HE LATEST NOIPolls Consu­mer Confidence

Index, Nielsen 2014 Consumer Confi dence Survey, and FBN Manu­facturing Purchasing Managers’ Index (PMI) have thrown up some sur-prises. Contrary to newspa-per headlines and talking heads claims on the dismal state of the economy, the polls show Nigerian busi-nesses and consumers are feeling upbeat.

Rising confidence is proof of the resilience of confidence in Africa’s largest economy. This comes in the face of fall-ing oil prices, a battered stock market, and declining foreign exchange rates. The preva-lence of optimism among Nigerians about the economy has been commented on be-fore.

For example, the Mas­terCard Consumer Con­fidence Index released in November 2014 showed that Nigeria has the high-est consumer confidence in Africa with a score of 96.9. Consumer confidence in Mo-rocco (79.6), South Africa (58.7) and Kenya (38.8) lags behind.

The MasterCard survey was conducted between July 2014 and August 2014 on 12,205 respondents aged 18 – 64 in 27 countries within Asia/Pacific, Middle East and Africa.

Business confidence not slowing down

FBN Capital begun pub-lishing its Purchasing Manag-ers’ Index in May 2013. Since then, it has carried out the survey every month, now in its 21st edition. FBN, an invest-ment bank, describes the index as a temperature gauge of the manufacturing sector and the only one of its kind in Nigeria.

Adopting a base of 50 for unchanged, above 50 for bet-ter, and below 50 for worse, the December 2014 results

show a ‘robust pickup’ of the headline reading to 60.4, a gain 4.6 points above 55.6 recorded in November. The

survey also showed three of the five sub-indices (SI) had risen. The Output SI fell to 56 ↓5.08%, Employment SI rose to 58 ↑18.37%, New Orders SI was unchanged at 62, Suppliers’ Deliv­ery Times SI climbed to 62 ↑10.71%, and Stock of Pur­chases SI increased to 64 ↑20.75%.

The report offered four vi-tal takeaways. If the federal government’s power road-map leads to the improve-ment in electricity supply to match demand, analysts at FBN Capital are of the opinion that it could add up to 2 per cent to the coun-try’s GDP. They also cited comments by Dr. Ngozi Okonjo-Iweala, the minis-ter of finance and coordinat-ing minister of the economy, that insecurity in the north-eastern parts of Nigeria has shaved off half a percentage point off the gross domestic product.

The authors of the PMI survey report note that it is yet early days to determine with precision the impact of the new normal instigated by the Central Bank of Nige-ria’s decision to raise the pol-icy rate by 100 basis points to 13.00 per cent, and the cash reserve requirement (CRR) on banks’ private sector de-posits by 500 basis points to 20.00 per cent.

Vanguard Markets | Monday, February 23, 2015 | Issue 030

FIXED INCOME & FOREX

Consumer confidence holding up

Source: FMDQ

T

Rising confidence is proof of the resilience of confidence in Africa’s largest economy

We view the closure of the rDAS window as a positive development which has moderated the level of uncertainty and apprehensiveness in the FX and capital market regarding possible direction of CBN on exchange rate management.

- Afrinvest, February 20, 2015

Currency Central Rate

SWISS FRANC 209.4766

YEN 1.6678

WAUA 236.8847

RIYAL 52.9108

DANISH KRONE 30.3730

SDR 280.5996

FOREX RATES

POSITIVE OUTLOOK

! Page VM2

MoFr167.0

175.0

191.0

183.0

199.0198.5

Tu We Th Fr

$/N

MoFr255.0

268.0

294.0

281.0

307.0306.8215

Tu We Th Fr

£/N

MoFr188.0

198.0

218.0

208.0

228.0226.1312

Tu We Th Fr

Euro/N

MoFr25.00

27.00

31.00

29.00

33.00

Tu We Th Fr

CNY/N 31.7311

MoFr0.27

0.28

0.30

0.29

0.31

Tu We Th Fr

CFA/N 0.2813

Consumers are not as pessimistic about the economy as the pundits would have Nigerians believe. Three polls, one international and two local, show that Nigerian businesses and consumers are more upbeat about the economy than they are given credit for. This is not to say that optimism alone is evidence of how things will turn out. It does, however, send a strong message about a continuing faith in the economy and its managers.

BUSINESSVM2

POSITIVE OUTLOOK

SLIPPERY TERRAIN

VM | Monday, February 23, 2015 | Issue 030

Consumer confidence holding up

Afren jilts Seplat on Val’s Day eve

Afren engineers on a rig

W Continued from Page VM1

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

These increases have raised borrowing costs for manufacturers, but the bur-den falls more on the bigger companies as SMEs have less exposure to bank loans. Last, but not least, all sizes of manufacturing companies that import raw materials will bear the brunt of the ex-change rate reset of the naira.

Ultimately, the cost of these readjustments will be passed on to consumers, especially buyers of food and beverages, textiles, household materials and communication gadgets.

Optimism not missing with Nielsen

Early this month, Nielsen, the global information and measurement company, re-leased results of its fourth-quarter 2014 Consumer Confidence Survey carried

out in Nigeria, Ghana, and Kenya. Nigeria reported the highest score (127) among the three countries. It beat Ghana (102) and Kenya (113) to claim the top spot for con-sumer confidence.

Responses to Nielsen’s CCS questionnaire on employment prospects in Nigeria showed an improvement from 58 per cent to 64 per cent.

Hoi polloi are cautious not pessimistic imply NOIPolls

The Gallup Polls-affiliated NOIPolls Consumer Confi-dence Index for January is tepid in its assessment of consumer confidence. The overall index fell by 6 points to 61.39. It was weighed down by the Expectation of Pric­es of Goods and Services Index (67.90), which shows that consumers strongly ex-

pect that the prices of goods and services will increase.

On the brighter side, the Current Economic Situ­ation Index (33.8) saw a

rise of 2.3 points indicating a modest increase in consumer confidence in the present situ-ation of the economy. The Ex­pectation of the Country’s

Economic Situation Index (91.76) improved by 5.1 points giving evidence of higher con-sumer confidence of an im-proved economic situation.

Since employment has been a major theme in politi-cal campaigns, it is pertinent to note that the Current Employment Condition Index (61.02) can be read as respondents’ satisfaction with their current employ-ment condition.

Similarly, another theme in this campaign season has been the cost of living. It would cheer Peoples Demo-cratic Party (PDP) stalwarts that the Current Prices of Goods and Services Index (18.06) can be interpreted as consumer perception that the prices of goods and services have decreased.

In the endIn the run-up to elections,

business and consumer con-fidence indices can be handy weapons for either side. This is easier said than done be-cause these indices are open to divergent interpretations. Whatever be the case, the mere fact that there was no precipitous slide in the three confidence indices should give confidence to the ruling party. If that confidence is misplaced, only election day will tell. ;

In the run-up to elections, business and consumer confidence indices can be handy weapons for either side

Where did things go wrong?

It was touted as the trans-formational deal that would catapult two local champi-ons with first class interna-tional credentials into the Big League. In the end it was not to be. On Friday, February 13, Afren announced that it would not grant a further extension to Seplat and, as a consequence, was ending merger talks. News of the deal first appeared a few days to Christmas.

Tit for tatIn its statement, Afren

stated that its Board ‘has not received any proposal from Seplat that it believes is ca-pable of being implemented on terms satisfactory to all relevant stakeholders in the Company.’ Therefore, it had decided that ‘continuing dis-cussions with Seplat is not in the best interests of the Company’s stakeholders.’ Afren’s distaste at Seplat’s

offer or failure to make a sat-isfactory one is clear as it did not issue a joint statement with the company. ‘This an-nouncement is made without Seplat’s consent.’

On its part, Seplat could not resist paying back the favour. Its statement to the Nigerian Stock Exchange said that ‘In light of Afren’s deci-sion, Seplat confirms that it does not intend to make an offer for Afren’ and that ‘This announcement is made with-out Afren’s consent.’

Patient dealmakerSeplat has gained a reputa-

tion for cautious dealmaking at the best price for its share-holders so it is not likely that its share price would suffer for the failed talks. In fact, its reputation may be enhanced from this. Afren’s past gov-ernance burdens may also have been a factor in Seplat’s slow pace.

Analysts at Ecobank trace Seplat’s lack of zeal to its ‘re-

cent completion of the acqui-sition of two Chevron blocks onshore Nigeria, OML 55

and OML53.’ Seplat is in a good place because ‘with minimal capex, we estimate

the two blocks can be upgrad-ed to produce over 10,000 net to Seplat.’

What next?This is not to say that Afren

is no longer a beautiful bride. It has valuable assets like ‘the Ebok field which is a low cost producing field onshore Nigeria and a stake in the off-shore OPL 310, in which the company made the third larg-est global reserve discovery in 2013’ and its share price is attractive.

There is also a loophole in UK law that allows Seplat to return with an offer in six months. Maybe its love proposal would sound more convincing then if no serious suitors turn up for Afren the interim period.

In the time being, creditor patience with Afren is wear-ing thin. In January, the ex-plorer disclosed that it need-ed at least £200m in new shareholders’ funds to repair its beleaguered balance sheet.

Afren and Seplat are listed on the London Stock Ex-change. ;

LEGEND

15-week trading bar:This bar shows the volume of the company’s shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a company’s shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. • Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

• Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week• Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

• Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

• Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES – FEB 16 – 23, 2015MARKET REVIEW – FEBRUARY 16 – 23, 2015

TRADING UPDATE

Agriculture 1 2 2Conglomerates 2 3 0

Construction/Real Estate 2 6 1Consumer Goods 6 15 10

Financial Services 9 36 12Healthcare 1 7 2

ICT 0 10 1Industrial Goods 1 15 5

Natural Resources 1 4 0Oil & Gas 0 4 7Services 4 8 6

Declined Unchanged Advanced

TOP DECLINERS WTD

UACN PROPERTY DEVELOPMENT CO. PLC -17.5

CHAMPION BREWERIES PLC -15.82

JULIUS BERGER NIGERIA PLC -14.23

CADBURY NIGERIA PLC -9.73

HONEYWELL FLOUR MILL PLC -7.94

TOP GAINERS WTD

MAY & BAKER NIGERIA PLC 14.81

NATIONAL SALT COMPANY NIGERIA PLC 14.17

UNITED BANK FOR AFRICA PLC 13.67

N.E.M INSURANCE CO.(NIG) PLC 13.21

ZENITH INTERNATIONAL BANK PLC 11.2

TOP DECLINERS WTD

INTERNATIONAL BREWERIES PLC -7.26

CAP PLC -6.84

R. T. BRISCOE (NIG.) PLC -5.95

A. G. LEVENTIS (NIGERIA) PLC -5

BETA GLASS COMPANY (NIG.) PLC -5

TOP GAINERS WTD

GUARANTY TRUST BANK PLC 28.12

THE OKOMU OIL PALM COMPANY PLC 21.47

FBN HOLDINGS PLC 16.95

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD 15.72

PRESCO PLC 15.64

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD Liquidity

Rating2Close Change, % Volume Open Week Hi Week Lo Change, % Volume Open Change, % Volume Low Close ( ) High

7UP 151.00 0.27% 29 149.17 156.98 144.02 1.23% 3,916 162.00 -6.79% 63,112 81.23 197.94 -5.03% ABCTRANS 0.52 1.96% 199 0.54 0.54 0.51 -3.70% 16,470 0.53 -1.89% 54,619 0.51 0.92 -8.77%

ACCESS 5.60 0.00% 341,179 5.32 5.94 4.74 5.26% 2,950,024 4.99 12.22% 10,523,538 4.50 10.18 -10.97% AGLEVENT 1.18 -0.84% 97 1.18 1.19 1.14 0.00% 3,813 1.26 -6.35% 5,660 1.14 1.75 -9.92%

AIICO 0.74 2.78% 11,366 0.75 0.77 0.71 -1.33% 104,850 0.78 -5.13% 550,902 0.65 0.90 -11.90% AIRSERVICE 2.10 5.00% 3,941 2.04 2.10 2.00 2.94% 13,585 1.75 20.00% 398,112 1.56 3.12 23.53% ASHAKACEM 18.98 4.98% 1,333 17.37 18.98 16.86 9.27% 3,845 20.91 -9.23% 25,313 13.87 34.60 -8.79%BETAGLAS 29.92 0.00% 0 28.50 29.92 28.00 4.98% 2,394 28.75 4.07% 117,300 15.49 31.49 13.33%CADBURY 38.81 -2.97% 3,873 40.00 44.00 38.80 -2.97% 6,433 39.00 -0.49% 25,947 33.10 86.25 -7.60%

CAP 37.89 4.96% 23 36.82 38.58 35.00 2.91% 5,090 36.99 2.43% 13,983 33.01 49.00 1.58% CCNN 10.69 -0.19% 1,221 9.62 10.71 9.62 11.12% 7,242 9.03 18.38% 32,678 8.00 15.98 8.20%

CONOIL 32.00 8.47% 996 30.97 32.00 29.50 3.33% 1,671 34.40 -6.98% 13,574 29.50 79.51 -6.98%CONTINSURE 0.86 0.00% 314 0.80 0.90 0.80 7.50% 29,618 0.92 -6.52% 117,451 0.80 1.24 -11.34%COURTVILLE 0.50 0.00% 1,111 0.50 0.50 0.50 0.00% 7,458 0.50 0.00% 20,272 0.50 0.77 0.00%CUSTODYINS 3.90 -1.27% 10,681 3.93 3.95 3.72 -0.76% 78,818 3.81 2.36% 820,208 1.90 4.35 11.11%

CUTIX 1.57 1.95% 1,130 1.57 1.61 1.47 0.00% 8,949 1.53 2.61% 18,241 1.21 2.10 17.16%DANGCEM 153.95 0.72% 34,379 141.90 156.00 139.10 8.49% 104,584 156.00 -1.31% 307,049 139.10 250.02 -18.97%

DANGFLOUR 3.47 4.83% 7,192 3.60 3.60 3.09 -3.61% 25,461 3.19 8.78% 413,137 2.88 9.97 -21.14% DANGSUGAR 6.19 -0.16% 7,103 6.14 6.32 5.89 0.81% 160,560 5.51 12.34% 2,282,075 4.70 12.00 2.48% DIAMONDBNK 3.82 2.96% 179,894 3.50 3.89 3.45 9.14% 1,203,557 4.00 -4.50% 3,575,987 3.45 7.05 -29.91%

ETERNA 2.51 5.02% 50 2.39 2.51 2.39 5.02% 1,717 2.56 -1.95% 37,824 2.39 5.35 -16.05%ETI 16.00 1.85% 16,385 16.15 17.00 15.15 -0.93% 261,707 15.05 6.31% 3,448,291 12.40 20.28 -12.09%

FBNH 7.45 4.93% 385,251 6.37 7.45 6.35 16.95% 1,392,921 7.49 -0.53% 8,773,126 6.35 16.52 -14.37% FCMB 2.07 2.48% 69,207 2.00 2.10 1.93 3.50% 1,469,973 2.09 -0.96% 4,038,397 1.93 4.64 -17.20%

FIDELITYBK 1.19 -0.83% 42,658 1.25 1.26 1.13 -4.80% 700,499 1.34 -11.19% 4,060,534 1.13 2.40 -25.63% FIDSON 3.00 3.45% 1,590 2.93 3.01 2.79 2.39% 13,359 3.39 -11.50% 121,704 2.32 3.90 -19.14%

FLOURMILL 31.48 4.93% 21,875 29.40 31.48 26.60 7.07% 169,401 37.00 -14.92% 457,488 26.60 73.91 -19.57% FO 220.40 -0.72% 12,050 212.10 231.99 192.00 3.91% 20,562 224.00 -1.61% 52,989 81.21 259.94 -2.95%

GLAXOSMITH 39.90 -0.05% 564 41.00 42.00 39.90 -2.68% 11,469 38.63 3.29% 45,558 38.22 72.45 -15.84% GUARANTY 21.78 3.71% 225,450 17.00 22.93 16.69 28.12% 2,123,466 21.00 3.71% 6,750,319 16.69 31.80 -13.50% GUINNESS 120.55 -2.21% 563 114.01 124.95 110.00 5.74% 11,922 129.78 -7.11% 68,203 110.00 214.99 -27.07%

HONYFLOUR 2.83 0.00% 2,130 3.00 3.00 2.83 -5.67% 11,046 3.00 -5.67% 51,425 2.83 4.50 -14.24% INTBREW 17.98 -0.11% 297 18.44 18.44 17.98 -2.49% 17,233 20.80 -13.56% 81,703 17.52 32.20 -19.05% JBERGER 38.08 -4.80% 2,078 42.18 42.18 38.08 -9.72% 6,217 44.80 -15.00% 38,414 38.08 76.45 -33.92%

LINKASSURE 0.50 0 0 0.50 0.00% 100 0.50 0.50 0.00%MANSARD 2.82 -0.70% 1,111 2.82 3.00 2.82 0.00% 1,360 3.00 -6.00% 33,350 1.96 3.79 -9.32%MAYBAKER 1.55 9.93% 11,751 1.41 1.55 1.29 9.93% 24,005 1.51 2.65% 46,102 1.29 2.27 2.65%

MOBIL 157.50 -0.13% 14 153.00 157.70 150.00 2.94% 917 150.00 5.00% 3,176 112.54 182.00 1.44% MRS 48.02 0.00% 0 48.02 48.02 48.02 0.00% 0 50.54 -4.99% 1,167 41.84 70.00 -4.99%

NAHCO 4.73 -0.42% 4,136 4.53 4.98 4.51 4.42% 14,336 5.00 -5.40% 62,759 3.56 5.84 -5.40% NASCON 6.78 0.15% 1,651 6.17 7.13 5.88 9.89% 36,239 6.16 10.06% 293,379 5.68 13.50 8.13%

NB 134.00 0.23% 59,724 130.00 134.72 122.55 3.08% 186,777 144.00 -6.94% 986,630 122.55 189.00 -17.79% NEIMETH 0.71 0.00% 0 0.71 0.71 0.71 0.00% 100 0.74 -4.05% 7,381 0.67 1.99 -6.58%

NEM 0.60 3.45% 101,692 0.53 0.60 0.51 13.21% 305,353 0.57 5.26% 433,889 0.51 0.90 -7.69% NESTLE 820.00 0.00% 31,618 751.00 820.00 743.00 9.19% 37,335 820.97 -0.12% 103,956 743.00 1,200.00 -17.64%

NIGERINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 335 0.50 0.00% 6,386 0.50 0.54 0.00%NNFM 17.15 0.00% 0 17.15 17.15 17.15 0.00% 210 17.15 0.00% 591 17.15 23.08 -1.15%OANDO 13.98 0.58% 14,063 13.24 15.00 12.83 5.59% 162,716 16.22 -13.81% 5,898,699 12.83 36.89 -20.11%

OKOMUOIL 32.24 -4.87% 5,740 29.29 35.58 27.86 10.07% 69,079 24.46 31.81% 185,990 23.20 42.98 28.96% PAINTCOM 1.50 0 1.53 1.53 1.50 -1.96% 10 1.50 0.00% 4,360 1.33 1.99 2.04%PORTPAINT 3.83 0 0 3.70 3.51% 4,398 3.52 5.77 3.23%

PRESCO 31.00 5.59% 2,372 29.80 32.38 27.98 4.03% 27,856 29.63 4.62% 164,812 20.88 46.30 20.53% PRESTIGE 0.50 0.00% 0 0.50 0.50 0.50 0.00% 130 0.50 0.00% 7,509 0.50 0.63 0.00%

PZ 27.50 0.73% 477 26.00 27.50 26.00 5.77% 102,561 24.82 10.80% 333,333 16.60 39.80 15.79% REDSTAREX 3.80 0.00% 1,136 3.80 3.90 3.71 0.00% 2,447 3.89 -2.31% 20,490 3.44 5.35 1.06%ROYALEX 0.50 0.00% 250 0.50 0.50 0.50 0.00% 1,235 0.50 0.00% 21,960 0.50 0.64 -3.85%

RTBRISCOE 0.76 -3.80% 109 0.80 0.80 0.73 -5.00% 4,448 0.67 13.43% 85,334 0.58 1.36 -9.52%SEPLAT 445.53 2.00% 1,828 368.00 481.57 368.00 21.07% 10,777 314.44 41.69% 20,308 252.93 735.00 26.75%

SKYEBANK 2.01 0.50% 40,507 1.82 2.10 1.70 10.44% 1,416,003 2.13 -5.63% 3,023,700 1.70 4.16 -20.55% SOVRENINS 0.50 0 0.50 0.50 0.50 0.00% 131 0.50 0.00% 738 0.50 0.50 0.00%STANBIC 24.41 0.04% 13,846 24.90 25.00 24.00 -1.97% 48,002 26.00 -6.12% 184,072 19.18 35.00 -9.86%

STERLNBANK 2.22 -1.33% 6,636 2.32 2.32 2.20 -4.31% 58,324 2.47 -10.12% 616,056 2.09 2.74 -8.26% TOTAL 140.00 -3.09% 149 130.43 144.46 130.43 7.34% 951 148.90 -5.98% 4,029 130.43 195.50 -6.05%

TRANSCORP 2.45 -7.89% 140,125 2.28 2.80 2.19 7.46% 1,000,192 3.00 -18.33% 4,084,898 2.19 7.08 -23.68% UAC-PROP 10.00 0.00% 432 11.35 11.35 9.84 -11.89% 8,729 8.97 11.48% 37,444 8.09 21.31 4.49%

UACN 34.00 0.03% 180,463 34.58 34.80 33.00 -1.68% 223,332 37.17 -8.53% 329,687 26.00 67.85 0.00% UBA 3.41 8.25% 472,116 3.00 3.41 2.94 13.67% 2,416,929 3.56 -4.21% 4,901,865 2.90 8.26 -21.06%

UBCAP 1.32 -0.75% 45,462 1.33 1.47 1.27 -0.75% 155,108 1.55 -14.84% 546,790 1.27 3.04 -21.43% UBN 8.92 9.85% 4,422 8.80 8.92 8.12 1.36% 24,719 9.00 -0.89% 196,259 6.48 10.89 4.94%

UNILEVER 32.66 -1.09% 1,030 34.01 34.01 32.35 -3.97% 15,786 34.44 -5.17% 590,755 27.00 55.00 -13.12% UNITYBNK 0.50 0 0.50 0.50 0.50 0.00% 631 0.50 0.00% 61,175 0.50 0.50 0.00%VITAFOAM 3.59 8.79% 10,935 3.42 3.59 3.25 4.97% 14,515 3.75 -4.27% 285,622 3.23 4.72 -6.27%

WAPCO 85.00 1.20% 5,052 79.00 85.01 75.10 7.59% 14,059 81.00 4.94% 120,217 66.50 136.73 4.94% WAPIC 0.50 0.00% 7,035 0.50 0.50 0.50 0.00% 107,300 0.53 -5.66% 608,345 0.50 0.99 -21.88%

WEMABANK 0.98 1.03% 7,690 0.94 0.99 0.90 4.26% 297,749 0.91 7.69% 538,515 0.85 1.21 6.52% ZENITHBANK 17.37 0.99% 53,902 15.62 18.18 15.49 11.20% 718,163 17.50 -0.74% 5,086,114 14.54 25.80 -3.50%

MARKET DATA VM3VM | Monday, February 23, 2015 | Issue 030

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 5.6010.184.50

YtD -0.69 -1.86 0.285.26%3M 1W

0.28

Nov Dec Jan

-10.97% -24.93%

16/02

M T W T F

20/02

ASHAKACEM 18.9834.6013.87

YtD -1.83 -2.87 1.619.27%3M 1W

1.61

Nov Dec Jan

-8.79% -13.14%

16/02

M T W T F

20/02

CADBURY 38.8186.2533.10

YtD -3.19 -5.49 -1.19-2.97%3M 1W

1.19

Nov Dec Jan

-7.60% -12.39%

16/02

M T W T F

20/02

CAP 37.8949.0033.01

YtD 0.59 1.89 1.072.91%3M 1W

1.07

Nov Dec Jan

1.58% 5.25%

16/02

M T W T F

20/02

CCNN 10.6915.988.00

YtD 8.20% 2.30% 11.12%0.243M 1W

1.07

Nov Dec Jan

8.67 0.81

16/02

M T W T F

20/02

CONTINSURE 0.861.240.80

YtD -0.11 -0.03 0.067.50%3M 1W

0.06

Nov Dec Jan

-11.34% -3.37%

16/02

M T W T F

20/02

FCMB 2.074.641.93

YtD -0.43 -1.06 0.073.50%3M 1W

0.07

Nov Dec Jan

-17.20% -33.87%

16/02

M T W T F

20/02

GUARANTY 21.7831.8016.69

YtD -3.40 -1.34 4.7828.12%3M 1W

4.78

Nov Dec Jan

-13.50% -5.80%

16/02

M T W T F

20/02

MANSARD 2.823.791.96

YtD -0.29 -0.04 0.000.00%3M 1W

0.00

Nov Dec Jan

-9.32% -1.40%

16/02

M T W T F

20/02

OANDO 13.9836.8912.83

YtD -3.52 -5.89 0.745.59%3M 1W

0.74

Nov Dec Jan

-20.11% -29.64%

16/02

M T W T F

20/02

STANBIC 24.4135.0019.18

YtD -2.67 -3.79 -0.49-1.97%3M 1W

0.49

Nov Dec Jan

-9.86% -13.44%

16/02

M T W T F

20/02

UBA 3.418.262.90

YtD -0.91 -0.89 0.4113.67%3M 1W

0.41

Nov Dec Jan

-21.06% -20.70%

16/02

M T W T F

20/02

DANGCEM 153.95250.02139.10

YtD -36.05 -17.60 12.058.49%3M 1W

12.05

Nov Dec Jan

-18.97% -10.26%

16/02

M T W T F

20/02

FIDELITYBK 1.192.401.13

YtD -0.41 -0.47 -0.06-4.80%3M 1W

0.06

Nov Dec Jan

-25.63% -28.31%

16/02

M T W T F

20/02

GUINNESS 120.55214.99110.00

YtD -44.75 -40.35 6.545.74%3M 1W

6.54

Nov Dec Jan

-27.07% -25.08%

16/02

M T W T F

20/02

MOBIL 157.50182.00112.54

YtD 2.23 0.75 4.502.94%3M 1W

4.50

Nov Dec Jan

1.44% 0.48%

16/02

M T W T F

20/02

OKOMUOIL 32.2442.9823.20

YtD 7.24 7.24 2.9510.07%3M 1W

2.95

Nov Dec Jan

28.96% 28.96%

16/02

M T W T F

20/02

TOTAL 140.00195.50130.43

YtD -9.01 -7.36 9.577.34%3M 1W

9.57

Nov Dec Jan

-6.05% -4.99%

16/02

M T W T F

20/02

UNILEVER 32.6655.0027.00

YtD -4.93 -0.34 -1.35-3.97%3M 1W

1.35

Nov Dec Jan

-13.12% -1.03%

16/02

M T W T F

20/02

DIAMONDBNK 3.827.053.45

YtD -1.63 -1.75 0.329.14%3M 1W

0.32

Nov Dec Jan

-29.91% -31.42%

16/02

M T W T F

20/02

FLOURMILL 31.4873.9126.60

YtD -7.66 -12.62 2.087.07%3M 1W

2.08

Nov Dec Jan

-19.57% -28.62%

16/02

M T W T F

20/02

HONYFLOUR 2.834.502.83

YtD -0.47 -0.38 -0.17-5.67%3M 1W

0.17

Nov Dec Jan

-14.24% -11.84%

16/02

M T W T F

20/02

NASCON 6.7813.505.68

YtD 0.51 -0.42 0.619.89%3M 1W

0.61

Nov Dec Jan

8.13% -5.83%

16/02

M T W T F

20/02

PRESCO 31.0046.3020.88

YtD 5.28 4.70 1.204.03%3M 1W

1.20

Nov Dec Jan

20.53% 17.87%

16/02

M T W T F

20/02

UACN 34.0067.8526.00

YtD 0.00 -9.00 -0.58-1.68%3M 1W

0.58

Nov Dec Jan

0.00% -20.93%

16/02

M T W T F

20/02

WAPCO 85.00136.7366.50

YtD 4.00 8.00 6.007.59%3M 1W

6.00

Nov Dec Jan

4.94% 10.39%

16/02

M T W T F

20/02

ETI 16.0020.2812.40

YtD -2.20 -1.00 -0.15-0.93%3M 1W

0.15

Nov Dec Jan

-12.09% -5.88%

16/02

M T W T F

20/02

FO 220.40259.9481.21

YtD -6.70 26.80 8.303.91%3M 1W

8.30

Nov Dec Jan

-2.95% 13.84%

16/02

M T W T F

20/02

INTBREW 17.9832.2017.52

YtD -4.23 -9.89 -0.46-2.49%3M 1W

0.46

Nov Dec Jan

-19.05% -35.49%

16/02

M T W T F

20/02

NB 134.00189.00122.55

YtD -29.00 -22.90 4.003.08%3M 1W

4.00

Nov Dec Jan

-17.79% -14.60%

16/02

M T W T F

20/02

PZ 27.5039.8016.60

YtD 3.75 6.41 1.505.77%3M 1W

1.50

Nov Dec Jan

15.79% 30.39%

16/02

M T W T F

20/02

UAC-PROP 10.0021.318.09

YtD 0.43 -0.49 -1.35-11.89%3M 1W

1.35

Nov Dec Jan

4.49% -4.67%

16/02

M T W T F

20/02

ZENITHBANK 17.3725.8014.54

YtD -0.63 -3.63 1.7511.20%3M 1W

1.75

Nov Dec Jan

-3.50% -17.29%

16/02

M T W T F

20/02

TICKER 25.2327.4019.23

1YtD 0.230.92%

2.9012.99%

0.010.04%3M 1W

0.01

May June July21/07

M T W T F

25/07

FBNH 7.4516.526.35

YtD -1.25 -1.66 1.0816.95%3M 1W

1.08

Nov Dec Jan

-14.37% -18.22%

16/02

M T W T F

20/02

GLAXOSMITH 39.9072.4538.22

YtD -7.51 -12.10 -1.10-2.68%3M 1W

1.10

Nov Dec Jan

-15.84% -23.27%

16/02

M T W T F

20/02

JBERGER 38.0876.4538.08

YtD -19.55 -22.58 -4.10-9.72%3M 1W

4.10

Nov Dec Jan

-33.92% -37.22%

16/02

M T W T F

20/02

NESTLE 820.001200.00743.00

YtD -175.60 -30.00 69.009.19%3M 1W

69.00

Nov Dec Jan

-17.64% -3.53%

16/02

M T W T F

20/02

SEPLAT 445.53735.00252.93

YtD 94.03 10.53 77.5321.07%3M 1W

77.53

Nov Dec Jan

26.75% 2.42%

16/02

M T W T F

20/02

3 4 5

8

12

9 10

11

6

13

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. 1-year price change9. 3-months price change10. 1-week price change11. Daily price movement over 3 months.12. 30-day moving average13. Daily price movement over last week

BUSINESSVM2 VM | Monday, February 23, 2015 | Issue 30