Monthly NCM Report for Nov 2010

8/8/2019 Monthly NCM Report for Nov 2010

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The Monthly NCM Report for Nov 2010 www.proshareng.com

ISSN 1597 - 8842 Vol. 1 No. 52

The Monthly NCM Report for Nov‘10Issued on Deceember 02, 2010




Contents

Executive Summary 3

Introduction 6

All-Share Index Movement 12

Market Dynamics 13

Comparison of 2009 and 2010 Market Performance 14

Sectoral Index Movements 15NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index

Sectoral Analysis 19

Transactions Volume and Value Trend 20

Top Ten Trades in the Month 21

Top Ten Traded Sectors in the Month 21

Top Ten Gainers in the Month 21

Top Ten Year to Date Appreciation 21

Top Ten Decliners in the Month 22

Top Ten Year to Date Depreciation 22

New Listing/Supplementary Listing/Delisting in the Month 22Corporate Declarations in the Month 23

Forecast Results in the Month 36

Dividends Declared 36

Outlook/ Analyst Opinion 37

Time Lines (Market News/Information) 38

ISSN 1597 - 8842 Vol. 1 No. 52




The Monthly NCM Report for November 2010 ISSN 1597 - 8842 Vol. 1 No. 52

Executive Summary

The trend in the Nigerian capital market during the month of November 2010 has been

unstable, despite an impressive start of 0.24% upswing. The market could not sustainthe promising stable sentiments recorded in the preceding month of October due to thevolatility, filled with superficial euphoria on the back of AMCON, trend distortion byuncertainty surrounding the banking non-performing loans valuation.

The unimpressive month may also be linked to the high speculative trend that pervadedthe market in the month. This made the market to experience heavy turbulence followedby profit taking sentiments that caused more red positions, as investors decided to rakein some of the handsome profits recorded in the previous bullish month, not gettingclear signals about what lies ahead.

The trends clearly revealed the speculative tendency in the first nine (9) days of the

month, i.e. between the periods of November 1st

2010 to 12th

November 2010. Duringthis period, equity market traded sideways in volatile sessions, as bears and bulls jostledfor supremacy, in which the bulls triumphed with 3.14% upbeat, upholding theimpressive trend recorded in the preceding months. The impressive earnings reportedprior to this period could be partly attributable to this resilient positive position.

ASI at Nov 1,2010 25,102.20ASI at Nov 11,2010 25,891.13%Change 3.14%Source: Proshare Research/NSE

Market Outlook - early stage of the month

However, the AMCON’s valuation announcement appears to be outside marketsentiments http://www.proshareng.com/news/12537 , as this perhaps accounted for the sharpreversal that ensued. This was expressed as investors’ pre-emptive move towardsAMCON’s pricing in the weekly report of 19Nov10http://www.proshareng.com/news/singlenews.php?id=12598 . Market sentiment was thereforebearish as market recorded continuous sell volume while investors remained cautious.

ov stPrice

ovPrice % Change

ovPrice

ov tprice % Change

Afribank 2.27 2.73 20.26% 2.86 2.5 -12.59%

Finbank 0.69 0.94 36.23% 0.98 0.87 -11.22%Intercont 2.07 2.82 36.23% 2.9 2.26 -22.07%Oceanic 2.42 3.27 35.12% 3.42 2.52 -26.32%UBN 4.12 5.19 25.97% 5.44 4.59 -15.63%Bank PHB 1.47 1.94 31.97% 2.03 1.97 -2.96%Spring Bank 0.78 0.89 14.10% 0.93 1.04 11.83%Wema 1.22 1.66 36.07% 1.74 1.39 -20.11%Unity Bank 1.14 1.37 20.18% 1.43 1.25 -12.59%Source: Proshare Research/NSE

CBN RescuedBanks

Before Valuation Model After Valuation Model




The perceived unfavourable valuation model by rescued banks further attractedunfavourable sentiments towards market, as equity market nosedived more intonegative zone, erasing previous gains, ASI movement confirmed this trend as marketmarked 7days uninterrupted decline on November 24 th 2010, losing N455.95 billion ina volatile session.

Moreover, the AMCON’s valuation model has generated series of debates within theinvesting community on the premise that a discounted cash flow method is expected tobe used to determine the fair value of the loans; and the pricing date for toxic assetsshould be pre CBN’s intervention, since the intervention by CBN triggered panic sell inthe market which consequently depleted the value of these assets. Also, the option of equity stake in those rescued banks by AMCON raised serious concern about the worth of those banks’ shares with heavy equity dilution. http://proshareng.com/blog/?p=476 however,AMCON would commence issuance of bonds by the December 31st 2010.

The pricing model has made the banking sector most volatile despite the impressiveearnings report recorded in the sector. The sector is about to activate the new bankingplatform which took over from universal banking model as the latter ceased to exist by

November 15, 2010 according to CBN, though, is early to gauge the impact of the newplatform, we believe that the sector would taking readings from the financials andmarket activities as they fully and finally settled with the new platform.More so on new banking license, The Board of Directors of Diamond Bank Plc approvedthe Bank’s plans to divest from its non-bank subsidiaries and focus on CommercialBanking. The bank however, decided to uphold its foreign bank subsidiaries and operateas an international bank. http://proshareng.com/news/singleNews.php?id=12571

On 25 th of November 2010, the sector witnessed drop in selling pressure, which wasextended to the rescued banks, as the league recorded price appreciation. Consequently,equity market ended the 7days volatile sessions on a positive note as ASI advanced by0.27%. The uptrend gained more support to maintain 4days northward movement,

recording 1.23% gain, while the month closed with the positive sentiments on aggregateloss of -1.34% against +5.45% gains recorded previous month. The market volatilityrecorded in the month reclined the year-to-date market performance from 20.17% recorded in October to 18.84%.

On the market capacity building, the management of NSE in the month processed thelisting by introduction of 792.9 million shares of Paints & Coatings Manufacturers NigeriaPlc at N3.00 per share and Multi-Trex Integrated Foods Plc same price.

This was perceived by interim management of NSE as a signal of renewed investors’ confidence which is yet to be ascertained, as the major of newly listed stocks after 2008market crash still maintained downward trendhttp://www.proshareng.com/news/singlenews.php?id=12638

and the over-hanging N700 billioninvestments in private placements remained unexplained. We expect that investors’ confidence would remain superficial as unlisted private placements by private companiesare part of derailing factors . http://www.proshareng.com/news/12483

Buttressing the above stated fact, the new stock of Multi-Trex Integrated Foods Plc hashowever recorded no gain position in aggregate while Dangote Cement Plc which waslisted last month, has not traded above listing price of N135.00, the stock is - 8.14% down, though, on the back of additional peculiarities http://proshareng.com/news/12614 .




Listed Listed PriceTrading Price at

Nov 26No Of Shares

Date N N In Billion

Dangote Cement Plc Oct 26 th,10 135 121.15 15.49 -10%

Multi-Trex Integrated Foods PlcNov 1 st,10

3 3 3.72 0%Paints and Coatings Manufacturers Nigeria Plc Nov 2 nd,10 3 3.71 0.792 24%Source: Proshare Research/NSE

Outlook of Most Recent Newly-Listed Companies

CompanyPrice

Performance

On the note of market confidence, the inconsistency on the part of the management of NSE could also be perceived as part of derailing factors as NSE listed some companies inQ3 2010 to be delisted in the month under review (Precisely Nov 16 2010) due to failureto comply with post listing requirements http://www.proshareng.com/news/12260 ,which they have not without any reason or information disseminated to investingcommunity.

Finally, we expect sincere efforts by regulators to strengthen their role in the protection

of investments and bring back total sanity into the market. A number of developmentswe believed should have impacted events in the month(s) as predicted in the pastmonthly reports include, but not limited to:

Impact Assessments TableDevelopments that we believed should have impact in the

months November/December as listed in our October reportOutcome

Resolution of pre-takeover issues and stabilisation of the NSEand exit of SEC;

Not much traction gained in thisdirection

Changes to business models of firms related to the NSE;reconstitution of the NSE council and restraint incommunications after the forensic report submission;

Still in the works

AMCON role to be modified and may possibly act as a keyplayer in determination of recapitalisation efforts, future sales;

AMCON is considering equitystake in rescued banks

CBN may dissolve board(s) of rescued banks; Not clear how this wouldmaterialise.

Outcome of search for new NSE DG continues to provechallenging after only two candidates that made the cut werefound not to have fully met the criteria set out for the position.Headhunting after the contrived second advert should see theinterim administration staying longer to continue current work;

A new NSE MD should be inplace by December 2010.

Changes to revolutionize nation’s stock market may take place

such as the listing of ETF’s on the NSE against a poor structuralbase for high end market products;

Changes are yet to take place

Proposal for a modern platform of Straight Through Processing(STP) is delayed;

Still on hold

NSE may get approval to increase Trading Hours at a time it isequally seeking to refurbish the building and make structuralchanges – including its trading platform and website issues;

The extended trading hours atNSE has been approved

Removal of restrictions on price movements Not going to happen!

Continued dominance of pension managers due to the lowliquidity status of the market;

Will continue for months tocome.




Issues anticipated to impact the last month of the year:

Efforts by regulators to strengthen their role in the protection of investments and

bring back total sanity into the market.

Continued drop in the Nigerian Inter-bank lending rates may drive investors back to

the capital market in the days ahead.

Ongoing regulation of margin loans should contribute significantly to stability of

transactions at the Nigerian Stock Exchange (NSE).

Disbursement of N500 billion soft loans to small and medium scale businesses across

the country as part of efforts to fight poverty and boost economic activities.

The outcome of pending law suits on the bank’s recapitalisation

Investors’ seasonal selling to meet personal needs.

Closing of books by some institutional investors for the 2010 financial year.Conversion of toxic assets of rescued banks to equity.

Higher yield in the money market will reduce the flow of liquidity to the capital

market as this will trigger switch of investments to money market.

Plans by the Nigerian Stock Exchange to increase the limit on daily share price

movement from five per cent to 10 per cent are dropped.

The increased trading hours – to 1430pm daily – is expected to suffer initially due to

slack liquidity in the market but should create a push factor that nudges the market

towards a focus on market deepening issues.

Thank you for reading and do take time to share with us your thoughts on the market,analyst at [email protected] . We value your feedback and comments.




Introduction

“Market YTD performance reclines to close at 18.84% as NSE ASI isweakened by a fall below its 25,000 psychological line by -1.34%’’

The month of November witnessed high volatility which emerged from speculativetendency and profit taking which was amplified by AMCON’s pricing and valuation model,as some banks perceived the model unfavourable. The speculative tendency could betraced to the subtle profit taking sentiments noticed in the preceding bullish month as itwas observed in the last trading day for the month, which dipped by -0.10%.

The month under review started on positive note with upswing of 0.24% as a bait toresist the brewing speculative tendency and sustain the positive growth. The urge forprofit taking is attributable to the impressive price appreciation witnessed in the monthof October 2010.

This however led to the rumble as the bulls and bears jostled for supremacy within the

first nine days, which later closed in favour of bulls, as market swings between the highof 25,891.13 and low of 24,728.08 to gain by 3.14%. The market trend within thesenine days suggests sustained growth inherited from the preceding month, withfluctuations emerged from speculative tendency.

Date ASI Performance DirectionNov 1,2010 25,102.20 0.24%Nov 2,2010 24,804.22 -1.19%Nov 3,2010 24,782.90 -0.09%Nov 4,2010 24,822.03 0.16%

Nov 5,2010 24,800.47 -0.09%Nov 8,2010 24,728.08 -0.29%Nov 9,2010 25,383.37 2.65%Nov 10,2010 25,416.21 0.13%Nov 11,2010 25,891.13 1.87%

3.14%Source: Proshare Research/NSE

9days Performance

Market Breakdown in First 9days




Further analysis revealed that despite the high speculative tendency and fluctuationswitnessed in the first 9 sessions in the month of November, the market outlook recordsmore positive points when compared with the trend in the first 9 sessions in the monthof October as market records 3.10% upbeat. This further buttressed our position onsustained growth within this period.

More so, as a result of pre-emptive measures towards November 15 th 2010 as set byAMCON to benchmark valuation and pricing of toxic assets on market price for that day,market went unstable with continued sell off mandates which lasted for sevenuninterrupted bearish sessions as market records N455.95 billion loss with ASI downby -5.52%, erasing 3.14% upbeat recorded in the early 9days of the month. Thisoutlook buttressed our unstable position of the market in the month.

Also, the option of taking equity stake in rescued banks as expressed by AMCON coupledwith unfavourable pricing model as perceived by the banks also contributed to the hugeloss, while short term traders seek opportunity to take profits on the appreciatedportfolios as appetite for risk dropped abruptly.

The volatility and huge sell-offs was more witnessed among banking stocks particularlythe rescued banks. This confirmed our position on profit taking as those stocks havealready recorded consistent and tremendous price appreciation in the month, includingthose that have witnessed significant year-to-date (YTD) growth-a situation that offersinvestors an opportunity to reap some capital appreciation.

Market CAP Performance=N= 'trillion =N= 'billion

Nov 12 2010 8.1 -167.1 -2.02Nov 15 2010 8.07 -21.23 -0.26

Nov 18 2010 8.04 -37.24 -0.46Nov 19 2010 7.97 -71.59 -0.89Nov 22 2010 7.94 -25.25 -0.32Nov 23 2010 7.86 -81.07 -1.02Nov 24 2010 7.81 -52.44 -0.67

Source: Proshare Research/NSE

Market CAP Performance 455.95 billion Loss in 7daysASI Position 5.52% down in 7days

Market Reaction Towards AMCON's Pricing Model

Date ASI Status

The above tabulated information buttressed our statement that AMCON’s pricing modelamplified the instability recorded in the month. This has impacted market sentimentsheavily as investors embarked on cautious bargaining following the volatile sessions.

The Market – Game On

The market this month recorded a total volume of 7.43 billion units valued at N60.33billion (US$399.60 million) exchanged in 110,624 deals compared with 9.33 bn unitsvalued at N56.11bn (US$350.73bn) exchanged in 120,282 deals in November 2009.Comparing, the volume and value traded in the month reveal a -20.37% drop below thevolume and 7.52% above value recorded in the previous year’s comparable periodrespectively.




During the month, the NSE All-Share index recorded a negative trend of -1.34%, asignificant negative growth from the +5.45% upbeat recorded in October 2010.

However, the trend is relatively better when compared with the -3.02%recorded in the preceding year’s November closed at 21,010.29.

Market capitalisation this month decreased by N104.51 billion (US$708.33 billion) asagainst appreciation by N2.16 trillion (US$14.66bn) recorded in October 2010.Market capitalisation shed higher figures of N113.03 billion (US$766.09m) in theprevious year’s comparable period (November 2009).




The Market – Game Changers:

The commencement of absorbing the toxic assets in the financial sector by AMCON couldserve as salient game changer in absence of option of equity stake in those rescuedbanks.

Other factors that should act as game changers to sustain the upward trend in themarket include - the low valuations of equities, anticipated merger and acquisition in thebanking sector, the recapitalisation opportunities for fresh capital, the listing of new andviable companies, high expectation of impressive Q4 earnings report, concerted effortstowards establishing corporate governance in the NSE and SEC, and continuation of theabdication of the regulatory approach that promotes sensationalism rather than wellthought out communications backed by action and benchmarks.

The market recorded sustained growth inherited from preceding month in the early stageof the month with slight volatility emerged from speculative and profit taking tendency.The pricing and valuation model of Nigerian ‘Bad Bank’ rocked market sentimentsnegatively which amplified the selling tendency in the mid month while investors

remained cautiously active in the last 4days of the month. The contributory factors forperformance in the month of November 2010 can be located in the following indicesas outlined below:

Negative Factors in the market

Absence of or very low level of lending to the private sector;Uncertainty surrounding AMCON’s pricing and valuation model;Significant activities from short term traders;Close of book by institutional investors;Risk aversion tendency, causing the low bargain position in the market;Sustained shift towards investment in the money market due to attractive rates;

Investor’s confidence remained fragile as investors rushed for early profit;Concerns related to risk management and corporate governance practices;Hike in the CBN's benchmark interest rate;Persistent low investors’ confidence, liquidity squeeze and the current politics -induced uncertainty in the economy, prospect of capital flight to money marketinstruments;Influx of Fed Govt and state bonds with other fixed income instrument in market;Reduction in volume of transactions in NSE; and Absence of Margin loans from banks.

Positive Factors in the market

Timely communications of recapitalisation efforts;Low valuation position of stocks;Extension of trading hours;Buying of toxic assets will commence soon;Re-entry of Pension funds in equities;The new management and council members of the NSE;Plans by Federal Government to disburse N500 billion in soft loans to small andmedium scale businesses across the country;Plans by the Nigerian Stock Exchange to increase the limit on daily share pricemovement from five per cent to 10 per cent;Enforcement of the International Financial Reporting Standard (IFRS) in the capitalmarketexpectation a substantive Chief Executive Officer (CEO) for the Exchange;




Disclosure of the merger and acquisition bids by the CBN-managed banks - reflectingtransparency;Corporate declarations announced by some companies – good with relative positives; The recent CBN stand in resorting to dialogue in dealing with recapitalisation of therescued banks also raised the morale of the investing public in the sector; Guaranteeing the domestic inter-bank market by the CBN; The Federal Government giving more funds to agriculture to boost food production; The World Federation of Exchanges (WFE) will soon grant the Nigerian StockExchange (NSE) its full membership; and

Market Concerns: The tight liquidity situation remained a pressing factor, as the levelof market confidence remains fragile, though more optimistic than ever - as volumes areyet to return to levels that should indicate a resurgence of interest and re-entry of theretail end of the market. Using the Q1 2010 as a base, there is palpable reasons toexpress cautious optimism about the changes occurring; more so with uncertaintiesemerging about the intent, motives and deliverables of the regulators.

http://www.ubagroup.com/




The NSE All-Share Index Movement

The Nigerian Capital Market started the month on positive to sustain the significantgrowth inherited from the preceding month, erasing the negative close for the previousmonth which indicates profit taking tendency for the month.

Trends in the month revealed that bulls dictated the pace in the first nine trading daysinto the month (between 1 st and 11 th November, 2010), with aggregate upbeat of 3.14%

as against 3.10% in October 2010.

The equity market experienced bearish sentiments with 7days uninterrupted downwardtrend with aggregate loss of -5.52%, erasing the upbeat of 3.10% recorded in the early9days, this further amounts to N455.95 billion loss against N255.02 billion gain. Thebearish outlook is due to the uncertainty surrounding the AMCON’s pricing and valuationmodel as perceived by the rescued banks.

The trend was reversed as speculative tendency took advantage attractive low equityprice as the month closed with four days rally on moderate buying across the sectors butlargely in Mortgage, Maritime, Foreign Listings, Industrial & Domestic, Food & Beveragesand banking sectors.

The month recorded negative outlook with aggregate position of -1.34% to close at 24,764.65 compared with -3.02% depreciations recorded in the preceding yearcomparable period to close at 21,010.29. The depreciation in the month was far belowthe +12.97% and +8.43% recorded in the month of March and January 2010.Meanwhile, at the end of the last trading day of the month under review, All-Share Indexclosed above the figure recorded at the close of 30 November 2009 by +17.87%.

At the end of the last trading day of the month, All-Share Index closed above the figurerecorded at the close of 4 th January 2010 by 18.84%.

Market pattern basically reveals that market is technically weak and bearish as could beseen from the NSE ASI moving averages trend with index of 24,764.65 as at November




30 th , 2010 trading below its 20 days and 200 days moving averages of 24,946.50 and25,058.54 respectively but traded above 50 days moving averages of 24,401.62.

Source: NSE, Proshare Research

November 2010 Market DynamicsThe market dynamics as graphically illustrated below showed the appreciation anddepreciations on the daily basis. The profit taking tendency, panic selling due toperceived uncertainty about AMCON’s pricing and valuation model, speculative tendencydue to low valuations of equities, anticipated merger and acquisition in the bankingsector, the recapitalisation process, concerted efforts towards establishing corporategovernance in NSE and SEC, could have responsible for the trend recorded.


MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD ( NOV 2009)





Comparison of 2009 and 2010 Market Performance

The market performance in October 2010, when compared with the 2009 comparableperiod; showed an upward trend. In the period under review, ASI recorded -1.3 4 %

upbeat compared with -3.02% decline recorded in 2009 October. The outlook in thecurrent period suggests impressive monthly performance and significant progress onmarket recovery when compared with comparable period of preceding year trend. Themarket closed approximately in the range of 24,000.


Dates NSE ASI

MarketCapitalisation

(trillion)

MarketCapitalisation ($

billions)Jan-02-09 31,357.24 6.93 43.31Nov-02-09 21,665.46 5.11 31.94Nov-30-09 21,010.29 4.99 31.19

Yearly Return -33.00% -27.99% -27.99%Monthly Return -3.02% -2.35% -2.35%

Jan-04-10 20,838.90 4.99 33.27

Nov-01-10 25,102.20 8.01 53.05Nov-30-10 24,764.65 7.91 52.38Yearly Return 18.84% 58.52% 57.47%

Monthly Return -1.34% -1.25% -1.25%Source: Proshare Research/NSE

From the table above, the year to date performance as at 30 th November, 2010 closingat +18.84%, during the previous year comparable period as at 30 th November, 2009with -33 .00% deprecation indicating a significant improvement over the trend recordedlast year.

Sectoral Index Movements




NSE 30 NSE Food NSE Banking NSE Insurance NSE Oil1-Nov-10 1,051.77 806.83 372.94 162.52 336.412-Nov-10 1,051.56 804.86 373.73 164.45 334.933-Nov-10 1,049.32 803.9 372.76 164.95 334.33

4-Nov-10 1,049.19 801.26 371.84 165.64 336.395-Nov-10 1,045.86 798.72 367.22 165.09 336.58-Nov-10 1,043.54 794.81 366.49 161.01 340.629-Nov-10 1,064.17 802.65 380.8 162.41 340.7510-Nov-10 1,084.01 810.96 390.59 163.81 340.0211-Nov-10 1,095.96 813.03 398.94 165.56 339.4112-Nov-10 1,079.96 803.88 389.94 165.8 336.915-Nov-10 1,076.43 802.14 388.63 167.01 337.4218-Nov-10 1,077.73 806.71 389.97 165.29 338.8119-Nov-10 1,076.75 803.56 389.97 163.79 339.4822-Nov-10 1,072.80 797.87 390.44 162.7 339.3223-Nov-10 1,058.69 783.44 382.98 160.34 339.3224-Nov-10 1,050.35 791.12 377.06 161.3 338.0225-Nov-10 1,053.87 790.87 381.81 161.66 338.126-Nov-10 1,058.10 797.3 382.41 161.95 343.4129-Nov-10 1,061.57 800.15 383.05 162.18 345.3430-Nov-10 1,061.16 797.98 381.18 159.97 343.13Monthly % Change 0.89% -1.10% 2.21% -1.57% 2.00%Source: Proshare Research/NSE

In the month under review, three sectoral index moved up reasonably with NSEBanking topping the chart by 2.21%, followed by NSE Oil & Gas by 2.00% and NSE30 by 0.89%, while NSE Insurance and NSE Food & Beverages dropping by -1.57% and-1.10% respectively.





November and October Sectoral Indexes Compared


When compared the current negative outlook with the trend recorded in October withNSE sectoral index movements, the previous outlook outperformed the current trend asthree sectoral indexes closed positive as against all five positive positions recordedprevious month.

NSE -30 I NDEX


The trend recorded in the blue chips stocks is reflected in the index movement. Therewere active bullish transactions and interruptions at the many points in the indexperformance in the month due to the volatility resulting from profiteering in the period.The sector experienced low positive growth in the sector as against the impressiveperformance of the preceding month, as a result of consistent profit taking and volatilityin the market, the index recorded marginal gain by +0.89% as against +4.26% upbeatrecorded in the month of October.

NSE -F OOD I NDEX





The stocks in the sector experienced high volatility being one of the most hit sectors, assector witnessed series of sell tendency from profit takes to record negative position inthe month, the performance in the sector impacted the negative posture recorded byASI. The negative position of -1.10% compared with October posture of +9.88%. This isagainst appreciations by + 43.03% recorded in the first three months of the year.

NSE -B ANKING I NDEX


NSE-Banking index closed the month of November with +2.21% appreciations comparedwith +5.80% gains recorded in October. The huge sell-off in the sector due to profittaking and perceived uncertainty about AMCON’s valuation and pricing model impactedthe low positive performance recorded in the sector. This was significantly observed onrescued banks.

NSE -I NSURANCE I NDEX


The performance in this sector reversed the performance recorded in previous month;this sector dropped the highest points by -1.57% as against the leading figure of +12.63% recorded in the month of October.

The sector experienced continuous profit taking due to impressive growth recorded inthe previous month, this revealed high speculative tendency and low investors’ confidence in the sector.




NSE -O IL I NDEX


The sector improved on low performance recorded in the preceding months to attain the

leading position in the month under review with 2.00% upbeat as against a marginalgrowth of 0.95% recorded in October. This has been attributed to the moderate buyingobserved in the sector towards the close of the month. Further analysis revealed that thesector is gradually trending positive, which further suggest prospect in the sector, allthings being equal.

LAST TRADING DAY – S NAPSHOT

http://www.proshareng.com/investors/theAnalyst.php




S ECTORAL ANALYSIS

Sector YTD %Change

HOTEL & TOURISM 63.05%

BREWERIES 30.51%BUILDING MATERIALS 30.21%

FOOD/BEVERAGES & TOBACCO 25.92%

CONSTRUCTION 22.71%

BANKING 18.88%

CHEMICAL & PAINTS 18.02%

MARITIME 15.25%

HEALTHCARE 11.00%

INDUSTRIAL/DOMESTIC PRODUCTS 5.16%

CONGLOMERATES 4.70%

PETROLEUM(MARKETING) 1.73%THE FOREIGN LISTINGS 0.37%

AVIATION 0.00%

AGRICULTURE -0.70%

PRINTING & PUBLISHING -2.52%

COMMERCIAL/SERVICES -3.65%

AIRLINE SERVICES -6.13%

PACKAGING -6.90%

MORTGAGE COMPANIES -7.87%

SECOND-TIER SECURITIES -8.32%

REAL ESTATE -11.83%ENGINEERING TECHNOLOGY -13.17%

INFORMATION & COMMUNICATION TECHNOLOGY -13.48%

COMPUTER & OFFICE EQUIPMENT -13.86%

ROAD TRANSPORTATION -15.07%

INSURANCE -15.70%

OTHER FINANCIAL INSTITUTIONS -18.18%

FOOTWEAR -18.31%

MEDIA -21.90%

LEASING -30.94%

AUTOMOBILE & TYRE -34.47%TEXTILES -60.53%


SECTORAL Analysis - PERFORMANCE




Transactions Volume and Value Trend

Market Nov '09' Nov '10' % ChangeAverage Daily Volume of Stocks Traded (in millions) 491.35 379.4 -22.78%Average Daily Value of Stocks Traded (in N'millions) 2,953.52 3,037.41 2.84%

Average Daily Value of Stocks Traded (in USD$ millions) 18.46 20.12 8.97%

Total Volume of Stocks Traded (in millions) 9335.59 7434.14 -20.37%Total Value of Stocks Traded (in N'millions) 56,116.87 60,339.33 7.52%

Total Value of Stocks Traded (in USD$ billion) 350.73 399.6 13.93%

New Listing and Delisting Nov '09' Nov '10'Number of Equities Delisted 0 0

Number of New Listings 2 2Source: Proshare Research/NSE

The transaction volume in the month of November when compared with the precedingyear comparable period closed lower by -20.37 % to close at 7434.14 million unitscompared with 9335.59 million units traded in November 2009 . This could be anindication that the investors’ patronage of the market in the month under review wassignificantly different. Also, the transaction value in the month under review closedhigher by 7.52% at N60, 339.33 billion ($399.60 million) compared with N56,2116.87 billion ($350.73 million) of November 2009.

November 2010 vs. 2009 Daily Volume Chart





Top Ten Trades for the Month of November 2010

Oceanic Bank Plc topped the transaction volume for the month. Banking stocks generallydominated the charts with four rescued banks’ stocks in the sector emerging in the topten trades chart for the month.

Company Total Trades Total Volume Total Value CompanyTotal

Trades Total Volume Total Value

OCEANIC 4,195.00 555,586,351.00 1,615,558,254.07 FIRSTINLND 1,596.00 1,057,266,433.00 718,539,476.04

UBA 4,398.00 503,984,881.00 4,705,360,940.25 FIRSTBANK 17,698.00 786,895,837.00 11,124,850,027.85

ZENITHBANK 7,114.00 460,255,973.00 6,819,983,875.34 ACCESS 3,833.00 769,798,303.00 4,968,002,935.77

FIRSTINLND 2,436.00 344,410,891.00 320,731,934.79 OCEANIC 3,403.00 563,734,771.00 1,168,800,409.36

GUARANTY 8,686.00 335,207,047.00 5,377,968,272.29 CORNERST 448 433,264,226.00 250,982,619.94

FIRSTBANK 13,017.00 320,882,989.00 4,199,601,004.61 UBA 5,000.00 408,210,938.00 4,700,470,120.95

ACCESS 3,601.00 280,286,284.00 2,502,785,341.84 GOLDINSURE 144 400,059,538.00 200,029,769.00

PLATINUM 2,004.00 245,665,580.00 467,959,565.11 GUARANTY 8,195.00 364,287,757.00 5,832,309,334.04

UBN 2,963.00 228,716,013.00 1,103,064,033.59 FIDELITYBK 3,184.00 362,708,121.00 914,456,128.88

FIDELITYBK 2,143.00 181,499,131.00 475,670,876.64 DIAMONDBNK 2,003.00 290,665,225.00 2,132,117,318.48

Only Zenith, PHB, and UBN did not feature for the same period - November 2009.Source: Proshare Research/NSE

Top 10 Trades for the Month of November Recall Top 10 Trades in November 2009

Top Ten Traded Sectors for the Month of NovemberSector Total Trades Total Volume Total Value % Contribution

BANKING 64,393.00 4,617,474,155.00 32,508,266,383.05 66.61%INSURANCE 5,331.00 753,189,067.00 544,374,492.21 10.87%ICT 413.00 228,589,425.00 435,160,255.37 3.30%MORTGAGE COMPANIES 920.00 215,065,226.00 150,332,284.52 3.10%MARITIME 2,141.00 171,823,488.00 219,235,057.12 2.48%

TOBACCO 8,768.00 153,610,992.00 5,743,990,982.23 2.22%

AGRICULTURE 1,116.00 123,844,513.00 150,268,490.28 1.79%PETROLEUM(MARKETING) 4,995.00 77,385,838.00 4,271,458,204.26 1.12%AIRLINE SERVICES 1,234.00 75,496,842.00 311,948,715.27 1.09%BUILDING MATERIALS 3,202.00 69,384,716.00 4,197,811,444.91 1.00%Top 10 Sectors 92,513.00 6,485,864,262.00 48,532,846,309.22 Total Traded Sectors 110,624.00 6,931,585,346.00 55,052,089,392.74


Top Ten Gainers in the Month

COMPANY 1-Nov-10 30-Nov-10 Change % Change COMPANY 4-Jan-10 30-Nov-10 Change % Change

VONO 0.85 1.33 0.48 56.47% BERGER 3.2 9 5.8 181.25%PLATINUM 1.47 1.97 0.5 34.01% INTBREW 2.27 6 3.73 164.32%SPRINGBANK 0.78 1.04 0.26 33.33% CADBURY 10.49 27.2 16.71 159.29%FIRSTINLND 0.69 0.87 0.18 26.09% ASHAKACEM 11.39 25 13.61 119.49%NIGERINS 0.62 0.76 0.14 22.58% CAPHOTEL 1.38 3 1.62 117.39%ABCTRANS 0.52 0.62 0.1 19.23% JBERGER 25.79 49.98 24.19 93.80%WEMABANK 1.22 1.39 0.17 13.93% VONO 0.69 1.33 0.64 92.75%STERLNBANK 1.96 2.19 0.23 11.73% FLOURMILL 36.2 69 32.8 90.61%ACCESS 8.26 9.21 0.95 11.50% IKEJAHOTEL 0.87 1.58 0.71 81.61%SKYEBANK 7.45 8.3 0.85 11.41% NNFM 22.94 39.98 17.04 74.28%UBN 4.12 4.59 0.47 11.41% COSTAIN 3.8 6.61 2.81 73.95%

Top Ten YTD Appreciation as at Nov '10Top Ten Gainers in the Month of Nov '10





Top Ten Decliners in the month

COMPANY 1-Nov-10 30-Nov-10 Change % Change COMPANY 4-Jan-10 30-Nov-10 Change % ChangeAIRSERVICE 2.23 1.55 -0.68 -30.49% UNITYKAP 2.38 0.5 -1.88 -78.99%IHS 2.71 1.91 -0.8 -29.52% BECOPETRO 2.53 0.7 -1.83 -72.33%NEIMETH 2.08 1.63 -0.45 -21.63% ALUMACO 27.71 7.75 -19.96 -72.03%AP 26.25 21.28 -4.97 -18.93% CRUSADER 1.5 0.5 -1 -66.67%COSTAIN 8.02 6.61 -1.41 -17.58% OASISINS 1.49 0.5 -0.99 -66.44%UTC 0.86 0.72 -0.14 -16.28% ECOBANK 10.1 3.6 -6.5 -64.36%CONOIL 40.98 34.8 -6.18 -15.08% UNTL 1.9 0.75 -1.15 -60.53%RTBRISCOE 3.5 3 -0.5 -14.29% POLYPROD 4.45 1.86 -2.59 -58.20%REDSTAREX 3.36 2.93 -0.43 -12.80% STACO 1.19 0.5 -0.69 -57.98%FIRSTALUM 0.87 0.76 -0.11 -12.64% WAPIC 1.15 0.5 -0.65 -56.52%CUTIX 2.5 2.21 -0.29 -11.60% UNIC 1.15 0.5 -0.65 -56.52%

Top Ten YTD Depreciation at Nov '10Top Ten Decliners in the Month of Nov '10


New Listings

Company Amounts/Units Listed

Multi-Trex Integrated Foods Plc 3,722,493,620

Paints and Coatings Manufacturers Nigeria Plc 792,914,256


New Listing in November 2010

Supplementary Listings

Company Additional Shares Reason

NEM Insurance Plc 303,580,147 Acquisition of Lambard Insurance Co. PlcSource: Proshare Research/NSE

Supplementary Listing in November 2010

De-Listings

Company No. of Shares Market Cap Reason

Nil Nil Nil N/ASource: Proshare Research/NSE

Delisting in November 2010




Corporate Declarations in the Month

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 177,065 197,988 -10.57% Gross Earning 43,236 86,487 -50.01%Profit Before Tax and

Extra-ordinary Items 40,703 19,453 109.24% Profit Before Tax 8,136 (231,603) 103.51%Exceptional Items Nil (26,113) 0.00% Taxation (197.250) (435.605) 54.72%Taxation (8.141) (1,332) 99.39% Profit/Loss After Tax 7,938 (232,038) 103.42%Profit/Loss After Tax 32,562 (7,992) 507.43%

Fixed Assets 12,152 14,778 -17.77%Fixed Assets 52,948 47,980 10.35% Treasury bills 79,701 10,558 654.89%Treasury bills 25,253 14,219 77.60% Loans and Advances 104,805 118,224 -11.35%

Loans and Advances 1,139,000 1,078,000 5.66% Cash and Bank Balances 23,136 27,896 -17.06%Cash and Balances 66,356 70,332 -5.65% Other Debit Balances 96,101 70,441 36.43%Other Debit Balances 650,103 662,515 -1.87% Deposits 338,744 249,506 35.77%Deposits 1,550,000 1,339,000 15.76% Other Credit Balances 227,041 285,601 -20.50%Other Credit Balances 564,428 523,646 7.79% Net Assets -249,887 -258,023 3.15%Net Assets 309,558 309,558 0.00%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 64,841 87,758 -26.1% Gross Earnings 1,684 16,616 -89.87%Profit Before Tax 2,550 3,525 -27.7% Profit Before Tax 339.685 334.729 1.48%Taxation (816.179) (1,128) 27.6% Taxation (98.685) (99.684) 1.00%Profit/Loss After Tax 1,734 2,397 -27.7% Profit/Loss After Tax 241.00 235.045 2.53%

Fixed Assets 7,462 8,139 -8.3% Fixed Assets 1,090 1,110 -1.80%

Investment 2,000 2,000 0.0% Cash and Bank Balances 200.675 145.579 37.85%Stocks 1,971 4,095 -51.9% Other Debit Balances 133.661 88.362 51.27%Trade Debtors 16,697 9,133 82.8% Trade Creditors 153.553 50.312 205.20%

Cash and Bank Balances 33,276 10,571 214.8% Short Term Borrowings Nil 32.35 0.00%Other Debit Balances 3,496 7,834 -55.4% Other Credit Balances 877.214 1,046 -16.14%Trade Creditors 5,804 5,296 9.6% Working Capital 173.94 35.700 387.22%

Short Term Borrowings 7,890 67.142 11651.2% Net Assets 1,033 910.655 13.43%Other Credit Balances 33,963 20,899 62.5%Working Capital 10,055 7,634 31.7%Net Assets 15,245 13,511 12.8%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 6,774 6,465 4.78% Turnover 2,988 3,134 -4.7%

Profit Before Tax (196.657) (87.494) 124.77%Profit Before Tax and

Extra-ordinary Items 1,167 1,225 -4.7%Taxation (62.903) 27.998 -324.67% Profit Before Tax 131.680 228.524 -42.4%Profit/Loss After Tax (133.727) (59.496) 124.77% Taxation (42.138) (73.128) -42.4%

Profit/Loss After Tax 89.542 155.396 -42.4%Fixed Assets 6,362 6,271 1.45%Stock 1,872 1,925 -2.75% Fixed Assets 3,693 2,309 59.9%Trade debtors 320.866 427.656 -24.97% Investment 245.325 245.325 0.0%

Cash and Bank Balances 37.295 46.925 -20.52% Stocks 936.748 1,231 -23.9%Other Debit Balances 1,901 2,042 -6.90% Trade Debtors 654.887 599.037 9.3%

Trade Creditors 1,214 1,447 -16.10% Cash and Bank Balances 423.444 1,342 -68.4%

Short Term Borrowings 2,296 2,246 2.23% Other Debit Balances 67.296 67.296 0.0%Other Credit Balances 7,400 7,341 0.80% Trade Creditors 702.812 652.308 7.7%

Working capital 78.905 198.662 -60.28% Short Term Borrowings 496.339 427.436 16.1%Net Assets 6,430 6,626 -2.96% Other Credit Balances 3,198 3,093 3.4%Working Capital 1,151 2,117 -45.6%Net Assets 2,822 2,702 4.4%

November 1st , 2010: MAY & BAKER PLCAUDITED REPORT FOR THE PERIOD ENDED 30-SEP-10

Balance Sheet Information

http://www.proshareng.com/investors/company.php?ref=MAYBAKER


http://www.proshareng.com/investors/company.php?ref=FIRSTALUM

November 1st, 2010: BOC GASES PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=BOCGAS

November 1st, 2010: AFRIBANK NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=AFRIBANK

November 1st, 2010: FIRST BANK of NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


November 1st, 2010: FIRST ALLUMINIUM NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

http://www.proshareng.com/investors/company.php?ref=CONOIL

http://www.proshareng.com/investors/company.php?ref=FIRSTBANK

November 1st , 2010: CONOIL PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10





2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 3,708 2,845 30.33% Turnover 5,328 4,005 33.0%Profit Before Tax (450.970) 41.536 -1185.73% Profit Before Tax 1,116 874.144 27.7%Taxation (17.527) (23.600) 25.73% Taxation (78.145) (64.190) -21.7%Profit/Loss After Tax (468.497) 17.936 -2712.05% Profit/Loss After Tax 1,038 812.954 27.7%

Fixed Assets 25,404 13,817 83.86% Fixed Assets 48.51 482.321 -89.9%Stock 784.843 942.191 -16.70% Stocks 1,956 1,727 13.3%Trade debtors 293.041 461.922 -36.56% Trade debtors 2,165 1,691 28.0%

Cash and Bank Balances 31.496 39.848 -20.96% Cash and Bank Balances 395.296 39.840 892.2%Other Debit Balances 792.069 994.037 -20.32% Insurance Funds 966.710 648.573 49.1%Trade Creditors 336.847 155.295 116.91% Other Credit Balances 162.897 213.925 -23.9%

Short Term Borrowings 1,374 972.230 41.32% Net Assets 5,881 4,695 25.3%Other Credit Balances 2,361 1,708 38.23%Working capital -2,171 -397.985 445.50%Net Assets 2,472 1,264 95.57%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 24.47 20.66 18.4% Gross Earning 1,450 1,617 -10.33%Profit Before Tax 1.73 1.28 35.2% Profit Before Tax 29.30 19.70 48.73%

Taxation (0.198) (0.151) 31.1% Taxation (8.80) (1.90) -36.16%Profit/Loss After Tax 1.53 1.12 36.6% Profit/Loss After Tax 20.56 17.77 15.70%

Fixed Assets 20.179 20.72 -2.6% Fixed Assets 350.90 290.80 20.67%Stocks 10.95 9.54 14.8% Stock 306.50 93.60 227.46%Trade debtors 10.87 13.65 -20.4% Trade debtors 113.08 106.55 6.13%

Cash and Bank Balances 2.60 3.70 -29.7% Cash and Bank Balances 23.30 23.10 0.87%Other Crebit Balances 25.301 20.925 20.9% Other Crebit Balances 20.00 20.50 -2.44%Net Assets 16.09 13.75 17.0% Net Assets 414.20 393.90 5.15%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,596 1,880 -15.1% Turnover 5,621 3,300 70.3%Profit Before Tax andExtra-ordinary items 118.958 346.023 -65.6% Profit Before Tax 1,754 1,290 36.0%Exceptional Items (342) (77.751) -339.5% Taxation (282.622) (387.052) 27.0%Taxation (32.161) (51.903) 38.0% Profit/Loss After Tax 1,471 903.121 62.9%Profit/Loss After Tax 75.043 216.369 -65.3%

Fixed Assets 3,293 3,240 1.6%Fixed Assets 710.492 717.561 -1.0% Stocks 9,129 11,210 -18.6%Stocks 749.7 712 5.2% Trade Debtors 1,416 751.908 88.3%

Trade Debtors 1,230 1,198 2.7% Cash and Bank Balances 1,112 1,827 -39.1%

Cash and Bank Balances 95.253 267.293 -64.4% Other Debit Balances 10,041 8,539 17.6%Other Debit Balances 2,187 1,927 13.5% Insurance Funds 8,058 5,694 41.5%Insurance Funds 531.167 676.810 -21.5% Other Credit Balances 5,575 6,251 -10.8%Other Credit Balances 1,135 1,240 -8.5% Net Assets 14,207 12,880 10.3%Net Assets 3,183 3,075 3.5%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 9,669 10,695 -9.6% Gross Earnings 13,570 12,706 6.80%Profit Before Tax 554.649 1,417 -60.9% Profit Before Tax 2,729 1,775 53.75%Taxation (279.774) (453.733) 38.3% Taxation (819.00) (586.00) -39.76%Profit/Loss After Tax 274.875 964.182 -71.5% Profit/Loss After Tax 1,910 1,189 60.64%

Fixed Assets 9,695 10,001 -3.1% Fixed Assets 14,462 5,218 177.16%Stocks 2,607 3,284 -20.6% Stocks 5,956 4,707 26.53%Trade Debtors 618 335.554 84.1% Trade Debtors 382.00 88.00 334.09%

Cash and Bank Balances 1,242 917 35.5% Cash and Bank Balances 921.00 849.00 8.48%Other Debit Balances 3,225 1,895 70.2% Other Debit Balances 6,052 14,756 -58.99%Trade Creditors 1,801 993 81.3% Trade Creditors 1,432 2,296 -37.63%

Short Term Borrowings 486 305 59.5% Other Credit Balances 10,468 10,179 2.84%Other Credit Balances 4,954 4,826 2.7% Working Capital (340.00) (3,096.00) -89.02%Working Capital 1,418 1,352 4.9% Net Assets 15,871 13,142 20.77%Net Assets 8,968 8,971 0.0%


http://www.proshareng.com/investors/company.php?ref=ASHAKACEM


http://www.proshareng.com/investors/company.php?ref=AIICO

2nd November , 2010: AG LEVENTIS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=LINKASSURE

2nd November, 2010: ASHAKA CEMENT PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=NEM

2nd November , 2010: AIICO INSURANCE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 1st, 2010: LIVESTOCK FEEDS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=LIVESTOCK

November 1st , 2010: NEM INSURANCE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 1st, 2010: NIGERIA GERMAN CHEMICALS PLCAUDITED REPORT FOR THE PERIOD ENDED 31-MAR-10


http://www.proshareng.com/investors/company.php?ref=NIG-GERMAN

November 1st, 2010: AFRIK PHARMACEUTICALS PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10


http://www.proshareng.com/investors/company.php?ref=AFRIK


2nd November , 2010: LINKAGE ASSURANCE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

http://www.proshareng.com/investors/company.php?ref=AGLEVENT




2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 18,228 17,728 2.82% Gross Earning 3,814 3,059 24.68%Profit Before Tax 1,679 1,622 3.51% Profit Before Tax 1,008 330.358 205.12%

Taxation (754.863) (193.928) -289.25% Taxation (193.117) (62.414) -209.41%Profit/Loss After Tax 924.225 828.467 11.56% Profit/Loss After Tax 814.991 267.943 204.17%

Fixed Assets 12,661 12,916 -1.97% Fixed Assets 5.596 4.740 18.06%Stocks 4,503 3,847 17.05% Stock 1.352 1.107 22.13%

Trade Debtors 662.08 656.75 0.81% Trade Debtors 0.810 0.327 147.71%

Cash and Balances 4,072 3,627 12.27% Cash and Bank Balances 0.749 1.335 -43.90%Other Debit Balances 9,391 8,958 4.83% Other Debit Balances 0.109 0.770 -85.84%Trade creditors 3,091 808.160 282.47% Trade Creditors 0.160 1.132 -85.87%

Short Term Borrowings 4,935 8,072 -38.86% Short Term Borrowings 0.120 0.378 -68.25%Other Credit Balances 9,701 7,615 27.39% Other Credit Balances 4.625 3.533 30.91%Working Capital 790.800 331.092 138.85% Working Capital 0.834 0.855 -2.46%Net Assets 13,562 13,510 0.38% Net Assets 3.238 2.623 23.45%

2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 202.180 234.623 -13.83% Gross Earnings 3,686 4,068 -9.39%

Profit Before Tax 32.962 46.184 -28.63%Profit Before Tax andExtra-ordinary items 1,267 1,416 -10.52%

Taxation (11.620) (15.407) 24.58% Profit Before Tax 78.349 75.006 4.46%Profit/Loss After Tax 21.342 30.777 -30.66% Taxation 20.597 29.000 -28.98%

Profit/Loss After Tax 57.752 46.007 25.53%Fixed Assets 8.723 10.526 -17.13%Investment 140.965 130.426 8.08% Fixed Assets 4,620 4,599 0.46%Stock 123.168 107.921 14.13% Stocks 109.817 122.465 -10.33%Trade debtors 32.609 40.317 -19.12% Trade Debtors 102.615 71.955 42.61%

Cash and Bank Balances 97.071 81.873 18.56% Cash and Bank Balances 258.204 261.729 -1.35%Other Debit Balances 7.936 29.184 -72.81% Other Debit Balances 645.916 701.398 -7.91%Trade Creditors 52.950 44.555 18.84% Trade Creditors 576.262 490.587 17.46%

Other Credit Balances 87.157 88.983 -2.05% Short Term Borrowings 84.823 332.441 -74.48%Working capital 120.677 125.757 -4.04% Other Credit Balances 1,347 1,286 4.74%Net Assets 268.526 264.116 1.67% Working Capital 80.054 (146.623) 154.60%

Net Assets 3,729 3,647 2.25%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 37,114 41,980 -11.59% Gross Earnings 5,718 11,452 -50.07%

Profit Before Tax 5,035 6,186 -18.61% Profit Before Tax 2,056 3,052 -32.63%Taxation (1,297) (1,557) 28.05% Taxation (658.229) (976.865) 32.62%Profit/Loss After Tax 3,738 4,628 -19.23% Profit/Loss After Tax 1,398 2,075 -32.63%

Fixed Assets 29,974 30,131 -0.52% Fixed Assets 16,214 16,262 -0.30%Investments 2,240 2,204 1.63% Investment 2,150 2,140 0.47%Stock 6,692 10,244 -34.67% Stock 21,017 14,510 44.84%Trade Debtors 6,394 3,796 68.44% Trade Debtors 1,872 1,094 71.12%

Cash and Bank Balances 10,534 5,530 90.49% Cash and Bank Balances 4,663 516 803.07%Other Debit Balances 46,487 42,159 10.27% Other Debit Balances 23,055 26,251 -12.17%Trade creditors 9,976 7,688 29.76% Trade creditors 4,272 5,809 -26.46%

Short Term Borrowings 8,233 12,857 -35.96% Short Term Borrowings 4,465 9,280 -51.89%Other Credit Balances 37,432 28,557 31.08% Other Credit Balances 31,796 17,350 83.26%Working Capital 14,450 (86.591) -16787.65% Working Capital 10,519 (5,952) -276.73%Net Assets 37,789 37,486 0.81% Net Assets 28,439 29,844 -4.71%

2010 N'm 2009 N'm % Change 2009 N'm 2008 N'm % ChangeGross Earnings 41,097 60,000 -31.51% Gross Earnings 447.867 629.858 -28.89%Profit Before Tax 7,454 4,002 86.26% Profit Before Tax (247.983) (118.647) -109.01%Taxation (1,527) (815) 87.36% Taxation (5.614) (1.519) -32.62%Profit/Loss After Tax 5,927 3,187 85.97% Profit/Loss After Tax (253.597) (120.166) -111.04%

Fixed Assets 25,192 24,965 0.91% Fixed Assets 1,801 742.818 142.46%Treasury Bills 35,144 132,397 -73.46% Stock 58.915 112.119 -47.45%Loans & Advances 150,528 160,297 -6.09% Trade Debtors 68.501 21.688 215.85%

Cash and Bank Balances 53,168 23,721 124.14% Cash and Bank Balances 59.747 23.215 157.36%Other Debit Balances 143,707 94,346 52.32% Other Debit Balances 42.256 39.667 6.53%Deposits 256,448 288,096 -10.99% Trade creditors 314.768 175.539 79.32%

Other Credit Balances 18,134 16,978 6.81% Short Term Borrowings 175.856 72.480 142.63%Net Assets 133,239 130,691 1.95% Other Credit Balances 535.200 548.050 -2.34%

Working Capital (609.671) (306.959) 98.62%Net Assets 1,005 143.438 600.65%

2nd November, 2010: UACN PROPERTY DEV. COMPANY PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=UAC-PROP

November 2nd, 2010: UAC NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=UACN

November 2nd, 2010: TANTALIZER PLCAUDITED REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=TANTALIZER

November 2nd, 2010: PS MANDRIDES PLCAUDITED REPORT FOR THE PERIOD ENDED 30-SEP-09


http://www.proshareng.com/investors/company.php?ref=MANDRID


http://www.proshareng.com/investors/company.php?ref=HONYFLOUR

2nd November, 2010: PRESCO PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=PRESCO

2nd November, 2010: Honeywell Flour Mills PlcTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 3rd, 2010: FIDELITY BANK PLC

THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=FIDEKITYBK

3rd November, 2010: VONO PRODUCTS PLC

AUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09


http://www.proshareng.com/investors/company.php?ref=VONO




2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 2,623.00 2,090.00 25.50% Gross Earnings 73,840 64,740 14.06%Profit Before Tax 748.762 515.306 45.30% Profit Before Tax 1,687 2,754 -38.74%

Taxation (239.604) (164.898) -45.30% Taxation (5.00) (1,462) -99.66%Profit/Loss After Tax 509.158 350.408 45.30% Profit/Loss After Tax 1,681 1,291 30.21%

Fixed Assets 263.065 245.154 7.31% Fixed Assets 52,757 47,148 11.90%Investments 32.617 Nil 0.00% Stocks 27,495 13,576 102.53%

Stock 386.43 333.893 15.74% Trade Debtors 278.00 289.00 -3.81%

Trade Debtors 190.66 137.427 38.73% Cash and Bank Balances 1,085 840.00 29.17%

Cash and Bank Balances 1,207 1,271 -5.04% Other Debit Balances 2,676 4,520 -40.80%Other Debit Balances 172.034 175.175 -1.79% Trade Creditors 30,267 17,602 71.95%

Trade creditors 55.401 150.441 -63.17% Short Term Borrowings 11,302 4,693 140.83%Other Credit Balances 1,268.00 1,258.00 0.79% Other Credit Balances 12,649 6,964 81.63%Working Capital 779.739 643.824 21.11% Working Capital (17,253) (8,005) 115.53%Net Assets 928.281 754.442 23.04% Net Assets 30,071 29,826 0.82%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 3,418 3,515 -2.8% Gross Earning 121,522 111,319 9.17%Profit Before Tax AndExtra-ordinary Items 107.138 216.935 -50.6% Profit/Loss Before Tax 4,731 7,026 -32.66%Exceptional Items Nil (154.746) 0.0% Taxation (2.602) (4,582) 99.94%

Taxation (124.123) (91.495) -35.7% Profit/Loss After Tax 2,129 2,444 -12.89%Profit/Loss After Tax (16.985) (29.307) 42.0%Fixed Assets 54,882 48,411 13.37%

Fixed Assets 765.702 258.434 196.3% Stock 16,036 14,845 8.02%Stocks 4,811 4,529 6.2% Trade debtors 45,421 46,662 -2.66%

Trade debtors 545.185 674.004 -19.1% Cash and Bank Balances 8,610 8,968 -3.99%

Cash and Bank Balances 622.838 746.813 -16.6% Other Debit Balances 42,450 32,433 30.89%Other Debit Balances 8,139 8,025 1.4% Trade creditors 14,589 4,000 264.73%Trade Creditors 2,018 1,401 44.0% Short Term Borrowing 13,673 8,093 68.95%Other Credit Balances 7,153 7,140 0.2% Other Credit Balances 132,366 134,486 -1.58%Net Assets 5,712 5,691 0.4% Working Capital 38,034 32,042 18.70%

Net Assets 6,971.00 7,722.00 -9.73%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 1,192.00 975.896 22.14% Gross Earnings 2,116 2,073 2.07%

Profit Before Tax 292.747 202.684 44.44% Profit Before Tax 205.399 237.257 -13.43%Taxation (86.683) (60.919) -42.29% Taxation (61.619) (71.177) 13.43%Profit/Loss After Tax 206.064 141.765 45.36% Profit/Loss After Tax 143.779 166.079 -13.43%

Fixed Assets 498.519 531.249 -6.16% Fixed Assets 798.730 735.324 8.62%Stocks 986.92 1,034 -4.55% Investment 4.425 5.925 -25.32%Trade Debtors 379.863 148.087 156.51% Stocks 44.072 30.179 46.04%

Cash and Bank Balances 160.421 16.780 856.03% Trade Debtors 1,133 1,133 0.00%

Other Debit Balances 51.010 291.354 -82.49% Cash and Bank Balances 58.449 367.298 -84.09%Trade Creditors 98.653 26.743 268.89% Other Debit Balances 375.460 255.440 46.99%Other Credit Balances 658.711 738.097 -10.76% Trade Creditors 140.283 183.056 -23.37%Working Capital 940.664 834.327 12.75% Other Credit Balances 1,003 1,060 -5.38%Net Assets 1,319 1,257 4.93% Working Capital 749.932 798.976 -6.14%

Net Assets 1,250 1,283 -2.57%

2010 N'm 2009 N'm% Change

2010 N'm 2009 N'm % ChangeGross Earnings 4,900 4,741 3.35% Gross Earning 1,383 819.967 68.67%

PBT & Exceptional items 1,313 661.741 98.42% Profit Before Tax 221.339 (189.009) 217.77%Exceptional items 35.444 (33.464) 205.92% Taxation (70.829) Nil 0.00%Taxation (330.543) (112.217) -194.56% Profit/Loss After Tax 150.511 (189.009) 179.63%Profit/Loss After Tax 1,017 516.060 97.07%

Fixed Assets 4,806 4,261 12.79%Fixed Assets 6,282 6,253 0.46% Stock 670.746 755.582 -11.23%Stock 965.873 1,079 -10.48% Trade debtors 412.016 132.536 210.87%

Trade Debtors 55.109 212.448 -74.06% Cash and Bank Balances 190.919 11.158 1611.05%

Cash and Bank Balances 325.254 (21.780) -1593.36% Other Debit Balances 890.877 315.847 182.06%Other Debit Balances 205.436 187.687 9.46% Trade Creditors 577.792 285.683 102.25%

Trade Creditors 36.366 287.865 -87.37% Short Term Borrowings 334.852 700.941 -52.23%

Short Term Borrowings Nil 140.466 0.00% Other Credit Balances 633.235 362.496 74.69%Other Credit Balances 788.699 926.574 -14.88% Working capital 88.879 -1, 748 105.08%Working Capital 493.526 87.436 464.44% Net Assets 2,557 2,407 6.23%Net Assets 5,371 4,353 23.39% http://www.proshareng.com/investors/company.php?ref=NIG-GERMAN


http://www.proshareng.com/investors/company.php?ref=CAP

November 3rd, 2010: NIGERIAN BOTTLING COMPANY PLC


http://www.proshareng.com/investors/company.php?ref=NBC

3rd November, 2010: Chemical & Allied Products PlcTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10 THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=CRUSADER

November 3rd, 2010: Julius Berger Nigeria PlcTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=JBERGER

November 3rd, 2010: UNIVERSITY PRESS PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=UPL

3rd November , 2010: CRUSADER PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


3rd November, 2010: OKOMU OIL PALM PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=OKOMUOIL

November 3rd, 2010: RED STAR EXPRESS PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

http://www.proshareng.com/investors/company.php?ref=REDSTAREX

November 3rd, 2010: NIGERIA GERMAN CHEMICALS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10





2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 1,688 1,615 4.52% Turnover 2,901 2,826 2.7%Profit Before Tax 194.843 181.837 7.15% Profit Before Tax 670.547 572.340 17.2%Taxation (62.350) (58.188) -7.15% Taxation (66.903) (70.657) 5.3%Profit/Loss After Tax 132.493 123.649 7.15% Profit/Loss After Tax 603.643 501.683 20.3%

Fixed Assets 216.012 230.009 -6.09% Fixed Assets 461.212 530.965 -13.1%Stock 656.155 772.500 -15.06% Stocks 1,147 1,308 -12.3%

Trade Debtors 269.389 256.202 5.15% Trade debtors 1,884 1,679 12.2%

Cash and Bank Balances 119.489 55.053 117.04% Cash and Bank Balances 290.125 65.123 345.5%Other Debit Balances 337.318 333.931 1.01% Other Debit Balances 2,000 1,684 18.8%Trade Creditors 121.665 325.747 -62.65% Insurance Funds 617.420 580.594 6.3%

Short Term Borrowings 194.674 195.373 -0.36% Other Credit Balances 1,137 1,248 -8.9%Other Credit Balances 318.135 257.390 23.60% Net Assets 4,028 3,439 17.1%Working Capital 711.641 611.386 16.40%Net Assets 963.889 869.185 10.90%

2010 N'm 2009 N'm % Change 2009 N'm 2008 N'm % ChangeGross Earning 74,822 124,289 -39.80% Turnover 4.781 4.732 1.0%Profit Before Tax 12,734 (222,626) 105.72% Profit Before Tax 0.83 0.126 -558.7%Taxation (2,547) 60,945 -104.18% Taxation 0.13 0.10 30.0%Profit/Loss After Tax 10,186 (161,680) 106.30% Profit/Loss After Tax 0.690 0.116 -494.8%

Fixed Assets 54,890 55,835 -1.69% Fixed Assets 3.178 3.081 3.1%Stock 108,572 87,250 24.44% Stocks 3.329 3.270 1.8%Trade debtors 152,549 145,833 4.61% Trade debtors 1.106 976 -99.9%

Cash and Bank Balances 25,845 28,927 -10.65% Cash and Bank Balances 0.440 0.550 -20.0%Other Debit Balances 308,192 317,845 -3.04% Other Debit Balances 1.610 1.632 -1.3%Trade Creditors 838,618 824,527 1.71% Trade Creditors 1.481 1.535 -3.5%

Other Credit Balances 180,311 183,512 -1.74% Short Term Borrowings 4.355 4.091 6.5%Net Assets -368,881 -380,117 -2.96% Other Credit Balances 0.420 0.427 -1.6%

Working Capital (0.166) (0.119) 39.5%Net Assets 2.896 2.836 2.1%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,095 1,053 4.0% Gross Earning 18,643 15,484 20.40%Profit Before Tax 258.386 277.639 -6.9% Profit Before Tax 3,354 (28,580) 111.74%Taxation (45.264) (33.316) -35.9% Taxation (69.911) (58.065) -20.40%Profit/Loss After Tax 331.939 244.322 35.9% Profit/Loss After Tax 3,284 (28,638) 111.47%

Fixed Assets 962.399 978.213 -1.6% Fixed Assets 7,236 7,383 -1.99%Stocks 2,308 2,223 3.8% Treasury Bills 24,177 29,266 -17.39%Trade Debtors 990.322 905.735 9.3% Loans & Advances 22,198 15,902 39.59%

Cash and Bank Balances 121.736 48.352 151.8% Cash and Bank Balances 9,209 6,520 41.24%Other Debit Balances 4,525 4,308 5.0% Other Debit Balances 138,228 87,240 58.45%Insurance Funds 983.502 907.993 8.3% Deposits 189,986 142,697 33.14%

Short Term Borrowings 137.416 121.138 13.4% Other Credit Balances 101,716 97,553 4.27%Other Credit Balances 1,925 1,905 1.0% Net Assets 201,049 146,313 37.41%Net Assets 5,861 5,529 6.0%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,600 1,630 -1.8% Gross Earnings 45,222 47,078 -3.94%Profit Before Tax 298.515 340.675 -12.4% Profit Before Tax 4,298 2,462 74.57%Taxation (35.821) (40.881) -35.9% Taxation (1,364) (797) -71.23%Profit/Loss After Tax 262.693 299.794 -12.4% Profit/Loss After Tax 2,933 1,666 76.05%

Fixed Assets 961.464 978.213 -1.7% Fixed Assets 13,168 245.154 5271.32%Stocks 2,325 2,223 4.6% Stocks 3,140 4,378 -28.28%Trade Debtors 1,083.000 905.735 19.6% Trade Debtors 1,068 1,139 -6.23%

Cash and Bank Balances 115.213 48.352 138.3% Cash and Bank Balances 550.552 21.799 2425.58%Other Debit Balances 4,414 4,308 2.5% Other Debit Balances 4,159 4,466 -6.87%Insurance Funds 1,065.000 907.993 17.3% Trade Creditors 4,889 6,434 -24.01%Other Credit Balances 2,041 2,026 0.7% Other Credit Balances 7,934 6,123 29.58%Net Assets 5,792 5,529 4.8% Working Capital (4,465) (3,044) 46.68%

Net Assets 5,006 4,176 19.88%

SECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10


http://www.proshareng.com/investors/company.php?ref=SPRINGBANK

5th November, 2010: EQUITY ASSURANCE PLCFIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10


http://www.proshareng.com/investors/company.php?ref=SOVRENINS


http://www.proshareng.com/investors/company.php?ref=PORTPAINT

3rd November, 2010: PORTLAND PAINTS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

3rd November , 2010: SOVEREIGN TRUST INSURANCE PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10

November 8th, 2010: MOBIL OIL PLC


http://www.proshareng.com/investors/company.php?ref=EQUITYASUR


8th November, 2010: EQUITY ASSURANCE PLC



http://www.proshareng.com/investors/company.php?ref=INTERCONT

4th November , 2010: CHELLARAMS PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09

November 4th, 2010: INTERCONTINENTAL BANK PLC



http://www.proshareng.com/investors/company.php?ref=CHELLARAM

8th November, 2010: SPRING BANK PLC


http://www.proshareng.com/investors/company.php?ref=MOBIL


http://www.proshareng.com/investors/company.php?ref=EQUITYASUR




2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,795 1,481 21.2% Gross Earning 2,924 2,351 24.37%Profit Before Tax AndExtra-ordinary Items (5,858) 1,123 -621.6% Profit Before Tax 784.36 761.96 20.14%Taxation (155.741) (121.263) -28.4% Taxation (86.279) (79.502) 8.52%Profit/Loss After Tax -5,956 690.492 -962.6% Profit/Loss After Tax 698.076 678.163 2.94%

Fixed Assets 968.723 938.274 3.2% Fixed Assets 2,879 2,961 -2.77%

Stocks 10,889 16,190 -32.7% Stock 4,117 3,626 13.54%Trade Debtors 3,086 1,535 101.0% Trade Debtors 1,893 1,405 34.73%

Cash and Bank Balances 80.518 111.120 -27.5% Cash and Bank Balances 452.528 246.500 83.58%Other Debit Balances 3,717 5,427 -31.5% Other Debit Balances 500.00 500.00 0.00%Insurance Funds 545.599 552.825 -1.3% Trade Creditors 351.39 302.07 16.33%

Short Term Borrowings 3.667 17.606 -79.2% Other Credit Balances 2,003 1,695 18.17%Other Credit Balances 1,760 565.719 211.1% Working Capital 2,354 1,961 20.04%Net Assets 16,432 23,065 -28.8% Net Assets 4,487 6,778 -33.80%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 500.619 399.704 25.25% Gross Earnings 8,389 8,910 -5.85%Profit Before Tax 60.329 74.465 -18.98% Profit Before Tax 934.836 1,891 -50.56%Taxation (2.00) (2.00) 0.00% Taxation (360.00) (434.123) -17.07%Profit/Loss After Tax 58.329 72.065 -19.06% Profit/Loss After Tax 574.836 1,457 -60.55%

Fixed Assets 3,725 3,728 -0.08% Fixed Assets 4,916 4,950 -0.69%Stock 440.869 405.243 8.79% Stocks 3,103 2,509 23.67%Trade debtors 22.828 8.968 154.55% Trade Debtors 238.451 1,001 -76.18%

Cash and Bank Balances 5.443 1.194 355.86% Cash and Bank Balances 774.938 626.266 23.74%Other Debit Balances 19.007 25.287 -24.83% Other Debit Balances 505.173 648.870 -22.15%Trade creditors 84.480 88.648 -4.70% Trade Creditors 2,838 3,446 -17.64%

Short Term Borrowings 139.671 137.659 1.46% Short Term Borrowings 1,085 670.942 61.71%Other Credit Balances 408.543 341.884 19.50% Other Credit Balances 1,567 1,468 6.74%Working Capital -144.547 127.498 -213.37% Working Capital 567.141 459.393 23.45%Net Assets 3,714 3,698 0.43% Net Assets 4,465 4,217 5.88%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 8,066 7,810 3.28% Turnover 1.018 0.911 11.75%Profit Before Tax 1,204 1,522 -20.89% Profit Before Tax (0.226) (0.211) -7.11%Taxation (295.70) (396.86) -25.49% Taxation Nil Nil 0.00%

Profit/Loss After Tax 908.64 1,125 -19.23% Profit/Loss After Tax (0.226) (0.211) -7.11%

Fixed Assets 8,608 7,953 8.24% Fixed Assets 2.149 2.497 -13.94%Stocks 2,639 1,934 36.45% Stocks 0.928 0.979 -5.21%Trade Debtors 3,519 1,408 149.93% Trade Debtors 0.417 0.222 87.84%

Cash and Bank Balances 177.453 150.566 17.86% Cash and Balances 0.50 0.60 -16.67%Other Debit Balances 2,569 1,795 43.12% Other Debit Balances 0.17 0.19 -10.53%Trade Creditors 161.580 363.720 -55.58% Trade creditors 0.178 0.146 21.92%

Short Term Borrowings 558.654 600.00 -6.89% Short Term Borrowings 0.168 0.124 35.48%Other Credit Balances 4,898 1,146 327.40% Other Credit Balances 4.504 4.529 -0.55%Working Capital 3,287 3,179 3.40% Working Capital (3.466) (3.563) -2.72%Net Assets 9,085 8,524 6.58% Net Assets (1.301) (1.075) 21.02%

2002 N'm 2001 N'm % Change 2003 N'm 2002 N'm % ChangeTurnover 3,783 3,882 -2.55% Turnover 404.114 3,783 -89.32%Profit Before Tax (1,637) 168.512 -1071.44% Profit Before Tax (1,234) (1,637) 24.62%

Taxation (6.700) (8.500) 21.18% Taxation (0.660) (6.700) 90.15%Profit/Loss After Tax (1,644) 160.012 -1127.42% Profit/Loss After Tax (1,234) (1,644) 24.94%

Fixed Assets 1,817 546.635 232.40% Fixed Assets 1,779 1,817 -2.09%Stocks 548.627 318.942 72.01% Stocks 136.958 548.627 -75.04%Trade Debtors 1,182 2,039 -42.03% Trade Debtors 1,212 1,182 2.54%Cash and Balances 114.59 209.59 -45.33% Cash and Balances 144.476 114.587 26.08%Other Debit Balances 1,285 1,435 -10.45% Other Debit Balances 1,335 2,467 -45.89%Trade creditors 518.836 423.384 22.55% Trade creditors 676.444 518.836 30.38%

Short Term Borrowings 315.100 434.622 -27.50% Short Term Borrowings 884.776 315.100 180.79%Other Credit Balances 3,398 2,461 38.07% Other Credit Balances 3,971 3,733 6.38%Working Capital (1,436) 263.722 -644.51% Working Capital (2,703) (1,436) 88.23%Net Assets 45.657 390.538 -88.31% Net Assets (1,189) 45.657 -2704.20%


http://www.proshareng.com/investors/company.php?ref=CHAMPION


http://www.proshareng.com/investors/company.php?ref=GCAPPA

9th November, 2010: CEMENT CO. OF NORTHERN NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=CCNN


http://www.proshareng.com/investors/company.php?ref=GOLDINSURE


http://www.proshareng.com/investors/company.php?ref=BETAGLAS

10th November, 2010: CHAMPION BREWERIES PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

9th November, 2010: Multiverse Resources PlcTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=MULTIVERSE

8th November, 2010: STANDARD ALLIANCE INSURANCE PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09

9th November, 2010: GOLDLINK INSURANCE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

10th November, 2010: BETA GLASS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=STDINSURE

10th November, 2010: G. CAPPA PLCAUDITED REPORT FOR THE PERIOD ENDED 31-MAR-02







2004 N'm 2003 N'm % Change 2005 N'm 2004 N'm % ChangeTurnover 171.647 404.114 -57.53% Turnover 134.414 171.647 -21.69%Profit Before Tax (327.284) (1,234) 73.48% Profit Before Tax 249.593 (327.284) 176.26%

Taxation (0.370) (0.660) 43.94% Taxation 0.323 (0.370) 187.30%Profit/Loss After Tax (327.654) (1,234) 73.45% Profit/Loss After Tax (246.916) (327.654) 24.64%

Fixed Assets 1,724 1,779 -3.09% Fixed Assets 1,680 1,724 -2.55%Stocks 53.445 136.958 -60.98% Stocks 42.756 53.445 -20.00%

Trade Debtors 1,143 1,212 -5.69% Trade Debtors 1,143 1,143 0.00%Cash and Balances 60.831 144.476 -57.90% Cash and Balances 57.332 60.831 -5.75%Other Debit Balances 1,335 1,335 0.00% Other Debit Balances 1,335 1,335 0.00%Trade creditors 656.373 676.444 -2.97% Trade creditors 667.021 656.373 1.62%

Short Term Borrowings 893.517 884.776 0.99% Short Term Borrowings 1,284 893.517 43.70%Other Credit Balances (1,544) 3,971 -138.88% Other Credit Balances Nil (1,544) 0.00%Working Capital (3,085) (2,703) 14.13% Working Capital (3,299) (3,085) 6.94%Net Assets (1,516) (1,189) 27.50% Net Assets (1,763) (1,516) 16.29%

2006 N'm 2005 N'm % Change 2007 N'm 2006 N'm % ChangeTurnover 168.683 134.414 25.50% Turnover 78.548 168.683 -53.43%Profit Before Tax (14.403) 249.593 -105.77% Profit Before Tax (142.101) (14.403) -886.61%

Taxation (3.519) (0.323) -989.47% Taxation (0.253) (3.519) 92.81%Profit/Loss After Tax (17.923) (246.916) 92.74% Profit/Loss After Tax (142.355) (17.923) 694.26%

Fixed Assets 1,645 1,680 -2.08% Fixed Assets 1,532 1,645 -6.87%

Stocks 29.929 42.756 -30.00% Stocks Nil 29.929 0.00%Trade Debtors 1,130 1,143 -1.14% Trade Debtors 1,137 1,130 0.62%Cash and Balances 68.801 57.332 20.00% Cash and Balances 35.743 68.801 -48.05%Other Debit Balances 1,198 1,311 -8.62% Other Debit Balances 1,156 1,198 -3.51%Trade creditors 664.484 667.021 -0.38% Trade creditors 630.951 664.484 -5.05%

Short Term Borrowings 1,186 1,284 -7.63% Short Term Borrowings 1,204 1,186 1.52%Other Credit Balances 3,929 3,903 0.67% Other Credit Balances 3,916 3,929 -0.33%Working Capital (3,352) (3,299) -1.61% Working Capital (3,421) (3,352) -2.06%Net Assets (1,781) (1,763) -1.02% Net Assets 1,924 (1,781) 208.03%

2008 N'm 2007 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 327.349 78.548 316.75% Turnover 5,600 5,327 5.1%Profit Before Tax (50.160) (142.101) -64.70% Profit Before Tax 1,625 1,240 31.0%

Taxation (0.564) (0.253) 122.92% Taxation (487.674) (372.118) -31.1%Profit/Loss After Tax (50.725) (142.355) -64.37% Profit/Loss After Tax 1,137 868.275 30.9%

Fixed Assets 6,653 1,532 334.27% Fixed Assets 613 617 -0.6%Trade Debtors 1,137 1,137 0.00% Investment 11,938 11,938 0.0%Cash and Balances 107.541 35.743 200.87% Stocks 220.086 199.598 10.3%Other Debit Balances 1,131 1,156 -2.16% Trade Debtors 1,029 680.362 51.2%

Trade creditors 625.095 630.951 -0.93% Cash and Bank Balances 873.381 607.207 43.8%

Short Term Borrowings 1,289 1,204 7.06% Other Debit Balances 2,609 3,537 -26.2%Other Credit Balances 3,988 3,916 1.84% Trade Creditors 84.061 99.209 -15.3%

Working Capital (3,526) (3,421) 3.07% Short Term Borrowings 2,905 3,602 -19.4%Net Assets 3,126 1,924 62.47% Other Credit Balances 6,459 7,208 -10.4%

Working Capital (3,137) (3,924) 20.1%Net Assets 7,835 6,670 17.5%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 2,682 2,896 -7.4% Gross Earning 5,737 5,168 11.01%Profit Before Tax &

Exceptional Items 217.812 517.181 -57.9% Profit Before Tax 749.08 691.98 8.25%Exceptional Items (45.778) (130.568) 64.9% Taxation (239.71) (221.43) -8.25%Profit/Loss After Tax 112.012 253.622 -55.8% Profit/Loss After Tax 509.37 470.54 8.25%

Fixed Assets 841.830 767.039 9.8% Fixed Assets 7,428 6,614 12.31%Investment 1.416 1.416 0.0% Stock 4,061 3,273 24.08%Stocks 215.384 216.240 -0.4% Trade Debtors 517.02 440.57 17.35%

Trade debtors 649.957 715.134 -9.1% Cash and Bank Balances 186.04 55.39 235.88%

Cash and Bank Balances 182.322 215.118 -15.2% Other Debit Balances 7,615 8,274 -7.96%Other Debit Balances 434.103 648.345 -33.0% Trade Creditors 1,887 857 120.29%Trade Creditors 111.839 344.541 -67.5% Short Term Borrowing 4,561 4,516 1.00%

Short Term Borrowings 104.249 496.524 -79.0% Other Credit Balances 2,879 3,553 -18.97%Other Credit Balances 635.365 289.777 119.3% Working Capital 5,244 6,000 -12.60%Working Capital 515.696 568.515 -9.3% Net Assets 10,515 9,766 7.67%Net Assets 1,470 1,432 2.7%


November 12th, 2010: BAGCO PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=BAGCO

11th November , 2010: IKEJA HOTELS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=IKEJAHOTEL















http://www.proshareng.com/investors/company.php?ref=AIRSERVICE

11th November, 2010: AIRLINE SERVICES & LOGISTICS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10





2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,875 1,885 -0.5% Gross Premium 2,126 2,053 3.6%

Profit Before Tax (727.364) 141.216 -615.1%Profit Before Tax AndExtra-ordinar Items 274.492 438.685 -37.4%

Taxation Nil (42.365) 0.0% Exceptional Items (3.786) Nil 0.0%Profit/Loss After Tax (727.364) 98.851 -835.8% Taxation (89.333) Nil 0.0%

Profit/Loss After Tax 181.373 438.685 -58.7%Fixed Assets 23,383 23,341 0.2%

Stocks 248.999 248.999 0.0% Fixed Assets 933.129 999.458 -6.6%Trade debtors 1,702 2,073 -17.9% Stocks 1,387 987.455 40.5%

Cash and Bank Balances 215.954 61.842 249.2% Debtors 1,393 1,464 -4.8%

Other Debit Balances 626.098 842.674 -25.7% Cash and Bank Balances 206.293 143.052 44.2%Trade Creditors 555.705 586.929 -5.3% Other Debit Balances 1,447 1,397 3.6%

Short Term Borrowings 4,799 3,120 53.8% Insurance Funds 587.531 490.531 19.8%Other Crebit Balances 768.255 1,512 -49.2% Other Credit Balances 629.001 528.015 19.1%Working Capital 3,878 2,557 51.7% Net Assets 5,368 4,991 7.6%Net Assets 13,260 13,987 -5.2%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 277,524 252,816 9.77% Gross Earning 130,706 118,975 9.86%Profit Before Tax 15,188 9,339 62.63% Profit Before Tax 31,710 31,593 0.37%Taxation (6,384) (2,599) 145.63% Taxation (10,573) (10,245) 3.20%

Profit/Loss After Tax 8,808 6,740 30.68% Profit/Loss After Tax 21,137 21,349 -0.99%

Fixed Assets 137,375 131,713 4.30% Fixed Assets 68,885 69,003 -0.17%Stock 20,925 9,693 115.88% Investment 150 150 0.00%Trade Debtors 66,990 49,774 34.59% Stocks 26,228 22,064 18.87%

Cash and Bank Balances 11,288 25,760 -56.18% Trade debtors 5,416 2,068 161.90%

Other Debit Balances 68,912 89,723 -23.19% Cash and Bank Balances 1,791 11,812 -84.84%Trade Creditors 32,989 40,129 -17.79% Other Debit Balances 2,913 1,521 91.52%Short Term Borrowing 63,669 140,474 -54.68% Short Term Borrowing 3,027 502.196 0.00%Other Credit Balances 129,883 291,336 -55.42% Other Credit Balances 68,424 66,106 3.51%Working Capital -15,153 -93,150 -83.73% Working Capital -9,712 -4,689 107.12%Net Assets 78,961 53,520 47.54% Net Assets 40,892 46,570 -12.19%

2010 N'm 2009 N'm % Change 2009 N'm 2008 N'm % ChangeGross Earning 89,487 81,601 9.66% Turnover 829.437 905.684 -8.4%

Profit Before Tax 8,897 6,980 27.46%Profit Before Tax andExtra-ordinary items (55.293) 361.998 -115.3%

Taxation (3,045) (2,094) -45.42% Exceptional Items (178.454) (510.317) -339.5%Profit/Loss After Tax 5,851 4,886 19.75% Taxation (25.542) (8.061) 38.0%

Profit/Loss After Tax -259.289 -156.38 65.8%Fixed Assets 28,059 28,313 -0.90%Stocks 11,634 10,271 13.27% Fixed Assets 717.561 729.870 -1.7%Trade debtors 4,023 4,264 -5.65% Stocks 1,367.0 1,047 30.6%

Cash and Bank Balances 3,116 4,526 -31.15% Trade Debtors 712.438 1,056 -32.5%

Other Debit Balances 60,964 53,580 13.78% Cash and Bank Balances 267.293 410.634 -34.9%Trade creditors 1,500 7,335 -79.55% Other Debit Balances 1,927 2,020 -4.6%Short Term Borrowing 11,145 13,782 -19.13% Trade creditors 676.810 724.789 -6.6%Other Credit Balances 53,915 41,931 28.58% Other Credit Balances 1,240 1,293 -4.1%Working Capital 9,393 7,881 19.19% Net Assets 3,075 3,247 -5.3%Net Assets 41,236 35,384 16.54%

2009 N'm 2008 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 501.930 1,105 -54.58% Gross Earning 188.65 216.0 -12.66%Profit Before Tax (460.455) (194.826) -136.34% Profit Before Tax (25.6) (18.9) 35.45%Taxation (1.042) (3.146) 66.88% Taxation Nil Nil 0.00%Profit/Loss After Tax (461.497) (197.972) -133.11% Profit/Loss After Tax (25.6) (18.9) 35.45%

Fixed Assets 910.110 999.419 -8.94% Fixed Assets 47.5 53.0 -10.38%Stocks 130.114 66.210 96.52% Stocks 23.2 26.9 -13.75%Trade debtors 52.943 322.216 -83.57% Trade debtors 1.1 1.2 -8.33%

Cash and Bank Balances 2.507 32.023 -92.17% Cash and Bank Balances 0.38 7.1 -94.65%Other Debit Balances 149.731 67.688 121.21% Other Debit Balances 13.2 15.3 -13.73%Trade creditors 231.042 210.288 9.87% Trade creditors 26.3 19.5 34.87%

Short Term Borrowing 1,119 683.520 63.71% Short Term Borrowings 19 Nil 0.00%Other Credit Balances 541.402 778.658 -30.47% Other Credit Balances 19.2 15.8 21.52%Working Capital -1,301 -915.904 -42.05% Net Assets 20.7 54.23 -249.60%Net Assets (646.407) (184.901) -249.60%

November 15th, 2010: JULI PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=JULI


http://www.proshareng.com/investors/company.php?ref=PHARMDEKO

12th November, 2010: LINKAGE ASSURANCE PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09


http://www.proshareng.com/investors/company.php?ref=LINKASSURE

November 12th, 2010: PHARMADEKO PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09

November 12th, 2010: Flour Mills Nigeria PlcSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=FLOURMILL

November 12th, 2010: OANDO PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=OANDO

November 12th, 2010: Nigerian Breweries PlcTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=NB



http://www.proshareng.com/investors/company.php?ref=DAARCOMM

2th November , 2010: CONSOLIDATED HALLMARK INSURANCE PLTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=HMARKINS

12th November, 2010: DAAR COMMUNICATIONS PLC




2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 85,565 142,618 -40.00% Turnover 22,828 17,853 27.9%Profit Before Tax 7,683 (122,157) 106.29% Profit Before Tax 1,214 1,004 20.9%Taxation (876.00) (5,729) 84.71% Taxation (242.990) (150.656) -61.3%Profit/Loss After Tax 6,807 (127,886) 105.32% Profit/Loss After Tax 971.958 853.715 13.9%

Fixed Assets 58,870 61,189 -3.79% Fixed Assets 20,796 20,525 1.3%Treasury Bills 27,137 20,953 29.51% Stock 8,189 7,164 14.3%

Loans and Advances 371,199 469,618 -20.96% Trade debtors 281.110 231.687 21.3%

Cash and Bank Balances 87,414 86,846 0.65% Cash and Bank Balances 4,343 1,599 171.6%Other debit balances 403,202 522,100 -22.77% Other Debit Balances 4,059 3,903 4.0%Deposits 816,776 979,102 -16.58% Trade creditors 2,370 2,952 -19.7%

Other Credit Balances 364,394 410,581 -11.25% Short Term Borrowings 759 1,408 -46.1%Net Assets (244,152) (238,328) -2.44% Other Credit Balances 11,506 6,779 69.7%

Working Capital 2,237 1,759 27.2%Net Assets 10,188 8,973 13.5%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 5,300 5,360 -1.12% Turnover 221.121 300.639 -26.4%Profit Before Tax 405.741 425.403 -4.62% Profit Before Tax (38.434) 2.430 -1681.6%Taxation (32.929) (96.694) 65.95% Taxation (0.135) (0.365) 63.0%Profit/Loss After Tax 372.812 328.709 13.42% Profit/Loss After Tax (38.569) 2.065 -1967.7%

Fixed Assets 777.807 395.242 96.79% Fixed Assets 964.683 972.482 -0.8%Stocks 2,042 1,097 86.14% Stock 12.860 15.154 -15.1%Trade Debtors 108.566 59.353 82.92% Trade debtors 66.565 358.973 -81.5%

Cash and Bank Balances 623.117 351.996 77.02% Cash and Bank Balances 7.358 4.321 70.3%Other Dedit Balances 31.733 21.024 50.94% Other Debit Balances 315.880 311.112 1.5%Trade Creditors 1,219 110.051 1007.67% Trade creditors 52.275 82.727 -36.8%

Other Credit Balances 290.293 126.267 129.90% Short Term Borrowings 419.578 424.575 -1.2%Working Capital 1,263 1,511 -16.41% Other Credit Balances 244.039 289.899 -15.8%Net Assets 1,576 1,458 8.09% Working Capital (313.229) (107.641) 191.0%

Net Assets 651.454 864.841 -24.7%

2009 N'm 2008 N'm % Change 2009 N'm 2008 N'm % ChangeTurnover 1,430 1,229 16.4% Turnover 1,169 935.472 25.0%Profit Before Tax (1,409) (7,948) 82.3% Profit Before Tax 19.663 63.289 -68.9%Taxation (290.555) (13.873) -1994.4% Taxation (33.057) (12.059) -174.1%

Profit/Loss After Tax (1,699) (7,962) 78.7% Profit/Loss After Tax (13.394) 75.348 -117.8%Fixed Assets 5,665 3,319 70.7% Fixed Assets 100.502 67.810 48.2%Stock 506.566 2,706 -81.3% Stock 109.997 134.902 -18.5%Trade debtors 219.402 230.207 -4.7% Trade debtors 1,213 855.249 41.8%

Cash and Bank Balances 261.561 91.001 187.4% Cash and Bank Balances 161.695 164.976 -2.0%Other Debit Balances 8,968 10,726 -16.4% Other Debit Balances 1,449 1,896 -23.6%Trade creditors 1,904 1,757 8.4% Insurance Funds 546.053 396.769 37.6%

Short Term Borrowings 149.902 1.192 12475.7% Short Term Borrowings Nil 4.473 0.0%Other Credit Balances 3,911 2,825 38.4% Other Credit Balances 378.220 351.635 7.6%Net Assets 20,167 20,966 -3.8% Net Assets 3,297 3,337 -1.2%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 58,948 54,345 8.47% Turnover 1,420 223.003 536.8%Profit Before Tax 1,933 1,929 0.21% Profit Before Tax (1,021) (697.730) -46.3%

Taxation (618.657) (617.589) -0.17% Taxation (153.243) (104.659) -46.4%Profit/Loss After Tax 1,314 1,312 0.15% Profit/Loss After Tax (1,174) (802.390) -46.3%

Fixed Assets 3,255 3,183 2.26% Fixed Assets 5,210 2,585 101.5%Stock 3,682 4,844 -23.99% Stocks 1,311 333.949 292.6%Trade Debtors 2,175 1,725 26.09% Trade Debtors 3,235 3,414 -5.2%

Cash and Bank Balances 2,344 1,274 83.99% Cash and Bank Balances 25.574 10.110 153.0%Other Debit Balances 8,071 5,580 44.64% Other Debit Balances 1,187 1,612 -26.4%Trade creditors 11,401 7,488 52.26% Trade Creditors 653.225 253.664 157.5%

Other Credit Balances 4,164 6,153 -32.33% Short Term Borrowings 1,171 637.192 83.8%Working Capital 1,592 555.996 186.33% Other Credit Balances 1,369 1,080 26.8%Net Assets 3,963 2,965 33.66% Working Capital 1,958 3,875 -49.5%

Net Assets 7,997 8,761 -8.7%

19th November, 2010: GUINEA INSURANCE PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09

25th November , 2010: CHAMS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=CHAMS


http://www.proshareng.com/investors/company.php?ref=GUINEAINS


http://www.proshareng.com/investors/company.php?ref=UBN


http://www.proshareng.com/investors/company.php?ref=NNFM

18th November, 2010: SEVEN-UP PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 18th, 2010: NORTHERN NIGERIA FLOUR MILLS PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 18th, 2010: UNION BANK NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=7UP

18th November, 2010: TRIPPLE GEE PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=TRIPPLEG

19th November, 2010: AFRICAN ALLIANCE INSURANCE PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09

http://www.proshareng.com/investors/company.php?ref=CHEVRON

November 19th, 2010: MRS OIL PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=AFRINSURE





2009 N'm 2008N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 3,523.00 4,465.00 -21.10% Turnover 567.324 601.508 -5.68%Profit/Loss After Tax (889.60) (510.10) -74.40% Profit Before Tax 36.103 (104.426) 134.57%

Taxation 9.366 12.531 -25.26%Profit/Loss After Tax 26.737 (116.958) 122.86%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,072 614.812 74.36% Turnover 2,101 2,013 4.37%Profit Before Tax (370.182) (111.352) -232.44% Profit Before Tax 83.997 389.257 -78.42%Taxation - - Taxation 26.879 124.562 -78.42%Profit/Loss After Tax (370.182) (111.352) -232.44% Profit/Loss After Tax 57.118 264.695 -78.42%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 630.00 577.597 9.07% Turnover 1,222 1,030 18.64%Profit Before Tax 77.754 48.501 60.31% Profit Before Tax 77.478 29.025 166.94%Taxation - - Taxation (3.770) - Profit/Loss After Tax 77.754 48.501 60.31% Profit/Loss After Tax 75.247 29.025 159.25%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 1,896 1,379 37.49% Turnover 6,798 4,573 48.66%Profit Before Tax (188.246) (15.777) -1093.17% Profit Before Tax 1,870 370.000 405.41%Taxation (3.770) 0.530 -811.32% Taxation (561.000) (111.000) 405.41%Profit/Loss After Tax (184.476) (16.307) -1031.27% Profit/Loss After Tax 1,309 259.000 405.41%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 11,158 6,762 65.01% Gross Earnings 24,416 20,618 18.42%Profit Before Tax 943.489 (627.053) 250.46% Profit Before Tax 3,376 2,559 31.93%Taxation (301.917) Nil 0.00% Taxation (1,060) (926.372) -14.42%Profit/Loss After Tax 641.573 (627.053) 202.32% Profit After Tax 2,316 1,633 41.82%

Fixed Assets 1,152 1,181 -2.46% Fixed Assets 38,760 35,358 9.62%Stocks 1,170 356.328 228.35% Stocks 19,597 23,481 -16.54%Trade debtors 293.84 1,024 -71.30% Trade Debtors 11,178 7,627 46.56%

Cash and Bank Balances 463.079 270.638 71.11% Cash and Bank Balances 6,091 2,074 193.68%

Other Debit Balances 625.208 717.254 -12.83% Other Debit Balances 10,521 6,655 58.09%Trade Creditors 4,222 3,691 14.39% Trade Creditors 11,324 6,562 72.57%

Short Term Borrowings (2,342) (1,141) 105.26% Short Term Borrowings Nil 5,240 0.00%Other Credit Balances 1,436 515.580 178.52% Other Credit Balances 74,826 63,395 18.03%Working capital -801.237 -3289 -75.64% Working Capital 9,319 7,061 31.98%Net Assets 4,398 3,455 27.29% Net Assets 13,528 11,100 21.87%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 77.584 89.155 -13.0% Turnover 177.137 217.236 -18.5%Profit Before Tax (14.318) (4.147) -245.3% Profit Before Tax (19.625) (14.851) -32.1%Taxation Nil Nil 0.0% Taxation Nil Nil 0.0%Profit/Loss After Tax (14.318) (4.147) -245.3% Profit/Loss After Tax (19.625) (14.851) -32.1%

Fixed Assets 124.545 132.969 -6.3% Fixed Assets 114.613 132.969 -13.8%Stocks 333.042 336.064 -0.9% Stocks 362.277 336.064 7.8%Trade Debtors 60.098 73.308 -18.0% Trade Debtors 91.461 73.308 24.8%

Cash and Bank Balances 2.296 1.510 52.1% Cash and Bank Balances 0.965 1.510 -36.1%Other Debit Balances 133.770 126.267 5.9% Other Debit Balances 81.260 126.267 -35.6%Trade Creditors 22.515 16.577 35.8% Trade Creditors 33.146 16.577 100.0%

Short Term Borrowings 103.820 30.807 237.0% Short Term Borrowings 89.555 30.807 190.7%Other Credit Balance 527.417 622.734 -15.3% Other Credit Balance 527.874 622.734 -15.2%Working Capital 153.975 159.736 -3.6% Working Capital 167.095 159.736 4.6%Net Assets 136.414 150.255 -9.2% Net Assets 139.196 150.255 -7.4%

http://www.proshareng.com/investors/company.php?ref=EVANSMED


http://www.proshareng.com/investors/company.php?ref=NIGROPES


http://www.proshareng.com/investors/company.php?ref=ETERNAOIL

25th November , 2010: NIGERIA ROPES PLCFIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10

http://www.proshareng.com/investors/company.php?ref=ETRANZACT

November 23rd, 2010: TOURIST COMPANY OF NIGERIA PLC

November 23rd, 2010: LONGMAN NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEPT-10

November 23rd, 2010: E-TRANZACT PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEPT-10

November 19th, 2010: EVANS MEDICAL PLCAUDITED REPORT FOR THE PERIOD ENDED 31-MAR-09

November 23rd, 2010: LONGMAN NIGERIA PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10

http://www.proshareng.com/investors/company.php?ref=LONGMAN http://www.proshareng.com/investors/company.php?ref=LONGMAN

November 23rd, 2010: TOURIST COMPANY OF NIGERIA PLCFIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10

November 23rd, 2010: UNION HOMES SAVINGS & LOANS PLC


http://www.proshareng.com/investors/company.php?ref=TOURIST

November 23rd, 2010: TOURIST COMPANY OF NIGERIA PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEPT-10

November 25th, 2010: Guinness Nigeria PlcFIRST QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10



25th November, 2010: ETERNA OIL PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

http://www.proshareng.com/investors/company.php?ref=UNHOMES



http://www.proshareng.com/investors/company.php?ref=GUINNESS

25th November, 2010: NIGERIA ROPES PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10


http://www.proshareng.com/investors/company.php?ref=NIGROPES




2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earning 859.397 854.719 0.55% Gross Earnings 831.612 1,526 -45.50%Profit Before Tax 208.767 330.515 -36.84% Profit Before Tax (196.380) (76.890) -155.40%Taxation Nil Nil 0.00% Taxation (5.559) (5.559) 0.00%Profit/Loss After Tax 208.767 330.515 -36.84% Profit/Loss After Tax (201.939) (82.449) -144.93%

Fixed Assets 340.115 245.556 11.14% Fixed Assets 1,935 2,001 -3.30%Stock 716.515 1,046 1.08% Stocks 415.221 402.542 3.15%Trade Debtors 1,109 2,247 27.69% Trade Debtors 67.595 219.040 -69.14%

Cash and Bank Balances 837.47 1,849 -52.52% Cash and Bank Balances 215.147 13.685 1472.14%Other Debit Balances 7,519 3,723 4.75% Trade Creditors 424.650 408.538 3.94%

Trade Creditors 925.467 424.496 19.30% Short Term Borrowings 802.257 730.128 9.88%Other Credit Balances 8,881 7,641 76.82% Other Credit Balances 801.284 691.351 15.90%Net Assets 7,084 7,106 0.48% Working Capital (870.259) (854.781) -1.81%

Net Assets 605.064 807.003 -25.02%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 650.046 706.446 -7.98% Gross Earnings 2,903 2,770 4.80%Profit Before Tax (873.228) (28.141) -3003.05% Profit Before Tax (127.022) (387.568) -67.23%Taxation Nil Nil 0.00% Taxation Nil (3.634) 0.00%

Profit/Loss After Tax (873.228) (28.141) -3003.05% Profit/Loss After Tax (127.022) (391.202) -67.53%

Fixed Assets 641.598 118.116 443.19% Fixed Assets 1,534 1,683 -8.85%Stocks 135.464 231.922 -41.59% Stocks 1,457 1,510 -3.51%Trade Debtors 2,491 2,330 6.91% Trade Debtors 661.864 673.553 -1.74%

Cash and Bank Balances 545.894 2,273 -75.98% Cash and Bank Balances 318.072 136.526 132.98%Other Debit Balances 1,195 420.134 184.43% Other Debit Balances 526.457 256.005 105.64%Trade Creditors 300.714 20.669 1354.90% Trade Creditors 312.181 290.246 7.56%

Short Term Borrowings 522.338 618.104 -15.49% Short Term Borrowings 1,137 2,779 -59.09%Other Credit Balances 240.995 236.978 1.70% Other Credit Balances 1,646 1,227 34.15%Working Capital 3,258 4,380 -1.81% Working Capital 104.373 (1,463) 107.13%Net Assets 3,946 4,498 -12.27% Net Assets 1,419 (65.807) 2256.31%

2010 N'm 2009 N'm % Change 2009 N'm 2008N'm % ChangeGross Earning 1,245 1,086 14.64% Gross Earning 312.02 664.91 -53.07%

Profit/Loss After Tax 67.00 67.40 -0.59% Profit/Loss After Tax (229.85) (133.00) -72.82%

2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeGross Earnings 1,823 1,631 11.77% Turnover 3,058 1,397 118.9%

Profit Before Tax 70.227 54.492 28.88%Profit Before Tax AndExtra-ordinary Items 1,025 1,251 -18.1%

Taxation (22.473) (17.636) -27.43% Exceptional Items (10.254) Nil 0.0%Profit/Loss After Tax 47.754 36.856 29.57% Profit Before Taxation 1,015 1,251 -18.9%

Taxation (91.876) (2,924) 96.9%Fixed Assets 40.505 41.780 -3.05% Profit/Loss After Tax 923.279 -1673 -155.2%Stocks 499.580 276.291 80.82%Trade Debtors 499.580 276.291 80.82% Fixed Assets 1,160.000 968.723 19.7%

Cash and Bank Balances 3.206 101.168 -96.83% Stocks 10,917 10,889 0.3%Other Debit Balances 663.525 724.693 -8.44% Trade Debtors 4,605 3,724 23.7%

Trade Creditors 47.447 572.908 -91.72% Cash and Bank Balances 175.679 80.518 118.2%

Short Term Borrowings 827.170 300.595 175.18% Other Debit Balances 3,167 3,079 2.9%Other Credit Balances 110.394 96.378 14.54% Trade Creditors 602.375 465.411 29.4%

Working Capital 197.055 138.926 -1.81% Short Term Borrowings 0.262 3.667 -92.9%Net Assets 221.805 174.051 27.44% Other Credit Balances 2,173 1,840 18.1%

Working Capital 15,175 14,292 6.2%Net Assets 17,250 16,432 5.0%

http://www.proshareng.com/investors/company.php?ref=EVANSMED

http://www.proshareng.com/investors/company.php?ref=ALUMACO

http://www.proshareng.com/investors/company.php?ref=ACADEMY

30th November, 2010: STANDARD A LLIANCE INSURANCE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=STDINSURE


http://www.proshareng.com/investors/company.php?ref=MTI

November 26th, 2010: ACADEMY PRESS PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 29th, 2010: NIGERIA ENALMELWARE PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 31-JAN-10


http://www.proshareng.com/investors/company.php?ref=ENAMELWA


November 26th, 2010: DN MEYER PLCFIRST QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=DNMEYER

November 26th, 2010: EVANS MEDICAL PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10THIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10


http://www.proshareng.com/investors/company.php?ref=RESORTSAL

November 26th, 2010: MTI PLC

November 25th, 2010: RESORT SAVINGS & LOANS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

November 26th, 2010: ALUMACO PLCAUDITED REPORT FOR THE PERIOD ENDED 31-DEC-09




2010 N'm 2009 N'm % Change 2010 N'm 2009 N'm % ChangeTurnover 23,966 25,621 -6.5% Turnover 8.03 Nil 0.0%Profit Before Tax (4,854) (4,802) 1.1% Profit Before Tax 0.84 Nil 0.0%Taxation (188.627) Nil 0.0% Taxation Nil Nil 0.0%Profit/Loss After Tax (5,042) (4,802) 5.0% Profit/Loss After Tax 0.84 Nil 0.0%

Fixed Assets 49,190 53,989 -8.9% Fixed Assets Nil Nil 0.0%Stocks 1,883 2,535 -25.7% Stocks 4.05 Nil 0.0%Trade debtors 5,441 4,344 25.3% Trade debtors 2.10 Nil 0.0%

Cash and Bank Balances 1,507.000 2,225 -32.3% Cash and Bank Balances 2.1 0.11 1790.9%Other Debit Balances 50,311 10,491 379.6% Other Debit Balances 0.450 Nil 0.0%Trade Creditors 3,072 1,512 103.2% Trade Creditors 2.03 Nil 0.0%

Short Term Borrowings 19,184 11,761 63.1% Short Term Borrowings 3.0 3.0 0.0%Other Credit Balances 7,456 7,471 -0.2% Other Credit Balances 7.8 1.1 609.1%Working Capital (19,760) (7,006) 182.0% Net Assets 9.8 9.9 -0.8%Net Assets 20,206 31,249 -35.3%

2010 N'm 2009 N'm % ChangeTurnover 53.27 Nil 0.0%Profit Before Tax 0.371 Nil 0.0%

Taxation Nil Nil 0.0%Profit/Loss After Tax 0 Nil 0.0%

Fixed Assets 25 Nil 0.0%Stocks 50.37 Nil 0.0%Trade debtors 2.88 Nil 0.0%

Cash and Bank Balances 2.2 0.11 1900.0%Trade Creditors 3.51 Nil 0.0%

Short Term Borrowings 3.0 3.0 0.0%Other Credit Balances 8 1 656.4%Net Assets 34.64 9.88 250.6%


http://www.proshareng.com/investors/company.php?ref=ANINO


http://www.proshareng.com/investors/company.php?ref=STARCOMMS

30th November, 2010: STARCOM MS PLCTHIRD QUARTER REPORT FOR THE PERIOD ENDED 30-SEP-10

30th November, 2010: ANINO INTERNATIONAL PLCFIRST QUARTER REPORT FOR THE PERIOD ENDED 31-MAR-10

30th November, 2010: ANINO INTERNATIONAL PLCSECOND QUARTER REPORT FOR THE PERIOD ENDED 30-JUN-10


http://www.proshareng.com/investors/company.php?ref=ANINO




Forecast Results in the Month

Company Year End PeriodGross Earnings

in N' billionPAT in N'

billion

BOC Gases Plc December Q4 2.214 0.278Oceanic Bank Intl Plc December Q4 126.364 43.862

Livestock Feeds Plc September Q2 0.641 0.15

Dangote Cement Plc December Q4 17.841 4.213

Eterna Oil Plc December Q3 21.986 0.41

Cutix Plc April Q4 0.451 NilSource: Proshare Research/NSE

DECLARED FORECASTS FOR NOVEMBER

Dividends Declared

Company Dividend Declared Bonus Declared AGM Date Price Adjustment DateCAP Plc N1.00 16th - 19th November, 2010Interlinked Technologies Plc 16th Dec, 2010The Tourist Company of Nig Plc 14th Dec, 2010Tripple Gee & Company Plc 30th Nov, 2010Evans Medical Plc 24th Feb, 2011Scoa Nigeria Plc 9th Dec, 2010Guinea Insurance Plc 1k 16th Dec, 2010 7th to 11th Dec, 2010Standard Alliance Insurance Plc 9th Dec, 2010Total Plc 200k 30th November 2010Pharma-Deko Plc 17th Dec, 2010Union Bank Plc 16th Dec, 2010Vono Products Plc 15th Dec, 2010Sovereign Trust Insurance Plc 8th Dec, 2010Union Diagnostic & Clinical Services Plc 20th Dec, 2010MTI Plc 29th Dec, 2010 6th to 14th Dec, 2010Source: Proshare Research/NSE

DIVIDENDS DECLARED FOR NOVEMBER




Outlook /Analyst Opinion

The turbulence witnessed in the early stage of the market activities, during the monthunder review, has been a reflection of significant speculative tendency of short termtraders. This has been buttressed with the up and down swings experienced in the

movement of All Share Index. Though, this was expected on the heels of impressivegains recorded in the previous month which closed the month on speculative note asprofit takers showed late interest in harvesting the yield for the period.

This sentiment got distorted by AMCON’s valuation model for the pricing of the toxicassets in the banking industry as investors and the banks engaged in the panic selling asa way of adjusting to the pricing valuation proposed by the ‘Bad Bank’. The bleedingscenario lasted for uninterrupted 7days. Also, the “closing of books” by someinstitutional investors for the 2010 financial year contributed its quota to the trend.

This in our opinion was one of the factors expected to impact the market in the monthunder review and play a key role in the recapitalisation or sale of the banks, particularlythe rescued banks as stated in our October report. http://proshareng.com/reports/3003

Going forward, has the stage is set for the absorption of toxic assets which is expectedto ease the tight liquidity situation in the sector and relief the cleared banks of debtburden, coupled with the ongoing discussion on merger and acquisition, the capitalmarket activity is likely to gain more upward momentum with possible volatile sessionsbecause both speculators and value investors would dominate the stage while events areunfolding, just as observed on rescued banks recently. But on the other hand, shouldAMCON take equity stake in those rescued banks; this might reverse the expected trend.http://proshareng.com/blog/?p=476

Still on the possible volatile session mentioned above, the CBN maintained its positiontowards anticipated inflation growth by leaving the MPR unchanged at 6.25% as

expected but with slight increase in SDF (Standing Deposit Facility). With this,conservative investors are likely to patronise banks as a result of possible attractiveinterest on deposit, also the bond market is likely to gain more attention from investors.

This further suggests that the capital market might witness a drop in liquidity levels,compounding the existing low liquidity issue. But we cautiously remain optimistic aboutupward movement as the capital market remains the only possible outlet for higherreturns.

The concerns about corporate governance and financial issues with and within theSEC/NSE recently http://www.proshareng.com/articles/2187 has created concerns which are nowbeing addressed through engagements. We however do not expect this and other non-

stock related issues to have a negative impact as the effect of impeding M&A’s andplanned recapitalisation of the banks should override any rumble. To this regards,tightening of bolts on compliance and corporate governance issues in the financialindustry and improved transparency in the market will boost the participation of valueinvestors, particularly the foreign investors.

Conclusively, the mixed outlook is likely to influence the market sentiments which mightset the stage for further volatility in the last month of the year. Despite this, there ispossibility of price appreciation as market swings occur. Also, the expectation of impressive Q4 earnings report in the month ahead could encourage moderate buying aslots of good companies have their financial year ends in the coming month.




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November 2010, Lagos, Nigeria

ISSN 1597 - 8842 Vol. 1 No. 52

Plot 590b, Pat Ojebuoboh Close, Omole Phase II,Isheri LGA, P.O.Box 18782, Ikeja, Lagos, NG

Monthly NCM Report for Nov 2010

Documents

Transcript of Monthly NCM Report for Nov 2010