -0.32% 11,098 0.00% 783 -9.75% 2,458 -5.00% 2,662 -1.28% 462,491 -0.25% 2,155 -4.89% 1,791 3.33% 13,790 0.00% 115 0.00% 3,000,000 -0.33% 35,221 -2.44% 351 0.00% 282 0.00% 15 4.79% 3,156 0.43% 6,823 0.00% 44,390 0.00% 350 -4.41% 30,520 -5.00% 6,096 0.00% 2 0.00% 0 -4.66% 206,501 0.00% 115 0 0 -4.98% 1,799 0.00% 4 -4.62% 3,097 0.25% 9,710 0.00% 8 0.00% 518 -1.71% 48 -4.40% 87,808 0.00% 0 -2.90% 17,725 0.46% 5,623 1.23% 349 -9.68% 218,450 -5.00% 2,024 5.25% 900 2.14% 373,685 -6.71% 23,775 -0.14% 11,061 -4.93% 7,729 0.00% 307 0.00% 770 -5.00% 63,323 -4.92% 4,490 0.00% 46,914 -1.90% 702,044
5-day Open 164.35 0.65 8.50 1.52 0.87 1.80 31.16 20.01 42.78 42.00 12.83 44.44 0.97 0.53 3.79 1.52 215.00 6.23 7.00 6.00 3.43 18.93 11.60 3.89 1.95 3.48 58.33 207.36 51.35 25.00 161.50 3.96 30.51 63.84 0.50 3.00 1.72 164.20 53.20 5.00 8.07 162.00 0.97 0.75 950.05 0.50 20.90 21.66 29.79 5.23 28.93 0.51 23.84 4.00 0.55 0.86 517.37 2.50 0.50 29.99 2.36 157.71 4.04 13.30 51.05 4.75 1.89 7.90 34.30 0.50 4.21 109.99 0.66 0.95 21.30
4-Week
Change, Week Hi Week Lo % 165 128.25 -21.97% 0.67 0.59 -4.62% 8.55 7.00 -12.94% 1.52 1.38 -6.58% 0.87 0.76 -8.05% 1.9 1.74 -3.33% 32.79 22.37 -28.21% 22.05 20.01 6.45% 45.03 33.10 -22.63% 42 36.47 -8.62% 13 10.45 -14.34% 46.77 44.44 5.24% 0.99 0.85 -12.37% 0.57 0.50 -5.66% 3.98 3.25 -14.25% 1.6 1.48 -2.63% 219.88 188.53 -12.31% 6.23 5.92 0.00% 7.35 4.91 -29.86% 6.11 5.24 -11.50% 3.67 3.31 -2.92% 19.45 16.71 -11.67% 11.79 9.00 -20.26% 4.07 3.18 -17.22% 1.95 1.63 -15.38% 3.48 2.98 -10.34% 58.33 55.42 0.00% 215 175.77 -15.23% 51.49 46.55 -9.35% 26 22.61 -4.00% 169.57 156.75 -0.56% 3.96 3.31 -16.41% 32 29.93 1.61% 63.84 63.84 0.00% 0.5 0.50 0.00% 3.1 2.84 -0.33% 1.86 1.56 -6.98% 170.5 161.98 -1.35% 53.2 53.20 0.00% 5.09 4.38 -8.20% 8.49 6.93 -13.75% 166 142.31 -11.45% 0.98 0.87 -10.31% 0.76 0.65 -13.33% 980 839.33 -11.65% 0.5 0.50 0.00% 20.9 18.96 -9.28% 22.74 16.09 -21.56% 29.79 29.79 0.00% 5.23 28.93 0.53 25.09 4 0.55 0.86 517.37 2.77 0.5 30.5 2.41 160 4.19 13.3 51.2 5.19 1.91 8.01 34.3 0.5 4.3 110 0.69 0.96 22.79
4.97 24.82 0.50 17.54 3.82 0.53 0.72 508.53 2.28 0.50 26.74 2.16 152.00 3.08 11.41 42.45 4.00 1.53 6.48 28.31 0.50 4.05 76.84 0.58 0.90 19.00
Change, Volume Open % 35,826 162.86 -21.25% 105,785 0.69 -10.14% 758,223 8.77 -15.62% 980 1.33 6.77% 177,064 0.80 0.00% 1,109 1.91 -8.90% 16,849 32.00 -30.09% 2,178 19.00 12.11% 29,428 54.52 -39.29% 7,111 39.00 -1.59% 9,802 15.00 -26.73% 614 52.00 -10.06% 3,280,894 1.00 -15.00% 86,237 0.53 -5.66% 123,014 3.98 -18.34% 9,035 1.98 -25.25% 21,079 217.01 -13.12% 511 6.23 0.00% 248,408 8.10 -39.38% 1,014,141 6.20 -14.35% 11,843 3.80 -12.37% 474,472 18.85 -11.30% 2,131,516 12.91 -28.35% 1,239,510 4.30 -25.12% 551,376 2.02 -18.32% 62,184 3.33 -6.31% 1,962 62.16 -6.16% 13,366 220.50 -20.29% 29,928 58.06 -19.82% 1,663,912 29.57 -18.84% 21,134 193.98 -17.21% 20,534 3.83 -13.58% 41,250 31.00 0.00% 600 60.65 5.26% 8,022,625 0.50 0.00% 1,811,943 3.00 -0.33% 18,464 1.83 -12.57% 2,322 174.00 -6.91% 47 53.20 0.00% 31,098 4.91 -6.52% 18,099 9.26 -24.84% 179,291 180.00 -20.31% 4,792 1.05 -17.14% 144,154 0.77 -15.58% 13,465 1,022.00 -17.87% 2,026 0.50 0.00% 11,038 20.90 -9.28% 374,882 25.20 -32.58% 873 33.00 -9.73% 0 1.55 0.00% -4.97% 21 5.23 -4.97% -14.21% 6,526 35.36 -29.81% -1.96% 33,054 0.50 0.00% -26.43% 17,193 31.92 -45.05% 0.00% 269,485 4.40 -9.09% 0.00% 4,437 0.57 -3.51% -16.28% 20,824 0.89 -19.10% -1.71% 182 610.00 -16.63% -4.40% 495,982 2.77 -13.72% 0.00% 18,051 0.50 0.00% -10.84% 77,079 32.02 -16.49% -7.20% 3,885,587 2.32 -5.60% -0.45% 2,774 176.00 -10.80% -23.76% 1,792,230 5.49 -43.90% -14.21% 9,132 14.50 -21.31% -12.48% 22,032 58.00 -22.97% -9.47% 1,512,780 6.31 -31.85% -19.05% 294,560 2.05 -25.37% -9.37% 90,599 9.06 -20.97% -17.43% 80,503 45.65 -37.96% 0.00% 3,618 0.50 0.00% -2.85% 36,425 4.27 -4.22% -30.14% 159,239 128.00 -39.97% -12.12% 171,877 0.71 -18.31% 0.00% 253,073 0.99 -4.04% -5.59% 2,353,174 22.80 -11.80%
Volume
5-Week trading1
93,140 154,524 3,919,411 16,087 1,524,530 15,656 129,867 11,831 57,835 41,243 64,862 14,325 3,572,041 226,182 738,863 54,416 105,340 7,860 551,943 2,457,734 55,724 3,667,297 6,079,318 2,724,518 3,177,496 127,692 88,238 47,834 102,599 4,486,166 104,877 202,995 131,412 3,344 8,433,344 5,681,198 166,864 17,930 240 161,934 102,617 495,062 37,466 470,129 51,389 5,699 11,540 963,002 23,042 0 26,134 32,493 165,303 115,613 372,889 159,879 50,671 11,812 1,604,632 193,945 510,458 5,812,417 23,541 6,483,213 34,756 140,164 3,925,454 687,129 228,029 195,576 499,022 163,038 281,596 977,322 1,543,654 5,579,154
52-Week price range Low 69.00 0.59 7.00 1.25 0.74 1.74 13.87 13.75 33.10 35.96 8.00 44.36 0.85 0.50 1.70 1.48 185.00 5.92 4.91 5.24 2.73 12.40 9.00 3.01 1.63 1.91 55.42 78.51 46.55 22.61 156.75 2.80 21.85 59.18 0.50 1.96 1.33 111.01 40.00 4.38 6.93 140.00 0.79 0.55 839.33 0.50 18.00 10.86 29.45 1.33 4.00 24.82 0.50 17.54 3.82 0.50 0.72 508.53 2.28 0.50 19.00 2.09 146.26 2.11 11.41 42.45 4.00 1.25 6.48 28.31 0.50 3.87 76.84 0.58 0.85 19.00
Close ( )
High 197.94 0.97 10.65 1.86 0.97 3.97 34.60 22.10 110.00 51.66 15.98 79.80 1.29 0.89 4.30 2.27 250.02 10.76 12.49 8.20 5.73 20.28 17.29 4.64 2.86 3.72 83.64 259.94 74.97 31.80 262.00 4.50 32.20 76.45 0.50 3.15 2.64 182.00 70.00 6.46 15.10 189.00 2.08 0.97 1,250.01 0.54 25.00 36.89 45.85 2.14 6.25 49.00 0.81 41.06 5.35 0.69 1.49 735.00 4.67 0.50 35.00 2.74 195.50 7.08 21.31 67.85 9.60 3.04 10.89 64.00 0.69 5.70 136.73 1.48 1.40 27.40
YtD
PE
EPS
79.55% -20.70% -22.92% -12.88% -13.04% -48.06% 2.24% 47.61% -65.94% -20.01% -8.34% -23.73% -29.17% -23.08% 49.08% -24.10% -12.78% -39.10% -56.55% -29.20% -29.60% 2.01% -43.25% -16.15% -38.89% 13.45% -28.71% 89.26% -33.50% -13.51% -31.95% -14.03% 9.46% 1.22% 0.00% 19.60% -37.25% 39.64% 2.86% -27.72% -53.13% -13.07% -20.91% -19.75% -28.99% 0.00% -13.86% -36.44% -33.55% -20.51% -5.33% -36.36% -20.63% -52.59% -5.88% 1.85% -48.94% -15.92% -47.01% 0.00% 19.70% -12.40% -9.41% -29.03% -25.79% -20.20% -53.01% -32.60% -25.49% -46.57% 0.00% -14.97% -33.18% -48.67% -25.78% -19.56%
30.27
15.98
4.46 0.21 1.57 0.23 0.15 0.50 0.80 3.38 1.57 1.67 1.12 3.34 0.16 0.11 0.24 0.19 11.80
6.14 3.21 5.46 4.56 4.29 3.66 2.43 12.58 17.26 37.94 16.34 7.35 20.38 10.23 49.17 9.97 12.57 19.55 18.22 15.52 53.85 15.39 6.63 27.18
0.81 1.65 0.61 3.67 2.16 0.88 0.68 0.24 3.38 4.63 3.00 3.27 7.88 0.34 0.63 6.74 0.04 0.15 0.09 10.44 1.04 0.32 1.05 5.24
29.12
28.82
15.16 13.69 4.57 8.74 2.96
1.11 2.29 0.35 0.60 8.38
13.09 6.54 5.29
1.34 0.61 0.10
2.82 3.36 13.91 3.49 11.77 35.10 5.46 20.86 2.53 5.28 37.28 20.67 4.65 5.76
0.84 0.15 1.92 0.63 12.91 0.09 2.20 2.14 1.70 0.29 0.19 1.37 0.11 0.71
8.29
0.07
5.81
3.46
2.95
4.71 6.44 5.26 3.66 27.96
6.52
22.18 22.93 9.81 14.75 5.31 4.54 13.54
8.16
Liquidity Rating2
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, November 10, 2014 | Issue 018
MARKET SNAPSHOT 3-MONTH PRICE TREND OF BELLWETHER STOCKS
ACCESS
7.40 1.10
7.00 YtD
PE 4.71
10.65 -2.20 -22.92%
3M
-2.60 -26.00%
-1.10 -12.94%
1W
03/11
August
September
October
CONTINSURE 0.85 YtD
-0.35 -29.17%
3M
PE 5.31 -0.12 -12.37%
1W
03/11
August
September
October
FCMB -0.62 -16.15%
3M
-1.08 -25.12%
-0.67 -17.22%
1W
03/11
August
September
GUARANTY 22.61 YtD
October
-3.75 -13.51%
3M
PE 7.35 -1.00 -4.00%
1W
03/11
September
October
MANSARD 0.49 19.60%
3M
0.49 19.60%
-0.01 -0.33%
1W
03/11
August
September
OANDO YtD
October
3M
-9.71 -36.37%
-4.67 -21.56%
1W
03/11
August
September
STANBIC
October
PE 13.92
35.00
YtD
3M
-2.60 -8.86%
1W
03/11
August
September
October
UBA
-3.25 -10.84%
F
PE 2.53
9.60 -4.85 -53.01%
3M
-3.59 -45.50%
1W
-0.45 -9.47%
-8.79 -28.21%
03/11
August
September
DANGCEM
250.02 -27.63 -12.78%
3M
-41.47 -18.03%
-26.47 -12.31%
03/11
August
September
October
FIDELITYBK 1.63 YtD
3M
PE 2.43 -0.30 -15.38%
1W
03/11
August
September
GUINNESS 156.75 YtD
October
3M
PE 20.38 -0.90 -0.56%
1W
03/11
August
September
MOBIL
October
182.00 45.98 39.64%
3M
-9.08 -5.31%
-2.22 -1.35%
03/11
August
September
OKOMUOIL 29.45 YtD
October
-15.04 -33.55%
3M
PE 13.69 0.00 0.00%
1W
03/11
September
TOTAL
October
195.50 -16.30 -9.41%
3M
-19.20 -10.90%
-0.71 -0.45%
03/11
August
September
UNILEVER 28.31 YtD
F
PE 11.77
1W
October
-24.68 -46.57%
3M
F
28.32 5.98 PE 20.67
-20.48 -41.97%
1W
-5.98 -17.43%
PE 22.18 -9.68 -22.63%
1W
03/11
August
September
October
DIAMONDBNK 5.24 YtD
-2.19 -29.20%
3M
PE 3.21
-1.09 -17.03%
-0.69 -11.50%
1W
03/11
August
September
FLOURMILL 55.42 YtD
October
3M
PE 17.26 0.00 0.00%
1W
03/11
August
September
October
HONYFLOUR 2.80 YtD
3M
PE 10.24 -0.65 -16.41%
1W
03/11
August
September
October
NASCON -7.89 -53.13%
3M
-3.36 -32.56%
-1.11 -13.75%
1W
03/11
August
September
PRESCO YtD
October
3M
-11.19 -31.07%
-4.11 -14.21%
1W
03/11
August
September
UACN
October
3M
-16.32 -26.75%
1W
03/11
August
September
WAPCO
October
F
3M
-45.16 -37.02%
1W
PE --33.15 -30.14%
-3.62 -8.62%
1W
03/11
August
September
ETI
October
PE 4.56
20.28 0.33 2.01%
YtD
3M
-1.61 -8.78%
-2.21 -11.67%
1W
03/11
August
September
FO
October
259.94 82.90 89.26%
YtD
3M
-63.23 -26.46%
-31.59 -15.23%
03/11
August
September
INTBREW
October
PE 49.17
32.20 2.68 9.46%
YtD
3M
3.50 12.73%
0.49 1.61%
1W
03/11
August
September
NB
October
189.00 -21.56 -13.07%
3M
-41.65 -22.50%
-18.55 -11.45%
03/11
August
September
PZ
October
F
PE 13.09
41.06 -19.46 -52.59%
3M
-20.21 -53.54%
1W
03/11
August
September
October
F
PE 5.46
21.31 3M
-5.59 -32.88%
1W
03/11
September
ZENITHBANK 19.50
October
3M
-1.89 -14.21%
07/11
M T W T
F
21.30 1.29 PE 6.13
27.40 -3.70 -14.80%
07/11
M T W T
11.41 1.89
11.41
August
-6.30 -26.43%
03/11
August
September
October
FBNH YtD
-7.05 -43.25%
-6.04 -39.50%
3M
03/11
October
07/11
M T W T
F
03/11
August
September
October
07/11
M T W T
F
03/11
August
September
October
-3.78 -15.07%
07/11
M T W T
F
1W
03/11
August
-2.35 -20.26%
1W
03/11
August
September
October
GLAXOSMITH
-16.03 -25.62%
3M
-4.80 -9.35%
1W
03/11
August
September
October
JBERGER
-2.89 -4.33%
3M
0.00 0.00%
1W
03/11
August
September
NESTLE
October
1250.01 -342.67 -28.99%
07/11
M T W T
-274.67 -24.66%
3M
PE 29.12 -110.72 -11.65%
1W
03/11
August
September
SEPLAT
October
07/11
M T W T
PE --
735.00 -96.27 -15.92%
-183.47 -26.51%
3M
-8.84 -1.71%
1W
03/11
August
F
508.53 8.84
508.53 YtD
F
839.33 110.72
839.33 YtD
F
PE 9.97
76.45 0.77 1.22%
07/11
M T W T
63.84 0.00
59.18 YtD
F
PE 16.34
74.97 -23.45 -33.50%
07/11
M T W T
46.55 4.80
46.55 YtD
F
PE 4.29
17.29
September
October
07/11
M T W T
F
-1.29 -5.71%
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. PE ratio 9. 1-year price change 10. 3-months price change 11. 1-week price change 12. Daily price movement over 3 months. 13. 30-day moving average 14. Daily price movement over last week
1 2 TICKER
4
3
19.23 1YtD
5
25.23 0.018
September
October
07/11
M T W T
F
PE 7.29
27.406 0.23 0.92%
3M
2.90 12.99%
7 0.01
1W
0.04%
10
12
September
07/11
M T W T
9.25 2.35
9.00
9
August
-1.84 -14.34%
1W
LEGEND
UAC-PROP -3.97 -25.79%
-4.20 -27.65%
3M
07/11
M T W T
17.54 6.30
17.54
YtD
F
PE 27.18
1W
-1.00 -8.34%
YtD
07/11
M T W T
143.45 18.55
140.00
YtD
F
PE 9.81
15.98
07/11
M T W T
31.00 0.49
21.85
YtD
F
PE 37.94
1W
10.99 1.84
8.00
07/11
M T W T
175.77 31.59
78.51
YtD
F
16.72 2.21
12.40
CCNN
07/11
M T W T
07/11
M T W T
136.73 -38.16 -33.18%
-6.37 -12.48%
76.84 33.15
76.84 YtD
F
PE 20.86
67.85 -11.31 -20.20%
-2.57 -6.28%
07/11
M T W T
44.68 6.37
42.45 YtD
F
PE 2.96
49.00
3M
07/11
M T W T
24.82 4.11
24.82 -14.18 -36.36%
F
PE 6.63
15.10
-9.60 -20.01%
07/11
M T W T
6.96 1.11
6.93 YtD
F
3.31 0.65 -0.74 -18.27%
YtD
PE 22.93
51.66
07/11
M T W T
4.50 -0.54 -14.03%
F
58.33 0.00 -13.94 -19.29%
38.38 3.62
35.96
07/11
M T W T
83.64 -23.49 -28.71%
F
5.31 0.69 8.20
CAP
07/11
M T W T
07/11
M T W T
64.00
-37.44 -53.08%
07/11
M T W T
157.00 0.71
146.26 YtD
F
29.79 0.00 -4.71 -13.65%
3M
07/11
M T W T
45.85
August
F
PE 15.52
1W
-64.08 -65.94%
07/11
M T W T
161.98 2.22
111.01 YtD
F
160.60 0.90 -38.19 -19.21%
YtD
110.00
07/11
M T W T
262.00 -75.41 -31.95%
F
1.65 0.30 -0.38 -18.72%
33.10 9.68
33.10
07/11
M T W T
2.86 -1.05 -38.89%
F
PE 15.98
1W
CADBURY
07/11
M T W T
188.53 26.47
185.00 YtD
October
07/11
M T W T
4.30 0.45
4.00 YtD
F
PE 27.96
1W
07/11
M T W T
26.74 3.25
19.00 4.40 19.70%
F
PE 15.16
36.89
-11.54 -34.03%
07/11
M T W T
16.99 4.67
10.86 -9.74 -36.44%
F
PE 19.55
3.15
3M
07/11
M T W T
2.99 0.01
1.96 YtD
F
24.00 1.00 -6.40 -21.05%
0.49 2.24%
YtD
07/11
M T W T
31.80
August
F
PE 3.66
4.64
22.37 8.79 34.60
07/11
M T W T
3.22 0.67
3.01 YtD
F
0.85 0.12 -0.18 -17.48%
13.87
07/11
M T W T
1.29
ASHAKACEM
11 14
13 May
21/07
June
July
25/07
M T W T
F