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Issu

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34

FIXED INCOME & FOREX

Tough choices face MPC meeting today

Source: FMDQ

VerbatimWith continued improvement in economic conditions, however, we do not want to rule out the possibility that an increase in the target range could be warranted at subsequent meetings. Let me emphasize, however, that the timing of the initial increase in the target range will depend on the Federal Open Market Committee’s assessment of incoming information.

- Janet Yellen, US Federal Reserve chair, March 18, 2015

Currency Central Rate

SWISS FRANC 199.4519

YEN 1.6236

WAUA 270.1251

RIYAL 52.3944

DANISH KRONE 28.2697

SDR 270.6198

FOREX RATES

MONETARY & CREDIT POLICY

! Page VM2

The quarterly communiqué issued at the end of every MPC meeting gives the best policy orientation of how the country’s economic managers assess its situation and its outlook. These have worsened since the committee’s last meeting in January, held against what it described as ‘the backdrop of challenging external conditions and downside risks in the domestic economic environment.’ Most market watchers expect the MPC to retain rates unchanged, but anything could happen.

MoFr195.9

196.2

196.8

196.5

197.1196.5

Tu We Th Fr

$/N

MoFr287.0

288.5

291.5

290.0

293.0290.5842

Tu We Th Fr

£/N

MoFr207.0

208.0

210.0

209.0

211.0210.7266

Tu We Th Fr

Euro/N

MoFr31.00

31.20

31.60

31.40

31.8031.6589

Tu We Th Fr

CNY/N

MoFr0.29

0.30

0.32

0.31

0.330.3098

Tu We Th Fr

CFA/N

In February, the Central Bank of Nigeria closed the Dutch Auction System to stop the naira being an easy target for currency speculators.

Nothing is sacrosanct THE CENTRAL BANK of Nigeria’s Monetary Policy Committee (MPC)

meets on Monday and Tuesday in what many are calling its most im-portant meeting in years. The out-come of its deliberations are awaited with bated breath. This will offer the first substantive monetary and credit guidelines since the apex bank’s tacit devaluation of the currency last month.

On February 18, the CBN scrapped the bi-weekly Dutch Auction Sys-tem (DAS). Until its closure, DAS accounted for 10% of all forex trans-actions. By that act, the CBN did away with its official exchange rate peg of NGN168/$1 +/- 5%. The peg was imposed after a devaluation in November. The February decision came barely four weeks after it had affirmed this rate band at the MPC’s meeting in January.

The CBN has little room for ma-noeuvre. Nigeria’s foreign reserves have suffered a precipitous fall due to the drop in oil prices. Crude oil pumps in 90% of the country’s for-eign exchange earnings and about 80% of the federal government’s revenue. In consequence, the apex bank’s beleaguered arsenal leaves it with few palatable options. The adverse effects are being felt on in-flation, employment, savings, and investment.

It is pertinent to recall that on his assumption of office, Godwin Emefiele, the CBN governor, gave hints that he would review the tight monetary policy instituted by Sa-nusi Lamido Sanusi, his prede-cessor in office, to address excess liquidity concerns. This week’s MPC meeting may offer Emefiele the chance to set his own course.

He stated his readiness to go in the opposite direction in the maiden speech he gave in June. ‘We shall pursue a gradual reduction in in-terest rates… To enhance financial access and reduced borrower cost of credit, we would pursue policies targeted at making Nigeria’s T-bill rates more comparable with other emerging markets and by extension, pursue a reduction in both deposit and lending rates. While a reduc-tion in deposit rates would encour-age investment attitudes in savers, a reduction in lending rates would make credit cheaper for potential investors.’

Hard choicesIn the present environment the

MPC faces its biggest challenge in a long time. The committee was set up ‘in order to facilitate the attainment of price stability and to support the economic policy of the Federal Gov-ernment,’ by handling ‘the responsi-bility for formulating monetary and credit policy.’

Monetary policy covers the control of money supply by target-ing inflation and interest rates to en-sure price stability and confidence in the naira. Its counterpart, credit policy is the use of the financial sys-tem to influence aggregate demand. It is focused on bank lending rates and the availability of loans to firms and households. This preoccupation with credit policy stems from the view that the CBN can control the flow of credit and demand stimula-tion by setting the monetary policy (base) rate, and by extension, the health of the economy.

That responsibility places it be-tween the devil and the deep blue sea as it weighs its options this week.

In MPC Meeting: Considerations

and Policy Options, a note published last week by FSDH Research, the analysts adduce reasons why the CBN is unlikely to change rates.

Raising rates would pinch banks further and stymie lend-ing to businesses and house-holds. For years, beginning during the Sanusi governorship, the CBN offered an attractive yield on gov-ernment debt drawing in foreign creditors in search of a place to park funds turned away by the accommo-dative interest rates in the EU and US.

According to FSDH, a cursory glance ‘at the trend analysis of the yield on the 1-year U.S. Treasury Bill and the 1-year Nigeria Treasury Bill’ shows ‘that the premium between

the yields on the two bills increased to 18.66% as at March 18, 2015 from 14.83% as at January 20, 2015.’

The 383 basis points increase in 8 weeks places ‘the current premium among one of the highest in the world, and capable of stimulating ex-ternal and internal inflows into the government treasury bills market.’

Verdict: If the MPC raises rates, it would have the unintended effect of acting as ‘a disincentive for lend-ing to the private sector; an addi-tional increase in rate would not be desirable.’

The softness of the Nigerian economy places 2015 growth in a vulnerable position. FSDH forecasts GDP growth for 2015 at 5.68%, representing a 54 basis points decline from 6.22% growth recorded in 2014. An attempt to hike rates in the analysts’ view ‘may fur-ther lead to a weakness in the GDP growth rate.’

Verdict: If the MPC raises inter-est rates it would place 2015 GDP growth at risk.

Sooner than later, creditors will reprice the risk of holding Nigerian government paper without any need for MPC in-tervention. As at March 18, the av-erage yields on the 90-day and 180-day Nigerian Treasury Bills (NTBs) have fallen 28 basis points to 11.24% and 3 basis points to 15.24% respec-tively since the January MPC meet-ing. In comparison, the average 364-day has increased by 61 basis points to 17.65% during the same period.

The mismatch shows a lag in pric-ing of risk attached to lending to the Nigerian government. Rather than falling like its shorter-term siblings, FSDH predicts that market forces will drive up the yields on 90-day and 180-day paper in the short-to-medium term. This view is hinged on ‘the expected rise in the inflation rate, weak fiscal position of the Fed-eral Government of Nigeria (FGN) and the expected increased borrow-ing from the market.’

Verdict: The cost of government borrowing will go up anyway so there is no need to catalyze it.

The latest bump in the infla-tion rate will reset downwards in H2 2015, that is, after elections and the full absorption of effects of the currency devaluation. Though the in-flation rate has risen (8.4% in March versus 8.2% in January), it remains within single digits, the result of ‘monetary tightening and favourable prices in the international market.’

Verdict: A rise in the inflation rate to double digits between Q1 and Q2 will be short-lived once the devaluation is universally reflected in prices by Q3. This should recom-mend a non-interventionist (laissez-faire) approach to interest rates be-cause it would cure itself.

The devaluation of the naira and soaring US dollar have worsened trading conditions

for import-dependent busi-nesses. The fall in oil prices – de-spite recent marginal improvements -has had a deleterious effect on the country’s foreign reserves and the Central Bank’s ability to defend the currency. As a result, it acceded to the devaluation of the naira in Feb-ruary. Coupled with the appreciation of the US dollar’s appreciation many importers, and consumers, are feel-ing the squeeze. The US dollar’s rise can be explained as the market’s an-ticipation for a hike in interest rates by the second half of the year in the world’s largest economy.

Verdict: If the MPC raises rates it will tighten access to credit for businesses reeling from devaluation of the naira, putting them in an un-tenable situation.

The drop in foreign reserves would be aggravated by capital flight if the Central Bank re-duces interest rates. As at March 19, the country’s foreign reserves had fallen from $34.47 billion on January 20, the date of the last MPC meeting, to $30.08 billion, a drop of $4.39 bil-lion or -12.74%. The International Monetary Fund estimates that it still has some way to go – down to $28 billion by year end – before any improvements are seen from a recov-ery in oil prices. The Economist In-telligence Unit in a report released last week forecasts that the country will run a current account deficit of up to 3% of GDP in 2015.

Verdict: Given the unfavour-able foreign reserves and current account position, the MPC would be averse to seeing it deteriorate more by reducing rates, which would lead to capital flight.

The US angleJanet Yellen, chair of the United

States Federal Reserve went on the record this week to say that the central bank would not ‘rule out the possibility’ of a hike in interest rates at future meetings. This statement caused instant euphoria in markets around the world.

The implication for peripheral economies like Nigeria that have at-tracted international funds through high rates is that a reversal is in the works. A big chunk of these funds will return to the safety of US gov-ernment debt as soon as the Fed increases rates. The MPC’s decision to increases rates will make no dif-ference at all. Besides, with recent events in Nigeria, capital flight will continue till there is more clarity around the recovery of oil prices, politics, the broader economy.

Verdict: A reduction in interest rates is not the doomsday proposi-tion it is being made out to be.

To raise or not to raise this is the question. Both sides of the ar-gument have merits. Ultimately, the decision will come down to the ideological biases of individual MPC committee members. ;

MONETARY & CREDIT POLICY

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

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O

Tough choices face MPC meeting today

ECONOMYVM2 VM | Monday, March 23, 2015 | Issue 034

W Continued from Page VM1

Looking at the current and the short-to-medium term outlook for the Nigerian economy and the financial system, we are of the opinion that the MPC would vote to maintain rates at the current levels, as any decision to increase rates would hurt the fiscal position of the government at all levels and that of the private sector. A rate cut may lead to a capital flight, which would hurt the economy and the financial system.

– FSDH Research

MARKET DATA VM3VM | Monday, March 23, 2015 | Issue 034

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 – MAR 16 – 23, 2015MARKET REVIEW – MARCH 16 – MARCH 23, 2015

TRADING UPDATE

Agriculture 3 2 0Conglomerates 1 3 1

Construction/Real Estate 2 6 1Consumer Goods 9 17 5

Financial Services 19 35 3Healthcare 2 7 1

ICT 1 10 0Industrial Goods 8 12 1

Natural Resources 0 5 0Oil & Gas 5 4 2Services 5 11 2

Declined Unchanged Advanced

TOP DECLINERS WTD

AFRICA PRUDENTIAL REGISTRARS PLC -22.58

ZENITH INTERNATIONAL BANK PLC -19.95

DANGOTE FLOUR MILLS PLC -17.85

DIAMOND BANK PLC -14.82

FIDELITY BANK PLC -14.57

TOP GAINERS WTD

CHAMPION BREWERIES PLC 3.2

ASSOCIATED BUS COMPANY PLC 1.92

7-UP BOTTLING COMPANY PLC 1.31

NESTLE FOODS NIGERIA PLC 1.16

NATIONAL AVIATION HAN-DLING COMPANY PLC 0.6

TOP DECLINERS WTD

UNITED BANK FOR AFRICA PLC -14.53

MAY & BAKER NIGERIA PLC -13.41

TRANSNATIONAL CORPORA-TION OF NIG PLC -11

R. T. BRISCOE (NIG.) PLC -10.67

UNION BANK OF NIGERIA PLC -9.9

TOP GAINERS WTD

HONEYWELL FLOUR MILL PLC 7.91

GLAXO SMITHKLINE CONSUMER NIG. PLC 5

COSTAIN (WEST AFRICA) PLC 4.92

AIICO INSURANCE PLC 3.45

WEMA BANK PLC 3.23

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 156.01 0.65% 192 151.32 156.01 151.32 3.10% 2,482 151.00 3.32% 27,125 81.23 197.94 -1.88% ABCTRANS 0.55 0.00% 34 0.52 0.55 0.50 5.77% 2,697 0.52 5.77% 15,505 0.50 0.92 -3.51%

ACCESS 5.99 2.92% 3,689 6.10 6.69 5.78 -1.80% 1,877,451 5.60 6.96% 6,550,800 4.50 10.18 -4.77% AGLEVENT 1.29 0.00% 60 1.20 1.29 1.20 7.50% 222 1.18 9.32% 11,355 1.09 1.65 -1.53%

AIICO 0.86 -1.15% 36,523 0.90 0.91 0.83 -4.44% 127,313 0.74 16.22% 718,654 0.65 0.95 2.38% AIRSERVICE 1.79 5.29% 99 1.72 1.79 1.66 4.07% 8,050 2.10 -14.76% 29,855 1.56 2.79 5.29%ASHAKACEM 18.45 1.93% 2,043 18.50 19.60 17.93 -0.27% 4,634 18.98 -2.79% 42,162 13.87 34.60 -11.34% BETAGLAS 21.51 -4.70% 155 23.75 23.75 21.51 -9.43% 1,412 27.08 -20.57% 26,663 15.49 31.49 -18.52%CADBURY 39.22 0.00% 88 39.22 39.22 37.26 0.00% 1,947 38.81 1.06% 12,705 33.10 83.50 -6.62%

CAP 34.50 -4.91% 403 36.29 36.29 34.48 -4.93% 3,026 37.89 -8.95% 15,316 33.01 43.99 -7.51% CCNN 10.65 -5.00% 882 11.79 11.79 10.65 -9.67% 2,652 10.69 -0.37% 34,759 8.37 15.98 7.79%

CONOIL 32.30 0.00% 637 33.50 33.50 32.30 -3.58% 3,645 32.00 0.94% 21,870 29.50 79.51 -6.10% CONTINSURE 0.83 1.22% 27,990 0.84 0.87 0.82 -1.19% 41,233 0.86 -3.49% 536,730 0.80 1.24 -14.43%COURTVILLE 0.50 0.00% 121 0.50 0.50 0.50 0.00% 8,651 0.50 0.00% 38,695 0.50 0.73 0.00%CUSTODYINS 3.65 0.00% 923 3.90 4.00 3.65 -6.41% 132,665 3.90 -6.41% 298,073 1.95 4.35 3.99%

CUTIX 1.45 0 1.59 1.59 1.45 -8.81% 53 1.57 -7.64% 15,664 1.21 2.07 8.21%DANGCEM 150.05 -0.42% 137 153.01 153.72 148.03 -1.93% 56,406 153.95 -2.53% 144,871 139.10 250.02 -21.03%

DANGFLOUR 3.20 0.00% 1,563 3.53 3.53 2.90 -9.35% 11,234 3.47 -7.78% 60,449 2.88 9.14 -27.27% DANGSUGAR 6.10 1.50% 9,910 6.39 6.50 5.99 -4.54% 63,641 6.19 -1.45% 265,957 4.70 10.25 0.99% DIAMONDBNK 3.65 -3.95% 81,234 4.25 4.42 3.62 -14.12% 2,501,105 3.82 -4.45% 5,661,033 3.45 7.05 -33.03%

ETERNA 2.62 -1.13% 209 2.57 2.75 2.41 1.95% 13,331 2.51 4.38% 43,368 2.39 5.35 -12.37%ETI 17.30 0.87% 8,192 18.05 18.05 17.15 -4.16% 140,417 16.00 8.13% 1,133,815 12.40 20.28 -4.95%

FBNH 7.75 -1.02% 313,573 8.50 9.00 7.55 -8.82% 1,100,100 7.45 4.03% 11,851,779 6.35 16.52 -10.92% FCMB 2.57 -1.15% 212,125 2.59 2.60 2.39 -0.77% 1,128,846 2.07 24.15% 4,725,396 1.93 4.64 2.80%

FIDELITYBK 1.28 -1.54% 15,525 1.50 1.53 1.28 -14.67% 153,608 1.19 7.56% 2,356,589 1.13 2.35 -20.00% FIDSON 3.00 0.00% 4,850 3.00 3.00 2.93 0.00% 13,654 3.00 0.00% 43,260 2.32 3.90 -19.14%

FLOURMILL 32.83 1.77% 4,390 34.05 34.05 32.20 -3.58% 13,857 31.48 4.29% 413,351 26.60 73.55 -16.12% FO 190.05 5.00% 2,449 185.00 190.05 175.81 2.73% 4,074 220.40 -13.77% 27,444 86.50 259.94 -16.31%

GLAXOSMITH 42.01 0.00% 258 42.00 42.01 40.03 0.02% 6,674 39.90 5.29% 25,282 38.22 71.20 -11.39% GUARANTY 22.90 4.09% 166,122 25.00 25.02 21.38 -8.40% 771,825 21.78 5.14% 4,686,671 16.69 31.80 -9.05% GUINNESS 126.02 0.10% 13,527 126.00 128.00 121.00 0.02% 39,395 120.55 4.54% 84,926 110.00 214.99 -23.76%

HONYFLOUR 3.00 -1.32% 4,979 2.70 3.10 2.70 11.11% 19,643 2.83 6.01% 57,767 2.60 4.50 -9.09% INTBREW 17.25 1.35% 206 17.80 18.20 17.00 -3.09% 34,572 17.98 -4.06% 354,683 17.00 32.20 -22.33% JBERGER 43.00 6.44% 473 43.99 43.99 40.40 -2.25% 2,833 38.08 12.92% 301,080 38.08 76.45 -25.39%

LINKASSURE 0.50 0 0.50 0.50 0.50 0.00% 1,276 0.50 0.00% 1,285 0.50 0.50 0.00%MANSARD 3.10 0.00% 0 3.00 3.10 3.00 3.33% 6,025 2.82 9.93% 61,879 1.96 3.79 -0.32%MAYBAKER 1.50 -6.25% 1,013 1.80 1.80 1.50 -16.67% 22,897 1.55 -3.23% 88,886 1.29 2.05 -0.66%

MOBIL 145.01 1.07% 53 149.00 151.00 143.48 -2.68% 1,426 157.50 -7.93% 11,942 115.00 182.00 -6.61% MRS 48.02 0.00% 0 48.02 48.02 48.02 0.00% 40 48.02 0.00% 157 41.84 70.00 -4.99%

NAHCO 4.75 0.00% 19 5.00 5.00 4.75 -5.00% 13,506 4.73 0.42% 72,748 3.56 5.70 -5.00% NASCON 6.50 4.00% 1,937 6.50 6.81 6.25 0.00% 26,266 6.78 -4.13% 307,142 5.68 13.48 3.67%

NB 131.50 0.38% 33,342 139.00 140.00 130.00 -5.40% 148,602 134.00 -1.87% 777,179 122.55 189.00 -19.33% NEIMETH 0.64 0.00% 0 0.70 0.70 0.64 -8.57% 6,529 0.71 -9.86% 24,754 0.64 1.60 -15.79%

NEM 0.59 1.72% 12,005 0.63 0.64 0.57 -6.35% 46,720 0.60 -1.67% 353,596 0.51 0.90 -9.23%NESTLE 840.00 4.74% 1,968 819.96 840.00 800.00 2.44% 5,044 820.00 2.44% 42,285 743.00 1,200.00 -15.63%

NIGERINS 0.50 0 0.50 0.50 0.50 0.00% 102 0.50 0.00% 3,299 0.50 0.54 0.00%NNFM 17.16 0 0 17.15 0.06% 77 17.15 23.08 -1.10%OANDO 13.40 -0.45% 10,663 14.00 14.50 13.00 -4.29% 76,918 13.98 -4.15% 1,499,841 12.83 36.89 -23.43%

OKOMUOIL 28.42 0.21% 87 29.00 30.00 26.30 -2.00% 4,107 32.24 -11.85% 45,221 23.20 39.90 13.68% PAINTCOM 1.35 0.00% 2 1.42 1.42 1.35 -4.93% 4 1.54 -12.34% 3,939 1.33 1.81 -8.16%PORTPAINT 3.46 4.85% 3 3.45 3.60 3.29 0.29% 7,164 3.83 -9.66% 26,627 3.29 5.75 -6.74%

PRESCO 26.40 0.00% 4,053 27.78 27.78 26.40 -4.97% 14,249 31.00 -14.84% 27,526 20.88 43.42 2.64%PRESTIGE 0.50 0.00% 0 0.50 0.50 0.50 0.00% 1,247 0.50 0.00% 1,832 0.50 0.63 0.00%

PZ 24.43 -3.25% 2,789 25.75 26.93 24.43 -5.13% 12,138 27.50 -11.16% 458,845 16.60 39.80 2.86% REDSTAREX 3.80 -3.55% 2,318 3.94 3.94 3.80 -3.55% 6,027 3.80 0.00% 34,623 3.44 5.35 1.06%ROYALEX 0.50 0 0.50 0.50 0.50 0.00% 520 0.50 0.00% 67,584 0.50 0.64 -3.85%

RTBRISCOE 0.67 -2.90% 1,630 0.72 0.72 0.66 -6.94% 6,777 0.76 -11.84% 29,456 0.58 1.32 -20.24%SEPLAT 368.68 -0.36% 78 440.00 440.00 368.68 -16.21% 1,543 445.53 -17.25% 10,710 252.93 735.00 4.89%

SKYEBANK 2.30 4.55% 63,958 2.30 2.38 2.15 0.00% 272,692 2.01 14.43% 1,332,776 1.70 3.81 -9.09% SOVRENINS 0.50 0 0.50 0.50 0.50 0.00% 0 0.50 0.00% 7,139 0.50 0.50 0.00%STANBIC 27.28 4.92% 153 26.08 27.28 25.08 4.60% 2,950 24.41 11.76% 232,772 19.40 35.00 0.74%

STERLNBANK 2.29 0.00% 9,653 2.40 2.44 2.19 -4.58% 92,536 2.22 3.15% 822,596 2.09 2.74 -5.37% TOTAL 135.00 0.73% 90 140.50 143.98 134.02 -3.91% 664 140.00 -3.57% 4,949 130.43 195.50 -9.40%

TRANSCORP 2.67 -2.55% 51,121 3.00 3.09 2.60 -11.00% 610,437 2.45 8.98% 3,934,474 2.19 7.08 -16.82% UAC-PROP 9.20 0.55% 1,123 9.70 9.70 8.89 -5.15% 6,515 10.00 -8.00% 32,405 8.09 21.31 -3.87%

UACN 34.20 0.00% 691 36.00 37.00 34.20 -5.00% 4,812 34.00 0.59% 1,170,791 26.00 67.85 0.59% UBA 3.53 -3.29% 103,293 4.13 4.20 3.53 -14.53% 719,723 3.41 3.52% 5,377,240 2.90 8.26 -18.29%

UBCAP 1.65 3.12% 107,291 1.71 1.76 1.49 -3.51% 733,622 1.32 25.00% 2,554,363 1.26 2.71 -1.79% UBN 9.01 4.77% 1,730 10.00 10.50 8.58 -9.90% 185,721 8.92 1.01% 699,430 6.48 11.55 6.00%

UNILEVER 33.90 2.42% 6,266 35.00 35.00 33.10 -3.14% 14,815 32.66 3.80% 136,301 27.00 55.00 -9.82% UNITYBNK 0.50 0.00% 8,281 0.50 0.50 0.50 0.00% 864,313 0.50 0.00% 13,913,224 0.50 0.50 0.00%VITAFOAM 3.50 -0.28% 4,522 3.64 3.78 3.42 -3.85% 21,118 3.59 -2.51% 103,979 3.23 4.72 -8.62%

WAPCO 82.71 2.62% 1,293 84.55 89.00 76.58 -2.18% 22,437 85.00 -2.69% 137,852 66.50 136.73 2.11% WAPIC 0.50 0.00% 3,959 0.50 0.52 0.50 0.00% 163,931 0.50 0.00% 2,256,159 0.50 0.93 -21.88%

WEMABANK 0.96 2.13% 33,937 0.93 0.96 0.90 3.23% 93,922 0.98 -2.04% 476,847 0.85 1.21 4.35% ZENITHBANK 16.49 -3.00% 192,381 20.55 21.40 16.46 -19.76% 579,781 17.37 -5.07% 5,320,764 14.54 25.80 -8.39%

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 5.9910.184.50

YtD -0.30 -0.67 -0.11-1.80%3M 1W

-0.11

Dec Jan Feb

-4.77% -10.06%

16/03

M T W T F

20/03

ASHAKACEM 18.4534.6013.87

YtD -2.36 -3.76 -0.05-0.27%3M 1W

0.05

Dec Jan Feb

-11.34% -16.93%

16/03

M T W T F

20/03

CADBURY 39.2283.5033.10

YtD -2.78 -0.83 0.000.00%3M 1W

0.00

Dec Jan Feb

-6.62% -2.07%

16/03

M T W T F

20/03

CAP 34.5043.9933.01

YtD -2.80 -1.89 -1.79-4.93%3M 1W

1.79

Dec Jan Feb

-7.51% -5.19%

16/03

M T W T F

20/03

CCNN 10.6515.988.37

YtD 0.77 0.46 -1.14-9.67%3M 1W

1.14

Dec Jan Feb

7.79% 4.51%

16/03

M T W T F

20/03

CONTINSURE 0.831.240.80

YtD -0.14 0.00 -0.01-1.19%3M 1W

0.01

Dec Jan Feb

-14.43% 0.00%

16/03

M T W T F

20/03

FCMB 2.574.641.93

YtD 0.07 -0.16 -0.02-0.77%3M 1W

0.02

Dec Jan Feb

2.80% -5.86%

16/03

M T W T F

20/03

GUARANTY 22.9031.8016.69

YtD -2.28 -0.46 -2.10-8.40%3M 1W

2.10

Dec Jan Feb

-9.05% -1.97%

16/03

M T W T F

20/03

MANSARD 3.103.791.96

YtD -0.01 -0.06 0.103.33%3M 1W

0.10

Dec Jan Feb

-0.32% -1.90%

16/03

M T W T F

20/03

OANDO 13.4036.8912.83

YtD -4.10 -3.95 -0.60-4.29%3M 1W

0.60

Dec Jan Feb

-23.43% -22.77%

16/03

M T W T F

20/03

STANBIC 27.2835.0019.40

YtD 0.20 -1.92 1.204.60%3M 1W

1.20

Dec Jan Feb

0.74% -6.58%

16/03

M T W T F

20/03

UBA 3.538.262.90

YtD -0.79 -0.62 -0.60-14.53%3M 1W

0.60

Dec Jan Feb

-18.29% -14.94%

16/03

M T W T F

20/03

DANGCEM 150.05250.02139.10

YtD -39.95 -14.95 -2.96-1.93%3M 1W

2.96

Dec Jan Feb

-21.03% -9.06%

16/03

M T W T F

20/03

FIDELITYBK 1.282.351.13

YtD -0.32 -0.22 -0.22-14.67%3M 1W

0.22

Dec Jan Feb

-20.00% -14.67%

16/03

M T W T F

20/03

GUINNESS 126.02214.99110.00

YtD -39.28 -5.17 0.020.02%3M 1W

0.02

Dec Jan Feb

-23.76% -3.94%

16/03

M T W T F

20/03

MOBIL 145.01182.00115.00

YtD -10.26 0.03 -3.99-2.68%3M 1W

3.99

Dec Jan Feb

-6.61% 0.02%

16/03

M T W T F

20/03

OKOMUOIL 28.4239.9023.20

YtD 3.42 4.27 -0.58-2.00%3M 1W

0.58

Dec Jan Feb

13.68% 17.68%

16/03

M T W T F

20/03

TOTAL 135.00195.50130.43

YtD -14.01 -15.00 -5.50-3.91%3M 1W

5.50

Dec Jan Feb

-9.40% -10.00%

16/03

M T W T F

20/03

UNILEVER 33.9055.0027.00

YtD -3.69 1.40 -1.10-3.14%3M 1W

1.10

Dec Jan Feb

-9.82% 4.31%

16/03

M T W T F

20/03

DIAMONDBNK 3.657.053.45

YtD -1.80 -1.65 -0.60-14.12%3M 1W

0.60

Dec Jan Feb

-33.03% -31.13%

16/03

M T W T F

20/03

FLOURMILL 32.8373.5526.60

YtD -6.31 -5.17 -1.22-3.58%3M 1W

1.22

Dec Jan Feb

-16.12% -13.61%

16/03

M T W T F

20/03

HONYFLOUR 3.004.502.60

YtD -0.30 -0.37 0.3011.11%3M 1W

0.30

Dec Jan Feb

-9.09% -10.98%

16/03

M T W T F

20/03

NASCON 6.5013.485.68

YtD 0.23 0.41 0.000.00%3M 1W

0.00

Dec Jan Feb

3.67% 6.73%

16/03

M T W T F

20/03

PRESCO 26.4043.4220.88

YtD 0.68 3.30 -1.38-4.97%3M 1W

1.38

Dec Jan Feb

2.64% 14.29%

16/03

M T W T F

20/03

UACN 34.2067.8526.00

YtD 0.20 -1.77 -1.80-5.00%3M 1W

1.80

Dec Jan Feb

0.59% -4.92%

16/03

M T W T F

20/03

WAPCO 82.71136.7366.50

YtD 1.71 4.09 -1.84-2.18%3M 1W

1.84

Dec Jan Feb

2.11% 5.20%

16/03

M T W T F

20/03

ETI 17.3020.2812.40

YtD -0.90 0.10 -0.75-4.16%3M 1W

0.75

Dec Jan Feb

-4.95% 0.58%

16/03

M T W T F

20/03

FO 190.05259.9486.50

YtD -37.05 -29.85 5.052.73%3M 1W

5.05

Dec Jan Feb

-16.31% -13.57%

16/03

M T W T F

20/03

INTBREW 17.2532.2017.00

YtD -4.96 -7.45 -0.55-3.09%3M 1W

0.55

Dec Jan Feb

-22.33% -30.16%

16/03

M T W T F

20/03

NB 131.50189.00122.55

YtD -31.50 -20.50 -7.50-5.40%3M 1W

7.50

Dec Jan Feb

-19.33% -13.49%

16/03

M T W T F

20/03

PZ 24.4339.8016.60

YtD 0.68 -0.63 -1.32-5.13%3M 1W

1.32

Dec Jan Feb

2.86% -2.51%

16/03

M T W T F

20/03

UAC-PROP 9.2021.318.09

YtD -0.37 -0.49 -0.50-5.15%3M 1W

0.50

Dec Jan Feb

-3.87% -5.06%

16/03

M T W T F

20/03

ZENITHBANK 16.4925.8014.54

YtD -1.51 -1.49 -4.06-19.76%3M 1W

4.06

Dec Jan Feb

-8.39% -8.29%

16/03

M T W T F

20/03

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 7.7516.526.35

YtD -0.95 -0.74 -0.75-8.82%3M 1W

0.75

Dec Jan Feb

-10.92% -8.72%

16/03

M T W T F

20/03

GLAXOSMITH 42.0171.2038.22

YtD -5.40 -7.39 0.010.02%3M 1W

0.01

Dec Jan Feb

-11.39% -14.96%

16/03

M T W T F

20/03

JBERGER 43.0076.4538.08

YtD -14.63 -14.63 -0.99-2.25%3M 1W

0.99

Dec Jan Feb

-25.39% -25.39%

16/03

M T W T F

20/03

NESTLE 840.001200.00743.00

YtD -155.60 -5.00 20.042.44%3M 1W

20.04

Dec Jan Feb

-15.63% -0.59%

16/03

M T W T F

20/03

SEPLAT 368.68735.00252.93

YtD 17.18 90.41 -71.32-16.21%3M 1W

71.32

Dec Jan Feb

4.89% 32.49%

16/03

M T W T F

20/03

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

MARKET DATAVM4 VM | Monday, March 23, 2015 | Issue 034