HE conventional wisdom on the street is that the naira-dol-

lar exchange rate will find its floor at N220 to the dollar on the interbank market.

The local currency has been under pressure for since the last quarter of 2014 de-spite the Central Bank of Nigeria’s conceding the de-valuation of the naira at the end of November.

In a communiqué issued at the conclusion of its Mon-etary Policy Committee meeting held that month, the apex bank allowed the official exchange rate to drop 8 per cent from N155/US$ to N168/US$. The market was barely assuaged. Indeed, most ana-lysts right away factored in an-other devaluation in the near future into their company val-uation models and economic projections.

Brushing aside reassuranc-es given by Godwin Eme-fiele, the CBN governor, they judged the November devalu-ation as a half-measure pend-ing the outcome of the coun-try’s presidential election, which were scheduled to hold on February 14.

In their evaluation, a dou-ble-digit devaluation last year would have been unpopular in the run-up to the elections. Last week, he admitted on CNBC Af-rica that although ‘We are not in the best of times but there’s no need to panic,’ and that the central bank did not see a need to call an emergency meeting. The governor also dismissed talk of floating the naira.

Anyway, on February 7 the Independent National Electoral Commission an-nounced that the election will

be postponed for six weeks. Professor Attahiru Jega, the INEC chairman explained that this would ensure that logistic jams in the distribu-tion of permanent voter cards and security concerns are ad-equately addressed.

Automatically, this extended the juggling period to maintain what the interbank market is treating, to all intents and pur-poses, as an artificial and unsus-tainable official exchange rate.

Vanguard Markets | Monday, February 16, 2015 | Issue 029

FIXED INCOME & FOREX

The market’s self-fulfilling devaluation

Source: FMDQ

T

We are not in the best of times but there’s no need to panic

– Godwin Emefiele, CBN governor

But retain your confidence in Nigeria. Indeed, increase your level of confidence in Nigeria; this economy is resilient.

- Godwin Emefiele, CBN Governor, February 12, 2015

Currency Central Rate

SWISS FRANC 180.1850

YEN 1.4089

WAUA 235.9858

RIYAL 44.6405

DANISH KRONE 25.6799

SDR 237.0963

FOREX RATES

THE EXPERTS’ CONSENSUS

! Page VM2

MoFr167.3

167.4

167.6

167.5

167.7167.50

Tu We Th Fr

$/N

MoFr254.0

255.0

257.0

256.0

258.0257.7323

Tu We Th Fr

£/N

MoFr188.0

189.0

191.0

190.0

192.0191.2013

Tu We Th Fr

Euro/N

MoFr26.60

26.70

26.90

26.80

27.00

Tu We Th Fr

CNY/N 26.8395

MoFr0.27

0.28

0.30

0.29

0.31

Tu We Th Fr

CFA/N 0.2798Economic firefighter-in-chief: The calm demeanour of Godwin Emefiele, the Central Bank of Nigeria governor, has not tranquilized the animal spirits in the interbank market

MONG the calami-ties of war may be jointly numbered

the diminution of the love of truth, by the falsehoods which interest dictates and credulity encourages.’ So wrote Samu-el Johnson, an Englishman of letters in The Idler, a collec-tion of essays that appeared in the 18th century. In On War, his posthumously published book, Carl von Clausewitz, a Prussian general, military theorist and contemporary of Emperor Napoleon Bona-parte, pointed out that ‘war is the continuation of politics by other means.’ Closer in time, Hiram Warren Johnson, a US Senator speaking in 1918 is reported to have said that ‘The first casualty when war comes is truth.’ These three

quotes drawn from three dif-ferent centuries describe the weather in this season of Ni-gerian politics.

Truth is not the only victim of war and politics, two sides of the same coin. Context also suffers because struggles for predominance do not admit for shades of grey. When the stakes are high things are ei-ther black or white. Nuances are well and good in academ-ia. They have no space in the minefield called Nigerian poli-tics. Nowhere is the maxim that you are either for us or against us truer.

The savaging of truth and its fraternal twin, context explains why media stories and campaign speeches are awash with absolute figures and incomplete comparisons. Figures on unemployment, oil theft, government expendi-ture are hardly given with the attenuating circumstances that should couch their inter-pretation. Trends are deemed not worth glancing at either.

Political campaigns are or-ganized polemics. Therefore, it is fair game when all kinds of accusations, failures, and plots are attributed to the oth-er side. The theme of the 2015 elections was supposed to be issue-based politics. No-one takes that seriously again.

Under the banner of issue-based politics, personalities whose track record command attention have joined the fray. A recent example is Profes-sor Charles Chukwuma Soludo, the former governor of the Central Bank of Nigeria (2004-2009).

In January, he authored Buhari vs Jonathan: Beyond the Election, a critique of the financial implications of the manifestoes of the ruling Peoples Democratic Par-ty, and the main opposition party, the All Progressives Congress.

In the same piece, he shared his opinion on the economic stewardship of the President Goodluck Jonathan adminis-tration.

Almost immediately after its publication, an avalanche of rejoinders and comments flooded in. Just as quickly, the essence of his points evaporat-ed in the cacophony of brays from those who chorused ‘How dare he?’ in disgust, on one side, and those who clam-oured ‘Encore! Encore!’ in didn’t I tell you so backslap-ping, on the other.

Whatever the merits of the points he marshalled one ex-pected that he, a professor of economics, would have pro-vided more data and more than simplistic explanations. Far and above the data one would have liked to see charts that would aid readers visual-ize the trends in the areas he discussed.

Take the extract below sup-posed to incriminate Peter Obi, a political rival against whom he contested the An-ambra State gubernatorial elections in February 2010.

‘While ex-governor Peter Obi gloated about savings, there is no signature project to remember his regime ex-cept that his regime took the first position among all states in Nigeria in the democrati-zation of poverty—- mass im-poverishment of the people of Anambra. According to the National Bureau of Statistics, poverty rose under his watch in Anambra from 20% in 2004 (lowest in Nigeria then) to 68% in 2010 (a 238% dete-rioration!).’

On poverty in Anambra, it would have been educating to compare the rise in poverty he refers to with factors such as the state’s monthly receipts from the federal government, its internally generated rev-enues, the state government’s own development agenda, and the figures from other states in similar conditions as Anambra all shown as charts for easy visual digestion.

Instead, the professor dumped these numbers on readers’ heads under the as-sumption that they would spare him the bother of ex-plaining them at a deeper level.

Contrast Soludo’s piece with that of another profes-sor of economics. Thomas Piketty, a Frenchman, is the author of Capital in the 21st Century, a best-selling book about the growing inequality in developed economies.

At its publication, Piketty widely publicised that all the data used in the book will be freely available at www.quandl.com/PIKETTY,

and the charts at http://piketty.pse.ens.fr/files/capital21c/en/Piketty-2014FiguresTablesLinks.pdf. He and his colleagues at the Paris School of Eco-nomics where he teaches, Facundo Alvaredo, Tony Atkinson, and Emmanuel Saez maintain the world’s most extensive database of incomes. It is accessible to the public at http://topin-comes.parisschoolofeco-nomics.eu.

Piketty made it easy for crit-ics to question the validity of his data and causal links to his conclusions rather than his political motives if any. Understandably, the space af-forded by a book far exceeds the limited space in a news-paper. But the medium is not the point. It is that readers are better informed when provid-ed the context of claims.

Unless, of course, the pur-pose is to mislead or incite. In-dolence may also be cited but no-one who knows Soludo’s industry will dare accuse him of that.

In conclusion, issue based politics is meaningless with-out the caveats that any seri-ous intellectual enterprise ad-mits. Otherwise, it is reduced to the sordid level of ideologi-cal bar brawls. Spectators find it amusing when professional politicians swing chairs at one another in the public space of ideas. It is quite another when one of Nigeria’s most respected academics in the field of economics dispenses wide sweeping value-loaded generalizations that lose their way in detours to settling per-sonal scores. The brutality of politics should not be allowed invade the sanctity of the ivory tower. ;

BUSINESSVM2

JAYWALKER

THE EXPERTS’ CONSENSUS

VM | Monday, February 16, 2015 | Issue 029

Victims of politics

The market’s self-fulfilling devaluationW Continued from Page VM1

Obiora Onyeasoobiora.onyeaso@customsstreet.com

Analysts doubt that the CBN has the circus skills to keep all its balls in the air that long. They surmise that sooner, rather than later, and very likely before the March 28 election date, it will bow to the market reality.

Other analysts cut the CBN more slack on the date of devaluation, only going so far as to place it before the end of the year.

For example, analysts at

Dunn Loren Merrifield ‘see the possibility of a fur-ther devaluation of the cur-rency in the current year to ease the rapid depletion of the reserves if current eco-nomic realities persists.’ In the circumstances, there is the likelihood of ‘further ad-justment of the mid-point of the official exchange rate to the range of N190/US$.’ At N190/US$ that would be a 13 per cent devaluation on the current N168/US$ ex-change rate.

In its latest update on the country’s foreign reserves, the CBN disclosed that be-tween January 28 and Feb-ruary 10 it had dropped by US$1 billion to $33.4 billion.

One does not have to look very far to find the reason for the interbank market’s scepticism about the official exchange rate.

According to analysts at CSL Stockbrokers, the last time the naira was devalued in 2008/9, the average ex-change rate of N149/US$ was

27.4 per cent lower than in the first nine months of 2008, when it averaged N117.62/US$ on the interbank mar-ket. On Thursday, the naira now traded at N204/US$, that is, 25.5 per cent lower than the average exchange rate of N162.52 in the first nine months of 2014. There-fore, what the market has ex-perienced is a replica of the 2008/9 situation.

But it would not stop there. There is still a couple of inches to fall. Political un-

certainty around the credible elections, and the volatil-ity in oil prices remain. This could push the drop further by 10 per cent to N200/US$. This is the base case in CSL Research’s scenario.

At this level, the market would have fully adjusted to the new reality. The naira would then enjoy stability underpinned by ‘three prin-cipal factors that should sup-port the currency at a lower level.’ These are a decline in import costs partly due to

a lower petroleum import bill, fewer outflows visible in the ‘net errors and omis-sions’ item in national ac-counts, that is, a decline in capital flight, and increased imports, traceable to both portfolio and foreign direct investments as Nigerian as-sets become cheaper.

The question on every-one’s lips now is: How long the CBN can go in holding back the waves as King Ca-nute once tried to do with futility? ;

A

How tall is the problem? This high? Thomas Piketty, author of Capital in the 21st Century, freely shared the data and illustrations he used in his book.

The savaging of truth and its fraternal twin, context explains why media stories and campaign speeches are awash with absolute figures and incomplete comparisons.

REWIND

Let there be light

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

BUSINESS VM3VM | Monday, February 16, 2015 | Issue 029

HE pieces are all coming together in the federal govern-

ment’s bid to provide an ena-bling business environment for companies operating in the Nigerian Electricity Sup-ply Industry (NESI).

Epileptic power supply is a major drain on economic productivity and citizens’ quality of life on Nigeria. It also ratchets up the cost of doing business in the coun-try. Poor investment levels, unattractive tariffs, and huge aggregate technical, commer-cial and collections (ATC&C) losses among others were to blame.

To assist these companies meet the shortfalls in their revenues and pay down cer-tain legacy debts, the Cen-tral Bank in partnership with

banks has provided an inter-vention fund.

In his speech delivered at the disbursement of the N213 billion Nigerian Electricity Market Stabilization Facility (NEMSF), Godwin Emefiele, the CBN governor envisaged that the beneficiaries will ‘invest the funds in the nec-essary improvements in gen-eration plant maintenance, transmission upgrades and distribution networks includ-ing transformers and better metering for end consumers.’ Loans offered by NESF have a 10 per cent per annum rate of interest and will be repaid over 10 years from a reset of the Multi-Year Tariff Order (MYTO).

Two disbursements have been made so far from the fa-cility. ;

Technicians at Geregu II Power Plant in Ajaokuta, Kogi State uncrating new equipment.

Company Amount Total

1st disbursement

Ibadan DISCO N11.36b

N18.26b

Eko DISCO N5.16b

Jebba Hydroelectric N816.83m

Kainji Hydroelectric N678.85m

Shiroro Hydroelectric

N234.81m

2nd disbursement

Enugu DISCO N10.25b

N39.5b

Kano DISCO N7.63b

Port Harcourt DISCO N6.58b

Eko DISCO N43.3m

Egbin Power Plant N5.1b

Transcorp Ughelli Power Plant

N3.9b

Geregu II Power Plant

N938.99m

Jebba Hydroelectric N2.38b

Shiroro Hydroelectric

N1.97b

Kainji Hydroelectric N684.44m

Total N57.75b

T T

HE Nigerian econo-my grew by 6.33 per cent in 2014, a clear

84 basis points higher than the 5.49 per cent growth it recorded in 2013. This ‘highlights the sustained resilience of the Nigerian economy’ according to Kate Isabota, analyst at Dunn Loren Merrifield. In a re-port titled Growth encircled by vulnerabilities, she advo-cates that the federal govern-ment must push ahead with

reforms and investment in the country’s agricultural and industrial sectors to maintain this growth rate. Among the report’s predic-tions for 2015 are ‘a further devaluation in the current year as N168/US$ does not reflect the true position of the naira particularly in view of current economic re-alities’, and threats to future growth due to ‘dwindling oil prices coupled with lower oil production’. ;

Growth on shaky ground

Not yet uhuru for Dangote Flour

T

HE latest results from Dangote Flour Mills raises more

questions about the com-pany’s future strategy than it answers. Alex Ibhade, an analyst at DLM observes that while ‘the revenue growth signals notable progress, and recovery can be expected… the company appears to have a long road ahead in terms of recovery in order to reach the revenue and net profit levels attained in 2009.

Dangote Flour faces a num-ber of stubborn threats. Its sales revenue has struggled to surpass cost of sales de-spite a drop in wheat prices. To plaster the shortfall in rev-enues the company may be financing its operations from reserves. Its balance sheet has also suffered evident in an 11.40 per cent shrinking in fixed assets and 60.30 per cent drop in cash and bank balances. Short-term loans rose by 48.50 per cent, while shareholders’ funds fell 48.18 per cent from N12.91 billion to N6.69 billion. ;

FY2014 FY2015E FY2016E FY2017E

Turnover 41, 268.00 51,585.00 63,449.55 72,966.98

Change % 25.00% 23.00% 15.00%

Cost of Sales (38,872.00) (46,426.50) (56,470.10) (64,210.94)

Change % 19.43% 21.63% 13.71%

Gross Profit 2,396.00 5,158.50 6,979.45 8,756.04

Change % 115.30% 35.30% 25.45%

SG&A (7,539.00) (7,737.75) (8,882.94) (9,485.71)

Change % 2.64% 14.80% 6.79%

EBITDA 0.00 0.00 0.00 0.00

Change % 0.00 0.00 0.00

Operating Profit (6,432.00) (2,579.25) (1,903.49) (729.67)

Change % -59.90% -26.20% -61.67%

Other Income 0.00 0.00 0.00 0.00

Change % (6,130.00) (2,063.40) (1,268.99) (0.00)

EBIT (6,130.00) (2,063.40) (1,268.99) (0.00)

Change % -66.34% -38.50% -100.00%

Profit Before Tax (9,285.00) (4,085.94) (3,441.53) (1,935.45)

Change % -55.99% -15.77% -43.76%

Taxation 0.00 0.00 0.00 0.00

Profit After Taxation

(6,279.00) (4,085.94) (3,441.53) (1,935.45)

Change % -34.93% -15.77% -43.76%

Source: Dangote Flour Mills, Dunn Loren Merrifield Research

Introducing The Financial Services Plans and Products Guide

Vanguard Markets will soon intro-duce a special section on Plans and Products offered by companies in the Financial Services sector.

The section will cover the suite of packaged offerings provided by• Banks• Insurance companies• Asset management companies• Fund managers• Pension funds• Mortgage companies

The section will be aimed at individuals, households, and businesses who wish to1. Learn about available options in each

plan and product category, for exam-ple, Fixed Deposit accounts, Mort-gage Loans, Car Loans

2. Compare the features of plans and prod-ucts in each category, for example, inter-est rates, minimum deposits, penalties

3. Discover the most suitable plan or product that best matches their situa-tion, for example, retirement savings,

home ownership, education savings, salary paymentsThe section will provide answers to

questions that customers have on• How to save better• How to spend smarter• Where to find the best financial plan-

ning dealsTo feature your company’s products

in the section, contact Obi Onyeaso at obiora.onyeaso@customsstreet.com or call 0803 437 1224.

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 09 – 16, 2015MARKET REVIEW – FEBRUARY 09 – 16, 2015

TRADING UPDATE

Agriculture 2 2 1Conglomerates 2 2 1

Construction/Real Estate 2 7 0Consumer Goods 16 12 3

Financial Services 20 36 1Healthcare 5 4 1

ICT 0 11 0Industrial Goods 4 14 3

Natural Resources 0 5 0Oil & Gas 5 4 2Services 5 9 4

Declined Unchanged Advanced

TOP DECLINERS WTD

NATIONAL SALT COMPANY NIGERIA PLC -20.53

GUARANTY TRUST BANK PLC -19.05

TRANSNATIONAL CORPORATION OF NIG PLC -18.57

ASHAKA CEMENT PLC -18.45

IKEJA HOTEL PLC -17.71

TOP GAINERS WTD

VITAFOAM NIGERIA PLC 5.23

ETERNA PLC 4.76

JULIUS BERGER NIGERIA PLC 4.1

RED STAR EXPRESS PLC 2.63

R. T. BRISCOE (NIG.) PLC 2.44

TOP DECLINERS WTD

FLOUR MILLS NIGERIA PLC -15.2

UAC OF NIGERIA PLC -13.55

UNITED BANK FOR AFRICA PLC -12.28

GUINNESS NIGERIA PLC -11.62

ACCESS BANK OF NIGERIA PLC -11.33

TOP GAINERS WTD

AIRLINE SERVICES AND LOGISTICS PLC 19.3

SEPLAT 15.3

CADBURY NIGERIA PLC 10.21

THE OKOMU OIL PALM COMPANY PLC 9.95

CEMENT COMPANY OF NORTHERN NIGERIA PLC 8.97

MARKET DATAVM4 VM | Monday, February 16, 2015 | Issue 029

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 149.17 -4.99% 1,123 152.86 157.50 149.15 -2.41% 3,375 160.35 -6.97% 66,674 81.23 197.94 -6.18% ABCTRANS 0.54 5.88% 220 0.55 0.55 0.51 -1.82% 1,995 0.52 3.85% 45,481 0.51 0.92 -5.26%

ACCESS 5.32 -4.83% 157,759 6.00 6.08 5.32 -11.33% 2,756,270 5.12 3.91% 9,727,780 4.50 10.18 -15.42% AGLEVENT 1.18 0.00% 206 1.26 1.26 1.18 -6.35% 1,610 1.23 -4.07% 8,660 1.18 1.75 -9.92%

AIICO 0.75 -1.32% 45,814 0.81 0.85 0.74 -7.41% 266,413 0.76 -1.32% 531,336 0.65 0.91 -10.71% AIRSERVICE 2.04 4.62% 842 1.71 2.04 1.71 19.30% 90,565 1.73 17.92% 388,461 1.56 3.12 20.00%ASHAKACEM 17.37 0.00% 1,870 20.24 20.24 17.37 -14.18% 11,025 19.95 -12.93% 29,154 13.87 34.60 -16.53% BETAGLAS 28.50 0.00% 0 31.49 31.49 28.50 -9.50% 42,021 28.50 0.00% 116,344 15.49 31.49 7.95%CADBURY 40.00 12.58% 1,896 38.24 42.98 35.53 4.60% 4,637 39.90 0.25% 25,294 33.10 86.50 -4.76%

CAP 36.82 0.00% 174 37.00 37.97 36.82 -0.49% 1,794 37.65 -2.20% 11,482 33.01 49.00 -1.29% CCNN 9.62 -2.04% 4,501 9.50 10.31 9.10 1.26% 14,448 9.27 3.78% 35,339 8.00 15.98 -2.63%

CONOIL 30.97 0.00% 181 32.60 32.60 29.50 -5.00% 1,776 36.21 -14.47% 12,760 29.50 79.51 -9.97% CONTINSURE 0.80 -2.44% 6,960 0.87 0.90 0.80 -8.05% 18,372 0.96 -16.67% 271,265 0.80 1.24 -17.53% COURTVILLE 0.50 0.00% 442 0.50 0.50 0.50 0.00% 597 0.50 0.00% 20,203 0.50 0.77 0.00%CUSTODYINS 3.93 2.34% 14,762 4.00 4.00 3.81 -1.75% 99,622 3.71 5.93% 762,981 1.90 4.35 11.97%

CUTIX 1.57 1.95% 5 1.47 1.57 1.47 6.80% 914 1.47 6.80% 10,660 1.21 2.18 17.16%DANGCEM 141.90 -1.88% 56,955 159.80 160.01 139.10 -11.20% 83,274 153.00 -7.25% 245,950 139.10 250.02 -25.32%

DANGFLOUR 3.60 -4.76% 3,592 4.00 4.38 3.60 -10.00% 103,066 3.91 -7.93% 429,221 2.88 9.97 -18.18% DANGSUGAR 6.14 -4.95% 9,257 6.90 7.55 6.14 -11.01% 102,377 5.25 16.95% 2,258,778 4.70 12.00 1.66% DIAMONDBNK 3.50 -3.05% 60,895 3.95 3.98 3.49 -11.39% 433,007 4.15 -15.66% 3,220,952 3.47 7.05 -35.78%

ETERNA 2.39 -4.78% 1,412 2.54 2.70 2.39 -5.91% 6,636 2.69 -11.15% 42,073 2.39 5.35 -20.07% ETI 16.15 -0.06% 416,402 16.61 17.00 15.98 -2.77% 1,125,194 14.59 10.69% 3,367,429 12.40 20.28 -11.26%

FBNH 6.37 -4.93% 279,277 7.00 7.00 6.37 -9.00% 2,916,892 7.60 -16.18% 9,283,643 6.37 16.52 -26.78% FCMB 2.00 0.50% 161,514 2.09 2.09 1.94 -4.31% 914,071 2.10 -4.76% 3,904,951 1.94 4.64 -20.00%

FIDELITYBK 1.25 2.46% 59,032 1.27 1.29 1.15 -1.57% 232,152 1.34 -6.72% 3,839,497 1.15 2.40 -21.88% FIDSON 2.93 0.00% 2,419 3.20 3.20 2.93 -8.44% 23,369 3.35 -12.54% 126,367 2.32 3.90 -21.02%

FLOURMILL 29.40 3.16% 25,466 34.20 36.00 26.60 -14.04% 72,306 35.64 -17.51% 517,985 26.60 78.18 -24.89% FO 212.10 5.00% 4,240 210.00 212.10 192.00 1.00% 9,073 226.98 -6.56% 62,487 81.21 259.94 -6.61%

GLAXOSMITH 41.00 2.50% 70 40.21 42.10 40.00 1.96% 3,325 40.00 2.50% 38,709 38.22 72.45 -13.52% GUARANTY 17.00 -4.82% 1,142,218 21.00 22.00 16.69 -19.05% 2,264,103 17.90 -5.03% 5,708,174 16.69 31.80 -32.49% GUINNESS 114.01 -4.19% 2,700 128.90 130.00 114.00 -11.55% 6,412 125.95 -9.48% 184,300 114.00 214.99 -31.03%

HONYFLOUR 3.00 0.00% 1,304 3.07 3.28 3.00 -2.28% 11,888 3.02 -0.66% 55,142 2.87 4.50 -9.09% INTBREW 18.44 5.25% 33 20.55 20.55 17.52 -10.27% 8,475 21.89 -15.76% 79,907 17.52 32.20 -16.97%JBERGER 42.18 -0.17% 1,250 42.65 44.40 40.52 -1.10% 24,317 43.50 -3.03% 40,697 40.52 76.45 -26.81%

LINKASSURE 0.50 0 0.50 0.50 0.50 0.00% 50 0.50 0.00% 400 0.50 0.50 0.00%MANSARD 2.82 0.00% 355 2.95 2.96 2.82 -4.41% 895 2.99 -5.69% 47,967 1.96 3.79 -9.32%MAYBAKER 1.41 0.71% 105 1.43 1.44 1.35 -1.40% 7,704 1.60 -11.88% 24,656 1.33 2.27 -6.62%

MOBIL 153.00 3.28% 91 157.60 157.60 147.56 -2.92% 374 149.21 2.54% 3,187 112.54 182.00 -1.46% MRS 48.02 0.00% 5 48.02 48.02 48.02 0.00% 13 50.54 -4.99% 1,224 41.84 70.00 -4.99%

NAHCO 4.53 0.67% 448 4.75 4.75 4.42 -4.63% 7,452 5.05 -10.30% 73,900 3.56 5.89 -9.40% NASCON 6.17 -0.16% 6,096 7.55 8.12 5.88 -18.28% 25,303 5.99 3.01% 291,804 5.68 13.50 -1.59%

NB 130.00 0.77% 126,599 141.81 148.00 128.27 -8.33% 453,711 139.00 -6.47% 906,018 128.27 189.00 -20.25% NEIMETH 0.71 0.00% 60 0.72 0.72 0.71 -1.39% 692 0.69 2.90% 26,097 0.67 1.99 -6.58%

NEM 0.53 -3.64% 5,546 0.57 0.59 0.53 -7.02% 60,013 0.55 -3.64% 153,253 0.52 0.90 -18.46% NESTLE 751.00 -1.05% 679 815.25 815.25 746.25 -7.88% 51,730 815.00 -7.85% 70,598 746.25 1,200.00 -24.57%

NIGERINS 0.50 0.00% 92 0.50 0.50 0.50 0.00% 245 0.50 0.00% 6,425 0.50 0.54 0.00%NNFM 17.15 0.00% 0 17.15 17.15 17.15 0.00% 299 17.15 0.00% 385 17.15 23.08 -1.15%OANDO 13.24 -2.29% 10,398 14.93 15.48 13.24 -11.32% 193,838 15.98 -17.15% 10,054,013 13.18 36.89 -24.34%

OKOMUOIL 29.29 4.91% 19,737 27.90 29.29 26.05 4.98% 29,090 24.68 18.68% 143,307 23.20 42.98 17.16% PAINTCOM 1.50 0 1.43 1.50 1.43 4.90% 1,393 1.50 0.00% 4,360 1.33 1.99 2.04%PORTPAINT 3.83 0 3.83 3.90 3.83 0.00% 769 3.70 3.51% 11,127 3.52 5.77 3.23%

PRESCO 29.80 -1.91% 1,216 30.45 31.97 28.00 -2.13% 5,546 28.22 5.60% 238,292 20.88 46.30 15.86% PRESTIGE 0.50 0.00% 82 0.50 0.50 0.50 0.00% 1,973 0.50 0.00% 9,811 0.50 0.63 0.00%

PZ 26.00 0.97% 5,129 27.36 29.00 25.75 -4.97% 57,901 26.00 0.00% 254,621 16.60 41.06 9.47% REDSTAREX 3.80 1.33% 430 3.70 3.90 3.70 2.70% 1,812 3.85 -1.30% 19,223 3.44 5.35 1.06%ROYALEX 0.50 0.00% 156 0.50 0.53 0.50 0.00% 12,359 0.50 0.00% 23,035 0.50 0.64 -3.85%

RTBRISCOE 0.80 -4.76% 60 0.82 0.88 0.76 -2.44% 23,253 0.84 -4.76% 88,474 0.58 1.36 -4.76%SEPLAT 368.00 -3.16% 816 333.90 405.00 333.90 10.21% 3,260 310.00 18.71% 50,352 252.93 735.00 4.69%

SKYEBANK 1.82 4.60% 155,637 1.97 2.00 1.70 -7.61% 474,952 2.22 -18.02% 1,741,561 1.70 4.16 -28.06% SOVRENINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 122 0.50 0.00% 5,073 0.50 0.50 0.00%STANBIC 24.90 1.06% 5,408 24.23 25.93 23.79 2.77% 26,527 25.88 -3.79% 498,606 19.00 35.00 -8.05%

STERLNBANK 2.32 1.75% 16,400 2.35 2.39 2.21 -1.28% 108,759 2.46 -5.69% 603,860 2.09 2.74 -4.13% TOTAL 130.43 -6.70% 1,473 142.41 149.90 130.43 -8.41% 1,863 147.52 -11.58% 5,943 130.43 195.50 -12.47%

TRANSCORP 2.28 -5.79% 557,568 2.80 2.91 2.19 -18.57% 1,678,510 2.98 -23.49% 3,883,901 2.19 7.08 -28.97% UAC-PROP 11.35 0.00% 11 11.35 11.35 11.35 0.00% 1,295 8.09 40.30% 42,470 8.09 21.31 18.60%

UACN 34.58 -5.05% 4,949 40.90 40.90 34.58 -15.45% 38,155 31.00 11.55% 243,589 26.00 67.85 1.71% UBA 3.00 0.33% 141,507 3.42 3.70 2.90 -12.28% 845,449 3.52 -14.77% 3,461,390 2.90 8.26 -30.56%

UBCAP 1.33 -4.32% 16,486 1.45 1.50 1.33 -8.28% 82,659 1.51 -11.92% 491,545 1.33 3.04 -20.83% UBN 8.80 -2.22% 8,246 9.00 9.40 8.80 -2.22% 136,857 8.54 3.04% 206,361 6.48 10.89 3.53%

UNILEVER 34.01 2.29% 37,066 35.50 35.70 33.25 -4.20% 42,992 32.20 5.62% 754,780 27.00 55.00 -9.52% UNITYBNK 0.50 0.00% 3,500 0.50 0.50 0.50 0.00% 3,599 0.50 0.00% 65,005 0.50 0.50 0.00%VITAFOAM 3.42 0.00% 360 3.25 3.59 3.25 5.23% 18,588 3.60 -5.00% 280,079 3.23 5.02 -10.70%

WAPCO 79.00 -1.16% 31,136 88.80 89.00 78.51 -11.04% 55,197 76.00 3.95% 125,686 66.50 136.73 -2.47% WAPIC 0.50 0.00% 10,767 0.51 0.53 0.50 -1.96% 90,721 0.57 -12.28% 629,253 0.50 1.02 -21.88%

WEMABANK 0.94 3.30% 108,854 0.94 0.95 0.89 0.00% 143,200 0.95 -1.05% 351,391 0.85 1.21 2.17% ZENITHBANK 15.62 -0.45% 324,120 16.28 16.99 15.42 -4.05% 1,892,968 16.48 -5.22% 5,127,188 14.54 25.80 -13.22%

MARKET DATA VM5VM | Monday, February 16, 2015 | Issue 029

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 5.3210.184.50

YtD -0.97 -2.68 -0.68-11.33%3M 1W

0.68

Nov Dec Jan

-15.42% -33.50%

09/02

M T W T F

13/02

ASHAKACEM 17.3734.6013.87

YtD -3.44 -8.01 -2.87-14.18%3M 1W

2.87

Nov Dec Jan

-16.53% -31.56%

09/02

M T W T F

13/02

CADBURY 40.0086.5033.10

YtD -2.00 -3.00 1.764.60%3M 1W

1.76

Nov Dec Jan

-4.76% -6.98%

09/02

M T W T F

13/02

CAP 36.8249.0033.01

YtD -0.48 0.42 -0.18-0.49%3M 1W

-0.18

Nov Dec Jan

-1.29% 1.15%

09/02

M T W T F

13/02

CCNN 9.6215.988.00

YtD -0.26 -1.37 0.121.26%3M 1W

0.12

Nov Dec Jan

-2.63% -12.47%

09/02

M T W T F

13/02

CONTINSURE 0.801.240.80

YtD -0.17 -0.13 -0.07-8.05%3M 1W

0.07

Nov Dec Jan

-17.53% -13.98%

09/02

M T W T F

13/02

FCMB 2.004.641.94

YtD -0.50 -1.41 -0.09-4.31%3M 1W

0.09

Nov Dec Jan

-20.00% -41.35%

09/02

M T W T F

13/02

GUARANTY 17.0031.8016.69

YtD -8.18 -7.00 -4.00-19.05%3M 1W

4.00

Nov Dec Jan

-32.49% -29.17%

09/02

M T W T F

13/02

MANSARD 2.823.791.96

YtD -0.29 -0.18 -0.13-4.41%3M 1W

0.13

Nov Dec Jan

-9.32% -6.00%

09/02

M T W T F

13/02

OANDO 13.2436.8913.18

YtD -4.26 -7.66 -1.69-11.32%3M 1W

1.69

Nov Dec Jan

-24.34% -36.65%

09/02

M T W T F

13/02

STANBIC 24.9035.0019.00

YtD -2.18 -2.70 0.672.77%3M 1W

0.67

Nov Dec Jan

-8.05% -9.78%

09/02

M T W T F

13/02

UBA 3.008.262.90

YtD -1.32 -1.70 -0.42-12.28%3M 1W

0.42

Nov Dec Jan

-30.56% -36.17%

09/02

M T W T F

13/02

DANGCEM 141.90250.02139.10

YtD -48.10 -45.21 -17.90-11.20%3M 1W

17.90

Nov Dec Jan

-25.32% -24.16%

09/02

M T W T F

13/02

FIDELITYBK 1.252.401.15

YtD -0.35 -0.45 -0.02-1.57%3M 1W

0.02

Nov Dec Jan

-21.88% -26.47%

09/02

M T W T F

13/02

GUINNESS 114.01214.99114.00

YtD -51.29 -46.00 -14.89-11.55%3M 1W

14.89

Nov Dec Jan

-31.03% -28.75%

09/02

M T W T F

13/02

MOBIL 153.00182.00112.54

YtD -2.27 -9.99 -4.60-2.92%3M 1W

4.60

Nov Dec Jan

-1.46% -6.13%

09/02

M T W T F

13/02

OKOMUOIL 29.2942.9823.20

YtD 4.29 2.32 1.394.98%3M 1W

1.39

Nov Dec Jan

17.16% 8.60%

09/02

M T W T F

13/02

TOTAL 130.43195.50130.43

YtD -18.58 -35.58 -11.98-8.41%3M 1W

11.98

Nov Dec Jan

-12.47% -21.43%

09/02

M T W T F

13/02

UNILEVER 34.0155.0027.00

YtD -3.58 1.21 -1.49-4.20%3M 1W

1.49

Nov Dec Jan

-9.52% 3.69%

09/02

M T W T F

13/02

DIAMONDBNK 3.507.053.47

YtD -1.95 -2.50 -0.45-11.39%3M 1W

0.45

Nov Dec Jan

-35.78% -41.67%

09/02

M T W T F

13/02

FLOURMILL 29.4078.1826.60

YtD -9.74 -20.61 -4.80-14.04%3M 1W

4.80

Nov Dec Jan

-24.89% -41.21%

09/02

M T W T F

13/02

HONYFLOUR 3.004.502.87

YtD -0.30 -0.43 -0.07-2.28%3M 1W

0.07

Nov Dec Jan

-9.09% -12.54%

09/02

M T W T F

13/02

NASCON 6.1713.505.68

YtD -0.10 -2.13 -1.38-18.28%3M 1W

1.38

Nov Dec Jan

-1.59% -25.66%

09/02

M T W T F

13/02

PRESCO 29.8046.3020.88

YtD 4.08 3.29 -0.65-2.13%3M 1W

0.65

Nov Dec Jan

15.86% 12.41%

09/02

M T W T F

13/02

UACN 34.5867.8526.00

YtD 0.58 -11.42 -6.32-15.45%3M 1W

6.32

Nov Dec Jan

1.71% -24.83%

09/02

M T W T F

13/02

WAPCO 79.00136.7366.50

YtD -2.00 -1.75 -9.80-11.04%3M 1W

9.80

Nov Dec Jan

-2.47% -2.17%

09/02

M T W T F

13/02

ETI 16.1520.2812.40

YtD -2.05 -1.08 -0.46-2.77%3M 1W

0.46

Nov Dec Jan

-11.26% -6.27%

09/02

M T W T F

13/02

FO 212.10259.9481.21

YtD -15.00 9.11 2.101.00%3M 1W

2.10

Nov Dec Jan

-6.61% 4.49%

09/02

M T W T F

13/02

INTBREW 18.4432.2017.52

YtD -3.77 -10.56 -2.11-10.27%3M 1W

2.11

Nov Dec Jan

-16.97% -36.41%

09/02

M T W T F

13/02

NB 130.00189.00128.27

YtD -33.00 -30.00 -11.81-8.33%3M 1W

11.81

Nov Dec Jan

-20.25% -18.75%

09/02

M T W T F

13/02

PZ 26.0041.0616.60

YtD 2.25 4.80 -1.36-4.97%3M 1W

1.36

Nov Dec Jan

9.47% 22.64%

09/02

M T W T F

13/02

UAC-PROP 11.3521.318.09

YtD 1.78 -0.16 0.000.00%3M 1W

0.00

Nov Dec Jan

18.60% -1.39%

09/02

M T W T F

13/02

ZENITHBANK 15.6225.8014.54

YtD -2.38 -4.98 -0.66-4.05%3M 1W

0.66

Nov Dec Jan

-13.22% -24.17%

09/02

M T W T F

13/02

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 6.3716.526.37

YtD -2.33 -3.51 -0.63-9.00%3M 1W

0.63

Nov Dec Jan

-26.78% -35.53%

09/02

M T W T F

13/02

GLAXOSMITH 41.0072.4538.22

YtD -6.41 -9.00 0.791.96%3M 1W

0.79

Nov Dec Jan

-13.52% -18.00%

09/02

M T W T F

13/02

JBERGER 42.1876.4540.52

YtD -15.45 -21.66 -0.47-1.10%3M 1W

0.47

Nov Dec Jan

-26.81% -33.93%

09/02

M T W T F

13/02

NESTLE 751.001200.00746.25

YtD -244.60 -151.49 -64.25-7.88%3M 1W

64.25

Nov Dec Jan

-24.57% -16.79%

09/02

M T W T F

13/02

SEPLAT 368.00735.00252.93

YtD 16.50 -90.96 34.1010.21%3M 1W

34.10

Nov Dec Jan

4.69% -19.82%

09/02

M T W T F

13/02

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8

12

9 10

11

6

13

7

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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