March Q1 2010 NCM Market Report - Proshare

ISSN 1597 - 8842 Vol. 1 No.
29
Quarterly Edition: Q1 2010
The Monthly NCM Report for March 10

Issued on April 01, 2010
Contents
Executive Summary 3
Introduction 4
All-Share Index Movement 7
Market Dynamics 8
Comparison of 2009 and 2010 Market Performance 9
Sectoral Index Movements 11
NSE -30 Index, NSE -Food Index, NSE -Banking Index, NSE -Insurance Index & NSE -Oil Index
Transactions Volume and Value Trend 17

Top Ten Trades for First Quarter 2010 19
Top Ten Traded Sectors First Quarter 2010 20
Top Twenty Gainers First Quarter 2010 21
Top Twenty Losers/Decliners First Quarter 2010 21
Gainers and Losers Compared 22
Supplementary Listing First Quarter 2010 23
Corporate Declarations First Quarter 2010 24
Forecast Results First Quarter 2010 44
Dividends Declared 46
Sectoral Analysis 47
Outlook/ Analyst Opinion 54
Time Lines (Jan - March Market News/Information) 55
The Monthly NCM Report for Q1 2010 www.proshareng.com Page 2

The Monthly NCM Report for Q1 2010
ISSN 1597 - 8842 Vol. 1 No. 29
Executive Summary
“Equities post positive wide margins with +24.60% appreciations’’
By the week ended March 12, 2010, it was certain that the NSE was going into a full
throttle (http://proshareng.com/blog/?p=243 -Shares to watch as the NSE goes into full Throttle - Biosah).
The signs were ominous and the results for the quarter confirm this third stage of the
recovery phase and our prediction that the market will begin Q2 2010 in a recovery
mode (http://proshareng.com/reports/view.php?id=2447 – Page 5).
The impressive trend posted in the month of January standing at +8.5% declined in the
month of February to close at a marginal gain of +1.79% due to massive sell pressures
on the equities – a consequence of the heightened sovereign risk and uncertainty that
pervaded the entire strata of the nation - social, economy and politics. February in
particular had signalled the sign of things to come with a measure of improved liquidity
situation and investors interest in the market evident in the rising profile of the volume
and value of market transactions witnessed in the upbeats recorded on some days in the
month. The month of March 2010 closed at +24.60% performances to reveal a positive
trend that occurred about the same time the sovereign gloom was lifted and momentum
gained in the steering of the affairs of the state.
It can therefore be deduced from the market trend report that market patronage has
improved from what it used to be before; and the activities of speculators may no longer
hold dominant status in the market again, hence less volatility in the market.
The market may also be benefiting from both actual and ‘expression of interest’ activities
from foreign investors’, especially as market continues to post more attractive trend in
the days ahead. This may create another era of bullish run that may last longer and
eventually push the market to a convenient state of stability; especially when viewed
against the backdrop of improved corporate results by the listed firms, with a few
exceptions based on relativity analysis.
The market swung mostly in favour of non-banking stocks in the period under review
and this could be attributed to the myriads of uncertainties and outstanding issues that
bedevil the sector. However, with the trend of the results being posted by the banks -
the entire market appears set to grow faster and stronger, if sustained across board.
The market in Q2 2010 is expected to move above the current levels and we remain
hopeful and encourage investors to take a long term view of the market even as
opportunities for short term trades (with stop losses) appear frequently in the market.
Thank you for reading and do take time to share with us your thoughts on the market,
analyst at analyst@proshareng.com
We value your feedback and comments.

Introduction
“NSE all share index has confirmed a return to a bullish trend”
The market trend in the first quarter presented the dynamism of both investors and
speculators activities as indicated by the price movements across the sectors in the
period under review.
As we entered the second trading month in 2010 – February, the performance showed a
true reflection of the health status of the nation’s economy – volatile and uncertain. The
heightened political risk among the ruling class had created a stagnation of sorts for the
nation’s economy; and this, to a very large extent, dictated the trend of the market for
the month till we entered March 2010.
March 2010 saw a significant movement towards the resolution of the leadership crisis
which coincided with the recovery and a building of momentum in the market as the NSE
ASI which began 2010 with a very promising up trend appeared to have a found its
rhythm once again – this time with some surefootedness.
Getting Here
On February 3, 2010, the index confirmed it first return to a bullish trend, but reversed
into a bearish mode two days later on a sell off on very heavy volume as highlighted in
the graph here:
NSEall Share Index VersusVolume
1,000,000,000 25000
900,000,000
24000
800,000,000
700,000,000
23000
600,000,000
500,000,000 22000
Volume
400,000,000
21000 Index
300,000,000
200,000,000
20000
100,000,000
- 19000
The trend appeared sustainable for several reasons (http://proshareng.com/blog/?p=243):
For the week ended March 12, 2010, the trading volume for the NSE was above 500
million units for 3 of the 5 trading days. Additionally, the week experienced the
highest trading volume since the February 5, 2010 close, when total volume for the
week was 2.7 billion units.
The increased volume for the week saw the index close at its highest level since
August 14, 2009, and the highest level for 2010. Also, the index closed positively
above its 200 day SMA on heavy volume relative to a negative close below its 200
day SMA on February 5, 2010, its first test above the technical bullish indicator.

Several blue chips stocks that have been struggling to break above strong overhead
resistance finally breached their resistance. Notably First Bank and Zenith Bank.
It however does appear that it could be no more than a mere co-incidence, but one hard
to ignore as a determinant of market outcome - that the bulls regained the market
one month after the February 11th, 2010 unanimous declaration of the Vice-
President as the Acting- President by the National Assembly (a contentious move
steeped in expediency). The emergence of Dr. Jonathan Goodluck as the Acting-
President abated the political tension in the country and put to rest the impending
constitutional crisis that hung over it – thus dropping relatively the sovereign risk for
investment.
Despite the imperfect scenario and the continuing demands for constitutional processes;
the Acting-President has taken steps to convince the local and international stakeholders
that there exist a functioning government in the country and that it is indeed prepared
for the vagaries of power and in effect, guarantees the engagements, decisions and
markets in the country.
Also, the news that the AMC Bills is recording encouraging progress on the floor of the
National Assembly, served as a spur-on for the market and a signal that liquidity is
headed back; and positions needed to be taken.
For the Nigerian Capital Market, this was helpful – as it sent out positive signals to
international investors who might have been waiting on the wings to come in at the
defining curve of recovery (though still with possible and relative sideway reactions –
however as at this point, it is believed that the situation is relatively stable and better).
The Market – Game On
The market this quarter recorded a total of 27.008bn units valued at N191.845bn
(US$1.282bn) exchanged in 614,960 deals compared with 19.116bn units valued at
N105.910bn (US$707.483mn) exchanged in 418,368 deals in the previous year’s
first quarter. Comparing, the volume and value traded in the quarter reveals a
+41.28% and +81.16% rise above the volume and value recorded in the previous
year’s first quarter respectively.
In the same vein, comparing the volume and value traded in the most recent previous
quarter showed that the transactions activities closed on the upward note. The volume
traded in the previous quarter to December 2009 which stood at 27.485bn units valued
at N176.804bn (US$ 1.181bn) exchanged in 370,727 deals was +1.75% above
the volume traded this quarter.
In the course of the quarter, the All-Share index recorded a +24.60% performance
compared with -36.69% negative growth recorded in the preceding year’s first quarter
to close at 19,851.89. The ASI trend this quarter when compared with the most recent
previous quarter to December 31st, 2009 also outperformed the last quarter which
recorded -6.82% negative growths. Market capitalisation this quarter thus appreciated
by +N1.288 trillion (US$8.607bn) compared with -N2.473 trillion (US$ 16.523bn)
market capitalisation loss recorded in the previous year’s comparable period.

The Market – Game Changers: The outcomes/consequence recorded in the quarter
could be principally attributed to the issues outlined above and to some of the following
market and financial fundamentals:
The compromise resolution administered on the political crisis the country faces as
well as the decisions/steps taken by the Acting President which has galvanised the
stakeholders for good or bad; but eliminated indifference and catastrophe and
replaced this with hopeful expectations.
The expected timely passage of the 2010 appropriation bill by the National Assembly
which is long overdue and is expected to stimulate the economy and the capital
market.
Planned elections (with a possibility of an early election timeframe) and the expected
beneficial impact on the NCM.
Increasing regulatory co-ordination and seriousness/commitment to tackle hitherto
‘protected practices’ and a transparent & level playing field has gone a long way to
impact on the psyche of investors and their confidence in the market processes – a
benefit of doubt level of engagement
Reduction in the negative news cycle from both regulators and interest groups which
continue to cast shadows of doubt over the status of banks in the country
Dearth of loan-able funds from the banking sector and consequential multiplier
impact on the economy lends credibility to the expectation that the AMC bill will
receive a favourable passage at the National Assembly and should hopefully address
the capital gaps in most of the banks.
Corporate declarations announced by some companies – good with relative positives.
The decline in the returns on bond(s) which now makes equities relatively more
attractive.
The activities of speculators in playing the market and the holding onto some stocks
by the investors appear to be dwindling suggesting a significant wash-out of the
speculators or a change in mindset reflecting the market momentum.
Several blue chips stocks that have been struggling to break above strong overhead
resistance finally breached their resistance.
The management of the leadership issues at both the Nigerian Stock Exchange on
succession plan and the SEC on the conflicted status of the Board Chairman.
A litmus test for the banking sector is due in Q2 as Nigerian banks are expected to
adhere fully (without exception) to full provisioning in line with the IFRS and
which marks an end to the differential year-end era. These results would prove
critical not only in terms of being a determinant for continued correspondent banking
relationships, confidence to give/increase credit terms and limits by foreign banks,
but also in terms of determining the true worth of the banks on a given day using a
comparative basis.
The recent CBN policy on Universal Banking suggest that there may be more
challenges ahead for banking sector especially for banks that leverage on their
subsidiaries for group growth. This may also pose increase in job loss risk in the
system as the effect of the unbundling does more than ensure supervisory
enforcement catches up with practice.

The NSE All-Share Index Movement
The NSE index in Q1 2010 begun on a positive note drawing from the upbeat recorded at
the end of the last trading day of the year 2009 ensuring that January 2010 ended with
a +8.49% appreciation to close at 22,590.94. This appreciation could however not be
sustained in February 2010 as the index grew by only a +1.73% gain to close at
22,985.00; yet it laid the foundations for the market growth that occurred in the month
of March and this pushed the growth in the month to +12.92%. The aggregate All-
Share Index growth in the quarter stood at 24.60% to close at 25,966.25.
After many interruptions in the NSE ASI bids to cross its 200 days moving averages, the
recent trends recorded in the month of March seemed to have given the ASI the stamina
to cross the resistance level. Notwithstanding these intermittent signs of a breakout
shown, the NSE ASI now trends above its 200 days moving average and this should
technically confirm that the market has in a way; put the bearish trend behind it.
Source: NSE, Proshare Research

According to the index moving averages graphically explained above, the NSE ASI is
trading above its 20 days, 50 days and 200 days moving averages. The trend of the
market showed that the NSE ASI gained 1,952.59 or 9.5% from December 31, 2009
through January 12, 2010. The upbeat recorded in the eight days rally raised investors
raised optimism for many stock.
However, sell pressures took tolls on the shares on the NSE by Wednesday January 13,
2010 which resulted in the halt of market upbeat. At the beginning of the uptrend, the
NSE ASI was 2,342 or 10.1% removed from its 200 day CSMA of 23,169, and at the
time of the decline, the NSE all share index was only 676 or 2.9% from its 200 day
CSMA of 23,194.8. By the week ended March 12, 2010, it was certain that the NSE was
going into a full throttle (http://proshareng.com/blog/?p=243).
With the uptrend recorded in the month of March, the present market trend shows the
recovery and rebounding status of the market. This positive trend could mostly be
attributed to performance growth recorded in the non-financial stocks, most especially
toward the tail end of the quarter.
The enthusiasm shown by the market appears sustainable.
Q1 2010 Market Dynamics

The market dynamics as graphically illustrated below showed the appreciation and
depreciations on the weekly basis.
The trend clearly explains the investors’ sentiment swing in the period under review as
influenced by some other factors. The latter part of the month of March added much
impetus to the positive outlook shown in the dynamics (and as explained in our
introduction).

MARKET DYNAMICS IN THE PRECEDING YEAR COMPARABLE PERIOD (Q1, 2009)
Comparison of 2009 and 2010 Market Performance

The market performance in the 2010 first quarter when compared with 2009 comparable
period showed a drastic improvement and a clear departure from the previous year’s
trend. In the period under review, ASI recorded +24.60% appreciations as against -
36.61% depreciations recorded in 2009 first quarter. This trend is attesting to the fact
that the market has moved far away on a positive note from the bearish trend as at the
previous year’s comparable period.

Market Market
Dates NSE ASI
Capitalisation(trillion) Capitalisation($ bn)
Jan-02-09 31,357.24 6.93 43.31

Mar-02-09 22,684.18 5.07 31.69
Mar-31-09 19,851.89 4.48 28.00
Quarterly Return -36.69% -35.35% -35.35%
Monthly Return -12.49% -11.64% -11.64%
Jan-04-10 20,838.90 4.99 33.27
Mar-01-10 22,995.75 5.53 36.87
Mar-31-10 25,966.25 6.28 41.87
Quarterly Return 24.60% 25.85% 25.85%
Monthly Return 12.92% 13.56% 13.56%
From the table above, the year to date performance of the year 2009 as at 31st March,
2009 closing at -36.69% indicated a depressing outlook when compared with the
positive year to date performance for the year 2010 as at 31st March, 2010 standing in
the positive performance growth of +24.60% for the period under review. The negative
trend of the previous year’s period when compared with +24.60% appreciations
recorded in 2010 first quarter showed that the market is on the recovery trend.

Sectoral Index Movements
NSE 30 NSE- NSE- NSE-Oil
Index NSE-Food Banking Insurance and Gas
% Index % Index % Index % Index %
Date Change Change Change Change Change
04/01/2010 -0.07 0.43 -0.58 -0.01 0.00
05/01/2010 0.59 0.73 0.86 -1.52 0.16
06/01/2010 1.55 0.60 1.42 -1.79 0.00
07/01/2010 1.16 0.61 1.52 -0.79 0.91
08/01/2010 0.63 1.02 0.98 -0.29 0.45
11/01/2010 1.94 3.39 2.34 -0.89 0.65
12/01/2010 2.22 2.30 2.36 -0.60 1.22
13/01/2010 -1.15 -1.76 -2.53 0.14 0.43
14/01/2010 -1.44 -2.40 -1.68 -1.78 0.00
15/01/2010 0.54 0.63 0.82 0.30 0.00
18/01/2010 0.58 0.04 0.91 1.10 0.00
19/01/2010 0.29 0.31 0.62 -1.50 0.00
20/01/2010 0.05 4.86 0.16 -0.85 -0.27
21/01/2010 -0.46 0.29 -1.71 0.52 0.00
22/01/2010 -0.66 -0.08 -0.18 -1.33 0.00
25/01/2010 0.85 0.92 1.76 0.80 0.00
26/01/2010 0.64 1.01 1.31 -0.81 0.00
27/01/2010 -0.33 0.39 -0.68 -0.26 0.00
28/01/2010 0.49 -0.17 1.54 0.32 0.00
29/01/2010 0.05 -0.46 0.73 -1.59 -0.05
01/02/2010 1.40 2.12 1.69 -0.22 0.00
02/02/2010 1.31 0.70 1.32 -1.15 0.00
03/02/2010 2.38 1.47 3.37 -0.06 -0.83
04/02/2010 1.11 -0.39 1.79 0.80 0.23
05/02/2010 -2.81 -3.29 -3.62 -1.65 0.86
08/02/2010 -1.51 -2.12 -2.51 -1.10 0.00
09/02/2010 0.83 0.07 0.81 -0.71 0.00
10/02/2010 0.58 0.28 0.44 0.09 -0.61
11/02/2010 -0.44 0.38 -1.10 1.13 -1.13
12/02/2010 -0.18 0.51 -0.49 -1.31 -0.01
15/02/2010 0.45 0.39 0.51 0.30 0.00
16/02/2010 0.12 0.13 0.27 -1.30 0.03
17/02/2010 0.01 1.59 -0.38 -1.03 0.00
18/02/2010 0.44 0.13 0.94 -0.27 0.25
19/02/2010 0.14 0.27 -0.21 -0.08 0.42
22/02/2010 -0.65 1.03 -0.50 -1.21 0.69
23/02/2010 -0.44 0.48 0.02 -2.51 1.41
24/02/2010 0.64 0.25 0.18 -0.51 1.46
25/02/2010 -0.12 -0.18 -0.61 0.31 1.00
01/03/2010 0.11 0.78 0.43 -0.44 -0.27
02/03/2010 0.19 1.11 0.05 -1.31 -0.48
03/03/2010 -0.02 -0.03 -0.31 -0.76 -0.98
04/03/2010 -0.34 0.57 -0.74 0.60 -0.69
05/03/2010 0.03 0.11 0.03 -1.54 0.36
08/03/2010 0.78 -0.03 0.70 -0.32 0.03
09/03/2010 0.74 1.03 1.06 -0.19 1.51
10/03/2010 0.96 2.21 1.09 -0.58 -1.19
11/03/2010 1.08 -0.54 1.41 -0.45 -1.67
12/03/2010 1.76 0.49 3.22 1.63 1.28
15/03/2010 0.86 0.99 0.70 0.05 -2.23
16/03/2010 0.41 2.15 -0.53 1.07 0.26
17/03/2010 0.39 0.52 0.44 1.65 0.89
18/03/2010 -1.02 -1.40 -1.24 1.07 1.19
19/03/2010 0.98 2.22 2.39 0.06 0.00
22/03/2010 0.36 -0.08 1.18 1.16 -1.11
23/03/2010 1.65 1.22 1.16 0.61 1.29
24/01/2010 0.15 0.28 -1.05 0.33 -1.30
25/03/2010 -0.47 1.62 -0.68 2.22 0.12
26/03/2010 1.86 1.85 0.83 0.86 -0.01
29/03/2010 1.98 3.38 2.93 0.95 0.60
30/03/2010 2.25 1.88 3.00 0.18 -0.22
31/03/2010 -2.23 -3.16 -1.97 0.96 1.57
First Quarter Performance 25.63 39.09 28.89 -12.92 6.21
In the first quarter, NSE-Food and Beverages sector index led the performance with
+39.09%, followed by the Banking sector with +28.89%. However, the Insurance
sector was the only index that declined (by -12.92 %.)
NSE -30 INDEX
The trend recorded in the blue chips stocks is reflected in the index movement. There
were interruptions at the many points in the index performance in the quarter due to the
volatility that pervaded the entire market in the period. The sector would probably have
performed better but for the uncertainty that pervaded both the political and the
economy landscapes of the country. The few dividends declared in the sector stimulated
the sector’s performance in a way. It was also observed that not many investors were
keen at holding many of the blue chips stocks for long as there were sell pressures in the
stocks in between. The sector eventually closed with +25.63% appreciations. And the
some of the stocks in this category look good for investment considerations.
NSE -FOOD INDEX
The stocks in the sector posted relatively outstanding trend in the quarter and eventually
emerged the best performing NSE Sectoral index with +39.09% appreciations. After lull
that the stocks in the sector experienced towards the tail end of the month of January,
the trend in the sector has since remained on the positive side. The investors’
sentiments swung mostly in favour of the stocks in the sector. The sector recorded
+18.43% appreciation in the month of March alone compared with +13.20% and
+3.75% appreciation recorded in January and February respectively. Therefore, the
stocks in the sector appear good considerations (with pre set stop loss targets) for
investment at this time.
NSE -BANKING INDEX

NSE-Banking index closed the month of March with +18.34% appreciations. The
performance growth was above +10.30% and +1.76% appreciations recorded in the
months of January and February respectively. The aggregate performance growth in the
quarter closed at +28.89%. Though the sector is saddled with lots of challenges
occasioned by the non-performing loans crisis in the books of many banks, the
developments highlighted earlier on page 6 remain relevant to the sector. Enthusiasm
about the impact of the AMC plan for the banks might have also raised the investor’s
enthusiasm about the stocks in the sector. Also, with the seemly positive common year
end results being posted by the banks, the tempo of positive performance may continue
in the sector if more of such results are posted.
NSE -INSURANCE INDEX
Insurance sector posted -10.04% and -10.30% in the month of January and February
respectively. However, the growth recorded in the month of March closed at +8% and
this brought the aggregate sectoral performance for the quarter to -12.92%. The penny
status of majority of the stocks in the sector might have informed the positive rally the
stocks enjoyed in the month of March coupled with the general improvement in the
market. Despite all the heads-up; the sector’s performance growth is against a dearth of
impressive returns from the sector; which sadly may not abate anytime soon.
NSE -OIL INDEX

The sector recorded +3.56 and +3.78% performance growths in the months of January
and February respectively. The growth however declined by -1.16%. The aggregate
total performance growth in the quarter closed at +6.21%.
LAST TRADING DAY - SNAPSHOT
http://www.proshareng.com/investors/theAnalyst.php?loc=sector

SECTORAL ANALYSIS
SECTOR PERFORMANCE
Sector YTD %Change
HOTEL & TOURISM 101.74%
MARITIME 44.07%
ROAD TRANSPORTATION 35.62%
AIRLINE SERVICES 34.37%
FOOD/BEVERAGES & TOBACCO 33.92%
LEASING 32.08%
MEDIA 31.01%
BUILDING MATERIALS 29.89%
BANKING 28.71%
HEALTHCARE 23.95%
CONGLOMERATES 20.45%
REAL ESTATE 19.84%
AGRICULTURE 18.81%
PETROLEUM(MARKETING) 16.37%
CONSTRUCTION 15.49%
PACKAGING 14.91%
THE FOREIGN LISTINGS 13.07%
PRINTING & PUBLISHING 13.01%
INFORMATION & COMMUNICATION TECHNOLOGY 8.94%
COMMERCIAL/SERVICES 8.03%
MORTGAGE COMPANIES 6.63%
BREWERIES 5.48%
CHEMICAL & PAINTS 4.02%
ENGINEERING TECHNOLOGY 1.83%
AVIATION 0.00%
COMPUTER & OFFICE EQUIPMENT -1.01%
SECOND-TIER SECURITIES -1.88%
INSURANCE -5.82%
FOOTWEAR -9.62%
OTHER FINANCIAL INSTITUTIONS -10.90%
AUTOMOBILE & TYRE -12.79%
INDUSTRIAL/DOMESTIC PRODUCTS -15.38%
TEXTILES -25.26%

Transactions Volume and Value Trend
Market Q1 '09' Q1 '10' % Change

Average Daily Volume of stocks Traded ( in
millions) 308.31 434.8 41.03%
Average Daily Value of stocks Traded ( in
N'millions) 1,708.22 3,093.94 81.12%
Average Daily Value of stocks Traded ( in US
$ millions) 10.68 20.63 93.20%
Total Volume of stocks Traded (in millions) 19115.93 26957.75 41.02%

Total Value of stocks Traded (in N'millions) 105,910.22 191,824.75 81.12%
Total Value of stocks Traded (in $ billion) 661.94 1278.83 93.19%
New Listing and Delisting Q1 '09' Q1 '10' % Change

Number of Equities Delisted 1 2
Number of New Listings 2 0
The volume and value trend as contained in the table above showed that there is an
improvement in the market activities in Q1 2010 when compared with the preceding
year. The appreciation recorded in the value and volume of market transaction was an
indication of push-pull effect indicating the entry of more buyers in the market during
the period under review.
Interestingly average daily volume increased by +41.03% and average daily value by
+81.12%; just as the total volume and total value increased by +41.02% and
81.12% respectively.
The market this quarter recorded a total of 27.008 billion units valued at N191.845
billion (US$1.282 billion) exchanged in 614,960 deals compared with 19.116
billion units valued at N105.910 billion (US$707.483 million) exchanged in
418,368 deals in the previous year’s first quarter. Comparing the volume and value
traded in the quarter with the previous year’s first quarter showed +41.28% and a
+81.16% rise above the volume and value recorded in the previous year’s first quarter
respectively.
In the same vein, comparing the volume and value traded in the most recent previous
quarter showed that the transactions activities closed on the upward note. The volume
traded in the previous quarter to December 2009 which stood at 27.485 billion units
valued at N176.804 billion (US$ 1.181 billion) exchanged in 370,727 deals was
+1.75% above the volume traded this quarter.

In the course of the quarter, the All-Share index recorded a +24.60% performance
compared with -36.69% negative growth recorded in the preceding year’s first quarter
to close at 19,851.89. The ASI trend this quarter when compared with the most recent
previous quarter to December 31st, 2009 also outperformed the last quarter which
recorded -6.82% negative growths. Market capitalisation this quarter appreciated by
N1.288 trillion (US$8.607 billion) compared with N2.473 trillion (US$ 16.523
billion) market capitalisation loss recorded in the previous year’s comparable period

Top Ten Trades for the First Quarter 2010
Zenith Bank, First Bank and First Inland Bank stocks topped the transaction volume for
the quarter – appearing consistently in the first three banks on the list. Banking stocks
generally dominated the charts for the quarter. The price movement of these stocks, it
must be borne in mind, does not suggest a commitment on the part of the investors, but
rather indications of speculative trading on most of these stocks.
With the exceptions of BAGCo and CapOil (January); IHS and Skye Bank (February),
Transcorp (March) the other stocks on the list below made the top 10 trades in the year-
to-date every month.
Company Total Trade Total Volume Total Value
ZENITHBANK 18030 28,888,832,332.92

1,796,475,560.00
FIRSTINLND 6815 1,107,629,556.39
1,585,263,748.00
FIRSTBANK 51852 19,990,543,823.75
1,330,760,471.00
ACCESS 12457 9,781,765,713.75
1,064,396,872.00
UBA 15399 12,966,712,444.07
965,369,907.00
GUARANTY 26271 17,419,069,060.53
940,936,699.00
FIDELITYBK 10789 2,583,851,827.20
916,929,002.00
DIAMONDBNK 6705 8,044,667,084.46
910,339,324.00
SKYEBANK 11271 4,645,787,381.76
642,757,946.00
TRANSCORP 2988 293,036,847.74
553,386,045.00
Source: Proshare Research
RECALL TOP TEN TRADES FOR THE 2009 FIRST QUARTER
Company Total Trade Total Volume Total Value

INTERCONT 10,526.00 2,037,827,295.00 12,586,744,184.82
ACCESS 16,555.00 917,462,120.00 4,418,503,765.15
IAINSURE 1,181.00 821,358,716.00 410,679,358.00
OCEANIC 22,369.00 803,220,919.00 5,670,195,166.21
FIRSTBANK 54,627.00 729,913,924.00 12,298,863,107.47
GUARANTY 24,123.00 714,438,526.00 7,152,599,050.12
TRANSCORP 3,532.00 677,623,065.00 426,365,192.52
FIDELITYBK 8,321.00 673,310,698.00 2,539,313,233.86
UBA 24,577.00 570,023,506.00 5,180,566,791.21
FIRSTINLND 2,032.00 565,573,752.00 1,371,522,027.56

Top Ten Traded Sectors for the First Quarter 2010
Banking sector traded more than half of the total volume transactions for the quarter,
followed by Insurance sector. The volume traded in the banking sector closed at 13.721
billion units valued at N119.115 billion ($794.102 million) exchanged in 220,287
deals, the volume traded in the sector represented 59% of the entire market volume
transactions for the period (February 51%). The volume traded in the financial sectors
combined together accounted for approx. 77% of the entire market transaction.
%
Sector Total Trades Total Volume Total Value Contribution
BANKING 220287 13,720,956,012 119,115,312,840.92 59.11%
INSURANCE 32173 4,245,120,213 4,704,411,777.82 18.29%
FOOD/BEVERAGES &
TOBACCO 42255 1,061,112,104 15,817,305,715.70 4.57%
INFORMATION &
COMMUNICATION
TECHNOLOGY 3775 1,032,611,877 2,852,102,832.45 4.45%
MORTGAGE
COMPANIES 4298 869,939,992 562,725,884.56 3.75%
CONGLOMERATES 15353 790,593,910 7,409,606,087.57 3.41%
SECOND-TIER
SECURITIES 482 415,652,237 215,978,492.59 1.79%
PACKAGING 193592 390,105,938 876,170,838.86 1.68%
OTHER FINANCIAL
INSTITUTIONS 1460 350,629,605 298,539,360.41 1.51%
BUILDING MATERIALS 13186 333,988,912 8,386,898,309.39 1.44%
526861 23,210,710,800 160,239,052,140.27

Top Twenty Gainers in the Quarter
COMPANY 04-Jan-10 31-Mar-10 Change % Change
CAPHOTEL 1.38 3.53 2.15 155.80%
IKEJAHOTEL 0.87 2.17 1.3 149.43%
BAGCO 1.52 3.7 2.18 143.42%
STERLNBANK 1.26 2.76 1.5 119.05%
FTNCOCOA 0.54 1.11 0.57 105.56%
FIDSON 1.86 3.7 1.84 98.92%
DAARCOMM 0.58 1.15 0.57 98.28%
NASCON 4.56 8.88 4.32 94.74%
ETERNAOIL 4.74 9.01 4.27 90.08%
ASHAKACEM 11.39 20.88 9.49 83.32%
CADBURY 10.49 18.77 8.28 78.93%
DANGFLOUR 10.42 18.53 8.11 77.83%
BERGER 3.2 5.67 2.47 77.19%
TANTALIZER 0.75 1.32 0.57 76.00%
CCNN 13 21.98 8.98 69.08%
COSTAIN 3.8 6.42 2.62 68.95%
FLOURMILL 36.2 61.06 24.86 68.67%
GTASSURE 2.18 3.54 1.36 62.39%
NAHCO 7.18 11.52 4.34 60.45%
CONOIL 27.63 44 16.37 59.25%
Top Twenty Losers in the Quarter

COMPANY 04-Jan-10 31-Mar-10 Change % Change
UNITYKAP 2.38 0.56 -1.82 -76.47%
ALUMACO 27.71 10.5 -17.21 -62.11%
STACO 1.19 0.5 -0.69 -57.98%
INCAR 4.12 1.97 -2.15 -52.18%
AFRINSURE 0.87 0.5 -0.37 -42.53%
NIWICABLE 0.97 0.57 -0.4 -41.24%
CRUSADER 1.5 0.91 -0.59 -39.33%
DNMEYER 5.39 3.4 -1.99 -36.92%
AFROMEDIA 0.8 0.51 -0.29 -36.25%
OASISINS 1.49 1.02 -0.47 -31.54%
ECOBANK 10.1 6.99 -3.11 -30.79%
BOCGAS 13.48 9.35 -4.13 -30.64%
UNIC 1.15 0.81 -0.34 -29.57%
UNTL 1.9 1.42 -0.48 -25.26%
BECOPETRO 2.53 1.92 -0.61 -24.11%
NSLTECH 4.35 3.4 -0.95 -21.84%

NIGERINS 0.97 0.78 -0.19 -19.59%
UNIONDICON 6.01 4.91 -1.1 -18.30%
ETRANZACT 6.4 5.23 -1.17 -18.28%
CHAMPION 3.15 2.58 -0.57 -18.10%
From the top twenty appreciations and depreciations tables above, it is evident that non-
banking stocks mostly contributed to the positive trend recorded in the period under
review. Though the sector accounted for more than half of the entire market volume, but
not in market performance. Only Sterling Bank made list in the sector. Conversely, only
one bank – Ecobank also made the list of YTD losers with a 31% drop in value.
Hotel and Tourism sector emerged the best performing sector with the two stocks in the
sector emerging the leading gainers with +155.80% and +149.43% - Capital Hotel
and Ikeja Hotel respectively.
Though Unity Kapital Plc and Alumaco led the quarter worst losers with -76.47% and -
62.11% respectively, the Insurance sector continues to lose value and contributed the
most number of decliners.
Gainers and Losers Compared
Source: Proshare Research

Supplementary Listing in the Month:
SUPPLEMENTARY LIST
S/No Company Additional Shares Reason
1 Cadbury Nigeria Plc 2,028,347,543 Following the conclusion of the right Issue
Following the conversion of US$8 million

of the US$10 million Unsecured Variable
Coupon Redeemable Convertible Loan
Custodian and Stock. The balance of US$2 million would
2 Allied Insurance Plc 348,027,267 remain as loan stock
Following the conclusion of Placing with

3 African Paints Plc 130,000,000 Charing Management Limited
Equity Assurance Following the conclusion of offer for

4 Plc 1,139,415,820 subscription
Ecobank
Transnational Being shares issued to International
5 Incorporated 1,181,055,863 Finance Corporation (IFC).
Supplementary Listing in the Month of February 2010
Supplementary Listing in the Month Units Listed

African Paints Plc 130,000,000
CI Leasing Plc(Redeemable Convertible Loan Stock) 471,580,000

Corporate Declarations in the Quarter
SEVEN-UP BOTTLING COMPANY PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % change
Gross Earnings 17,853.00 15,214.00 17.35
Profit before tax 1,004.00 980.29 2.42
Profit/Loss After Tax 853.72 800.66 6.63
Balance Sheet Information
Fixed Assets 18,523.00 18,592.00 -0.37
Cash and Bank Balances 1,473.00 1,267.00 16.26
Other Debit Balances 5,222.00 6,798.00 -23.18
Trade Credits 1,546.00 1,618.00 -4.45
Other Credit Balances 18,415.00 14,977.00 22.96
Working Capital 1,737.00 1,414.00 22.84
Net Assets 8,838.00 7,984.00 10.70
http://www.proshareng.com/investors/company.php?ref=SEVENUP
SCOA NIGERIA PLC

2008 AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08
2008 N’m 2007 N’m % change
Gross Earnings 3,045.00 2,746.00 10.89
Profit before tax 283.53 1,002.00 (71.70)
Profit/Loss After Tax 231.91 822.47 (71.80)
Fixed Assets 882.05 856.33 3.00
Cash and Bank Balances 368.39 86.75 324.65
Other Debit Balances 974.51 826.80 17.87
Trade Creditors 52.63 6.86 667.40
Other Credit Balances 2,057.00 3,948.00 -47.90
Working Capital 854.79 728.47 17.34
Net Assets 1,648.00 1,514.00 8.85
http://www.proshareng.com/investors/company.php?ref=SCOA
AFROMEDIA PLC
AUDITED RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % change
Gross Earnings 2,397.00 1,956.00 22.55
Profit before tax 338.42 546.26 (38.05)
Fixed Assets 2,133.00 2,107.00 1.23

Other Debit Balances 1,773.00 1,319.00 34.42
Other Credit Balances 2,044.00 730.13 179.95
Working Capital 2,603.00 2,539.00 2.52
Net Assets 4,928.00 4,633.00 6.37
http://www.proshareng.com/investors/company.php?ref=AFROMEDIA
PINNACLE POINTS GROUP PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-AUG-09
2009 N’m 2008 N’m % change
Gross Earnings 188.57 1,635.45 (88.47)
Profit before tax (1,824.90) 44.56 (4,195.84)
Profit/Loss After Tax (1,308.00) 65.03 (2,111.50)
Fixed Assets 610.34 692.67 -11.89
Cash and Bank Balances 105.15 1,116.14 -90.58
Short Term Borrowing 7,332.50 5,872.77 24.86
Working Capital (11.89) 2,750.45 -100.43
Net Assets 13,886.92 15,338.38 -9.46
http://www.proshareng.com/investors/company.php?ref=PINNACLE
INCAR PLC
THIRD QUARTER RESULT FOR THE PERIOD ENDING 30-SEP-09
2009 N’m 2008 N’m % change
Gross Earnings 125.51 132.81 (5.50)
Profit before tax (32.70) 7.08 (561.56)
Profit/Loss After Tax (32.70) 7.08 (561.56)
Fixed Assets 1,512.00 1,258.00 20.19
Cash and Bank Balances 10.94 16.98 -35.60
Net Assets 327.79 360.48 -9.07
http://www.proshareng.com/investors/company.php?ref=INCAR
BECO PETROLEUM PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 N’m 2008 N’m % change
Gross Earnings 825.94 998.85 (17.31)
Profit before tax 81.37 54.18 50.19

Fixed Assets 3,217.00 3,133.00 2.68
Other Credit Balances 225.37 331.91 -32.10
Working Capital 139.05 151.57 -8.26
Net Assets 3,364.00 3,289.00 2.28
http://www.proshareng.com/investors/company.php?ref=BECOPETRO
AFRICAN PAINTS PLC

2009 N’m 2008 N’m % change
Gross Earnings 34.91 26.40 32.24
Profit before tax (31.77) (36.17) (12.18)
Profit/Loss After Tax (32.02) (36.60) (12.53)
Fixed Assets 362.99 366.86 -1.05
Other Debit Balances 1.77 2.37 -25.35
Trade Credits 37.93 18.44 105.70
Working Capital (345.56) (317.41) 8.87
Net Assets 17.43 49.45 -64.75
http://www.proshareng.com/investors/company.php?ref=AFRIPAINTS
UNITED NIGERIAN TEXTILES PLC

2009 N’m 2008 N’m % change
Gross Earnings 6,544.00 8,838.00 (25.96)
Profit before tax (956.04) (659.64) (44.94)
Profit/Loss After Tax (956.04) (659.64) (44.94)
Fixed Assets 3,863.00 4,238.00 -8.85
Trade Credits 922.98 1,032.00 -10.56
Working Capital 4,019.00 3,163.00 27.06
Net Assets 4,903.00 5,859.00 -16.32
http://www.proshareng.com/investors/company.php?ref=UNTL

COSTAIN WEST AFRICA PLC
AUDITED RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 N’m 2008 N’m % change
Gross Earnings 6,274.00 3,815.00 64.46
Fixed Assets 3,531.00 1,747.00 102.12
Cash and Bank Balances 2,785.00 46,135.00 -93.96
Short Term Borrowing 435.77 2,017.00 -78.40
Working Capital 3,456.00 (1,293.00) -367.29
Net Assets 8,692.00 (932.38) 1032.24
http://www.proshareng.com/investors/company.php?ref=COSTAIN
FIDSON HEALTHCARE PLC

AUDITED RESULT FOR THE PERIOD ENDING 30-JUN-09
2009 N’m 2008 N’m % change
Gross Earnings 5,019.00 4,503.00 11.46
Fixed Assets 1,903.00 870.48 118.62
Short Term Borrowing 592.24 705.28 -16.03
Working Capital 1,829.00 2,596.00 -29.55
Net Assets 5,095.00 4,965.00 2.62
http://www.proshareng.com/investors/company.php?ref=FIDSON
STUDIO PRESS PLC

AUDITED RESULT FOR THE PERIOD ENDING 31-DEC-08
2008 N’m 2007 N’m % change
Gross Earnings 2,966.00 1,803.00 64.50
Fixed Assets 4,235.00 2,842.00 49.01

Short Term Borrowing 1,175.00 548.96 114.04
Working Capital (1,379.00) (810.07) 70.23
Net Assets 1,452.00 944.45 53.74
http://www.proshareng.com/investors/company.php?ref=STUDIOPRESS
UNIC INSURANCE PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 N’m 2008 N’m % change
Gross Earnings 904.66 550.44 64.35
Fixed Assets 3,278.00 3,302.00 -0.73
Short Term Borrowing 436.32 386.76 12.81
Working Capital 1,745.00 1,095.00 59.36
Net Assets 5,011.00 4,797.00 4.46
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-JUN-09
2009 N’m 2008 N’m % change
Gross Earnings 1,495.00 1,285.00 16.34
Fixed Assets 3,310.00 3,302.00 0.24
Working Capital 2,100.00 1,095.00 91.78
Net Assets 5,100.00 4,797.00 6.32
2009 N’m 2008 N’m % change
Gross Earnings 2,242.00 1,840.00 21.85
Fixed Assets 3,218.00 3,302.00 -2.54
Other Debit Balances 4,376.00 - 0.00

Working Capital 2,039.00 1,095.00 86.21
Net Assets 5,187.00 4,797.00 8.13
http://www.proshareng.com/investors/company.php?ref=UNICINSURE
AIICO INSURANCE PLC

2009 2008 %
Gross Earnings 7,718.00 5,532.00 39.52
Profit/(Loss) Before Tax and After Provisions 1,441.00 884.56 62.91
Profit/(Loss) After Tax 1,297.00 796.11 62.92
Fixed Assets 1,969.00 1,939.00 1.55
Net Assets 13,650.00 12,517.00 9.05
http://www.proshareng.com/investors/company.php?ref=AIICO
PZ CUZZIONS PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-NOV-09
2009 N’m 2008 N’m % change
Gross Earnings 27,358.00 28,411.00 (3.71)
Profit/(Loss) Before Tax and After Provisions 2,603.00 2,340.00 11.24
Profit/(Loss) After Tax 1,771.00 1,628.00 8.78
Fixed Assets 23,557.00 21,511.00 9.51
Short Term Borrowing 1,068.00 7.74 13700.23
Net Assets 35,403.00 35,565.00 -0.46
http://www.proshareng.com/investors/company.php?ref=PZ
WEMA BANK PLC

2008 N’m 2007 N’m % change
Gross Earnings 25,978.00 29,379.00 (11.58)
Provision for Risk Assets (37,233.00) (8,400.00) 343.25
Provision for Recoveries Investment and other
Assets (15,689.00) 254,571.00 (106.16)
Profit/(Loss) Before Tax and After Provisions (56,799.00) 356,080.00 (115.95)

Profit/(Loss) After Tax (46,304.00) 1,303.00 (3,653.65)
Fixed Assets 17,990.00 15,342.00 17.26
Short Term Borrowing 2,135.00 -
Other Credit Balance 174,005.00 156,459.00 11.21
Net Assets (20,112.00) 25,752.00 -178.10
http://www.proshareng.com/investors/company.php?ref=WEMA
WEMA BANK PLC

2009 N’m 2008 N’m % change
Gross Earnings 16,551.00 25,978.00 (36.29)
Provision for Risk Assets (2,973.00) (37,233.00) (92.02)
Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)
Profit/(Loss) Before Tax and After Provisions (28,306.00) (56,799.00) (50.16)
Profit/(Loss) After Tax (20,455.00) (46,304.00) (55.82)
Fixed Assets 14,883.00 17,990.00 -17.27
Short Term Borrowing 660.26 2,135.00 -69.07
Net Assets (39,921.00) (20,112.00) 98.49
http://www.proshareng.com/investors/company.php?ref=WEMA
TRIPPLE GEE & CO PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % change
Gross Earnings 358.83 788.61 (54.50)
Provision for Risk Assets (2,973.00) (37,233.00) (92.02)
Provision for Investment and other Assets (13,234.00) (15,689.00) (15.65)
Profit/(Loss) Before Tax and After Provisions (60.79) 77.71 (178.24)
Profit/(Loss) After Tax (60.99) 77.71 (178.49)
Fixed Assets 948.75 1,010.00 -6.06
Trade Credits 36.80 126.39 -70.88
Other Credit Balances (146.96) (148.20) -0.83
Net Assets 801.78 862.78 -7.07

http://www.proshareng.com/investors/company.php?ref=TRIPPLEGEE
CHELLARAMS PLC
2009 N’m 2008 N’m % Change
Gross Earnings 9,060.00 7,742.00 17.02
Profit Before Tax 268.45 222.70 20.54
Profit After Tax 247.79 199.72 24.07
Fixed Assets 2,794.00 2,814.00 -0.71
Trade Credit 993.70 858.63 15.73
Working Capital (316.31) (589.67) -46.36
Net Assets 2,592.00 2,200.00 17.82
http://www.proshareng.com/investors/company.php?ref=CHELLARAMS
VITAFOAM NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 9,758.00 8,172.00 19.41
Profit before tax& After Exep. Items 780.92 1,013.00 (22.91)

Fixed Assets 1,615.00 1,345.00 20.07
Trade Credits 808.83 583.69 38.57
Working Capital 2,160.00 1,895.00 13.98
Net Assets 2,161.00 1,895.00 14.04
http://www.proshareng.com/investors/company.php?ref=VITAFOAM
NORTHER NIGERIA FLOURMILL PLC

2009 N’m 2008 N’m % Change
Gross Earnings 7,920.00 6,589.00 20.20
Fixed Assets 371.65 352.43 5.45
Trade Credits 422.96 502.69 -15.86
Other Credit Balances 993.66 1,256.00 -20.89
Working Capital 1,605.00 888.45 80.65
Net Assets 1,490.00 865.17 72.22
http://www.proshareng.com/investors/company.php?ref=NNFM
RESORT SAVING AND LOANS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 854.72 423.23 101.95
Fixed Assets 245.56 161.61 51.94
Net Assets 7,016.00 6,722.00 4.37
http://www.proshareng.com/investors/company.php?ref=RESORTSAL
ASO SAVINGS AND LOANS PLC

2009 N’m 2008 %
Gross Earnings 7,906.00 8,021.00 (1.43)
Profit before tax and excpt. items 788.52 1,734.00 (54.53)
Profit/Loss After Tax 551.96 1,214.00 (54.53)

Fixed Assets 1,722.00 1,272.00 35.38
Other Credit Balances 61.58 57.31 7.45
Net Assets 5,595.00 5,477.00 2.15
http://www.proshareng.com/investors/company.php?ref=ASOSAVINGS
NIGERIAN BAG MANUFACTURING PLC

2009 N’m 2008 N’m % Change
Gross Earnings 7,553.00 7,391.00 2.19
Fixed Assets 6,664.00 7,170.00 -7.06
Trade Credits 287.25 963.22 -70.18

Working Capital 5,978.00 5,830.00 2.54
Net Assets 9,331.00 9,239.00 1.00
http://www.proshareng.com/investors/company.php?ref=BAGCO
JULIUS BERGER NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 97,500.00 84,350.00 15.59
Profit Before Tax 3,900.00 3,370.00 15.73
Profit/Loss After Tax 2,300.00 1,970.00 16.75
Fixed Assets 46,179.00 28,381.00 62.71
Trade Credits 5,318.00 5,293.00 0.47
Working Capital (35,797.00) (16,597.00) 115.68

Net Assets 6,416.00 6,563.00 -2.24
http://www.proshareng.com/investors/company.php?ref=JBERGER
ROYAL EXCHANGE PLC

2009 N’m 2008 N’m % Change
Gross Earnings 2,822.00 2,935.00 (3.85)
Profit Before Tax 383.62 (202.79) (289.17)

Fixed Assets 5,281.00 3,949.00 33.73
Working Capital 1,086.00 399.39 171.91
Net Assets 8,116.00 11,706.00 -30.67
http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
ADSWITCH PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 N’m 2008 N’m % Change
Gross Earnings 100.52 22.21 352.59
Profit Before Tax 10.87 (1.50) 824.67
Profit After Tax 7.61 (1.50) 607.33
http://www.proshareng.com/investors/company.php?ref=ADSWITCH

GUINNESS NIGERIA PLC
SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % Change
Gross Earnings 53,842.00 43,483.00 23.82
Profit Before Tax 10,534.00 11,707.00 (10.02)
Profit/Loss After Tax 7,183.00 8,059.00 (10.87)

Fixed Assets 36,781.00 38,104.00 -3.47
Trade Credits 10,606.00 5,992.00 77.00
Working Capital 41,054.00 42,726.00 -3.91
Net Assets 29,946.00 31,524.00 -5.01
http://www.proshareng.com/investors/company.php?ref=GUINNESS
FLOURMILL NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 117,457.00 112,237.00 4.65
Profit before tax 12,540.00 1,081.00 1,060.04
Profit/Loss After Tax 8,527.00 756.81 1,026.70
Fixed Assets 25,322.00 22,129.00 14.43
Trade Credits 7,846.00 7,958.00 -1.41
Working Capital 2,562.00 4,171.00 -38.58
Net Assets 30,541.00 22,868.00 33.55
http://www.proshareng.com/investors/company.php?ref=FLOURMILL
ROYAL EXCHANGE PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,075.00 899.42 19.52
Fixed Assets 5,943.00 3,949.00 50.49
Short Term Borrowing - 239.84 -100.00
Working Capital 3,351.00 1,094.00 206.31

Net Assets 11,023.00 6,084.00 81.18
http://www.proshareng.com/investors/company.php?ref=ROYALEXCHANGE
SOVEREIGN TRUS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 3,806.00 3,037.00 25.32
Fixed Assets 561.47 530.19 5.90
Working Capital 2,874.00 2,783.00 3.27
Net Assets 3,730.00 3,619.00 3.07
http://www.proshareng.com/investors/company.php?ref=SOVEREIGNTRUST
THOMAS WYATT NIGERIA PLC

2009 N’m 2008 N’m % Change
Gross Earnings 114.31 150.00 (23.80)
Profit/Loss After Tax 0.52 1,786.00 (99.97)
Fixed Assets 415.19 416.35 -0.28
Trade Credits 22.92 6.05 279.14
Working Capital (221.16) (225.84) 2.07
Net Assets 194.60 191.07 1.84
http://www.proshareng.com/investors/company.php?ref=THOMASWYATT
RED STAR EXPRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 3,148.00 3,036.00 3.69
Fixed Assets 754.79 680.64 10.89
Trade Creditors 226.65 104.50 116.89

Net Assets 1,353.00 1,278.00 5.87
http://www.proshareng.com/investors/company.php?ref=REDSTAREX
C &I LEASING PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-OCT-09
2009 N’m 2008 N’m % Change
Gross Earnings 5,771.00 4,767.00 21.06
Fixed Assets 2,174.00 2,187.00 -0.59
Working Capital (7,653.00) (7,566.00) -1.15
Net Assets 2,626.00 2,152.00 22.03
http://www.proshareng.com/investors/company.php?ref=CILEASING
ACADEMY PRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,390.00 1,106.00 25.68
Fixed Assets 961.85 526.54 82.68
Working Capital 274.74 139.53 -1.15
Net Assets 597.93 463.15 29.10
http://www.proshareng.com/investors/company.php?ref=ACADEMY
NEIMETH INTERNATIONAL PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,352.00 1,228.00 10.10
Profit before tax 54.17 (123.76) 143.77
Profit/Loss After Tax 36.84 (123.76) 129.77
Fixed Assets 225.85 189.90 18.93
Trade Credits 132.25 163.57 -19.15

Working Capital 1,322.00 1,227.00 2.07
Net Assets 1,109.00 1,072.00 3.45
http://www.proshareng.com/investors/company.php?ref=NEIMETH
UNIVERSITY PRESS PLC

2009 N’m 2008 N’m % Change
Gross Earnings 1,616.00 1,204.00 34.22
Fixed Assets 477.91 539.28 -11.38
Net Assets 1,287.00 1,100.00 17.00
http://www.proshareng.com/investors/company.php?ref=UPL
AFROMEDIA PLC
FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % change
Gross Earnings 661.67 708.68 (6.63)
Fixed Assets 2,082.00 2,133.00 -2.39
Trade Credits 4,178.00 135.85 2975.36
Working Capital 2,815.00 2,602.00 8.19
Net Assets 5,089.00 4,928.00 3.27
http://www.proshareng.com/investors/company.php?ref=AFROMEDIA
FIDSON HEALTHCARE PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % change
Gross Earnings 2,845.00 3,002.00 (5.23)

Fixed Assets 2,090.00 2,014.00 3.77
Working Capital 2,283.00 1,974.00 15.65
Net Assets 5,796.00 5,411.00 7.12
http://www.proshareng.com/investors/company.php?ref=FIDSON
ETRANZACT INTERNATIONAL PLC

2009 N’m 2008 N’m % change
Gross Earnings 567.32 601.51 (5.68)
Fixed Assets 582.09 601.65 -3.25
Other Credit Balances (45.85) (80.06) 42.72
Working Capital 1,945.00 2,014.00 -3.43
Net Assets 2,841.00 2,921.00 -2.74
http://www.proshareng.com/investors/company.php?ref=ETRANZACT
NESTLE NIGERIA PLC

2009 N’m 2008 N’m % change
Gross Earnings 68,317.00 51,742.00 32.03
Profit before tax 13,783.00 11,862.00 16.19
Fixed Assets 25,404.00 13,817.00 83.86
Trade Creditors 3,123.00 3,001.00 4.07
Working Capital (165.21) 4,248.00 -103.89
Net Assets 10,543.00 9,031.00 16.74
http://www.proshareng.com/investors/company.php?ref=NESTLE
COSTAIN WEST AFRICA PLC


2009 N’m 2008 N’m % change
Gross Earnings 4,233.00 2,877.00 47.13
Fixed Assets 4,187.00 3,513.00 19.19
Trade Creditors 713.58 843.40 -15.39
Working Capital 2,879.00 3,455.00 -16.67
Net Assets 8,730.00 8,692.00 0.44
http://www.proshareng.com/investors/company.php?ref=COSTAIN
NAMPAK NIGERIA PLC

FIRST QUARTER RESULT FOR THE PERIOD ENDING 31-DEC-09
2009 N’m 2008 N’m % change
Gross Earnings 1,146.00 911.45 25.73
Profit before tax 107.00 (131.74) 181.22
Profit/Loss After Tax 72.76 (145.20) 150.11
Fixed Assets 720.16 732.27 -1.65
Working Capital (185.24) (270.11) 31.42
Net Assets 497.18 424.42 17.14
http://www.proshareng.com/investors/company.php?ref=NAMPAK
LAFARGE WAPCO CEMENT PLC

2009 N’m 2008 N’m % change
Gross Earnings 45,589.00 43,273.00 5.35
Profit before tax 8,955.00 12,768.00 (29.86)
Fixed Assets 69,680.00 43,121.00 61.59
Trade Credits 2,521.00 2,206.00 14.28
Working Capital 6,747.00 487.74 1283.32
Net Assets 43,710.00 40,456.00 8.04

http://www.proshareng.com/investors/company.php?ref=WAPCO
PS MANDRID PLC
2006 N’m 2005 N’m % change
Gross Earnings 192.09 253.54 (24.24)
Fixed Assets 15.31 17.67 -13.34
Trade Credits 39.72 44.01 -9.74
Net Assets 227.13 219.22 3.61
http://www.proshareng.com/investors/company.php?ref=MANDRID
OMATEK VENTURES PLC

THIRD QUARTER RESULT FOR THE PERIOD ENDING 31-MAR-09
2009 N’m 2008 N’m % change
Gross Earnings 335.29 191.59 75.00
Fixed Assets 1,143.00 1,135.00 0.70
Working Capital 1,430.00 1,683.00 -15.03
Net Assets 6,572.00 6,883.00 -4.52
http://www.proshareng.com/investors/company.php?ref=OMATEK
AFRICAN PETROLEUM PLC

2009 N’m 2008 N’m % change
Gross Earnings 38,144.00 35,111.00 8.64
Profit before tax (4,680.00) 3,186.00 (246.89)
Profit/Loss After Tax (4,608.00) 2,390.00 (292.80)
Fixed Assets 10,122.00 10,291.00 -1.64

Short Term Borrowing 45,626.00 53,161.00 -14.17
Working Capital (6,788.00) (1,959.00) -246.50
Net Assets 1,835.00 6,852.00 -73.22
http://www.proshareng.com/investors/company.php?ref=AP

SECOND QUARTER RESULT FOR THE PERIOD ENDING 30-JUNE-09
2009 N’m 2008 N’m % change
Gross Earnings 77,682.00 80,751.00 (3.80)
Fixed Assets 10,346.00 10,291.00 0.53
Working Capital (7,373.00) (1,959.00) -246.50
Net Assets 955.01 6,852.00 -86.06

2009 2008 %
Gross Earnings 118,666.00 112,955.00 5.06
Fixed Assets 10,446.00 10,291.00 1.51
Working Capital 7,207.00 (1,959.00) -246.50
Net Assets 16,851.00 6,852.00 145.93
STACO INSURANCE PLC


2009 N’m 2008 N’m % change
Gross Earnings 4,082.00 3,470.00 17.64
Fixed Assets 635.96 703.50 -9.60
Working Capital 2,916.00 2,227.00 -246.50
Net Assets 4,612.00 4,337.00 6.34
http://www.proshareng.com/investors/company.php?ref=STACO
UNILEVER NIGERIA PLC

2009 N’m 2008 N’m % change
Gross Earnings 44,481.00 37,377.00 19.01
Profit before tax 7,061.00 4,472.00 57.89
Fixed Assets 9,975.00 9,056.00 10.15
Trade Credits 2,255.00 3,710.00 -39.22
Working Capital 1,301.00 638.87 103.64
Net Assets 8,202.00 6,681.00 22.77
http://www.proshareng.com/investors/company.php?ref=UNILEVER
UNITED BANK FOR AFRICA PLC

2009 N’m 2008 N’m % change
Gross Earnings 246,725.00 169,506.00 45.56
Fixed Assets 73,042.00 61,553.00 18.67
Deposits 1,245,000.00 1,333,000.00 -6.60
Working Capital (528,774.00) (607, 786) 13.00%

Net Assets 186,829.00 195,281.00 -4.33
http://www.proshareng.com/investors/company.php?ref=UBA
BECO PETROLEUM PLC

SECOND QUARTER RESULT FOR THE PERIOD ENDING 31-JAN-09
2009 N’m 2008 N’m % change
Gross Earnings 1,547.00 1,997.00 (22.53)
Fixed Assets 3,225.00 3,133.00 2.94
Trade Creditors 35.38 48.04 -26.36
Working Capital 200.51 151.57 13.00%
Net Assets 3,437.00 3,289.00 4.50
http://www.proshareng.com/investors/company.php?ref=BECO
ZENITH BANK PLC

2009 N’m 2008 N’m % change
Gross Earnings 277,300.00 211,600.00 31.05
Total Assets 1,659,700.00 1,787,000.00 -7.12
Deposits 1,173,900.00 1,188,900.00 -1.26
http://www.proshareng.com/investors/company.php?ref=ZENITHBANK

Forecast Results in the Quarter
DECLARED FORECASTS FOR JANUARY
Gross Earnings PAT in N'
Company Year End Period in N' billion billion
Courtville Investment Plc December Q1 2010 0.206 0.558
Afromedia Plc September Q2 2010 2.314 0.838
Law Union and Rock Plc December Q1 2010 2.4 0.115
Regency Alliance Insurance Plc December Q1 2010 0.325 0.142
Lafarge Wapco Plc December Q1 2010 15.64 3.146
Transnationationwide Express Plc December Q1 2010 0.152 0.018
Vitafoam Plc September Q2 2010 5.777 0.313
Tripple Gee Plc March Q4 2010 0.852 0.019
Wapic Insurance Plc December Q1 2010 1.567 0.289
Abbey Building Plc October Q2 2010 0.551 0.176
FCMB December Q1 2010 21.817 1.317
Consolidated Hallmark Insurance Plc December Q1 2010 0.91 0.107
Vono Product Plc December Q1 2010 0.243 0.018
DECLARED FORECASTS FOR FEBRUARY

Nigerian Breweries Plc December Q1 2010 40.841 7.967
Gold Link Insurance Plc December Q2 2010 1.968 0.495
Skye Bank Plc December Q2 2010 27.189 3.457
Capital Hotel Plc December Q1 2010 1.257 0.944
Nampak Plc September Q2 2010 1.062 0.549
Nampak Plc September Q3 2010 1.278 0.636
National Sport Lottery December Q1 2010 2.128 0.263
Tantalizer Plc December Q1 2010 1.355 0.278
Cornerstone Insurance Plc December Q1 2010 1.98 0.297
Sovereign Insurance Plc December Q1 2010 1.458 0.342
Neimeth Plc December Q1 2010 1.905 0.655
Livestock Plc December Q1 2010 0.802 0.324
BAGCo Plc December Q1 2010 10.452 0.557
Julius Berger Plc December Q1 2010 36.4 0.92
Presco Plc December Q1 2010 0.9 0.125
Aso Savings Plc December Q1 2010 3.882 0.506
DECLARED FORECASTS FOR MARCH

May and Baker Plc December Q1 2010 1.082 0.023

May and Baker Plc December Q2 2010 3.411 0.23
RT Briscoe Plc December Q2 2010 8.267 0.151
Evans Medicals Plc December Q2 2010 2.704 0.158
ABC Transport Plc December Q2 2010 1.115 0.056
Transnationwide Express Plc December Q2 2010 0.331 0.039
NASCON Plc December Q1 2010 2.498 0.406
Royal Exchange Plc December Q2 2010 2.448 0.298
University Press Plc December Q2 2010 0.128 0.084
Law Union and Rock Insurance Plc December Q2 2010 3.6 1.208
Staco Insurance Plc December Q1 2010 2.49 0.898
Staco Insurance Plc December Q2 2010 4.565 0.494
Custodian and Allied Insurance Plc December Q2 2010 4.956 1.618
Intercontinental Wapic Insurance Plc December Q2 2010 1.336 0.227
Unilever Plc December Q2 2010 24.412 2.743
MRS Oils Plc December Q2 2010 65.017 0.832
Portland Paints Plc December Q2 2010 1.41 0.116
Honeywell Flourmill Plc March Q1 2010 10.541 0.501
Chemical and Allied Product Plc December Q2 2010 1.631 0.276
Consolidated Hallmark Insurance Plc December Q2 2010 0.83 0.098
Prestige Insurance Plc December Q2 2010 2.057 0.45
Equity Assurance Plc December Q2 2010 1.00 0.129
Guaranty Trust Assurance Plc December Q2 2010 4.233 0.601
Oasis Insurance Plc December Q2 2010 0.55 0.319
UAC Nigeria Plc December Q2 2010 27.781 1.539
UACN Property Plc December Q2 2010 5.708 1.086
GlaxoSmithKline Plc December Q2 2010 4.459 0.429
Red Star Express Plc December Q2 2010 1.083 0.061
Okomu Oil Plc December Q2 2010 1.606 0.333
Berger Paints Plc December Q2 2010 1.194 0.154
Alumaco Plc December Q1 2010 0.185 0.043
Vono Products Plc December Q2 2010 0.232 0.027
Total Nigeria Plc December Q1 2010 41.648 0.81
Nestle Nigeria Plc December Q2 2010 17.555 2.268
Vitafoam Plc December Q2 2010 8.666 0.507
Livestock Feeds Plc December Q2 2010 0.982 0.0468
Tripple Gee Plc December Q1 2010 0.159 0.017
Nampak Plc December Q1 2010 2.209 0.13
International Energy Insurance Plc December Q2 2010 3.905 0.839
Nem Insurance Plc December Q2 2010 4.101 0.724
Regency Alliance Plc December Q2 2010 0.565 0.228

Eternal Oil Plc December Q1 2010 4.013 0.052
Airline Services Plc December Q1 2010 0.789 0.177
Airline Services Plc December Q2 2010 14.749 0.212
Cadbury Nigeria Plc December Q2 2010 14.749 0.212
Cutix Plc December Q1 2010 0.476 0.055
Evans Medicals Plc December Q2 2010 2.704 0.157
Standard Alliance Insurance Plc December Q1 2010 0.777 0.471
Standard Alliance Insurance Plc December Q2 2010 0.661 0.137
Dividends Declared
DIVIDENDS DECLARED FOR JANUARY

Dividend
Company Declared AGM Date Price Adjustment Date
SCOA Plc N0.10 January 28th, 2010 January 13th, 2010
Afromedia Plc N0.05 April 1st, 2010 February 5th, 2010
Nigerian Breweries Plc N1.50 8th February, 2010 27th January, 2010
Fidson Healthcare Plc N0.22 25th February, 2010 19th January, 2010
DIVIDENDS DECLARED FOR FEBRUARY

Dividend
Nestle Plc N10.60 April 27th, 2010 April 16th, 2010
Nigerian Breweries Plc N0.89k May 19th, 2010 March 12th, 2010
Vitafoam Plc N0.25k March 4th, 2010 March 15th, 2010
Afromedia Plc N0.05k March 3rd, 2010 February 5th, 2010
DIVIDENDS DECLARED FOR MARCH

Dividend
Nestle Nigeria Plc N10.60 April 28th, 2010 April 16th, 2010
Lafarge Wapco Plc N0.10 May 26th, 2010 May 17th, 2010
Nigerian Breweries Plc N0.89 May 18th, 2010 March 12th, 2010
GlaxoSmithKline Plc N0.75 May 25th, 2010 April 20th, 2010
RT Briscoe Plc N0.10 May 27th, 2010 April 19th, 2010
Capital Hotels Plc N0.075 June 22nd, 2010 June 2nd, 2010
Zenith Bank Plc N0.45
UBA Plc N0.10 May 10th, 2010 April 26th, 2010

Sectoral Analysis
SECTOR ANALYSIS
Symbol 31-Mar 4-Jan YTD YTD %
Price Price Change Change
AGRICULTURE
AFPRINT 0.86 0.86 0 0.0%
ELLAHLAKES 4.26 4.26 0 0.0%
FTNCOCOA 1.11 0.54 0.57 105.6%
LIVESTOCK 0.72 0.59 0.13 22.0%
OKITIPUPA 6.21 6.53 -0.32 -4.9%
OKOMUOIL 21.62 22.75 -1.13 -5.0%
Presco 6.38 5.6 0.78 13.9%
Average 18.8%
AIRLINE SERVICES
AIRSERVICE 2.87 2.65 0.22 8%
NAHCO 11.52 7.18 4.34 60%
Average 34.4%
AUTOMOBILE & TYRE
DUNLOP 0.5 0.5 0 0%
INCAR 1.97 4.12 -2.15 -52%
RTBRISCOE 7 6.15 0.85 14%
Average -12.8%
AVIATION
ALBARKAIR 0.58 0.58 0 0%
Average 0.0%
BANKING
ACCESS 11.21 7.55 3.66 48%
AFRIBANK 2.69 2.43 0.26 11%
DIAMONDBNK 9.5 7.19 2.31 32%
ECOBANK 6.99 10.1 -3.11 -31%
FIDELITYBK 3.33 2.52 0.81 32%
FIRSTBANK 16.39 14 2.39 17%
FCMB 9 7.01 1.99 28%
FIRSTINLND 0.67 0.55 0.12 22%
GUARANTY 20.9 15.78 5.12 32%
INTERCONT 2.12 1.69 0.43 25%
OCEANIC 2 1.77 0.23 13%
PLATINUM 1.66 1.38 0.28 20%
SKYEBANK 7.94 5.48 2.46 45%
SPRINGBANK 1 0.73 0.27 37%
IBTC 10.96 7.16 3.8 53%
STERLNBANK 2.76 1.26 1.5 119%
UBA 15.2 10.81 4.39 41%

UBN 5.76 6.25 -0.49 -8%
UNITYBNK 1.02 0.87 0.15 17%
WEMABANK 1.04 0.97 0.07 7%
ZENITHBANK 18.97 13.5 5.47 41%
Average 28.7%
BREWERIES
CHAMPION 2.58 3.15 -0.57 -18%
GOLDBREW 0.54 0.54 0 0%
GUINNESS 140.12 127.5 12.62 10%
INTBREW 3.07 2.27 0.8 35%
JOSBREW 3.41 3.58 -0.17 -5%
NB 61.5 53 8.5 16%
PREMBREW 0.93 0.93 0 0%
Average 5.5%
BUILDING MATERIALS
ASHAKACEM 20.88 11.39 9.49 83%
BCC 61 43.01 17.99 42%
CCNN 21.98 13 8.98 69%
WAPCO 34.5 30 4.5 15%
NIGERCEM 5 5 0 0%
NIGROPES 9.14 9.14 0 0%
NIGWIRE 2.58 2.58 0 0%
Average 29.9%
CHEMICAL & PAINTS
AFRPAINTS 3.49 3.49 0 0%
BERGER 5.67 3.2 2.47 77%
CAP 29.67 28 1.67 6%
DNMEYER 3.4 5.39 -1.99 -37%
IPWA 1.26 1.45 -0.19 -13%
NIG-GERMAN 14.29 15.04 -0.75 -5%
PREMPAINTS 13.4 13.4 0 0%
PORTPAINT 5.67 5.67 0 0%
Average 4.0%
COMMERCIAL/SERVICES
COURTVILLE 0.5 0.5 0 0%
NSLTECH 3.4 4.35 -0.95 -22%
REDSTAREX 3.31 2.15 1.16 54%
TRANSEXPR 6.45 6.45 0 0%
Average 8.0%
COMPUTER & OFFICE
EQUIPMENT
HALLMARK 3.22 3.22 0 0%
NCR 8.13 8.51 -0.38 -4%
OMATEK 0.57 0.5 0.07 14%

THOMASWY 1.75 1.84 -0.09 -5%
TRIPPLEG 4.37 4.84 -0.47 -10%
WTN 2.92 2.92 0 0%
Average -1.0%
CONGLOMERATES
AGLEVENT 3.81 2.47 1.34 54%
CHELLARAM 13.43 14.13 -0.7 -5%
JOHNHOLT 9.28 9.28 0 0%
PZ 31.35 25 6.35 25%
SCOA 8.71 8.81 -0.1 -1%
TRANSCORP 0.5 0.52 -0.02 -4%
UACN 50.35 36.75 13.6 37%
UNILEVER 29.8 19 10.8 57%
Average 20.4%
CONSTRUCTION
ARBICO 26 26 0 0%
CAPALBETO 95.49 95.49 0 0%
COSTAIN 6.42 3.8 2.62 69%
GCAPPA 14.46 14.46 0 0%
JBERGER 34.73 25.79 8.94 35%
MULTIVERSE 0.5 0.5 0 0%
ROADS 3.46 3.3 0.16 5%
Average 15.5%
ENGINEERING
TECHNOLOGY
CUTIX 3.11 3 0.11 4%
INTERLINK 5.15 5.15 0 0%
NIWICABLE 0.57 0.97 -0.4 -41%
Average 1.8%
FOOD/BEVERAGES &
TOBACCO
7UP 33.73 29.4 4.33 15%
BIGTREAT 0.98 0.66 0.32 48%
CADBURY 18.77 10.49 8.28 79%
DANGFLOUR 18.53 10.42 8.11 78%
DANGSUGAR 18.63 14.9 3.73 25%
FLOURMILL 61.06 36.2 24.86 69%
HONYFLOUR 9 8.5 0.5 6%
FOREMOST 0.51 0.51 0 0%
MANDRID 5.66 5.95 -0.29 -5%
NNFM 30.79 22.94 7.85 34%
NASCON 8.88 4.56 4.32 95%
NESTLE 270 239.5 30.5 13%
NBC 32.6 22.49 10.11 45%
TANTALIZER 1.32 0.75 0.57 76%

UTC 0.72 0.86 -0.14 -16%
UNIONDICON 4.91 6.01 -1.1 -18%
Average 33.9%
FOOTWEAR
LENNARDS 3.85 4.26 -0.41 -10%
Average -9.6%
HEALTHCARE
ABOSELAB 4.92 4.92 0 0%
EKOCORP 5.58 5.58 0 0%
EVANSMED 1.32 1.02 0.3 29%
FIDSON 3.7 1.86 1.84 99%
GLAXOSMITH 27.56 22.4 5.16 23%
MAYBAKER 5.83 3.86 1.97 51%
MORISON 11.67 12.28 -0.61 -5%
NEIMETH 1.85 1.5 0.35 23%
PHARMDEKO 4.97 4.97 0 0%
UNIONDAC 0.76 0.64 0.12 19%
Average 24.0%
HOTEL & TOURISM
CAPHOTEL 3.53 1.38 2.15 156%
IKEJAHOTEL 2.17 0.87 1.3 149%
TOURIST 5.28 5.28 0 0%
Average 102%
INDUSTRIAL/DOMESTIC
PRODUCTS
ALUMACO 10.5 27.71 -17.21 -62.11%
ALEX 13.04 13.04 0 0.00%
BOCGAS 9.35 13.48 -4.13 -30.64%
ENAMELWA 47.7 55.63 -7.93 -14.25%
FIRSTALUM 0.53 0.5 0.03 6.00%
VITAFOAM 5.87 5.37 0.5 9.31%
VONO 0.58 0.69 -0.11 -15.94%
Average -15.38%
INFORMATION &
COMMUNICATION
TECHNOLOGY
CHAMS 0.76 0.59 0.17 28.81%

ETRANZACT 5.23 6.4 -1.17 -18.28%
IHS 4.23 4.24 -0.01 -0.24%
MTECH 0.91 0.91 0 0.00%
MTI 0.5 0.5 0 0.00%
STARCOMMS 2.58 1.8 0.78 43.33%
Average 8.94%
INSURANCE

AFRINSURE 0.5 0.87 -0.37 -42.53%
AIICO 1.28 0.82 0.46 56.10%
CONFDINS 0.64 0.64 0 0.00%
CONTINSURE 0.97 1.15 -0.18 -15.65%
CORNERST 0.57 0.52 0.05 9.62%
CUSTODYINS 3.99 2.86 1.13 39.51%
EQUITYASUR 0.5 0.5 0 0.00%
GOLDINSURE 0.79 0.91 -0.12 -13.19%
GNI 0.5 0.5 0 0.00%
GUINEAINS 0.5 0.5 0 0.00%
HMARKINS 0.5 0.5 0 0.00%
WAPIC 0.96 1.15 -0.19 -16.52%
INTENEGINS 0.55 0.6 -0.05 -8.33%
IAINSURE 0.5 0.5 0 0.00%
LASACO 0.5 0.57 -0.07 -12.28%
LAWUNION 0.54 0.51 0.03 5.88%
LINKASSURE 0.5 0.5 0 0.00%
MBENEFIT 0.58 0.64 -0.06 -9.38%
NEM 0.59 0.54 0.05 9.26%
NIGERINS 0.78 0.97 -0.19 -19.59%
OASISINS 1.02 1.49 -0.47 -31.54%
PRESTIGE 3.42 4 -0.58 -14.50%
REGALINS 0.5 0.5 0 0.00%
SOVRENINS 0.5 0.5 0 0.00%
STACO 0.5 1.19 -0.69 -57.98%
STDINSURE 0.5 0.57 -0.07 -12.28%
UNIC 0.81 1.15 -0.34 -29.57%
UNIVINSURE 0.5 0.5 0 0.00%
Average -5.82%
LEASING
CILEASING 3.5 2.65 0.85 32.08%
Average 32.08%
MARITIME
JAPAULOIL 1.7 1.18 0.52 44.07%
Average 44.07%
MEDIA
AFROMEDIA 0.51 0.8 -0.29 -36.25%
DAARCOMM 1.15 0.58 0.57 98.28%
Average 31.01%
MORTGAGE COMPANIES
ABBEYBDS 1.61 1.61 0 0.00%
ASOSAVINGS 0.64 0.56 0.08 14.29%
UNHOMES 0.94 0.89 0.05 5.62%
Average 6.63%

OTHER FINANCIAL
INSTITUTIONS
CRUSADER 0.91 1.5 -0.59 -39.33%
DEAPCAP 2.02 2.02 0 0.00%
FIRSTCAP 0.45 0.45 0 0.00%
NESF 552.2 552.2 0 0.00%
ROYALEX 0.56 0.66 -0.1 -15.15%
Average -10.90%
PACKAGING
ABPLAST 3.98 3.98 0 0.00%
AVONCROWN 7.65 7.65 0 0.00%
BETAGLAS 13.65 14.26 -0.61 -4.28%
NAMPAK 6.99 6.99 0 0.00%
POLYPROD 4.23 4.45 -0.22 -4.94%
BAGCO 3.7 1.52 2.18 143.42%
STUDPRESS 2.92 2.92 0 0.00%
VANLEER 15.03 15.03 0 0.00%
WAGLASS 0.63 0.63 0 0.00%
Average 14.91%
PETROLEUM(MARKETING)
AP 40.98 33.51 7.47 22.29%
AFROIL 20.71 20.71 0 0.00%
BECOPETRO 1.92 2.53 -0.61 -24.11%
CHEVRON 69.79 69.79 0 0.00%
CONOIL 44 27.63 16.37 59.25%
ETERNAOIL 9.01 4.74 4.27 90.08%
MOBIL 107.64 98.8 8.84 8.95%
OANDO 85 93.99 -8.99 -9.56%
TOTAL 149.62 149 0.62 0.42%
Average 16.37%
PRINTING & PUBLISHING
ACADEMY 6.51 5.4 1.11 20.56%
DTIMES 0.69 0.69 0 0.00%
LONGMAN 8.22 9.03 -0.81 -8.97%
UPL 6.98 4.97 2.01 40.44%
Average 13.01%
REAL ESTATE
UAC-PROP 23.8 19.86 3.94 19.84%
Average 19.84%
ROAD TRANSPORTATION
ABCTRANS 0.99 0.73 0.26 35.62%
Average 35.62%
TEXTILES
UNTL 1.42 1.9 -0.48 -25.26%

Average -25.26%
THE FOREIGN LISTINGS
ETI 18.92 15 3.92 26.13%
PNG 7.28 7.28 0 0.00%
Average 13.07%
SECOND-TIER SECURITIES
ADSWITCH 2.19 2.3 -0.11 -4.78%
AFRIK 0.5 0.5 0 0.00%
CAPOIL 0.53 0.59 -0.06 -10.17%
FLEXIBLE 0.5 0.5 0 0.00%
JULI 3.37 3.54 -0.17 -4.80%
KRABO 0.13 0.13 0 0.00%
NEWPAK 1.1 1.1 0 0.00%
RAKUNITY 0.31 0.31 0 0.00%
ROKANA 0.6 0.6 0 0.00%
SMURFIT 1.52 1.52 0 0.00%
TROPICPET 0.44 0.44 0 0.00%
UDEOFSON 0.5 0.5 0 0.00%
UNIONVENT 0.63 0.63 0 0.00%
WAAP 0.5 0.5 0 0.00%
MCNICHOLS 1.02 1.02 0 0.00%
UNITYKAP 0.56 2.38 -1.82 -76.47%
GTASSURE 3.54 2.18 1.36 62.39%
RESORTSAL 0.5 0.5 0 0.00%
Average -1.88%

Outlook /Analyst Opinion
As calm returns to the sovereign and the political scene assumes the posture of stability
that most of the actions taken so far has been geared at; the business of governance
should usher in the opportunity for business to resume at the pace of recovery it was
headed before the impasse.
We anticipate that one of two things would occur in the coming weeks to define how far
we should be optimistic on the economic recovery based on job creation, better credit
ratings of our banks and conversely better access to credits from local banks as well as
the improved liquidity to accrue from a proper implementation of the ‘bad debt bank’ bill
tagged the AMC bill at the national assembly.
The correlation established between the political economy and the actual economy
continues to loom large and should play a key role in determining just how far the actual
economy can sustain this recovery in the capital market.
Key considerations about the political economy variables include, but not limited to:
The make-up, postings and mandates of the newly constituted Federal Executive
Council; and whether they would get embroiled in the constitutional requirement
central to the leadership issue;
The approval and Implementation of the 2010 budget and early signals about the
2011 budget;
The timing of elections and the management of shadowy tendencies which usually
raise the sovereign risk; and
The relationship between the Economic Management team, Finance Ministry, CBN
and the Capital Market.
On a purely market level, most of the observations made on page 6 above remain valid
and we envisage a respite of sorts for the banking stocks – the dominant sector in the
bourse. As the common year end results of the banks are released and we continue to
see improved performances; we expect to some portfolio restructuring either in favour of
banking or non-banking stocks or across both lines.
Generally, we are of the opinion that the market share price meltdown is officially over!
The only other meltdown we still have to contend with is that of leadership, one we
envisage will take some time to get it right BUT one that its inevitable as the market
gets more exposed to international best practices and the quality and competence of the
leadership required to steer the market – at all levels can no longer be easily
compromised.
The market is back. The correction is over! Informed opinion seems to indicate that
while opportunities exist for short term trading gains (with pre-set stop loss targets); the
ideal investor for this market will have to remain long term in objective, and mildly
aggressive in constructing a portfolio to benefit from the change in the medium term.

Time Lines - (News/Information in the month and Reaction of Market)
Date Timeline Gainers Losers ASI Movement and Remarks
Jan 4 Rescued banks pay N17bn interest on bail out money-The eight rescued banks have so far paid 38 27 All-Share Index grew marginally by
+0.43% to close at 20,838.90. Market
nothing less than N17 billion as interest on the N620 billion bailout money received from the Central
Capitalisation also grew by N2.809
Bank of Nigeria (CBN). Meanwhile one of the banks, Equatorial Trust Bank last week fully repaid the billion to close at N4.992 trillion. The
bailout money with N700 million interests. day’s market report was titled:( Food
and Beverages stocks gain 0.43% as
Rescue banks, AMC, reform and amnesty to determine Banking in 2010-The direction of the
market capitalization inches up by
banking industry in 2010 will be largely determined by resolution of the eight rescued banks, the N2.809 billion)
establishment of the proposed Asset Management Company, Banking reforms, electronic banking
issues, sustained recovery of the global economy and the amnesty program of the federal government.
Stock market ends 2009 on bullish note, value rises N71bn-Transactions on the Nigerian Stock
Exchange (NSE) ended the year 2009 on a bullish note, as the value of listed equities appreciated last
week by N71.47 billion.
Arumah Oteh: Hope for market recovery in 2010-Capital market operators has squarely placed their
hope for the recovery of the capital market on Mrs Arumah Oteh, the newly appointed Director
General, Securities and Exchange Commission.
IMF predicts further rise in commodity prices-International Monetary Fund (IMF) has
predicted further increase in the prices of commodities in 2010. “Commodity prices were surprisingly
buoyant in 2009, and are expected to increase further in 2010 as world activity expands after the global
crisis”, said Thomas Helbling of the Fund’s research department.
CBN to rake in N74.4bn annually from bail-out loans to troubled banks-The purse of the Central
Bank of Nigeria (CBN) is expected to swell further by N74.4 billion on yearly basis, courtesy of the 12
percent interest per annum earnings on the N620 billion it lent out to save eight troubled banks from
going under. The apex bank is expected to make more ‘profit’ from the bail-out funds if the troubled

banks take longer time in paying back the debt.
Banks have more toxic loans to grapple with in 2010-Experts estimate non-performing loans at
N9trn, only N1.5trn provided as yet Late discovery of the myriad of problems faced by banks in 2009
may, after all, have prolonged impact on their performance, even this year! This, especially, is a
testament to the level of toxic loans the banks have yet to provide for.
Rescued Banks: Merger, Acquisition Options Face Setback -Mergers and acquisition options for the
rescued banks may drag longer than necessary as some issues have slowed down talks among the
parties.
Brokers Want AMC Bill Amended-Some operators in the capital market last week called for an
amendment in the Asset Management Company (AMC) Bill, which is currently before the National
Assembly, saying that the policy as proposed would not solve the debt problem in the financial system.
Jan 5 CBN denies directing banks to disengage staff-The Central Bank of Nigeria (CBN) has denied 40 22 All-Share Index performance growth
directing banks to disengage their staff. In a statement issued on Monday and signed by the Deputy rose to 0.57% to close at 20,956.68 and
Director, Corporate Affairs Department, the apex bank said “The Central Bank of Nigeria has noted, market capitalization appreciated by
with dismay, several untrue reports in the media alleging that the CBN ordered the mass sack of N28.217 billion to close at N5.020
Deposit Money Banks’ staff and rationalization of their branches. trillion. The day’s market report was
Govt summons CBN, bank chiefs over sack - in a desperate bid to abort the planned picketing and titled: Market capitalization at N5
disruption of operations of banks over the on-going mass sack of workers, the Federal Government has trillion after hovering around N4
summoned the Central Bank of Nigeria, CBN; Chief Executives of banks and organised labour for a trillion for sixteen trading days)
meeting aimed at finding solution to the looming industrial unrest.
NSE commences 2010 on bullish note, share value soars by N3bn-Trading on the Nigerian Stock
Exchange (NSE) started the year 2010 on a bullish note, as equities’ value on the Nigerian Stock
Exchange (NSE) appreciated, Monday, by N2.81 billion.

Trading on Federal Government’s bonds drops by 79%-Iinvestors shied away from Federal
Government Bonds as the volume and value of bonds traded in the Over-the-Counter (OTC) Bond
market dropped by 78.85 per cent and 79.06 per cent respectively.
Operators say worst over for capital market- Operators in the equities market have said Nigeria’s
market looks set for a rebound after recovering part of the losses recorded in 2008. For the operators
and analysts, 2009 was an unusual year for the stock market even as they agreed that the closing figures
for the year were a pointer that it could be the end of the worst bear market since 2008.
Oil prices rise above $80 in early year trading-Crude oil prices rose for an eighth day, trading above
$80 a barrel for the first time in seven weeks, as freezing weather and improving economic prospects
around the world boosted the outlook for fuel demand.
Stock market rules: Slow ministerial approval inimical to growth – Shareholders-An assemblage of
shareholder groups in the nation’s capital market has condemned what it described as poor Federal
Government’s attitude towards making the stock market rebound in the shortest time possible.
SEC acquires platform to monitor members’ operations-Investors in the nation’s capital market are
expected to experience an equity market devoid of share price manipulation and one not lacking in
transaction transparency as the Securities and Exchange Commission (SEC) has acquired a platform to
closely monitor operations in the stock market.
Stocks rally as dollar falls on manufacturing improvement-Stocks and commodities rallied and the
dollar slumped on the first trading day of 2010 amid signs that manufacturing is improving around the
world Bloomberg reported on Monday
Jan 6 Yar’Adua’s illness not affecting economy – The Governor of the Central Bank of Nigeria , Mr. 51 20 The highest All-Share Index growth
Sanusi Lamido Sanusi, has assured investors in the Nigerian economy of the viability of their for the week was recorded this day at
investments in the face of growing concerns about President Umaru Yar’Adua’s ailment on the national +1.38% to close at 21,246.21 and

economy.Meawhile, CBN said the country recorded jobless economic growth of 6.9 per cent last year. market capitalization rose by N69.360
NSE in succession crisis- A crisis is currently brewing at the Nigerian Stock Exchange (NSE) over billion to close at N5.089 trillion. The
who succeeds Ndi Okereke-Onyiuke as director general of the exchange. The crisis, according to close day’s market report was titled:
sources, stems from dissenting views on how and who succeeds Okereke-Onyiuke when she exits at the (Banking and blue chips stocks
end of her tenure in third quarter 2010. boost ASI by 289.53 basis points to
close at 21,246.21)
CBN unmoved by high cost of funds, retains MPR at 6.0%- After a lull in lending activities in the
last months of 2009 due to increased cost of fund occasioned by illiquidity, the Central Bank of Nigeria
(CBN) said it is retaining the Monetary Policy Rate (MPR), a benchmark for lending by banks at 6.0
percent. “The Monetary Policy Rate (MPR) will remain unchanged at 6.0 percent with the asymmetric
corridor of interest rates remaining at 200 basis points above the MPR and 400 basis points below the
MPR”, said Sanusi Lamido Sanusi, the CBN governor in a signed statement.
Inter-bank lending rate slows, forex soars to close ‘09- It was a mixed grill at the money market in
2009, with the Nigerian Inter- Bank Offer Rate (NIBOR) slowing down, and the foreign exchange rate
(forex) inching higher, compared with the corresponding period in 2008.
CBN Frets over Budget, Banks’ Recapitalisation-The Monetary Policy Committee (MPC) of the
Central Bank of Nigeria (CBN) yesterday expressed concern over the possible inflationary impact the
2010 Appropriation Bill, continued implementation of the 2009 budget, the liquidity injection to
recapitalise troubled banks as well as the eventual deregulation of the downstream sector of the
petroleum sector might have on the economy
Market Recovery: Stakeholders Task New SEC DG-Stakeholders in the Nigerian capital market
have placed their hope for the recovery of the stock market on the performance of the newly appointed
Director-General of the Securities and Exchange Commission (SEC), Ms Arumah Oteh.
Risks Mgt: ‘CBN, Banks Delay Credit Reference’-The Central Bank of Nigeria (CBN) and banks are

said to have been responsible for the delay in the take off of credit reference in the country.
This is notwithstanding the imperatives of credit reference and access to borrowers’ information in
managing risks assets by banks.
CBN backs mass sack in banks - The Central Bank of Nigeria (CBN), backed the ongoing mass sack
by the banks, saying that it was not limited to Nigeria alone and should not be politicized.
Jan 7 Nigeria to keep benchmark rate at 6% to boost lending-The Central Bank of Nigeria (CBN) has left 49 24 All-Share index growth for the day
its benchmark interest rate unchanged in its bid to ease credit shortage caused by last year’s banking stood at +1.12% to close at 21,484.21
crisis. The CBN Governor, Lamido Sanusi Lamido, said though the monetary policy rate was held at 6 and Market Capitalisation for the day
per cent, the key rate was last cut by 1.75 percentage points in April closed at N5.145 trillion after
Bullish trend continues, share value rises by N28bn-The bullish run on the Nigerian Stock Exchange appreciating by N57.015 billion. The
(NSE) continued, Tuesday, as the value of listed equities appreciated by N28.22 billion day’s market report was titled:
SEC debunks delay of minister’s approval of rules-The Securities and Exchange Commission (SEC) Investors’ value rises by N57.015
has disassociated itself from an alleged statement credited to shareholders that the implementation of its billion as upbeat enters fifth day in
new rules was being delayed as a result of the delay in the ministerial approval and thus inimical to the a row.
growth of the stock market.
Shareholders want framework against confidence crisis in Capital market -As investors look
forward for the growth of the nation's capital market this year, stakeholders in the industry have been
urged to be wary of pronouncements that may result into another confidence crisis in the market.
CBN Assures Repayment of Exposures by Banks- The Central Bank of Nigeria (CBN) has reassured
that it would fully repay all exposures to foreign banks and inter-bank takings by affected Nigeria banks
in the event of a decision to withdraw the guarantee before December 31, 2010
Jan 8 Shareholders kick against recapitalisation of capital market operations-Shareholders of quoted 57 22 All-Share Index maintained gaining
companies have criticised the proposed plan by the Securities and Exchange Commission (SEC) to momentum at +0.81% to close at
revisit the recapitalisation of capital market operations which hitherto generated a lot of controversies 21,658.69 and Market Capitalisation

among operators. appreciated by N41.799 billion to close
New SEC DG resumes, promises transparent, efficient capital market-The new director-general at N5.189 trillion. The day’s market
of the Nigerian Securities & Exchange Commission (SEC), Arunma Oteh, promised to direct all her report was titled:Investors’ week of
energies towards realising the commission’s mission statement of developing a capital market that is fortune as equities value surges
fair, transparent and efficient and that is comparatively the best in Africa and the world. higher: ASI gains 3.93%.
FG asks banks to put on hold retrenchment exercise-The Federal Government yesterday directed
managements of all the 24 banks across the country to put on hold the on-going retrenchment of their
workforce, just as it unveiled plans to review the process of the disengagement of over 15,000 sacked
bank workers. This is coming on the heels of the organised labour threatened to shut down operations
of Union Bank and United Bank over anti-labour practices.
CBN to enforce limited tenure for bank chiefs-A tenure system is being fashioned out for banks'
managing directors in the country, the Central Bank of Nigeria (CBN) said .Also, it is encouraging
banks to put in place a succession plan under which their chief executive officers (CEOs) who have
been in office for a long time, will voluntarily vacate their positions.
Emerging market stocks fall as China curbs lending-Emerging markets' equities fell the most in
three weeks and metals dropped as China moved to curb lending.
Banks Not Examined Last 5 Years, Says Sanusi-The Central Bank of Nigeria (CBN) abandoned its
core responsibility of banks’ examination from the year of banking consolidation in 2005 to 2009, when
the current leadership of the apex bank took over, its governor, Sanusi Lamido Sanusi, said.
CBN moves against sit-tight bank CEOs - Cut CEOs’, MDs’ salaries - The era of bank chief
executives staying longer than necessary in office would soon become a thing of the past as the Central
Bank of Nigeria (CBN) governor, Mallam Sanusi Lamido Sanusi, has vowed to ensure that banks’
CEOs now have a succession plan. Sanusi said some bank CEOs had the opportunities to perpetrate
widespread crimes in the banks because they had stayed longer than necessary in office, adding that the

apex bank was set to ensure a fixed tenure for the banks’ CEOs.
Jan 11 CBN guarantee yields $1bn facility to 14 banks-In apparent reflection of the effectiveness of the 63 20 All-Share Index growth closed higher
guarantee of foreign credits and interbank lending by the Central Bank of Nigeria (CBN) and a vote of today by +1.84% at 22,057.64 and
confidence for the on going bank reforms, the United States Export-Import Bank has renewed a $1 Market capitalization increased by
billion facility to 14 banks including four of the rescued banks. The banks are Access Bank, Afribank, N95.572 billion to close at N5.284
Diamond Bank, Ecobank, Fidelity Bank, First Bank, First City Monument Bank and Guaranty Trust trillion. The day’s market report was
Bank (GTB) Others are Stanbic IBTC Bank, Intercontinental Bank, Oceanic Bank, Skye Bank, titled:Bulls’ reign enters seventh day
Union Bank and Zenith Bank. as market capitalization inches up
Rescued banks begin shut down of off-shore subsidiaries-In a bid to shed what is seen as excess by N95.573 billion
weight, bailed out banks may have begun a process of shutting down subsidiaries that are no longer
profitable.
CBN moves to check rising interest rates- In a bid to reduce interest rates, this year, the Central Bank
of Nigeria (CBN) is insisting that banks submit on weekly basis average deposit and lending rates. In
order to ensure that banks are stating the true position of their interest rates, the apex bank said it will
also undertake spot checks on banks to verify the accuracy of rates published through third party
confirmation.
CBN endorses banks' alliance to form pioneer credit bureau- The Central Bank of Nigeria (CBN)
has approved the establishment of a credit bureau for risk management, banking preservation and
reporting, the first in the country.The credit bureau is a partnership between CRC Credit Bureau
Limited, Dun & Bradstreet (D&B), International Finance Corporation (IFC), Accenture and 12
Nigerian banks.
Why Banks may Not Resume Lending Soon-Banks may not begin to deploy risk assets in the near
term owing to stumbling blocks, on their way.This is not withstanding credit incentives by the Central

Bank of Nigeria (CBN) such as the retention of the monetary policy rate (MPR) at 6 per cent and the
extension of the Guarantee on inter-bank lending from March 31, 2010 to December 31, 2010.It
gathered that banks still harbour too many loose ends that they think need be taken care of.
NSE reviews 30 Index, removes four troubled banks-The Nigerian Stock Exchange has removed
four troubled banks from the NSE 30 Index.The banks, Intercontinental Bank Plc, Bank PHB Plc,
Spring Bank Plc and Oceanic Bank Plc were delisted, after the quarterly review of the index and four
sectoral indices, with an aim to rebalance the index.
Inter-bank rates steady on limited lending-Inter-bank interest rates remained unchanged at 3.16 per
cent on average last week due to limited lending among banks.
Bank CEOs panic over CBN’s succession plan- The move by the Central Bank of Nigeria (CBN) to
enunciate policy that would force out sit-tight banks’ chief executives is currently causing panic and
jitters in the various banks.
Shareholders call for overhauling of SEC- For the Securities and Exchange Commission (SEC) to
assist the nation’s capital market to navigate the recent global economic contraption, shareholders of
quoted companies have called for a total overhauling of the commission. The shareholders, who
claimed that the commission, alongside the Central Bank of Nigeria (CBN) and the management of the
Nigerian Stock Exchange (NSE), contributed to the crash of the equities market, said that the
commission must urgently return confidence to the market.
Jan 12 Oil prices rise above $83 amid strong Chinese demand-Oil prices jumped above $83 a barrel 59 20 All-Share Index recorded appreciation
yesterday amid signs of strong Chinese demand for crude, a weakening U.S. dollar and a strong flow of by +2.09% to close at 22,518.74 and
speculative funds into commodities. Market capitalization grew by
CBN to Categorise Banks-The Central Bank of Nigeria (CBN) is to categorise banks along markets, N110.463 billion to close at N5.394
regions and sectors of intervention among others, to enhance their intermediation role on the economy. trillion. The day’s market report was

According to him, “The CBN might eventually come up with banks that will address just the middle titled: Market records robust outlook
markets, the country’s regions, specific sectors of the economy such as agriculture or just operating as as investors’ confidence waxes
investment banks, Islamic banks or specialist financial institutions.” stronger: ASI gains 2.09%
Banks may need N400bn to stabilise-For banks considered weak by the apex bank to stabilise fully,
there may be the need to inject between N300bn to N400bn into the system after the Asset Management
Company must have bought their toxic assets, the Governor Central Bank of Nigeria, Mr. Lamido
Sanusi, has said
Jan 13 NSE DG leaves office November 2010, suspends demutualisation-In the wake of investors losing 30 50 All-Share Index declined by -1.18% to
over N2.53 trillion, last year, Ndi Okereke-Onyiuke, director-general of the Nigerian Stock Exchange close lower at 22,252.39 and Market
on Tuesday restated that she will leave office as soon as she clocks 60 years by November 2, 2010. capitalization followed the decline
SEC to revisit capitalization-Accused of weak supervision, the Security and Exchange Commission trend by N63.811 billion to close at
(SEC) says it will tighten control and revisit the recapitalisation of market operators in 2010 N5.331 trillion.The day’s market
Foreign portfolio investments hit N214.7bn in 2009-Despite the lull recorded in the capital market in report was titled:Market upbeat halts
2009, foreign portfolio investment increased in the Nigerian market, as it was in excess of N214.741bn, on profit taking after N405.236
indicating a 31.32 per cent increase over the N153.46bn recorded in 2008. billion capitalization and 8.12% ASI
gain
Jan 14 CBN to implement strict regulation on banks-The Central Bank of Nigeria (CBN) said it will 19 57 All-Share Index declined further by -
implement strict regulation and supervision on banks to ensure that they do not fail. 1.38% to close at 22,252.38 and
Demutualisation: Nobody will hijack NSE, Onyiuke-Preparatory to its plan to go public (also known Market capitalization declined by
as demutualisation), Director General of the Nigerian Stock Exchange (NSE), Professor Ndi Okereke N73.650 billion to close at N5.257
Onyiuke, yesterday allayed fears that the Exchange will not be hijacked by few money bags as being trillion. The day’s market report was
speculated. titled: Equities market respond to a
CBN forecasts 7% growth rate for 2010-Central Bank of Nigeria (CBN) on Wednesday projected a suckers rally effect as prices decline

seven percent growth rate for 2010 financial year, assuring that the economic indicators showed that the in droves: ASI sheds 1.38%
economic future of the country was on the positive side.
Jan 15 NSE to sanction stockbrokers over unauthorised expansion programme- The Nigerian Stock 11 56 All-Share Index gained today by
Exchange (NSE) has announced its decision to impose sanctions on stockbroking firms found opening +0.53% to close at 22,060.36 and
branches in various locations across the country, without getting its approval. Market capitalization rose by N27.650
Operators fear AMC may go the way of market makers-Stockbrokers adamant on their resistance to billion to close at N5.285 trillion. The
AMC-Indications have emerged that the much talked about Asset Management Company being day’s market report was titled: Bull
sponsored by the Central Bank of Nigeria may become moribund like the market makers earlier run stages a comeback by 0.53% after
sponsored by the Securities and Exchange Commission (SEC). a brief suckers rally’s effect intercept.
Oil prices hover around $80 as traders eye rising equities- Oil prices crawled up to near $80 a barrel
yesterday as rising stock markets cheered crude investors ahead of fourth quarter corporate earnings
reports.
Jan 18 SEC subpoenas big banks over CDOs-The Securities and Exchange Commission sent subpoenas last 46 24 All-Share Index today appreciated by
month to banks including Goldman Sachs, Credit Suisse, Citigroup, Bank of America/Merrill Lynch, +0.56% to close at 22,183.80 and
Deutsche Bank, UBS, Morgan Stanley and Barclays Capital, these people said. Requests for Market capitalization grew by N29.571
information were also made by the Financial Industry Regulatory Authority, which oversees broker- billion to close at N5.314.The day’s
dealers. market report was titled:Market
Disagreements over deferred public ownership of NSE- Stakeholders have disagreed over the outlook remains positive as
continued suspension of public ownership of the Nigeria Stock Exchange. investors’ value appreciates by
Stock Exchanges are traditionally privately owned by stock brokers and some individuals and the N29.572 billion
process of making a stock exchange publicly owned is called Demutualization.
Bailed-out banks: Stakeholders, CBN to partner on recapitalization process-Stakeholders in the
ten bailed-out banks and the Central Bank of Nigeria (CBN) have agree to work together on the
process to recapitalize the banks.

2009, 2010 budgets to run concurrently’-Chairman, House of Representatives Committee on
Appropriation, said that the remainder of the 2009 and 2010 budgets would run concurrently this year.
CBN Commences Risk-based Checks on Banks-Both the Central Bank of Nigeria (CBN) and the
Nigeria Deposit Insurance Corporation (NDIC) have started a risk-based examination of all the banks in
the country.
Inter-bank rates dip on fresh cash inflow-Inter-bank rates dipped to 2.41 per cent on average last
week from 3.16 per cent the previous week after the release of monthly budgetary allocations to
government agencies raised liquidity in the system, traders said on Friday.
Jan 19 PSAN tasks capital market regulators to improve on surveillance, monitoring-Progressive 32 31 All-Share Index thisday recorded
Shareholders Association of Nigeria (PSAN) has called on regulators in the Nigerian capital market to +0.22% growth to close at 22,231.66
improve on surveillance and monitoring of operators’ activities. and Market Capitalisation rose by
CBN Beefs Up Monetary Policy Committee-The Central Bank of Nigeria (CBN) has added five new N11.466 billion to close at N5.326
members to its monetary policy committee (MPC). According to Section 12 of the new CBN Act trillion. The day’s market report
(2007), the committee is to comprise 12 members who shall have responsibility for reviewing economic was titled: Equities market
and financial conditions in the economy and determine appropriate stance of policy in the short to appreciates at a decreasing rate:
medium term ASI gains 0.22% to close at
Global recovery stronger than expected – IMF Chief-The head of the International Monetary Fund 22,231.66
said China and other developing Asian economies are leading a global recovery that is faster and
stronger than expected, but warned that money rushing into emerging markets could lead to asset
bubbles, Associated Press reported on Monday.
Jan 20 CBN fixes 10-year tenure for bank CEOs-Worried by the apparent weak corporate governance 40 38 All-Share Index appreciated
practices among deposit money banks, the Central Bank of Nigeria on Tuesday, unveiled new sets of marginally by +0.04% to close at
corporate governance codes that would see chief executives of banks spending a maximum of 10 years 22,241.18 and Market capitalisation

in office. appreciated by N30.551 billion to
close at N5.356 trillion. The day’s
FG to Sell 9% Equity in Oil Firms to Nigerians-The Federal Government has said it is floating an
market report was titled:Unity Kapital
initiative that will have part of its equity in Joint Venture (JV) oil companies thrown open for
Plc stock buoys market volume as
subscription by Nigerians.Special Adviser to the President on Petroleum Matters, Dr. Emmanuel
food & beverages stocks gain 4.86%
Egbogah, in an interview with newsmen in Abuja yesterday, said government plans to sell 9 per cent of
its stake holding in oil companies to Nigerians in form of shares.
Jan 21 Labour leaders, others praise CBN’s decision on tenure for bank executives-The Association of 37 33 All-Share Index depreciated by -
Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) on Wednesday praised the 0.57% to close at 22,114.93 and
CBN’s decision pegging the tenure of bank executives at 10 years. ASSBIFI president, Olusoji Salako, Market capitalization declined by
said in Lagos that the decision would help improve Nigeria’s banking system and promote innovation. N30.403 billion to close at N5.326
European equities hit six-week record loss-European shares fell the most in six weeks, retreating trillion. T he day’s market report was
from a 15-month high for the Dow Jones 600 Index, on concern that China, the driver of the global titled: Investors’ value plummets by
recovery, may rein in stimulus measures. N30.403 billion as ASI sheds 0.57%
Oil prices fall further to $76.70 a barrel-Oil prices fell yesterday as easing cold weather dented to close at 22,114.93
demand for heating fuel, traders said.Brent North Sea crude for delivery in March fell 93 cents to
$76.70 a barrel in midday London trading.
Credit bureau critical to banking reform –Sanusi-The Governor of the Central Bank of Nigeria, Mr.
Lamido Sanusi, has declared that credit bureau is critical to the ongoing banking rerform.
Capital market investors consider relocation to Ghana-Investors in the Nigerian capital market have
bemoaned the poor state of power supply in the country despite the billions of naira which the Federal
Government said it had injected into that sector of the economy.
Sack of staff to continue - Banks chiefs-Chief Executive Officers (CEOs) of banks have gave an
indication that the ongoing sack of staff may continue, basing their action on unfavourable business

conditions.The Chief Executive Officers of Access Bank Plc, Mr. Aig Imoukede and Finbank Plc, Mrs
Suzanne Iroche, told newsmen that the decision to cut down allowances and reduce staff strength were
taken to reposition the banks.Imoukede said the banks had done their cost analysis as well as revenue
projections and realised that it would be difficult to stay in business with a large number of staff.
CBN to guarantee foreign lines of credit, inter-bank exposures in 2010-The Central Bank of
Nigeria (CBN) has said that it would guarantee all foreign lines of credit and inter-bank exposures up
till December 31, 2010.The apex bank said in a statement in Lagos that the guarantee was approved by
a CBN meeting on January 5.
Jan 22 Three Banks Shop for CEOs, Shareholders okay 10 year tenure-Three banks whose Chief 43 38 All-Share Index declined by -0.38% to
Executive Officers (CEOs) were affected by the recent 10 year maximum tenure as directed by the close at 22,030.18 and Market
Central Bank of Nigeria (CBN) have flagged off a replacement process that would ensure smooth Capitalisation dropped by N20.411
transition billion to close at N5.306 trillion. The
Tenure: Stakeholders back CBN, call for more measures-Stakeholders in the financial sector have day’s market report was titled:Food
said that the tenure limit for chief executive officers of banks recently announced by the Central Bank and beverages stocks beat the bears
of Nigeria will further strengthen the operational efficiency and safety in the financial institutions. with 5.455% appreciation in the
week
Jan 25 Disagreements over deferred public ownership of NSE-Stakeholders have disagreed over the 46 32 All-Share Index gained +1.02% to
continued suspension of public ownership of the Nigeria Stock Exchange. Stock Exchanges are close at 22,254.56 and Market
traditionally privately owned by stock brokers and some individuals and the process of making a stock capitalization appreciated by N54.036
exchange publicly owned is called Demutualisation. Demutualisation is a process where Stock billion to close at N5.359 trillion. The
Exchange transforms into a Public Limited Liability Company (PLC) and by implication a profit day’s market report was titled: Capoil
making organisation listed on itself and any other Exchanges around the world. stock buoys market turnover as
Nigeria leads Africa in crude oil production-Nigeria for the 2nd consecutive time led other African investors’ value closes higher by
countries in December 2009 crude oil production which hit 1.984 million barrels per day pushing N54.036 billion

Angola to the second position. This production does not include condensate which hovers around 400
barrels per day.
Stock Exchange: C’ttee Invites DG over Succession Plan- The House of Representatives Committee
on Capital Market has invited the Director-General of the Nigerian Stock Exchange (NSE), Prof. Ndi
Okereke-Onyiuke, over the succession plan at the Exchange. Chairman of the Committee, Hon. Ahmed
Wadada, said the invitation followed alleged plans by NSE to embark on mass retirement of its
management team without a clear succession plan to ensure the sustenance of the legacies of the present
crop of managers.
Completion Meetings: Firms Comply with SEC’s Order-Companies seeking fund from the nation's
capital market have begun to comply with the directive of the Securities and Exchange Commission
(SEC) compelling them discontinue expensive Completion Board Meetings (CBM) before their share
issues are open to investors. CBMs are meetings where directors of companies issuing the shares, other
parties to the issue, issuing houses, stockbrokers, reporting accountant among others, sign the
agreement for the offer
Rescued, healthy banks targeted for acquisition-In line with the hope of the Central Bank of Nigeria
to prune the number of Nigerians banks, indications have emerged that the bid to acquire some rescued
and health banks in the wake of the CBN reform may lead to the emergence of 12 mega banks before
the end of 2010. Local and foreign investors are targeting a handful of healthy banks apart from rescued
banks, as preliminary activities leading up to another round of consolidation in the banking sector are
being ramped up, our correspondent’s investigations reveal.
Jan 26 CBN, SEC to cut own officials' equity in banks, others, Zenith names Emefiele new MD-Another 45 26 All-Share Index gained +0.76% to
sweeping reform looms in Nigeria's financial sector. This time, the focus is on senior officials of the close at 22,431 and Market
industry regulatory agencies. The initiative is being spearheaded by the Central Bank of Nigeria (CBN), capitalization appreciated by N42.493
Securities and Exchange Commission (SEC), Nigerian Deposit Insurance Corporation (NDIC), the billion to close at N5.402 trillion. The

Nigerian Stock Exchange (NSE), and Pension Commission (PENCOM), all regulators of the financial day’s market report was titled: Market
market. records 7.64% year-to- date
appreciation as trend glides
northward.
Jan 27 UK economy emerges from recession-The UK economy has come out of recession, after figures 47 19 All-Share Index declined marginally
showed it had grown by a weaker-than-expected 0.1% in the last three months of 2009.The economy by -0.09% to close at 22,411.02 and
had previously contracted for six consecutive quarters - the longest period since quarterly figures were Market capitalization dropped
first recorded in 1955.There have been recent recovery signs - last week, UK unemployment fell for the marginally by N4.812 billion to close
first time in 18 months. The UK's had been the last major economy still in recession. Europe's two at N5.397 trillion. The day’s market
biggest economies - Germany and France - came out of recession last summer. Japan and the US also report was titled: Market closes
emerged from recession last year. negative as prices decline after two
N100m capital base for brokers, speculative -The Minister of Finance, Mr Remi Bablola has said days of upbeat movement
that the N100 million capital base for insurance brokers is mere speculation. Babalola dispelled the
rumours about the proposed increase in the capital base of insurance brokers to N100 million while
receiving the delegation of the Nigerian Council of Registered Insurance Brokers led by its President,
Dr Teslim Sanusi in Abuja recently.
NSE reviews fees for OTC bond market transactions-The Nigerian Stock Exchange (NSE),
yesterday, reduced transaction charges at the Over-The-Counter bond market to encourage divestments
of portfolios in the sub-sector.The development may have coincided with plans by some investors to
seek alternative routes to getting stable and better yields, after suffering from price losses arising from
illiquidity and confidence crisis in the equities sector
Global economy recovering, needs continuous stimulus, says IMF-The world economy is
recovering at a healthy pace but still needs government stimulus efforts to keep it going, the
International Monetary Fund (IMF) said yesterday.The IMF raised its forecast for world economic
growth in 2010 to nearly four per cent, up from an estimate of 3.1 percent last October. It expects the

United States (U.S.) economy to grow by 2.7 per cent this year, significantly higher than its previous
forecast of 1.5 per cent.
SEC Declares War on Shares Manipulation-The Securities and Exchange Commission (SEC)
yesterday declared the beginning of a new regime of zero tolerance to share price manipulation, insider
dealings and other sharp practices bedeviling the nation's capital market over the years.The Director-
General of SEC, Ms Arunma Oteh, made this declaration in Abuja.She also said that the commission
would strengthen its regulatory oversight, intensify monitoring activities and collaborate with other
regulatory agencies in the financial sector to ensure the restoration of investor confidence in the capital
market.
Jan 28 CBN to ensure 5% equity holding in banks – Sanusi-The Central Bank of Nigeria, CBN, has 41 24 All-Share Index appreciated by +0.57%
affirmed its preparedness to reduce the influence of individuals with large stakes in banks in the to close at 22,539.83 and Market
country, as it announced, yesterday, that it was set to ensure that no individual or group owned more capitalization grew by N31.022 billion
than five per cent equity stake in the banks. to close at N5.428 trillion. The day’s
SEC Considers Tenures for Quoted Firms’ Directors-A week after the Central Bank of Nigeria market report was titled:Equities
(CBN) rolled out its policy fixing tenure for bank chief executives, the Securities and Exchange rebound as All-Share Index recoups
Commission (SEC) is considering enforcing the 2009 Code of Corporate Governance which will limit weight by 0.57% to close at 22,539.83
the tenures of directors of quoted companies. Under the proposal, directors of quoted companies must
retire at the age of 70 years or after serving for a maximum of 12 years - that is, three terms of four
years on the board.
FDI: Global Flow Falls 38.7%, Africa 36.2%- Global Foreign Direct Investment (FDI) experienced a
sharp decline in 2009, falling by 38.7 per cent, with total flows of $1.0 trillion compared to the $1.7
trillion recorded in 2008, and the record flows of some $1.8 trillion in 2007, which followed several
years of strong global FDI growth.
Also, majority of developing countries registered substantial declines in FDI in 2009. FDI to Africa

experienced a decline of 36.2 per cent, which is likely to be directly resulting in increased
unemployment and poverty levels.
Jan 29 Banks’ bad loans hit N1.455trn—The Ministry of Finance, yesterday, said that toxic assets from 45 36 All-Share Index appreciated by
banks have grossed N1.5 trillion, even as Chairman of the Nigerian Deposit Insurance Corporation, +0.24% to close at 22,594.90 and
NDIC, revealed that the banks were burdened with bad loans to the tune of N450 billion Market capitalization increased by
IMF says developing economies will recover faster from slump-The International Monetary Fund N13.263 billion to close at N5.442
(IMF) says developing and emerging economies will recover faster from the global financial crisis than trillion. The day’s market report was
the advanced economies. The IMF said in its World Economic Outlook update, made available to titled: All-Share Index grew on the
newsmen in Abuja on Thursday, that the recovery so far had been driven by policy and speed. back of banking and blue chips
CBN, NDIC, SEC defend AMC bill-A bill seeking to establish Asset Management Company (AMC) stocks.
to soak up bad bank loans was yesterday defended by the Central Bank of Nigeria (CBN), the Securities
and Exchange Commission (SEC) as well as the Nigeria Deposit Insurance Corporation (NDIC).
Feb 1 CBN to handover debtors of distressed MFBs to EFCC-The Central Bank of Nigeria (CBN) would 46 33 All-Share Index gained by +1.02% to
soon handover debtors of distressed microfinance banks to the Economic and Financial Crimes close at 22,865.16 and Market
Commission (EFCC).Financial Vanguard investigation revealed that the apex bank is already compiling capitalization appreciated by N65.088
the names of debtors of distressed MFBs with the aim of publishing them and turning the list over to billion to close at N5.508 trillion. The
the EFCC in cases of criminality. day’s market report was titled:
CBN-appointed MDs’ tenure may be extended beyond two years-Going by recent developments in Equities greet February with 1.20%
the banking sector, the last, after all, may not have been heard about toxic assets, initially put at about appreciation as market
N1.4 trillion. Business Day findings, for instance, indicate that sacked managing directors of the capitalization grows by N65.088
troubled banks concealed lots of such toxic assets in a variety of compartments. billion
Feb 2 Operator calls for tenure limits for non-EDs of banks-A Senior Advocate of Nigeria and financial 44 28 All-Share Index appreciated by +1.01%
expert, has called on the Central Bank of Nigeria (CBN) to also extend the limit placed on the tenure of to close at 23,096.17 and Market

chief executive officers of banks in the country to Non-executive directors of banks. It was disclosed capitalization inched up by N55.633
that majority of the non-executive directors in the Boards of the banks have lost focus and have failed billion to close at N5.562 trillion. The
in the discharge of their duties and responsibilities to shareholders and other stakeholders. day’s market report was titled:
World Bank dissatisfied with non-inclusion of import tariffs in 2010 budget-The World Bank has Investors’ value grows by N165bn in
expressed dissatisfaction over Federal Government’s failure to capture import tariffs in the 2010 budget four days; ASI records +1.01%
even after it had recommended that current import bans be replaced with tariffs to boost local appreciations today.
production and consequently create jobs.
CBN weighs four options for troubled banks' capital -The Central Bank of Nigeria (CBN) has set
out four recapitalization options for the nine troubled banks in the country. The options will be looked
at by the board and management of the affected banks in liaison with the apex bank's appointed
financial advisers to those banks. The idea, according to a source in the apex bank, is for both the
affected banks and the financial advisers to arrive at an option best for each bank. The four options
outlined by the CBN are injection of capital, discussing with strategic investors, liquidation and
nationalization.
Banks face dim recovery prospects-“This problem with all the banks will be resolved during the
course of 2010.” Lamido Sanusi, Governor of the Central Bank of Nigeria(CBN)For most Nigerian
banks, 2009 was, undoubtedly, their annus horribilis . Reason: the crisis in the industry which
became quite pronounced in the third quarter of 2008, certainly took a turn for the worse last year
with the liquidity squeeze and massive lay -offs in the sector reaching new heights
Feb 3 Unwillingness to lend outside inter bank gives false liquidity impression-As Nigerian banks 57 25 All-Share Index rose by +2.16% to
continue to tread cautiously, preferring rather to lend within the inter-bank market and venturing only close at 23,595.59 and Market
into secured government investments, have led to false impression of improved liquidity in the banking capitalization grew by N120.278
sector. The inter-bank market became a safe haven for banks to lend after the Central Bank of Nigeria billion to close at N5.683 trillion. The
(CBN) guaranteed all lending in the inter-bank market with the hope that the same gesture would be day’s report was titled: GTB Plc &
extended to lending to the economy. Also, investments in government secured instruments have some

kind of guarantee that gives investors in the Federal Government of Nigeria (FGN) Bonds confidence FCMB Plc trade above their 2009
that their money would be safe under any condition. peak prices as banking stocks lift
indices
Interest rates defy regulators’ efforts, soar-Despite concerted efforts by regulators, led by the Central
Bank of Nigeria (CBN), to restore domestic market confidence and inject new liquidity into the banking
system, interest rates (measured by inter-bank, prime and maximum lending rates) have remained
stubbornly ascendant. Notwithstanding these efforts, it was stated that market participants appeared to
have taken a cue from tighter global market credit conditions, with unsecured overnight inter-bank rates
hovering around the 20.4 percent mark as at the end of June 2009.
Feb 4 SEC may restrict margin trading on banks’ shares-The Securities and Exchange Commission may 53 27 All-Share Index grew by +1.06% to
consider new rules that will restrict margin trading on banks‘ shares as part of measures to prevent close at 23,846.03 and Market
future market shocks that could have damaging effect on banks. The Director-General, SEC, Ms. capitalisation increased by N60.314
Arunma Oteh, who dropped the hint at a parley with senior media executives in Lagos on Wednesday billion to close at N5.743 trillion. The
said margin trading on banks’ stocks was prohibited in some jurisdictions due to the sensitive nature of day’s report was titled: Market surge
banking business. continues amidst slight sell pressures:
ASI moves up by 1.06%.
Feb 5 BOFIA: CBN Seeks More Powers over Banks-The Central Bank of Nigeria (CBN) yesterday sought 26 54 All-Share Index dropped by -2.60% to
more powers to keep commercial banks in check on many fronts including the revocation of banking close at 23,226.28 and Market
licences, participation of banks in the stock market and the logistics of opening and closing branches capitalization declined by N149.256
anywhere in the world. It also demanded powers to acquire the shares of an ailing bank up to a level billion to close at N5.594 trillion. The
that guarantees the apex bank’s control and management provided that the CBN shall at the earliest day’s market report was titled:
opportunity dispose of such acquired shares when it is satisfied that the state of affairs of the bank Equities market shed weight after
concerned has improved. six days uptrend: banking index

gained 4.50%.
Feb 8 Nigeria records $11b FDIs in 2009-Despite the myriad of crises besetting the nation's economy, 18 54 All-Share Index nosedived by -1.56%
Foreign Direct Investments (FDIs) into the country may be on the upswing, going by disclosure from to close at 22,863.51 and Market
the Nigerian Investment Promotion Council (NIPC).NIPC's executive secretary, Alhaji Mustafa Bello, capitalization declined by N87.367
said on Saturday that more than $11 billion dollars worth of investments came into Nigeria last year. billion to close at N5.506 trillion. The
Capital Markets: SEC Vows to Restore Investor Confidence-The Director-General of the day’s market report was titled: The
Securities and Exchange Commission (SEC), Ms. Arunma Oteh, last Friday reiterated the commitment day’s report was titled: Bears grip the
of the Commission to restore investor confidence in the market and bring back its lost glory market further as equities prices plunge
enmass; ASI sheds 1.56%.
Feb 9 World Bank to help Nigeria raise asset firm-To ensure that the take-off of the Asset Management 43 34 All-Share Index for the day up
Company of Nigeria (AMCON) is not frustrated by lack of finance and technical expertise, the World marginally by +0.65% to close at
Bank has assured that it is ready to render assistance in both areas, The Guardian has learnt. Besides, 23,011.95 and Market capitalization
the Central Bank of Nigeria (CBN) is also working out an arrangement whereby banks can transfer rose by N35.749 billion to close at
their bad loans into AMCON in exchange for considerations that could be in the form of government N5.542 trillion. The day’s report was
bonds. titled: Market rebounds to positive
2010 budget: FG raises revenue targets by N970bn-The Federal Government has reviewed upwards, outlook as volume and value rise by
the revenue framework for the 2010 budget, with an additional N970bn.The budget had an original 109.11% and 134.80%.
revenue projection of N7.06tn; but with the N970bn increase, the total projection currently stands at
N8.03tn.
Feb 10 Nigeria: Goodluck Jonathan becomes acting president-Goodluck Jonathan spoke of "moving the 48 32 All-Share Index appreciated by
country forward"Nigeria's Vice-President Goodluck Jonathan has become acting president, after weeks +0.51% to close at 23,130.44 and

of political uncertainty over the absence of its ailing leader.Parliament earlier voted to recognise Mr Market capitalization grew by
Jonathan as acting president, in place of President Umaru Yar'Adua. N28.995 billion to close at N5.571
Ratings agency predicts better returns for banks-Profits in Nigeria's banking sector will recover this trillion. The day’s market report was
year but are unlikely to reach peaks recorded before last year's $4 billion bailout, the head of the titled: Flourmill Plc posts impressive
country's oldest ratings agency has said.Managing Director of Agusto & Co, Vivien Shobo told Reuters Q3 result & repeats highest gainer
that she expected the sector to recover slightly this year after a loss in 2009, but was silent on 2008 status today.
profit levels of about N40 billion.
New banking regime: Banks may no longer require N25bn capital-Some banks may no longer
require N25bn capital base as the Central Bank of Nigeria intensifies plans to put in place a new bank
holding structure that is expected to end the problematic era of universal banking.A top official of the
CBN told our correspondent on Tuesday that in the new banking regime, which would begin this year,
different categories of banks would emerge in a bid to allow them concentrate on their different areas of
strength.
N50bn required annually to keep rescued banks afloat – CBN-The Central Bank of Nigeria has said
that it will require N50bn annually to ensure the recovery of the eight banks currently under the apex
bank’s supervision. It also said that the cost to tax payers was necessary given that it would be used to
save N9tn of deposits in the banks.
Feb 11 EU Investment Bank signs 240m Euros loan with 3 Nigerian Banks-The European Union Investment 35 33 All-Share Index declined by -0.39% t
Bank (EIB), on Wednesday, signed a 240 million Euros ($330m) loan deal with three Nigerian banks in close at 23,040 and Market capitalization
what it said was a vote of confidence in ongoing banking reforms in the economy. The beneficiary banks dropped by N21.752 billion to close at
were First Bank Plc, Guaranty Trust Bank (GTBank) and Stanbic IBTC. N5.549 trillion. The day’s market report
was titled: Market sheds N21.752 billion
Senate panel petitions minister on Udoma's chairmanship of SEC-The Senate Committee on
after N64.745 billion appreciation in
Capital Market has forwarded a petition to the Minister of State for Finance, Mr. Remi Babalola,

seeking the removal of the Chairman of the Securities and Exchange Commission (SEC), Senator two days.
Udoma Udo Udoma. According to the petition, Udoma, who, recently, emerged Chairman of UAC of
Nigeria Plc and Vice Chairman of Linkage Assurance Plc, should resign his chairmanship of the
commission if he wants to continue to occupy his position in the two quoted companies.
Feb 12 Senator calls for Udo Udoma’s resignation as SEC chairman-Chairman of senate committee on 31 47 All-Share Index declined by -0.32% to
Capital Market, Senator Ganiyu Solomon has called for the resignation of Senator Udo Udoma, as close at 22,67.26 and Market
Chairman of the board of Security and Exchange Commission (SEC), as well as his membership from capitalization dropped by N17.548
the board of UACN and any publicly quoted company.Senator Ganiyu Solomon made this call while billion to close at N5.532 trillion. The
calling the attention of the Honourable Minister of States for Finance Mr Remi Babalola, to the day’s market report was titled:
anomaly inherent in the appointment of Senator Udo Udoma as Chairman of SEC, while remaining Market shed 1.12% in the week
member on the board of some publicly quoted companies such as UACN, Linkage Assurance and even as equities declined by 0.32%
Unilever. today.
Banking crisis: Sanusi blames Soludo for CBN’s failings-Central Bank of Nigeria(CBN) Governor,
Mallam Lamido Sanusi, has come down hard on his predecessor, Professor Chukwuma Soludo,
blaming the former CBN helmsman for most of the perceived failings of the apex financial institution
which resulted in it being unable to prevent the ongoing crisis in the industry. Mallam
Sanusi disclosed that even though most people were aware that lapses on the part of the
regulators partly led to the crisis, investigations have revealed that the scale of the rot in the
sector was largely due to the role played by Professor Soludo.
CBN’s second phase reform to focus on bank categorisation- The evolution of a healthy financial
sector with varying niches and capital requirements would be the plank of the second phase of the
sector reforms, according to Sanusi Lamido Sanusi, Central Bank of Nigeria (CBN) governor.
Searchlight will also be beamed on the desirability of the current universal banking model which he

regarded as an obsession with rapid growth but without the right frameworks to manage risks. There
will also be inquiry into the use of depositors’ funds for margin trading in a bid to shield the funds and
avoid a repeat of the crisis that nearly brought the industry to its knees.
Global economic growth to rise by 3.1 per cent in 2010-The International Monetary Fund (IMF) has
estimated a 3.1 per cent increase in global growth in 2010, following the recent data improvement in
the global economy, which was led by Asia and supported by vigorous and coordinated fiscal and
monetary policy stimulus including a wide range of measures to enhance credit flow.
CBN targets April for sale of rescued banks-The 10 troubled banks recently rescued with a N620
billion bailout fund may be sold by April to new investors, going by a hint from the Governor of
Central Bank of Nigeria (CBN), Lamido Sanusi. Sanusi, in an interview with CNBC Television
yesterday, said necessary preparations had been concluded to ensure transparent ownership switch of
the banks.
FG Demands CBN’s Blueprint on Bank Reforms-The Federal Government has asked the Central
Bank of Nigeria (CBN) to furnish it with the blueprint on the banking reforms to allow assessment of
the direction of its policies and also ensure that they are in line with government’s long-term economic
programmes.
Feb 15 Dubai stock market falls on debt fears-Dubai World's property businesses are heavily indebted 35 28 All-Share Index appreciated by +0.41%
Dubai's stock market fell 3.5% after a report said the government's investment vehicle Dubai World to close at 23,061.41 and Market
may offer only 60 cents on the dollar to creditors. capitalization grew by N22.676 billion
Custodian announces Nigeria’s first share buy-back-Custodian and Allied Insurance Plc announced to close at N5.554 trillion. The day’s
the nation’s first share buy-back weekend, a move expected to be followed by other companies with market report was titled: Food &
depressed share prices and flush with cash. Advisors to the general and motor insurance company said Beverages stocks gain 1.64% in five
approval had been received from the Securities and Exchange Commission for the buy-back, which days as market rebounds with
must be completed by June. 0.42%.

Feb 16 NSE urges quoted companies to embrace share buy-back-The Nigerian Stock Exchange on Monday 31 38 All-Share Index gained very
urged quoted companies to engage in the buy-back of their shares to create more market for the stocks. insignificantly by +0.01% to close at
Responding to the planned share buy-back by Custodian and Allied Insurance Plc, reported by Reuters 23,064.29 and Market capitalisation
on Monday, the Assistant General Manager, Corporate Affairs of the NSE, Mr. Sola Oni, said the gained N0.695 billion to close at
company‘s plan is a welcome development and the NSE expects other quoted companies to take a cue N5.555 trillion. The day’s market
from it, since it will create more market for the companies‘stocks. report was titled: Academy Press
posts Q3 results with 44.41% PAT
growth.
Feb 17 UK bank Barclays reports a profit up 92% to £11.6bn-Barclays was not bailed out by the UK 28 48 All-Share Index declined by -0.18% to
government during the financial crisis. Banking giant Barclays has seen its full-year profits increase by close at 23,023.10 and Market
92% to £11.6bn ($18.2bn) in 2009.The figure was boosted by the sale of its BGI fund management arm capitalization declined by N9.921
to US firm BlackRock last year.Stripping this out, profits were £5.6bn compared with £1.6bn in 2008, billion to close at N5.545 trillion. The
though that figure included hefty write-downs. day’s market report was titled: Food &
Oil price rises sharply on weak dollar-The price of oil has risen sharply as the dollar, the currency in Beverages stocks remain resilient
which the commodity is priced, weakened against the pound and the euro.US light crude rose $3.06 to with 1.59% appreciation.
$77.19 a barrel at one point on Tuesday, its biggest daily rise in more than four months. It finished the
day at $77.01.Meanwhile, London Brent settled up $3.17 at $75.68 a barrel.
Nigeria’s domestic debt hits N3.228trn, foreign debt $3.95bn-Four years after exiting the infamous
$30 billion Paris and London Clubs debts, Nigeria’s external debt profile today stands at $3.947 billion,
the Minister of Finance, Alhaji Mansur Muhtar said in Abuja, yesterday.The Minister who made this
known at a public hearing organized by the House of Representatives ad-hoc Committee on Foreign
Loans, also affirmed that Nigeria would borrow more this year, but “in a sustainable” way
Nigeria spent N1.8 trn on petroleum subsidies in four years-Nigeria has spent a total of N 1.8
trillion to subsidised petroleum products in the last four years which the federal government has said is

not sustainable. The minister of state for Finance Mr Remi Babalola made this known at the 2010
edition of the Oba Oladele Olashore Annual Lecture held at the Obafemi Awolowo University , Ile-Ife,
Osun State at the weekend .
Oteh resumes as IOSCO's chairman -The Director-General, Securities and Exchange Commission
(SEC), Ms Arunma Oteh, has resumed duties as the Chairman of Africa and Middle East Regional
Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).Oteh took
over from Daisy Ekineh, who was until Monday, this week, Chairman of the body and former Acting
Director-General of the commission.
Inflation Increases 12.3% in January; Trend uncertain in 2010 – Citigroup Nigeria's inflation rate
(year on year) rose to 12.3 per cent in January from 12 per cent the previous month. According to the
data released yesterday by the National Bureau for Statistics (NBS), growth in food prices, which form
the bulk of the inflation index basket rose to 14 per cent year-on-year from 13.6 per cent in December.
CBN issues fresh guidelines on margin lending-The Central Bank of Nigeria (CBN) said it would
soon issue guidelines on margin lending to avert future crisis in the banking sector, in which reckless
lending by banks to stockbrokers, subsidiaries and individuals for stock purchase contributed
immensely to banking crises.The CBN Governor, Sanusi Lamido Sanusi, speaking at a conference
organised by BusinessDay, said that the sector entered into a crisis situation partly because the CBN, as
the regulator, lacked both the capacity and will to supervise the banks.
Feb 18 Foreign demand for US debt drops by record amount-The US needs to borrow to fund its massive 24 25 All-Share Index appreciated by +0.40%
budget deficit. Foreign demand for US Treasury bonds and notes fell by a record amount in December to close at 23,115.25 and Market
as China reduced its holdings. The Treasury said foreign holdings of US debt dropped by $53bn, capitalization appreciated by N21.944
surpassing the previous record set last April. billion to close at N5.567 trillion. The
day’s market report was titled:
Banking sector posts a robust

outlook as All-Share Index grows by
0.40%.
Feb 19 CBN approves new organizational structures-As part of the on-going efforts aimed at improving 44 30 All-Share Index appreciated by +0.23%
accountability, communication and efficiency as well as effectiveness in actualising Central Bank of to close at 23,168.64 and Market
Nigeria’s (CBN) strategic objectives (ACE), the board of CBN has approved a new organisational capitalization rose by N12.860 billion
structure for the bank effective March 1st, 2010. to close at N5.579 trillion. The day’s
Sanusi: Petroleum Subsidy Gulps N1trillion in 4yrs-Central Bank of Nigeria(CBN) Governor, market report was titled: Investors’
Mallam Sanusi Lamido Sanusi, yesterday disclosed that the Federal Government has spent about value rises by N48.254 billion as
N1trillion (one trillion naira) in the last four years subsidising the importation of petroleum products equities maintain positive trend.
following the breakdown of its four refineries.
SEC Considers More Cut in Charges-The Director-General of the Securities and Exchange
Commission (SEC), Ms. Arunma Oteh, has said the commission would explore ways of further cutting
cost of transactions in the nation's capital market.
Feb 22 CBN to begin assessment of banks’ Board Performance-Central Bank of Nieria (CBN) is set to 44 30 All-Share Index declined by -0.52% to
introduce a new benchmark for supervision of banks in the country, The bank stated that in the new close at 23,048.78 and Market
dispensation of banks’ supervision, it will increase its focus on the banks and ensure strict assessment capitalization declined by N28.869
of the performance of banks’ Board of Directors and leadership. billion to close at N5.551 trillion. The
SEC chairmanship: Stakeholders disagree over call for Udoma’s resignation-Operators and day’s market report was titled: Market
stakeholders in the nation’s capital market have disagreed over the recent call by the Senate Committee slumps along with NB Plc despite
on Capital Market for the resignation of Senator Udo Udoma from his position as the Chairman of the N0.89k dividend
Securities and Exchange Commission (SEC).
Investors blame NSE, SEC for complaints against registrars-Investors have blamed the Nigeria
Stock Exchange (NSE), and the Securities Exchange Commission (SEC), for the increasing number of
complaints against the poor services and sharp practices of Registrars. Reacting to the recent advertorial

by SEC on the complaints of investors against Registrars, investors who spoke to Vanguard said that
Registrars have been taking investors for granted because the regulatory authorities have not been
monitoring them.
Sanusi assures investors of capital market rebound-Central Bank of Nigeria (CBN), Governor,
Mallam Sanusi Lamido Sanusi has expressed optimism that the stock market would record significant
growth in 2010 and recover from long cycle of depression since 2008. Sanusi said that the stock market
would record a tremendous growth this year adding that the country would overtake the African
continent's largest economy, South Africa , on the major economic index ladder, the Gross Domestic
Products (GDP).
SEC Moves to Restructure Registrars-Strong indications have emerged that the apex regulator body
for the nation's capital market will soon effect a restructuring in the operations of registrars in the
market as part of efforts to make the market more attractive to investors. Many investors are
discouraged from the market partly due to the stress they face while interfacing with registrars. There
have always been complaints of non-receipt of share certificates, dividend warrants, bonus and return
money among others. A top official of the regulatory body said that the commission would soon bring
out stricter measures expected to reduce complaints in the market.
Inflation: CBN May Reduce Support to Banks-There are indications that the Central Bank of Nigeria
(CBN) may in the course of this year move monetary policy away from addressing problems in the
banking sector to other macro-economic challenges, especially fighting inflation. Due to the crisis in
the banking sector last year, the banking watchdog moved to support the banking system even at the
risk of inflation. For instance, it injected N620 billion into nine rescued banks and also reduced the
benchmark interest rate, the Monetary Policy Rate (MPR) severally.
Anti-Sanusi elements seek suspension of banking reforms- There are intense and sustained pressures
on the Central Bank of Nigeria (CBN) to modify or outrightly dump the current reforms in the banking

sector.
23 Feb Nigera woos mining investors, offers 3-yr tax holiday-The Minister of Mines and Steel Development 32 43 All-Share Index today shed -0.40% to
Mrs. Dieziani Alison-Madueke yesterday wooed global investors in the mining sector to the Nigeria, close at 22,957.25 and Market
saying the country would grant a three-year tax holiday to new mining companies. capitalization declined by N22.045
Oil prices inch near $80 as traders eye low interest rates-Oil prices rose to just below $80 a barrel billion to close at N5.529 trillion. The
yesterday after a three-week rally, as investors expect the Federal Reserve of the United States of day’s market report was titled: Market
America (U.S.) to keep interest rates near zero to help fuel economic growth, which would boost crude glides south as ASI & market
consumption. capitalization shed 0.41% & N22.045
Market loss: SEC boss blames regulators-The new Director-General of the Securities and Exchange billion
Commission (SEC), Ms. Arunma Oteh, fielded questions from journalists during her maiden meeting
with capital market reporters, saying all regulators in the equities market were responsible for the
monumental loss in the market. Friday Ekeoba, who was there, reports.
Feb 24 CBN asks troubled banks to repay N620bn loan May-The Central Bank Governor, Mr. Lamido 29 50 All-Share Index grew by +0.33% to
Sanusi, has said that the apex bank expects the N620 billion it injected into the eight troubled close at 23,033.02 and Market
banks to be repaid by May. According to Sanusi, who spoke in Pretoria, South Africa, Monday: capitalization grew by N18.248 billion
“We expect that by April, May, the exposure with the banks should have been paid back by the to close at N5.547 trillion. The day’s
banks.”The CBN boss said the repayment was envisaged on the passage of the Asset Management market report was titled: Nestle Plc
Company, AMC, bill by the legislature, by March. hits the market with N10.60 dividend
Banks jostle for Q4 good outing as investors’ expectations rise-Analysts say results may not be per share declaration.
impressive, rely on AMC for relief •Need for corporate governance puts auditors under pressureThe
leadership of the country’s banks are scratching their heads to come up with new and legitimate devices
to achieve impressive fourth quarter results for the year 2009, as they come under increasing pressure
from the investing public to give better accounts of their stewardship.

Sanusi links capital market crash to financial illiteracy-High level financial illiteracy on the part of
the Nigerian investors basically contributed to the crash witnessed in the capital market, Sanusi Lamido
Sanusi, governor, Central Bank of Nigeria (CBN) said because the investors obviously lacked
knowledge on the workings of the market they were unaware of the high risks involved while accessing
huge margin loans during the market’s bullish period.
Reps ask finance ministry to sack Udoma as SEC chairman-Due to ‘conflict of interest’ that his
appointment as chairman of UACN Plc will allegedly generate, the House of Representatives has asked
the finance ministry to sack Udoma Udo Udoma from the board of Securities and Exchange
Commission (SEC) and revert back to the federal lawmakers.
February allocation floods market with liquidity, NIBOR down further-The nation’s inter-bank
market is awash with liquidity following the release of the Federal Account Allocation Committee
(FAAC) fund for the month of February to the three tiers of government - thus further depressing the
Nigerian Inter-Bank Offer Rate (NIBOR)
N620bn Bailout: Court Strikes Out Suit against CBN-A Federal High Court in Lagos yesterday
struck out the suit filed by a member of the House of Represen-tatives, Mr. Femi Gbajabiamila,
challenging the decision by the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi
Lamido Sanusi to disburse about N620 to some ailing banks as bailout funds.
Feb 25 Why Nigerian banks cann’t make in roads into South Africa, Sanusi-Central Bank Governor, 35 42 All-Share Index nosedived by -0.21%
Malam Sanusi Lamido Sanusi, has explained why the Nigerian banks could not make in roads into the to close at 22,985.00 and Market
South African economy. Sanusi told the News Agency of Nigeria (NAN) in Pretoria on Monday that capitalization shed weight by N11.564
this was due to “unattractive returns on investment”. He said South Africa has one of the most billion to close at N5.535 trillion. The
developed markets in Africa where the margins are very thin. day’s market report was titled:
NSE seeks permission to establish alternative investment market-THE Nigerian Stock Exchange Investors' mood remains passive as

(NSE) has forwarded an application to the Securities and Exchange Commission (SEC) seeking market sheds 0.79%.
permission to set up an Alternative Investment Market (AIMS).The proposed market is designed to
encourage firms, especially those that have embarked on private placement to list on the floor of the
NSE after "required conditions have been met". Executive commissioner of SEC in charge of operation,
Daisy Ekineh, disclosed yesterday that the applications from NSE are presently being "looked into" by
the relevant departments.
Nigeria realizes N56.7b from agric produce export-THE Federal Ministry of Commerce and
Industry has said that Nigeria realised about $378 million (about N56.7 billion) from export of
agricultural produce in 2009.The report was contained in the ministry's export statistics made available
to the News Agency of Nigeria (NAN) on Tuesday in Lagos. The statistics showed that the export was
15 per cent higher than $341.8 million (about N51.2 billion) recorded in 2008.The report noted that the
nation's total exported commodities increased from 271 million tonnes recorded in 2008 to 282.4
million tonnes in 2009.
Pressure mounts on ministry to remove Udoma as SEC chairman-Ahead of action by the Federal
Ministry of Finance on the appointment of Senator Udoma Udo Udoma as Chairman of the Securities
and Exchange Commission (SEC), the House of Representatives Committee on Capital Market has
implored the ministry to expeditiously remove him from the post in order to return investors'
confidence in the Nigerian capital market.
Why we have not delisted moribund companies – NSE-The management of the Nigerian Stock
Exchange has explained why some moribund companies are still on the Daily Official List, despite their
inability to meet the post listing requirements of the NSE.By the post listing requirements of the NSE,
companies are required to submit their results at the end of every quarter, for companies in the first tier,
and those in the emerging markets sector are required to submit theirs to the NSE every six months.

European economic confidence unexpectedly worsens-European confidence in the economic outlook
unexpectedly worsened in February after the euro region‘s recovery almost stalled in the fourth quarter.
An index of executive and consumer sentiment in the 16 nation using the euro slipped to 95.9 from a
revised 96 in January, the European Commission in Brussels said. Economists projected an increase to
96.4 from a previously reported January reading of 95.7, according to the median of 25 forecasts in a
Bloomberg News survey
Mar 1 Banking reform: What went wrong — Sanusi-The Governor, Central Bank of Nigeria, Mallam 30 35 All-Share Index gained +0.05% to
Sanusi Lamido Sanusi has revealed the details of the four pillars of banking reforms said “eight main close at 22,995.75 and Market
interdependent factors led to the creation of an extremely fragile financial system that was tipped into capitalization rose byN2.588 billion to
crisis by the global financial crisis and recession”. He gave the factors to include: macro economic close at N5.538 trillion. The day’s
instability caused by large and sudden capital inflows; major failures in corporate governance at banks; market report was titled: Equities
lack of investor and consumer protection; inadequate disclosure and transparency about the financial market opens the week and the
position of banks; critical gaps in regulatory framework and regulations; uneven supervision and month with 0.05% marginal gain
enforcement; unstructured governance and management process at the CBN and weaknesses in the
business environment in the country.
SEC indicts audit committees for ignorance of roles-Securities and Exchange Commission (SEC)
and financial experts last week, indicted audit committees of quoted companies for their ineffectiveness
in discharging their roles and functions as empowered by the Companies and Allied Matters Act
(CAMA) 1990.This is coming after several criticisms of the external auditors and inspectors from the
Central Bank of Nigeria (CBN) over their inability to detect and report anomalies in the financial
results of the troubled banks whose managing directors and executive directors were sacked by the apex
bank for eroding corporate governance and misuse of shareholders and depositors’ funds.
Experts disagree over CBN’s appointment of auditors for banks-Experts in the Nigerian financial
system have disagreed over calls for appointment of banks’ auditors by the Central Bank of Nigeria

(CBN).The experts differed on the adoption of the Indian model of banking supervision as proposed
for Nigeria by Mr. Fabian Ajogwu, Managing Partner, Kenna & Associates and Senior law lecturer,
Lagos Business School, Pan African University. According to the model, the Reserve Bank of India,
the equivalent of the CBN, appoints three separate auditors for all the banks, with each of the auditors
auditing the books of the banks separately on a monthly, quarterly and yearly basis.
Monetary/Trade policy: Banks to declare executives’ compensation- The Central Bank of Nigeria,
CBN, has introduced additional disclosure which banks must make in their reports to monetary
authorities, shareholders, customers and the general public. Banks operating in Nigeria are now
mandated to disclose the salary and allowances of their executives. This implies that the pay package of
banks’ Managing Directors and Executive Directors will now be made public in their reports. Also,
banks are to disclose their risk management, capital structure/adequacy and regulatory sanction
imposed on them for breach of banking regulations.
CBN sets 10-year bar for change in banking-A range of goals built into medium and long-term
targets to reposition Nigerian banks have been unveiled by the Central Bank of Nigeria (CBN).Among
them is the classification of the banks into four groups with different capital bases, which the promoters
want to come into effect before the end of the year.The others are what the CBN Governor, Malam
Sanusi Lamido Sanusi, described as the four pillars of the apex bank's reform that will be achieved in
the next 10 years.
NSE Attracts N103bn Investments in 2 Months-Investors have invested N102.71 billion in 16.49
billion shares at the stock market in the first two months of 2010, indicating an increase of 51 per cent
above the N68.03 billion staked on 11.4 billion in the first two months of 2009.
Banking Reforms Suffer Delay-The execution of the second and final phases of the ongoing banking
reforms may drag longer than anticipated, as time limits forecast by the Central Bank of Nigeria (CBN)
are expiring without the planned action materializing.
The CBN had planned the commencement of the sale of the rescued banks from April this year and

conclude the exercise by mid-year. But that was based on the calculation that the bill setting up the
assets management company (AMC) would become law by the end of February.
Why banks are not lending – Experts have said that the credit crunch in the economy will continue if
the right environment is not created for banks to resume lending. According to them, if the
macroeconomic environment is stable and able to stimulate real sector activities, there is no reason why
banks should not lend at the desired rate.
CBN advised on planned bank holding structure-The Central Bank of Nigeria has been urged to
ensure that the bank holding structure being proposed to end the problems associated with universal
banking is based on the banks‘ lending strategies rather than on capital base.The Managing Director,
Rossab Business Incorporated, a financial service and training company, Mr. Ayorinde Taylor, said this
during the company‘s workshop on ”International financial Reporting Standards,” in Lagos on Friday.
Stakeholders, National Assembly disagree on Udoma‘s ‘conflict of interest’-The controversy

surrounding the combination of the chairmanship of the Securities and Exchange Commission with that
of a quoted company on the Nigerian Stock Exchange and other public liability companies is still
on.While the National Assembly is asking the Federal Ministry of Finance to advice Udoma to resign
from SEC, the Chairman of the committee on the review of the Nigerian capital market, Mr. Adedotun
Sulaiman, said the issue of conflict of interest was baseless.
NSE creates special private placements' listing window-There are strong indications that the Council
of The Nigerian Stock Exchange (NSE) has approved a special window for listing new issues done
through private placements recently. A capital market source close to the NSE said the special window
is coming on the heels of the re-designation of the NSE’s Emerging Market as Alternative Investment
Market/Private Placement Exchange (AIM/PRIPEX).

Mar 2 CBN moves to stimulate long-term lending to the economy-Worried by the lingering dearth of long 30 45 All-Share Index appreciated by +0.10%
term funds, the Central Bank of Nigeria (CBN) has commenced discussions with development financial to close at 23,019.16 and Market
institutions (DFIs) to make long-term funds available to local banks for lending to the economy. capitalization rose by N5.637 billion to
Specifically, the apex bank is poised to facilitate the access of the funds from the DFIs which is close at N5.543 trillion. The day’s
expected to come in any moment from now. market report was titled: Food &
Oil prices rise to six-week high on U.S. consumer spending-Crude oil prices rose yesterday after Beverages stocks buoy market
United States (U.S.) consumers increased spending for a fourth consecutive month in January, signaling performance by +1.11%
that fuel demand may gain, and as the dollar strengthened, curbing the appeal of commodities. appreciation
Economy’ll meet 6.1% target growth in 2010 – The Minister of State for Finance, Mr. Remi
Babalola, has said that the country‘s economy was on track to meet targets of 6.1 per cent growth and
11.2 per cent inflation rate this year.
Mar 3 Sanusi asks FG to deregulate oil sector, okays N500bn for electricity-Governor of the Central Bank 33 40 All-Share Index declined by -0.07% to
of Nigeria, Dr. Sanusi Lamido Sanusi, has urged the Federal Government to carry through its planned close at 23,003.57 and Market
deregulation of the downstream oil sector to forestall further inflationary pressure on the economy. capitalization declined by N3.573
Sanusi who stated this while briefing the press on the communiqué of the 213th Monetary Policy billion to close at N5.540 trillion. The
Committee, MPC, meeting yesterday in Abuja, noted that “the mere talk and rumours of deregulation” day’s report was titled: Zenith Bank
was worsening the state of inflation on the economy and it was time government carried through the Stocks boost transaction volume as
reforms to bring an end to the uncertainty in the economy. ASI posts 0.07% decline.
The world needs more multilateralism, not less, IMF-The global economic crises has reinforced the
need for international collaboration in resolving economic problem, say International Monetary
Fund.“If this crisis taught us anything, it is that the world needs multilateralism even more today than it
did when the Bretton Woods institutions were founded in 1944”, said Dominique Strauss-Kahn,
Managing Director, IMF.
CBN reduces standing facility deposit rates to boost domestic lending-Banks from depositing

money with it by reducing the Standing Facility deposit rate from two to one percent. The implication is
that it will no longer be profitable for banks to keep money with the apex bank. And with the absence
of short term options, they may be compelled to lend to the real sector, thus boosting productivity.
Shareholders' group faults calls for Udoma's resignation as SEC chairman-National Coordinator
of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, has challenged critics
of Senator Udo Udoma's chairmanship of Securities and Exchange Commission (SEC) to provide legal
evidence to buttress their agitations.
CBN frees N600b banks' funds for real sector lending-Cuts deposit rate-To compel banks in
Nigeria to begin lending to the real sector as part of efforts to jump-start economic activities in the
country, the Central Bank of Nigeria (CBN) yesterday adopted a major monetary policy decision,
cutting deposit rate from two per cent to one per cent.The action is to discourage banks from continuing
to keep their excess funds with the CBN and instead deploy them to investors in the real sector because
of the less deposit rate attraction.
CBN's four pillars: Matters arising-Over the weekend, the Central Bank of Nigeria (CBN) unveiled
the details of its four pillars for the banking reforms. The four pillars are enhancing the quality of
banks, establishing financial stability, enabling healthy financial sector evolution and ensuring that
financial sector contributed to the real economy. Speaking on the development, Mr. Sule Ahmed an
official in one of the banks, said that on paper the reforms look laudable and if they were well
implemented, would go a long way in moving the economy forward.However, he stressed that the CBN
must have the political will to go the whole hog as any deviation or lapses would derail the economy.
Capital Markets: World Body Issues New Disclosure Principles-The International Organisation of
Securities Commission (IOSCO) has issued new Principles on periodic disclosure by companies listed
in stock exchanges of member countries as part of efforts to make capital markets attractive to
investors.
FSRCC to Harmonise Margin Lending – CBN-The responsibility to harmonise regulations on

margin lending as will be applicable to all segments of the financial services sector would be left in the
hands of the Financial Services Regulation Coordinating Committee (FSRCC), the Central Bank of
Nigeria (CBN) has said.The Deputy Governor, Banking Operations of the CBN, Tunde Lemo, said that
FSRCC is vested with that responsibility,since the issue cuts across almost all areas of financial
services.
“The new guideline on margin lending will be affecting banks, likewise brokers, among others,” said
Lemo.
CBN sells N35bn bills, repays N30bn to investors-The Central Bank of Nigeria has disclosed that it
sold N35.1 billion worth of two securities at the Primary Market Auction (PMA) while investors
oversubscribed by demanding N174 billion worth.The CBN disclosed this in its weekly report made
available to Business Hallmark in Lagos.The apex bank, according to the report, also repaid N30.1
billion to investors, making the net withdrawal to stand at N5 billion
March 40 36 All-Share Index declined by -0.31% to

4 CBN in self cleansing, gives impetus to sector reforms-There are strong indications that the Central close at 22,931.43 and Market
Bank of Nigeria (CBN) will soon commence self restructuring with the aim of engendering confidence capitalization nosedived by NN17.735
into the ongoing reforms. The self cleansing, according to BusinessDay investigations, has become billion to close at N5.523 trillion. The
obvious given the level of compromise by the apex bank on some sensitive issues that were largely day’s market report was titled:
responsible for the crisis that engulfed the industry. Equities market maintains negative
Why Islamic bank has not been licensed, by Sanusi-Governor of the Central Bank of Nigeria (CBN), outlook despite CBN liquidity boost
Lamido Sanusi Lamido, has offered an insight as to why proposed Islamic bank, Jaiz International Plc, stance.
is yet to be granted operational licence. The CBN boss disclosed that the bank is yet to meet the
mandatory N25 billion capital base requirements.
Banks‘ll Make Significant Write–backs – RenCap-Nigerian banks are to make significant write-
backs by the end of 2010 financial year, Renaissance Capital told Bloomberg news said yesterday.The

write-backs according to an analyst with RenCap, Akintola Akinbamidele, are the fallout of
improvements in the country’s banking sector, which was plunged in crisis last year.He said: “The
recovery of bad debts has picked up, so we expect a lot of write- backs in 2010.”
March 5 Nigeria interbank rate recovers at 2%-Renaissance Capital has said the plunge in Nigeria’s interbank 33 34 All-Share Index declined by -0.27% to
rate to 2.2 per cent from 26 per cent a year ago shows lenders are recovering from the crisis in which 10 close at 22,923.91 and Market
of the biggest 24 lenders failed. The Nigeria Interbank Offered Rate for overnight loans, the benchmark capitalization shed weight by N1.811
for interest payments between financial institutions, has dropped to the lowest in, at least, two years billion to close at N5.521 trillion. The
after the Central Bank of Nigeria, CBN, provided a N620 billion bailout for the lenders that failed an day’s market report was titled:
audit last August and fired their chief executive officers. Market remains in suspense as AMC
Sanusi’s banking reform to wait as Senate suspends AMC bill -In what seems a blow to the Central bill is delayed: ASI sheds 0.27%
Bank governor, Sanusi Lamido Sanusi’s much touted banking reforms, the Senate yesterday suspended,
indefinitely, a debate on a bill seeking to establish the Asset Management Company.
Executive Jacks Up 2010 Budget to N4.3tr-Senate said yesterday that the passage of the 2010
Appropria-tion Bill was being delayed by the introduction of new financial provisions for some
subheads in the Bill.Chairman of the Senate Committee on Information and Media, Senator Ayogu Eze,
who is also a member of the Appropriation Committee, said between N200 and N300 billion had been
added to the budget.The total budget figure has now increased to about N4.30 trillion. President Umaru
Musa Yar’Adua had, through proxy (his Special Adviser on National Assembly matters, Senator
Mohammed Abba-Aji), presented a N4.079 trillion to the National Assembly.
Mar 8 US borrowing saw unexpected rise in January-Credit card borrowing, however, has fallen for the 34 28 All-Share Index appreciated by +0.54%
16th month in a row. Borrowing by US consumers rose for the first time in a year in January, according to close at 22,923.91 and Market
to the Federal Reserve. The central bank said consumer credit rose 2.4% or $5bn (£3.3bn) from capitalization appreciated by N29.278
December 2009 to a total of $2.45 trillion in the first month of 2010. It was the first gain after a record billion to close at N5.550 trillion. The
11 straight declines and it was the largest increase since July 2008. day’s market report was titled: Market

Credit freeze: Banks’ board jittery over bleak income-The prospect of bleak turnover due to the rebounds by 0.54% on the back of
credit freeze in the banking industry has become a source of concern for the boards of some banks and blue chips and banking stocks.
thus their executive management. Bankers are worried that with low income the banks are getting now
a prospect of robust dividend is ruled out which the bottom line is for all investors. Bank boards and
their executive management will be facing hard times with shareholders at this year annual meeting.
CBN assures stakeholders on AMC bill-The Central Bank of Nigeria (CBN) has assured stakeholders
in the finance sector on the delayed passage of the Asset Management Company Bill, saying that the
bill is going through normal legislative process. In statement issued on Friday, the apex bank said, “It
will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the
establishment of AMCON to the National Assembly for consideration and passage into law.
CBN to anchor emerging financial system on borrowers’ credit history-With the realization that
some business organisations obtained credit from a number of banks at the same time and defaulted, the
drive by the Central Bank of Nigeria (CBN) to evolve a healthy financial system is being anchored on
adequate credit records and identifying people who are sound risks.
CBN mops up N100.22bn in February-The Central Bank of Nigeria (CBN) mopped up N100.22
billion from the system in the month of February through treasury bills to complement the Domestic
Debt Office (DMO) in the primary market auction. This is sequel to the much liquidity that was
injected into the market through the $2.0 billion excess crude funds and the N329 billion allocations
that were shared in the month of February by the three tiers of government. This is partly responsible
for the little or no credit to the real economy which the banks perceived to be too risky. The result is
that most of the banks have over the months taken their funds to safe havens like the Federal
Government of Nigeria (FGN) bond and treasury bills even when the returns are low.
House Seeks Reversal of CBN’s Policy on Bank CEOs-The House of Representatives Committee on
Capital Market has asked the Governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido
Sanusi to reconsider his new policy banning retired chief executives of banks from being members of

the board of directors of their banks until after three years of their exit. Chairman of the House
Committee on Capital markets, Honorable Ahmed Wadada expressed reservations about the policy
insisting that such retiring CEOs who have served their institutions diligently for ten years should be
allowed to remain on the board as the banks stand to benefit from their wealth of experience.
Restructuring: CBN to lay off top directors-There are strong indications that the Central Bank of
Nigeria may have concluded plans to lay off some of its top directors as part of the ongoing
restructuring aimed at improving accountability, communication and efficiency in the bank. It was
gathered from a top official of the apex bank that those that would be relieved of their jobs would cut
across different staff levels, ”starting from directors down”.
Trustees, SEC partner on market growth: The Association of Corporate Trustees has commended
the efforts of the Securities and Exchange Commission to restore investors’ confidence to the nation‘s
capital market.
Banking crisis: More workers, branches to go-Fresh fears are being expressed in the nation’s
banking sector over plans by some of the bailed-out banks to re-open the option of further trimming
their workforce and branch network. The latest action is precipitated by the efforts of the affected banks
to fully disengage from the Expanded Discount Window (EDW) and further reduce operational costs.
Mar 9 FG issues new licences for in Nigeria18 refineries-The Minister of petroleum resources Dr Rilwanu 39 39 All-Share Index recorded +0.65%
Lukman has said that the federal government has issued licences for the construction of 18 refineries as growth to close at 23,196.20 and
a means of boosting employment opportunity and distribution of petroleum products in the country. Market capitalization increased by
This, according to him is in an attempt to further intensify government’s efforts in bringing about a N35.856 billion to close at N5.586
speedy deregulation of the petroleum industry as that has been identified as the reason behind the the trillion. The day’s market report was
perennial problems facing the downstream sector of the oil industry. titled: Petroleum marketing stocks
NSE drops Afprint from daily official list-Barely one month after the process was endorsed by a top market performance by 1.51%

Federal High Court, the Nigeria Stock Exchange (NSE), yesterday, de-listed the shares of Afprint growth.
Nigeria Plc from the daily official list.Citing unfavourable government policies, coupled with mounting
complaints from its shareholders, Afprint Nigeria, recently, commenced legal processes to de-list shares
of the company from NSE.
CBN reforms: Group wants Danjuma's team to call Sanusi to order-Immediate provision by
Central Bank of Nigeria (CBN) of a detailed and comprehensive financial sector blueprint has been
demanded, as a first step towards reversing current economic situation in the country. The Renaissance
Professionals, in a statement highlighting a six-point demand from the apex bank, said rather than the
CBN governor, Mallam Sanusi Lamido Sanusi, brandishing his controversial 'blueprint by piecemeal',
the detailed blueprint being asked for should capture his reforms in the banking sector, his goals, as
well as clear targets and how it fits into the overall economic goals of the nation.
Mar 10 UK trade deficit widens to biggest in 17 months- An unexpected fall in UK exports meant January's 43 32 All-Share Index grew by +0.94% to
trade gap widened.The UK's trade gap with the rest of the world widened unexpectedly in January to its close at 23,413.41 and Market
largest since August 2008.Exports saw their sharpest drop in more than three years, according to the capitalization grew by N52.069 billion
Office for National Statistics (ONS).The UK's trade gap in goods and services widened to £3.8bn, to close at N5.5.638 trillion. The day’s
compared with £2.6bn in December. market report was titled: Unilever
Nigeria Plc rewards investors with
Bailed banks’ return to profitability may take three years - analysts-Projection contrasts with N1.07 dividend per share.
CBN’s September target-Full recovery to profitability of the embattled banks under the management
of the Central Bank of Nigeria (CBN) is likely to take up to three years. Recent revelations of further
abuses by the turn-around managers of the banks and discovery of hidden pockets of toxic assets are
seen as factors that may prolong the recovery period well beyond the September 2010 projection of the
CBN. Financial experts at the Lagos Business School Breakfast Session where Bismarck Rewane, chief
executive of Financial Derivatives Company Limited, presented a report on the bailed out banks said

their prospects for recovery is significantly less glittering than the optimism of the apex bank.
Council asks Accenture to hunt for new NSE CEO-The Council of the Nigerian Stock Exchange
(NSE) has finally decided to adopt an open and competitive process in selecting a new director-general
who will succeed the incumbent, Ndi Okereke-Onyiuke. It has asked Accenture to handle the selection
process.A source close to the meeting disclosed that the Council formally decided to jettison the idea of
selecting a new DG from the crop of senior management staff of the Exchange after a review of various
reports on the controversy that had trailed the succession programme. According to the source, the hunt
for the DG position would be handled by Accenture, the foremost management consultancy firm.“The
new helmsman, who would however, be a chief executive officer (CEO) rather than a DG is expected
to emerge from an open and competitive selection process.
Revelations of new hidden packets of toxic assets push value to N9trn- The mess in the banking
industry is far from being over with new discoveries of hidden packets of toxic assets in the troubled
banks. More so, experts say the problems may be further compounded following additional news of
abuse by some of the interim managers. According to Bismark Rewane, chief executive officer,
Financial Derivatives, in his Monthly Economic News and Views made available last weekend, Merrill
Lynch was quoted to have put the total of real toxic assets in the banking industry at N9 trillion, saying
that, so far only N1.5 trillion of the toxic assets have been taken. Based on what is on ground, Bismark
believes that full recoveries from the banking crisis will definetly be a thing of more than a 12-month
journey.
NSE: Council Approves Appointment of 2 EDs-Indications that the succession plan at the Nigerian
Stock Exchange (NSE) would have a smooth transition emerged last Monday as the Council of the
NSE approved the appointment of two Executive Directors - expected to resume before June
2010.Since the Director-General of the NSE, Prof. Ndi Okereke-Onyiuke announced her intention to

retire in November 2010; there have been controversies over who would succeed her
Mar 11 Central Bank to okay fresh banking models-The Central Bank of Nigeria (CBN) has concluded plans 53 30 All-Share Index appreciated by +1.08%
to approve new banking models for the nation this weekend, the apex bank's governor, Sanusi Lamido to close at 23,666.33 and Market
Sanusi, said in Lagos yesterday. Sanusi, who spoke at a seminar organised by AME & T Group and the capitalization rose by N61.151 billion
Financial Institutions Training Centre (FITC), under the title, "Trust and Policy Rendering: Reworking to close at N5.699 trillion. The day’s
Nigeria's financial system in the face of global reform," said some banks, like WEMA Bank and Bank market report was titled: Banking
of the North, in the past ventured into areas that were beyond their area of initial focus. stocks scale up performance as AMC
OPS lauds CBN’s N500b package for manufacturing sector-The Manufacturers Association of bill scales second reading.
Nigeria (MAN), and the Nigerian Association of Chambers of Commerce Industry Mines and
Agriculture(NACCIMA), arms of the Organised Private Sector (OPS), have lauded the Central Bank of
Nigeria (CBN) for the N500 billion bail out package for the manufacturing sector.In a separate
statements, Tuesday, both MAN, and NACCIMA gave kudos to the apex bank under the leadership of
Governor Sanusi Lamido Sanusi, saying they strogly believe that the intervention fund will boost the
operational capacities in the manufacturing, Small and Medium Enterprises (SMEs) sector of the
economy and power sectors is very commendable.
SEC launches probe into N7.5trn equities crash-Nigeria’s new securities regulator has launched a
sweeping investigation into alleged abuses that contributed to a $50billion (N7.5trilion) equities crash
in what had been regarded as a prime frontier market. Arunma Oteh, incoming director-general of the
Securities and Exchange Commission that oversees sub-Saharan Africa’s second-biggest stock market,
said that the investigation into brokers marked the start of a “transformation agenda” after a dramatic
shake-down of the country’s banks
Asset Management Bill Set to become Law-All is now set for the Asset Management Corporation of
Nigeria (AMCON) Bill to become law as it received a significant boost yesterday with two key
developments in the National Assembly.

The House of Representatives yesterday passed the bill after adopting the report of the Committees on
Banking and Currency, Finance and Capital Market.
Senate warns CBN on troubled banks-Senators who contributed to the debate on general principles
of the Asset Management Company (AMC) Bill, on Wednesday, were unanimous in calling on the
Central Bank of Nigeria (CBN), not to sell the nation’s troubled banks through the back door.
March Oil firms owe banks N1.6trn, says Senate-Nigerian banks are being owed an estimated N1.6 trillion 63 17 All-Share Index inched up by +2.01%
12
by local oil and gas companies. Senator Nkechi Nwaogu, Chairman of the Senate Committee on Banks, to close at 24,141.72 and Market
Insurance and other Financial Institutions said the establishment of the Asset Management Corporation, capitalization grew by N114.483
AMC, would help to reduce the level of such debt overhang she claimed had paralysed credits to the billion to close at N5.814 trillion. The
economy by the banks. day’s market report was titled:
Stakeholders seek probe into infractions of operators, regulators-Infractions of regulators, market Investors’ value rises as ASI posts
players and operators of the capital market were yesterday adjudged to have precipitated the crash of 5.31% gain in five trading days
equities as stakeholders sought a deep inquiry into the level of culpability of parties. The probe being
undertaken by seasoned stakeholders, retired and practicing, is to investigate share price manipulations
and insider dealings that contributed to the crash of the Nigerian stock market, according to Arunma
Oteh, director general of SEC.
AMCON to Buy N1.2tr Bad Loans in Rescued Banks – The Asset Management Corporation of
Nigeria (AMCON) is to buy an estimated N1.2 trillion bad loans attributed to the rescued banks. The
governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, was quoted by Reuters as
saying that the AMCON would buy up an estimated N1trillion to N1.2 trillion of toxic assets in eight
banks rescued in the N620 bailout fund.
Rescued banks torepay CBNin Q2: Sanusi- A state-funded 'bad bank' being formed to buy non-performing loans
held by rescued Nigerian lenders will free them up to repay by mid-year the capital injected in last
year's bailout, the central bank said .The Asset Management Company (AMC) will buy up an estimated

1.0-1.2 trillion naira of toxic assets at eight banks rescued in the N600 billion bailout, cleansing their
balance sheets for fresh lending and making them more attractive to new investors.
March Operators, stakeholders okay integration of regional capital market-The proposed integration of 53 28 All-Share Index recorded +0.98%
15
regional capital markets by the African Securities Exchanges Association (ASEA) has been endorsed appreciation to close at 24,380.09 and
by operators and stakeholders in the Nigerian capital market. The operators and stakeholders who spoke Market capitalization appreciated by
to Vanguard said the move is in the right direction as African markets will be opened up for global N57.406 billion to close at N5.871
participation. They said that the integration of regional capital markets will bring a lot of benefits to the trillion. The day’s market report was
region, such as increase in depth of the market and easy access to funds, amongst others. titled:Banking stocks record 7.66%
NSE election nullification: Dangote appeals against court ruling -Alhaji Aliko Dangote has appreciation in seven trading days.
appealed against the nullification of his election as the president of the Nigerian Stock Exchange
(NSE). A judge of the Federal High in Lagos, on Friday nullified the election of Dangote because of
alleged flagrant and reckless disregard of an earlier order of the court for parties to maintain the status
quo.
CBN fixes Sept to resolve rescued banks' problems-Central Bank of Nigeria (CBN) has fixed
September ending to resolve all problems of all rescued banks that were queried last year. According to
the CBN time table, the Assets Management Corporation of Nigeria (AMCO) will become operational
before the end of the first quarter while the final resolution of non-performing loans in the affected
banks and recapitalisation issues would be done in the second quarter. The shareholders’ and regulatory
approvals would be done before the end of September, 2010 to allow the banks continue their operation
smoothly.
March 39 31 All-Share Index recorded +0.28%

16 CBN to phase out universal banking by September 2011-The Central Bank of Nigeria (CBN) will in appreciation to close at 24,447.85 and
the next 18 months phase-out the universal banking model which allows deposit money banks combine Market capitalization gained N36.713

commercial banking and investment banking, enabling them offer a wide range of financial services. billion to close at N5.908 trillion. The
With the adoption of the new model, each deposit money bank would be required to recapitalize day’s market report was titled: Market
according to its new business model and will be further issued a separate and specific license to guide upbeat wanes as sell pressures take
its operations. toll on equities prices.
SEC summons NSE, seeks clarification on succession plan-The Securities and Exchange
Commission (SEC) appears to be worried about the ongoing personnel restructuring at the Nigerian
Stock Exchange (NSE) and is seeking assurances that its succession plan would, in the end, produce a
credible successor to Ndi Okereke-Onyiuke when she leaves in November this year. The SEC director
general, Arunma Oteh, had summoned a crucial meeting today with the president of the NSE and its
director general.
CBN moves against banks’ hidden charges-Sanusi Lamido Sanusi, governor, Central Bank of
Nigeria (CBN) on Monday directed all the twenty-four banks to disclose fully all rates and charges
associated with their products and services with a view to stemming all forms of sharp practices in the
financial sector of the nation’s economy.
March 33 40 All-Share Index appreciated by +0.23%
17 FG endorses more tax waivers for bonds market-In addition to the previous tax waivers granted for to close at 24,504.58 and Market
the issuance of sub-national and corporate bonds under the Companies Income Tax Act (CITA), Acting capitalization grew by N13.709 billion
President Goodluck Jonathan has extended the waivers to include Personal Income Tax Act (PITA), to close at N5.922 trillion. The day’s
Value Added Tax (VAT) and Capital Gains Tax (CGT).Jonathan also endorsed waivers for short-term market report was titled: Insurance
Federal Government securities and approved a cut in stamp duties for re-issuing debentures with the stocks wax stronger with leading
intention of reducing transaction costs in the bond market with an anticipated positive multiplier effect performance of 1.65%
on the overall economy.
Okereke-Onyiuke faults report on capital market crisis-The Director-General of the Nigerian Stock
Exchange (NSE), Prof Ndi Okereke-Onyiuke, has faulted the claim that the management of the
Exchange and stockbrokers are responsible for the crisis that rocked the nation's capital market for

close to two years.Making the assertion yesterday, during the launching of Reuter's network solution,
Okereke-Onyiuke said that neither the management of the Exchange nor the operators of the market
should be blamed for the crisis
Shareholders laud judgment nullifying Dangote's election as NSE president-The Proactive
Shareholders Association of Nigeria (PROSAN), yesterday, commended the Judgment of a Federal
High Court, Lagos, which nullified the election of business mogul and chairman of Dangote Group,
Alhaji Aliko Dangote as President of Nigerian Stock Exchange (NSE).Citing flagrant disobedience of
court order by the NSE and Securities and Exchange Commission (SEC), Justice Lambo Akambi, who
gave the verdict, said the integrity of the court must be protected at all times to save Nigeria from
anarchy.
Investors Move Funds from Banks-Transactions at the money market indicate that local and foreign
investors are beginning to move their funds away from income assets in the banks to other outlets
where yields appear better. Following the decision of the Monetary Policy Committee (MPC) of the
Central Bank of Nigeria (CBN) to lower the Standing Deposit Facility (SDF) from 2 per cent to 1 per
cent earlier in the month, most banks crashed their deposit rates on various tenors. A treasurer with one
of the banks said: “Banks are now offering their customers interest rates of 5 per cent and below.” The
rate before the MPC meeting was as much as 10 per cent in some banks.
Probe: Stockbrokers Ready for SEC-Stockbrokers are not losing sleep over the disclosure that the
Securities and Exchange Commission (SEC) is investigating alleged abuses that contributed to
N7.5trilion equity crash in the nation's stock market between 2008 and 2009.The Director-General of
the SEC, Ms. Arunmah Oteh was last week quoted as saying that the investigation of the brokers
marked the start of a “transformation agenda” after sacking of chief executives of eight banks last year
for mismanaging their respective institutions.
CBN withdraws N65bn from circulation-The Central Bank of Nigeria (CBN) has said it had
withdrawn N10 billion from circulation through the sale of treasury bills. The withdrawal was

contained in the apex bank’s weekly report made available to the News Agency of Nigeria (NAN) in
Lagos, on Tuesday.The report said the money was withdrawn last week, through the issuance of
government securities at the Primary Market Auction (PMA) window.
March Senate to split CBN- The Senate Committee on Banking, yesterday expressed support for plans to 29 47 All-Share Index performance declined
18
abolish the Universal Banking scheme and was preparing plans to split the Central Bank into two by -0.99% to close at 24,262.34 and
distinct bodies for effective regulation of the financial services industry that will emerge. Market capitalization shed weight by
NSE celebrates recovery rate-The Director-General of Nigerian Stock Exchange (NSE), Prof. Ndi N58.540 billion to close at N5.863
Okereke-Onyiuke, has disclosed that the nation’s capital market rate of recovery was a manifestation of trillion. The day’s market report was
its economic potential. Okereke-Onyiuke said at the inauguration of the NSE global market data on the titled: Investors take profit after
Thomson Reuters system in Lagos that the capital market had bottomed out.“The Nigerian capital eight trading days appreciation: ASI
market is not doing badly from the effects of the global meltdown and its attendant local implications. sheds 0.99%
Banks’ earnings to remain under pressure – Fitch-Renowned business rating agency, Fitch Ratings,
has predicted in its latest report that Nigerian banks‘ earnings will remain under pressure in 2010 due to
a continued challenging operating environment. A Senior Director in Fitch‘s Financial Institutions
Group, Mr. Anthony Walker, said, ”Despite the recognition of most of the system‘s problem assets as a
result of the Central Bank of Nigeria’s special examination process, Fitch expects that asset quality will
continue to weaken as loan books season after several years of rapid credit growth.
March Soludo fooled us on bank debts, says Senate: President of the Senate, Senator David Mark, Thursday, 38 35 All-Share Index appreciated by +1.05%
19 accused the erstwhile Governor of the Central Bank of Nigeria, CBN, Professor Chukwuma Soludo, of to close at 24,517.88 and Market
deceiving the Senate on the fragile state of Nigerian banks.Declaring open the Senate public hearing on capitalization rose by N61.753 billion
a bill to establish the Assets Management Company of Nigeria, AMCON, Senator Mark equally lauded to close at N5.924 trillion. The day’s
Soludo’s successor, Malam Lamido Sanusi, for his sense of purpose in salvaging the sector. market report was titled: Market upbeat
Foreign banks express confidence in Nigerian banking industry-Foreign banks have continue to resumes as equities enjoy better

express confidence in the Nigerian banking industry as well as commend the banking the current patronages.
banking sector reforms embarked upon by the Central Bank of Nigeria (CBN).Despite the impact of the
global financial crisis on the economy, the foreign banks said that the Nigerian banking system is still a
key market with high prospects.
AMC not panacea for full recovery of capital market – SEC DG-As the National Assembly fine-
tunes the bill to establish the Asset Management Corporation (AMC), Arunma Oteh, director-general of
Securities and Exchange Commission (SEC) told the Senate on Thursday that the body when
established will not be a full panacea for the full recovery of the capital market.
Mark tasks CBN on rescued banks' N620b refund-Senate President David Mark has asked the
Central Bank of Nigeria (CBN) to put measures in place to facilitate the quick refund of the N620
billion shared to five ailing banks as bailout funds last year.
Common year-end: ‘Delay of results may hinder banks‘ activities’-The delay of common year-end
results may hinder banks‘ activities, especially lending. The analysts, who spoke in separate interviews
said the outcome of the ongoing audit of the banks‘ accounts would determine how well-positioned
they were to stimulate economic activities.
March Banks face new credit squeeze-Banks in the country are beginning to experience difficulties in 54 31 All-Share Index grew by +0.63% to
22
addressing the new and rising wave of non-performing loans in their operations, brought about by the close at 24,673.55 and Market
current credit freeze and slowdown in economic activities.According to a senior banker who spoke to capitalization also grew by N37.620
Vanguard, last week, on the condition of anonymity, accounts that were performing before had become billion to close at N5.963 trillion. The
non-performing as a result of the problem in the industry. day’s market report was titled:
Banks battle with new wave of non-performing loans-Banks are battling with a new wave of non- Financial stocks grow performance
performing loans occasioned by the ongoing credit freeze and slowdown in economic as All Share Index inches up by

activities.“Accounts that were performing before had become non-performing as a result of the problem 0.63%.
in the industry,” a senior banker and departmental head told Vanguard last week.Investigation revealed
that the fresh wave of loan default started in the last quarter of 2009 and became aggravated in the last
two months.
Stakeholders divided over suspension of universal banking-Stakeholders in the financial service
sector are divided over the plan of the Central Bank of Nigeria (CBN) to replace universal banking
system with niche banking – specialised, regional sector specific banking. The Senate committee on
banking has accepted the concept but said the Senate will propose a bill to split the CBN into two
separate bodies, one regulatory and the other supervisory.While some stakeholders said it is a welcome
development which will curb sharp practices in the banking system and enhance supervision, others
criticised the decision as a policy somersault which shows that the leadership of the apex bank is
uncoordinated and lacked focus churning out policies as the spirit leads.
Unstable interest rates, high inflation don't go well with bond market-A robust bond market is a
viable vehicle that ordinarily should help in rapid economic development. That perhaps explains why
there appears to be some kind of interest in bonds in the country, but experts say the interest may be
short-lived because of high interest rates, inflation rates, lack of public awareness by individuals,
among other factors.
SEC DG Tasks Operators on Investment-The Director-General of the Securities and Exchange
Commission (SEC), Ms. Arunma Oteh, has tasked operators in the nation’s capital market to come up
with innovative instruments and products that would help in the deepening the market.
Shareholders Call for Release of Banks’ Accounts- Worried by the continued delay in release of the
audited accounts of the banks, some shareholders under the aegis of Progressive Shareholders
Association of Nigeria (PSAN) have called on the Central Bank of Nigeria (CBN) to allow banks
announce their performance for the year ended December 31, 2009.

CBN stalls banks' plan to close branches -The Central Bank of Nigeria (CBN) has stalled banks'
plans to close some of their branches in the wake of the on-going crisis in the banking industry.Mrs.
Folakemi Fatogbe, special adviser to Mallam Sanusi Lamido, governor of the Central Bank of Nigeria
and director, risk management who disclosed this in Lagos confirmed that the apex bank had been
approached by a number of banks to close some of their branches but they (banks) had been asked to go
back and look at it again so that they could share with one another in the same locality.
March Shareholders petition CBN over N17.9b unclaimed dividend-The Proactive Shareholders 58 31 All-Share Index appreciated by +1.35%
23 Association of Nigeria (PROSAN), has appealed to the Governor of Central Bank of Nigeria (CBN), to close at 25,005.63 and Market
Sanusi Lamido Sanusi, to prevail on banks in the country to accept payment of dividend warrant into capitalization rose by N80.249 billion
savings accounts.According to the shareholders' group, the refusal of banks to allow investors to pay to close at N6.043 trillion. The day’s
their dividend warrants into savings account is partly responsible for the growing incidence of market report was titled: All-Share
unclaimed dividend, now believed to be about N17.9 billion Index posts 20.06% YTD growth after
NDIC set to minimise operational shocks-The Nigeria Deposit Insurance Corporation on Monday recording peak for the year.
said that it had established an Enterprise Risk Management Committee in line with the ongoing reforms
in the financial sector. The corporation said the move became imperative to enable it to identify, assess,
manage, monitor and control on a continuous basis, the significant risks that could impede the
achievement of the corporation’s mandate of depositor protection.
March Reps pass Asset Management Corporation Bill-•CBN, finance ministry to contribute $67m take 57 35 All-Share Index grew by marginal gain
24 off fund-House of Representatives unanimously passed the bill for the establishment of Asset of +0.04% to close at 25,015.71 and
Management Corporation (AMC) for the purpose of efficiently resolving the non-performing loan Market capitalization grew by N6.789
assets of banks. The new corporation will have a capital base of $67 million will be jointly funded by billion to close at N6.049 trillion. The
the Federal Ministry of Finance and Central Bank of Nigeria (CBN). day’s market report was titled:
Market appreciation declines as sell
SEC task Shareholders' groups on transparency, investor's education-The Director-General of pressures mount: ASI gains 0.04%

Securities and Exchange Commission (SEC), Arunma Oteh, yesterday, appealed to various
shareholders' groups in the country to join hands with the commission revive investors' education
scheme. Oteh said SEC's intension is to carry all stakeholders along in its reform agenda.
SEC Assures Investors on Safety-•Mkt cap hits N6tr-The Director-General of the Securities and
Exchange Commission (SEC), Ms Arunma Oteh, yesterday assured shareholders of the safety of their
investments, just as the market capitalisation of equities hit a new high of N6.043 trillion.Speaking at
an interactive meeting with leaders of shareholders’ associations in Nigeria in Lagos, Oteh said that the
main priority of SEC is to protect investors.She emphasised that without investors there will not be the
capital market.
Ensure Smooth Transition, SEC Tells NSE-The Securities and Exchange Commission (SEC) has
charged the Council of the Nigerian Stock Exchange (NSE) to ensure a smooth transition devoid of
controversies capable of plunging the capital market into another depression. THISDAY gathered that
the Director-General of SEC, Ms. Arunma Oteh counselled the NSE officials at a meeting she
convened in Abuja on the matter last week.
March Tax break spurs interest in Nigerian corporate bonds•Corporate debt on par with sovereign 57 24 All-Share Index appreciated by +0.44%
25 issues-Nigeria has removed all taxes on corporate debt issues and cut transaction fees, allowing firms to to close at25,126.20 and Market
raise capital on the bond market at lower coupon rates and offer tax-free returns to investors, bankers capitalisation grew by N26.719 billion
have said. Federal Government bonds currently account for 95 percent of the total debt market in sub- to close at N6.076 trillion. The day’s
Saharan Africa’s second biggest economy but the Debt Management Office expects that to change in market report was titled: Non-
the coming years as more firms issue bonds to finance growth financials enjoy stronger bids as food&
beverages lead market performance
CBN gets tough on single digit inflation- In its renewed efforts at ensuring that the financial sector
contributes to the real economy and financial stability as encapsulated in the reform agenda in the next
decade, the monetary policy committee (MPC) of the Central Bank of Nigeria (CBN) has been given
fresh responsibility of achieving single digit inflation and targeting asset bubbles in the industry,

Business Day investigations have revealed.
Safety of deposits: NDIC opens risk management unit-The Nigeria Deposit Insurance Corporation
(NDIC) has established an Enterprise Risk Management Unit (ERMU) that will identify, assess,
manage, monitor and control the risks that could impede the achievement of the corporation’s mandate
of depositors’ protection.
March Senate, Reps okay N4.6 trn budget-The National Assembly, yesterday, approved a harmonized N4.6 62 29 All-Share Index appreciated by +0.78%
26
trillion 2010 budget for the Federal Government directed at boosting infrastructure development across to close at 25,322.87 and Market
the country. Underlining its priority for infrastructure development, the budget has set N1.85 trillion capitalization grew by N48.693 billion
representing 40 per cent of the total budget for capital expenditure. It is the highest proportion to close at N6.125 trillion. The day’s
earmarked for capital development since the return to democratic rule in 1999. report was titled: Equities records
Distressed banks need N1.5trn to meet CBN’s capital requirement – All the banks that failed the 21.59% YTD growth as first quarter
Central Bank of Nigeria (CBN) stress test last year would need to raise N1.5 trillion ($10 billion) to draws to a close.
meet up with the apex bank’s 10 percent Capital Adequacy Ratio (CAR) requirement, according to
analysts at the Renaissance Capital (Rencap).Besides, with capital shortfall of N2.1 trillion ($14 billion)
and negative equity of N1.2 trillion ($8 billion), the analysts said in their report released yesterday that
the banks would need to source another N600 billion in fresh capital to pay the N620 billion emergency
liquidity support from CBN.
Fears of inflationary pressure as N/Assembly tops 2010 budget by N500bn-Four months after the
2010 budget proposal was presented to the National Assembly by the presidency, the lawmakers passed
it but with an additional N500 billion expenditure raising concerns of strong inflationary pressure on
the economy. The additional expenditure effectively raises deficit to more than five percent of Gross
Domestic Products (GDP). Iyiola Omisore, chairman, Senate appropriation committee, who presented
the harmonized budget of both arms of the National Assembly, alluded to the frequent alterations made
by the executive branch as reason for the delay in passing the budget, explaining that amendments were

still being made even two weeks ago.
Universal banking: CBN to establish specialist supervisory teams-The Central Bank of Nigeria said
on Thursday that it had put plans in place to establish specialist supervisory teams to cater for
regulatory challenges that might arise as a result of the proposed dumping of universal banking.The
Deputy Governor, Financial System Stability, Dr. Kingsley Moghalu, told our correspondent that the
apex bank was taking a long-term review of its regulatory activities with a view to ensuring stability in
the financial system.
Foreign reserves drop to $40.72bn-The country‘s foreign reserves declined further in the week just as
the National Bureau of Statistics restated that inflation still stood at 12.3 per cent. According to the
details posted on the Central Bank of Nigeria’s website on Thursday, the reserves which stood at
$41.03bn as at March 22, 2010, slipped to $40.72bn on March 24.
March Massive capital flight hits Nigeria as deposit rates crash-The unattractive rates in the Nigerian fixed 66 25 All-Share Index appreciated to +2.03%
29
income market have begun to take its toll on the country’s economy, as investors are moving their to close at 25,836.29 and Market
funds en masse to alternative investment destinations, particularly to neighboring West African capitalization gained N124.183 billion
countries. Investigations by Vanguard showed that the movement of the funds was in response to to close at N6.249 trillion. The day’s
falling deposit rates which crashed to three per cent in the last two months, despite the fact that the market report was titled: Zenith
CBN monetary policy rate currently stands at six per cent. declares common year end results
Rate of excess crude run-down threatens Nigeria’s credit worthiness-The rate at which the excess with 45k dividend and 1 for 4 bonus
crude oil savings is been spent by the government threatens the nation’s creditworthiness and the cost
of borrowing in the international market, warns Razia Khan, Standard Chartered Economist.“Earlier
reforms in Nigeria had helped to establish the country’s reputation for a substantial saving of its oil
windfall, boosting its external creditworthiness. The 2010 Budget, with the magnitude of increased
spending that is envisaged, will go some way towards undoing that reputation.”, she stated in a report
on Friday.

CBN begins screening of banks’ Q4 results-Amidst rising concern over the delayed release of fourth
quarter financial results of banks, the Central Bank of Nigeria (CBN) has set a March 31 deadline for
all banks to submit their results or face a penalty of N10,000 charge everyday. However, it
acknowledged that some banks have already submitting their financial results and has begun screening
the results.
Mkt Recovery Stirs Listing Interest in New Firms-Encouraged by the recovery witnessed in the
stock market so far, some companies that had sold shares through private placements are now preparing
to list on the Nigerian Stock Exchange (NSE).During the market boom of 2007 and early 2008, many
companies made private placements with the promise to investors that the shares would be listed on the
NSE. The downturn that followed as a result of the global meltdown discouraged many of such
companies from listing their shares. Many of those companies that got listed during the bearish trend
have seen over 80 per cent of their value eroded.
Heads may roll at stock market •Following completion of stock crisis investigation-Heads may
soon roll at the stock market following conclusion of investigation by the Security and Exchange
Commission (SEC) into the manipulations and insider dealing in the stock market which almost caused
a crash in 2008.SEC, with its new policy of zero tolerance for fraud in the capital market, had in
February this year, set up a body to look into allegations of insider dealings and manipulations of prices
at the stock market by operators.
Hard times hit troubled banks •Require N2.5trn to remain in business-There is growing concern in
the banking sector over the fate of the eight banks that were bailed out by the Central Bank of Nigeria
(CBN) last year. The banks include Intercontinental Bank, Oceanic Bank, Bank PHB, FinBank and
Union Bank. Others are Afribank, Equitorial Trust Bank and Spring Bank. It was gathered that some of
the banks were already finding it difficult meeting their obligations despite the life-saving N620 billion
injected into them by the apex bank.

Bank lending freeze: Firms explore other sources -Cash-strapped companies are resorting to
unconventional fund-raising methods to source funds for their operations as new lending rules and risk
aversion by banks stifle lending operations. The banking sub-sector has experienced a liquidity glut in
recent times due to reluctance of banks to lend to customers with medium- to high-risk profiles. The
inter-bank rates have crashed significantly in recent days due to the surplus funds in the system with the
7-day Nibor opening last week at 2.49 per cent, a 38-basis point decrease while the 90-day Nibor
dropped by 96 points to open the week at 8.18 per cent.
Sanusi orders banks to adopt IFRS by 2012 -The Governor of the Central Bank of Nigeria (CBN),
Sanusi Lamido Sanusi has called all banks to work towards adopting full International Financial
Reporting Standards (IFRS) in Nigeria by the end of 2012. Sanusi said that the date would be subjected
to the approval of the Nigerian Accounting Standards Board (NASB).The Governor said the
comprehensive minimum disclosure guidelines for December 2009 accounts of banks are being
finalized and that it will be issued soon. He also added that it includes disclosure and reporting
guidelines which reflect some of the best-practice aspects of the third pillar of Basel II. He noted that
Nigeria’s Vision 20:20 will remain an illusion without the country being able to reposition the banking
system.
March Expert seeks stoppage of banks’ ownership of stockbroking firms-An expert in the Nigerian capital 75 25 All-Share Index appreciated by +2.23%
30
market, Mr. Babtunde Adeyemi, has called on the authorities in the financial market, to, henceforth, to close at 26,411.97 and Market
stop banks and insurance firms from owning stockbroking firms, as this will help reduce sharp prices, capitalization grew by N139.243
especially price manipulations and prevent a recurrence of situations that led to the crisis in the capital billion to close at N6.388 trillion. The
market day’s market report was titled: Blue
NSE Presidency: Dangote’s Petition Stalls Proceedings-A Federal High Court in Lagos could not chips grow market performance as
hear the suit initiated by some aggrieved shareholders of African Petroleum Plc, (AP) against Alhaji ASI gains 2.23% to close at 26,411.97
Aliko Dangote due to the petition by Dangote’s lead counsel, Chief Seyi Sowemimo (SAN), seeking

the transfer of the matter to another judge.
NSE, SEC partners US SEC on regulation-The Director General, Nigerian Stock Exchange, Prof.
Ndi Onyuike-Okereke has said that the regulators in the Nigerian capital market will be learning from
their United States counterparts, on how to regulate and develop the capital market in a way that will
restore confidence to the market. Okereke said this while introducing the officials of the United States
Securities and Exchange Commission to stockbrokers on the trading floor of the NSE on Monday.
Nigeria’s foreign reserves drop to $41bn-Central Bank of Nigeria (CBN) report released said
Nigeria’s foreign reserves dropped from $42 billion to $41 billion. The report, The Movement in
Reserves, posted on the CBN website, said the reserves stood at $40.5 billion as at March 25, 2010. It
said the reserves had earlier been hovering on $42 billion, sometimes rising to $43 billion and $44
billion in the third quarter of last year.
March CBN understudies Malaysia in financial crisis management-Following recent crisis that bedeviled 47 43 All-Share Index recorded -1.69%
31
the banking sector, the Central Bank of Nigeria (CBN) is taking clues from Malaysian Central Bank on decline to close at 25,966.25 and
how best to avert such calamity from reoccurring.CBN said its interest in Malaysia stems from the Market capitalization depreciated by
successful banking and financial reforms the country undertook which provide a benchmark for the N107.808 billion to close at N6.280
current banking reforms of Nigeria’s apex bank. trillion. The day’s report was titled:
UBA declares common year end
results with 10k dividend and 1 for 5
bonus

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ISSN 1597 - 8842 Vol. 1 No.

Quarterly Edition: Q1 2010

The Monthly NCM Report for March 10

Transactions Volume and Value Trend 17

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 2

We value your feedback and comments.

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 3

The trend appeared sustainable for several reasons (http://proshareng.com/blog/?p=243):

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 4

The Market – Game On

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 5

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 6

Source: NSE, Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 7

The enthusiasm shown by the market appears sustainable.

Source: NSE, Proshare Research

Q1 2010 Market Dynamics

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 8

Source: NSE, Proshare Research

Comparison of 2009 and 2010 Market Performance

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 9

Jan-02-09 31,357.24 6.93 43.31

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 10

NSE -30 INDEX

Source: NSE, Proshare Research

NSE -FOOD INDEX

Source: NSE, Proshare Research

NSE -BANKING INDEX

Source: NSE, Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 13

NSE -INSURANCE INDEX

Source: NSE, Proshare Research

NSE -OIL INDEX

Source: NSE, Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 14

LAST TRADING DAY - SNAPSHOT

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 15

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 16

Market Q1 '09' Q1 '10' % Change

Total Volume of stocks Traded (in millions) 19115.93 26957.75 41.02%

New Listing and Delisting Q1 '09' Q1 '10' % Change

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 17

Source: NSE, Proshare Research

Source: NSE, Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 18

Company Total Trade Total Volume Total Value

ZENITHBANK 18030 28,888,832,332.92

RECALL TOP TEN TRADES FOR THE 2009 FIRST QUARTER

Company Total Trade Total Volume Total Value

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 19

Source: NSE, Proshare Research

Source: NSE, Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 20

Top Twenty Losers in the Quarter

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 21

Gainers and Losers Compared

Source: Proshare Research

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 22

Following the conversion of US$8 million

Following the conclusion of Placing with

Equity Assurance Following the conclusion of offer for

Supplementary Listing in the Month of February 2010

Supplementary Listing in the Month Units Listed

The Monthly NCM Report for Q1 2010 www.proshareng.com Page 23