At the acmeHERE IS ONE INCON-trovertible truth about investors. They love good

news. Their reception does not stop at affection. Investors reward the harbinger of glad tidings gener-ously. This was the case last week Thursday when Zenith Bank re-leased its results for the year ended December 31, 2014. In the space of two days, the stock had climbed 10.21%, ending the week with a to-tal gain of 18.98%.

Looking at the numbers, it is tempting to conclude that Zenith Bank has joined the league of fi-nancial institutions with the Midas touch, banks that continue making money irrespective of the economic cycle. It will be in good company with the likes of Goldman Sachs, JP Morgan Chase, and Wells Far-go. Whether in boom times or lean times, Zenith Bank’s profit engine keeps humming along quietly, con-firming the muted aggressiveness of its 4WD business model.

Widespread applauseImmediately the bank’s perfor-

mance was made public, analysts competed to outdo one another with accolades. Impressive, reassur-ing, outstanding, pleasant surprise, ahead of expectations, and bar rais-ing are just a few of descriptors that were pinned to their commentary. According to Adesoji Solanke, banking analyst at Renaissance Capital, the FY 2014 results ‘but-tress why Zenith is a class act in the Nigerian banking space’.

In the best economic conditions,

felicitations like these are given grudgingly. In this case, the results were achieved against the odds. Only last month, Fitch, a global ratings agency, issued a cautionary review of

the Nigerian economy and 10 leading banks. It concluded that ‘The Nigeri-an operating environment is affected by persistently low oil prices, contin-uing pressure on the domestic cur-

rency, likely further monetary policy and regulatory actions and increased political uncertainty.’

Notwithstanding the grey clouds on the horizon, Fitch noted that ‘Ze-nith’s viability rating (VR) considers its strong franchise, management quality, conservative risk appetite and robust financial metrics. Asset quality is sound and upstream oil & gas exposure represented a limited 6% of loans at end-September 2014. Zenith has a track record of good cli-ent selection and we do not expect major impairments in its corporate book. The bank’s capitalisation and leverage compare well with peers and benefit from a strong funding franchise, sound liquidity and prov-en access to wholesale markets. Ze-nith’s resilient financial performance stands out, and the bank should manage 2015 better than most peers.’ Reading this, one has to do a double-take to be sure that it was not written by Zenith Bank’s PR department.

Analysts at Afrinvest said pretty much the same thing. ‘Zenith re-corded positive growth in both top and bottom line notwithstanding Central Bank of Nigeria’s numerous tightening policies in 2014, which tapered the industry’s earnings gen-eration capacity.’

Results reviewZenith Bank’s gross earnings

rose 14.8% in 2014 to N403.3 bil-lion. This was achieved on the back of 39.1% and 15.9% growth in non-interest income and interest income respectively.

”“

Vanguard Markets | Monday, March 09, 2015 | Issue 032

FIXED INCOME & FOREX

Dusting the pack to the zenith

Source: FMDQ

T

VerbatimThe downward review of the benchmark is purely the initiative of the Senate, having seen how the economy is going. We believe that the $52 oil benchmark is the most realistic parameter to execute the 2015 budget, and not the $65 contained in the Medium Term Expenditure Framework.

- Senator Ahmed Maccido, Chairman of the Senate Committee on Appropriation, March 1, 2015

Currency Central Rate

SWISS FRANC 200.9202

YEN 1.6371

WAUA 273.8745

RIYAL 52.3944

DANISH KRONE 28.8699

SDR 274.5695

FOREX RATES

AHEAD BY A MILE

! Page VM2

Zenith Bank reported its first annual results under Peter Amangbo, its third chief executive officer since the bank was founded twenty-five years ago. Coming after Jim Ovia, the eminence grise of Nigerian banking, and Godwin Emefiele, the Central Bank of Nigeria governor, there were market whispers at the time of his appointment questioning how long it would take for him to fill the big shoes of his illustrious predecessors. The latest results have provided a resounding answer: right away

MoFr196.0

196.5

197.5

197.0

198.0196.5

Tu We Th Fr

$/N

MoFr297.0

299.0

303.0

301.0

305.0298.3263

Tu We Th Fr

£/N

MoFr214.0

216.0

220.0

218.0

222.0215.1479

Tu We Th Fr

Euro/N

MoFr31.00

31.20

31.60

31.40

31.8031.3743

Tu We Th Fr

CNY/N

MoFr0.27

0.29

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0.350.3216

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CFA/N

This man acts in your best interest. Peter Amangbo, CEO, Zenith Bank

BUSINESSVM2

AHEAD BY A MILE

HIGH TABLE

VM | Monday, March 09, 2015 | Issue 032

Dusting the pack to the zenith

Little Italy, Big Taste

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

Credit grew by 38% year-on-year, up from 22% in Q3 2014. Two new line items, auction fee income and foreign withdrawal charges brought in N3.0 billion and N4.9 billion respectively. Together, they contributed 10.0% of total fees and commission income.

Its cost-to-income ratio stayed flat at 55.2% (2013: 55.7%). This was achieved from improvements in operating income to counter an 11.2% spike in operating expenses to N163.7 billion.

Zenith retained its single-minded vetting of asset quality in 2014. Non-performing loan ratio was capped at 1.7%, and cost of risk at 0.9%.

The bank maintained its momen-tum in deposit mobilization albeit at ‘chunky cost’ seen in the rise of inter-est expense to 51.0%. This affected its profit after tax, which rose 4.3% to N99.5 billion.

Its capital adequacy ratio (CAR) was healthy at 20%, a good 4% high-er than the 16% minimum required by the Central Bank of Nigeria for systemically important banks (SIBs). Its comfortable capital position ena-bled Zenith to propose a dividend of N1.75. This earns Zenith the top spot for dividend yield at 9.2% in the

banking industry at the top of the dividend yield.

On a side note, the bank’s CAR has now slid for 3 years in a row.

To restore its buffer, Afrinvest esti-mates that Zenith will need ‘to raise additional capital via Rights Issue before the end of 2015 to increase its ability to increase risks assets, hence increase interest income.’ Sharehold-ers will welcome this.

Can Zenith repeat this?Brian Mugabe, head of research at

Imara Africa, has some reservations about Zenith’s ability to keep gener-ating outsize returns from fx trading

in 2015. ‘An impressive set of results then, relative to our forecasts, although we expect some of the fx-related gains – including revaluation gains - cour-tesy of market volatility to not be sus-tainable in the medium term.’

Solanke of Rencap also urged management to provide ‘needed clar-ity around volatility in FX trading in-come through the year’. The analyst balances his enthusiasm for the 2014 results with an opinion that there is a lag between when the bad news happens and when it is reported. He writes that ‘FY14 results as an irrele-vant indicator of the underlying asset quality stress in the banking system, as the feed through from a weaker oil, Naira and macro environment will only start reflecting significantly in subsequent 2015 results.’

For example, impairment charges are likely to rise in 2015. In 2014 it increased to N13.1 billion from N11.1 billion in 2013, a non-negligible 18.0%. This was mainly attributable to over-draft accounts at 83.2%, a figure which climbed 35.5% in the year. Afrinvest points lays the blame on ‘the recent developments in the oil & gas space as most operators may have challenges in meeting up with their obligations relat-ing to the available credit line.’

It is early days to know how 2015

will turn out. Election results and post-election recovery, CBN’s stance on in-terest and forex rates, oil prices, and the insurgency in the north-eastern parts of Nigeria will all play their parts.

It is a shifting landscape. If there is one thing that Zenith has shown it is that it keeps adapting to the terrain. After all, this is the whole point of having a 4X4 business model. ;

AGOS HAS SEEN ITS fair share of Italian res-taurants come and go. One

example is the short lived C’era Una Volta. So one may ask, what makes La Veranda, the latest pro-ject from Fouad Hanein, owner of the Piccolomondo Restaurant Group (The Blow Fish Hotel, Izanagi), any different? For one, its decor is beautiful. It is part modern art gallery arrangement and part rustic cuccina. Conceptually, this would seem like a confusing mess. In reality, it works harmoniously.

The restaurant overlooks the hotel’s newly constructed pool, a popular hangout for Lagos’ Young Cool Set, pronounced YCees for short.

La Veranda’s firewood brick oven is part of an exclusive club of similar pizzerias in Lagos that include Ma-nuela’s Residence on Teslim Eli-as Road, Taverna Milano on Sam-uel Manuwa Street, Pizze Riah on Musa Yar’Adua Street, all in Victoria Island and Double Four Restau-rant on Awolowo Road, Ikoyi.

Some of the highlights in the menu for me are the risotto con porcini a funghi, a delicious creamy mushroom risotto. However, if like some if you only like your rice jol-lofed or fried, then the penne arabi-ata is a safer bet. This is a pasta in a spicy homemade Napoli sauce with chilli, which is more suited to the Nigerian palate. In fact, the name arrabbiata literally means ‘angry’ in Italiano emphasize the dish’s spici-ness. My personal favourites are the lasagne and penne pesto, which is made with pine nuts and basil. The chef’s piece de resistance and ro-mantic date pleaser is parpadelle aragosta, a fresh egg pasta served with lobster. Unless you have a lav-ish expense account, this is a budget buster at a whopping N7,100.

If you are choosing not to dine but

want to have an appetizer with your drinks for a more casual experience, then the bruschetta tomate is the way to go. Some may roll their eyes and wonder what makes tomato on bread special. Honestly, I couldn’t tell you. It just tastes great. I suspect the tomatoes have been blanched, skinned and brunoised along with

onions, fragrant olive oil, vinegar and the freshest herbs. But this would only be a guess.

A shining star on the Italian res-taurant scene is Pizze Riah, owned by Elga Akerele. It arguably has the best wood fired pizzas in Lagos. Pizze Riah’s insistence on incorporating Nigerian influences into its repertoire

has endeared it to diners. Having a Nigerian husband, Richard Aker-ele, must have played a small part in the menu configuration. Anyhow, the tropicalized touch makes the ex-perience here refreshingly unique. I cannot imagine getting calamari suya anywhere else in the world.

Though the pizzas are the clear stars of the restaurant, you will be doing yourself a clear disservice if you do not try their Italian pastry and desserts. My favorite is their tiramisu, an espresso-spiked lady-fingers sponge biscuit lathered gen-erously with marscapone and deca-dent zabaione.

Another attraction Pizze Riah has is its price list. Entrées start from N500 and on average menu items cost N2000. So you get first class food at great value for money. The place is also great for the entire fam-ily as it has an extended play area for children. ;

The penne arabiata lives up to its hot character

Ify Ojiis a lawyer, writer and food lover. She is the creator of the GidiTang.com (syno-nym: Lagos Flavour) blog on food and drink in Lagosify@teamlogicgroup.com

L

Whether in boom times or lean times, Zenith Bank’s profit engine keeps humming along quietly, confirming the muted aggressiveness of its 4WD business model.

Zenith Bank FY 2014 Results Financial Highlights (N Billions) Statement of Comprehensive Income FY 2014 FY 2013 Y-o-Y GrowthGross Earnings 403.3 351.5 14.8%

Interest Income 313.4 270.5 15.9%

Interest Expense (106.9) (70.8) 51.0%

Net Interest income 206.5 199.7 3.4%

Credit impairment charges (13.1) (11.1) 18.0%

Investment and Other Operating Income 90.1 64.7 39.1%

OPEX (163.7) (147.2) 11.2%

PBT 119.8 106.2 12.8%

Taxation (20.3) (15.3) 33.1%

PAT 99.5 95.3 4.3%

Statement of Financial PositionCash and Bank Balances 752.6 603.9 24.6%

Total Loans and advances 1,729.5 1,251.4 38.2%

Investment Securities 200.1 303.1 -34.0%

Total Assets 3,755.3 3,143.1 19.5%

Total Equity 552.6 509.3 8.5%

Total Deposits 2,537.3 2,276.8 11.4%

Borrowings 359.3 119.7 200.3%

Total Liabilities 3,202.6 2,633.9 21.6%

Source: Company sources and Afrinvest Research

La VerandaBlowfish Hotel

17 Oju Olobun StreetVictoria Island

Pizze-Riah13 Musa Yar’Adua StreetVictoria Island, Lagos

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 02 – 09, 2015MARKET REVIEW – MARCH 02 – MARCH 09, 2015

TRADING UPDATE

Agriculture 2 3 0Conglomerates 2 2 1

Construction/Real Estate 2 7 0Consumer Goods 4 17 10

Financial Services 5 34 18Healthcare 2 6 2

ICT 0 11 0Industrial Goods 1 15 5

Natural Resources 0 5 0Oil & Gas 3 4 4Services 2 8 8

Declined Unchanged Advanced

TOP DECLINERS WTD

AIRLINE SERVICES AND LOGISTICS PLC -13.81

UAC OF NIGERIA PLC -12.01

CONTINENTAL REINSURANCE PLC -10.87

SEPLAT PETROLEUM DEVEL-OPMENT COMPANY LTD -8.51

MAY & BAKER NIGERIA PLC -7.88

TOP GAINERS WTD

DIAMOND BANK PLC 15.64

FBN HOLDINGS PLC 14.42

AIICO INSURANCE PLC 13.33

RED STAR EXPRESS PLC 13.06

SKYE BANK PLC 11.82

TOP DECLINERS WTD

CUTIX PLC -6.67

DANGOTE FLOUR MILLS PLC -5.38

BERGER PAINTS NIGERIA PLC -5.00

PRESCO PLC -4.97

FORTE OIL PLC -4.87

TOP GAINERS WTD

ZENITH INTERNATIONAL BANK PLC 18.98

UNITED BANK FOR AFRICA PLC 17.29

UNION BANK OF NIGERIA PLC 16.87

NATIONAL AVIATION HAN-DLING COMPANY PLC 16.01

IKEJA HOTEL PLC 16.00

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 153.00 -0.01% 778 150.35 154.50 150.35 1.76% 21,154 152.86 0.09% 30,012 81.23 197.94 -3.77% ABCTRANS 0.55 3.77% 334 0.53 0.55 0.53 3.77% 1,551 0.55 0.00% 22,116 0.51 0.92 -3.51%

ACCESS 6.44 0.00% 1,241,437 6.40 7.09 6.23 0.63% 2,593,699 6.00 7.33% 9,886,856 4.50 10.18 2.38% AGLEVENT 1.20 0.84% 109 1.15 1.30 1.15 4.35% 962 1.26 -4.76% 15,810 1.09 1.65 -8.40%

AIICO 0.85 0.00% 61,753 0.75 0.86 0.75 13.33% 241,556 0.81 4.94% 674,456 0.65 0.90 1.19% AIRSERVICE 1.80 0.00% 340 2.05 2.05 1.80 -12.20% 8,356 1.71 5.26% 123,498 1.56 3.08 5.88%ASHAKACEM 18.50 0.00% 671 18.04 19.92 18.04 2.55% 19,279 20.24 -8.60% 37,394 13.87 34.60 -11.10% BETAGLAS 25.73 0 25.73 25.73 25.73 0.00% 3 31.49 -18.29% 45,420 15.49 31.49 -2.54%CADBURY 39.28 3.37% 419 38.00 39.50 37.39 3.37% 2,987 38.24 2.72% 17,922 33.10 85.40 -6.48%

CAP 38.20 1.06% 3,464 37.80 39.94 37.80 1.06% 4,879 37.00 3.24% 15,375 33.01 46.95 2.41% CCNN 11.40 10.89% 12,437 10.70 11.46 10.17 6.54% 14,745 9.50 20.00% 40,862 8.33 15.98 15.38%

CONOIL 32.31 4.56% 1,332 31.17 33.81 30.90 3.66% 7,179 32.60 -0.89% 18,130 29.50 79.51 -6.08% CONTINSURE 0.82 1.23% 40,314 0.92 0.92 0.81 -10.87% 296,709 0.87 -5.75% 464,492 0.80 1.24 -15.46%COURTVILLE 0.50 0.00% 2,201 0.50 0.50 0.50 0.00% 6,136 0.50 0.00% 19,944 0.50 0.75 0.00%CUSTODYINS 3.86 0.00% 10,682 3.90 3.99 3.86 -1.03% 36,722 4.00 -3.50% 245,031 1.90 4.35 9.97%

CUTIX 1.40 -2.10% 3,987 1.45 1.57 1.40 -3.45% 8,433 1.47 -4.76% 22,690 1.21 2.10 4.48%DANGCEM 153.00 0.33% 4,539 153.00 157.90 152.00 0.00% 35,813 159.80 -4.26% 249,382 139.10 250.02 -19.47%

DANGFLOUR 3.52 0.28% 6,071 3.44 3.69 3.34 2.33% 13,496 4.00 -12.00% 161,313 2.88 9.50 -20.00% DANGSUGAR 6.50 1.72% 9,093 6.34 6.79 6.22 2.52% 82,143 6.90 -5.80% 407,830 4.70 11.20 7.62% DIAMONDBNK 4.51 10.00% 25,947 3.90 4.51 3.90 15.64% 1,402,624 3.95 14.18% 3,704,403 3.45 7.05 -17.25%

ETERNA 2.67 3.89% 683 2.70 2.72 2.57 -1.11% 6,118 2.54 5.12% 22,537 2.39 5.35 -10.70%ETI 17.95 6.21% 21,357 16.01 17.95 16.01 12.12% 404,087 16.61 8.07% 2,297,002 12.40 20.28 -1.37%

FBNH 8.81 10.13% 1,049,428 7.70 8.82 7.60 14.42% 5,335,264 7.00 25.86% 12,068,497 6.35 16.52 1.26% FCMB 2.40 4.80% 438,162 2.20 2.50 2.14 9.09% 905,086 2.09 14.83% 4,055,541 1.93 4.64 -4.00%

FIDELITYBK 1.39 7.75% 222,665 1.28 1.39 1.25 8.59% 724,118 1.27 9.45% 2,320,142 1.13 2.40 -13.13% FIDSON 3.10 0.00% 3,233 3.00 3.10 3.00 3.33% 6,381 3.20 -3.13% 61,702 2.32 3.90 -16.44%

FLOURMILL 34.00 -2.86% 20,147 34.00 35.50 33.30 0.00% 122,316 34.20 -0.58% 610,175 26.60 73.55 -13.13% FO 202.01 -3.27% 642 204.57 213.40 202.01 -1.25% 4,325 210.00 -3.80% 48,747 86.50 259.94 -11.05%

GLAXOSMITH 40.01 -0.05% 624 40.20 40.20 40.00 -0.47% 12,279 40.21 -0.50% 31,970 38.22 71.20 -15.61% GUARANTY 24.28 10.31% 256,732 23.50 24.98 22.00 3.32% 806,788 21.00 15.62% 6,600,412 16.69 31.80 -3.57% GUINNESS 128.14 0.90% 7,958 119.25 129.35 119.25 7.45% 15,682 128.90 -0.59% 48,950 110.00 214.99 -22.48%

HONYFLOUR 2.99 0.00% 255 3.00 3.12 2.86 -0.33% 9,292 3.07 -2.61% 46,850 2.77 4.50 -9.39% INTBREW 19.42 3.24% 3,287 18.00 20.44 17.25 7.89% 249,727 20.55 -5.50% 326,846 17.01 32.20 -12.56% JBERGER 43.47 -3.40% 270,028 48.51 48.51 40.00 -10.39% 283,387 42.65 1.92% 319,444 38.08 76.45 -24.57%

LINKASSURE 0.50 0 0 0.50 0.00% 50 0.50 0.50 0.00%MANSARD 2.95 -1.01% 4,568 2.89 3.03 2.85 2.08% 10,164 2.95 0.00% 26,908 1.96 3.79 -5.14%MAYBAKER 1.52 -1.94% 5,912 1.65 1.65 1.52 -7.88% 10,233 1.43 6.29% 82,413 1.29 2.15 0.66%

MOBIL 162.90 7.59% 766 150.00 162.90 150.00 8.60% 4,044 157.60 3.36% 7,785 112.54 182.00 4.91% MRS 48.02 0 48.02 48.02 48.02 0.00% 25 48.02 0.00% 49 41.84 70.00 -4.99%

NAHCO 5.00 4.82% 2,716 4.36 5.00 4.31 14.68% 16,584 4.75 5.26% 50,205 3.56 5.84 0.00% NASCON 6.73 -0.74% 11,084 6.36 7.30 6.31 5.82% 111,795 7.55 -10.86% 250,732 5.68 13.48 7.34%

NB 145.86 1.86% 47,088 142.20 151.00 135.16 2.57% 231,841 141.81 2.86% 1,086,388 122.55 189.00 -10.52% NEIMETH 0.71 0.00% 1,060 0.71 0.71 0.68 0.00% 4,730 0.72 -1.39% 6,701 0.67 1.76 -6.58%

NEM 0.61 -3.17% 2,648 0.63 0.65 0.59 -3.17% 26,692 0.57 7.02% 569,384 0.51 0.90 -6.15% NESTLE 819.99 0.00% 14,018 820.00 849.90 815.00 0.00% 18,914 815.25 0.58% 113,472 743.00 1,200.00 -17.64%

NIGERINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 859 0.50 0.00% 3,687 0.50 0.54 0.00%NNFM 17.15 0.00% 9 17.15 17.15 17.15 0.00% 45 17.15 0.00% 568 17.15 23.08 -1.15%OANDO 15.14 1.54% 76,032 13.99 16.30 13.80 8.22% 236,923 14.93 1.41% 732,270 12.83 36.89 -13.49%

OKOMUOIL 30.91 0.68% 1,468 31.00 31.00 30.20 -0.29% 12,984 27.90 10.79% 129,371 23.20 42.49 23.64% PAINTCOM 1.49 0.00% 0 1.49 1.49 1.49 0.00% 1,275 1.43 4.20% 4,278 1.33 1.99 1.36%PORTPAINT 3.65 -8.29% 1,946 3.64 3.98 3.64 0.27% 5,996 3.83 -4.70% 9,720 3.52 5.75 -1.62%

PRESCO 30.77 0.00% 1,042 30.77 30.77 30.77 0.00% 1,318 30.45 1.05% 39,468 20.88 44.00 19.63%PRESTIGE 0.50 0.00% 100 0.50 0.50 0.50 0.00% 475 0.50 0.00% 2,578 0.50 0.63 0.00%

PZ 27.71 1.09% 855 28.99 28.99 27.00 -4.42% 6,913 27.36 1.28% 584,787 16.60 39.80 16.67% REDSTAREX 4.07 0.00% 3,876 3.53 4.07 3.53 15.30% 18,440 3.70 10.00% 28,510 3.44 5.35 8.24%ROYALEX 0.50 0.00% 2,138 0.50 0.51 0.50 0.00% 7,366 0.50 0.00% 40,949 0.50 0.64 -3.85%

RTBRISCOE 0.74 5.71% 2,557 0.73 0.74 0.70 1.37% 5,434 0.82 -9.76% 36,931 0.58 1.32 -11.90%SEPLAT 440.00 -2.22% 620 470.00 470.00 430.00 -6.38% 4,902 333.90 31.78% 22,984 252.93 735.00 25.18%

SKYEBANK 2.27 9.66% 175,827 2.09 2.27 2.03 8.61% 402,904 1.97 15.23% 2,435,513 1.70 3.95 -10.28% SOVRENINS 0.50 0.00% 0 0.50 0.50 0.50 0.00% 6,414 0.50 0.00% 6,687 0.50 0.50 0.00%STANBIC 27.30 5.00% 42,636 24.98 27.30 24.71 9.29% 102,264 24.23 12.67% 279,100 19.40 35.00 0.81%

STERLNBANK 2.29 1.78% 78,431 2.38 2.39 2.25 -3.78% 387,409 2.35 -2.55% 637,267 2.09 2.74 -5.37% TOTAL 144.50 3.21% 378 139.99 144.50 138.51 3.22% 2,145 142.41 1.47% 6,172 130.43 195.50 -3.03%

TRANSCORP 2.80 0.00% 439,578 2.68 2.99 2.67 4.48% 1,105,588 2.80 0.00% 4,732,934 2.19 7.08 -12.77% UAC-PROP 9.61 2.67% 1,716 9.69 9.91 9.35 -0.83% 14,359 11.35 -15.33% 33,044 8.09 21.31 0.42%

UACN 35.53 -2.44% 5,759 40.37 42.49 35.01 -11.99% 88,596 40.90 -13.13% 1,015,608 26.00 67.85 4.50% UBA 4.07 10.00% 603,000 3.47 4.07 3.33 17.29% 1,736,846 3.42 19.01% 6,504,096 2.90 8.26 -5.79%

UBCAP 1.51 3.42% 107,050 1.40 1.54 1.40 7.86% 179,837 1.45 4.14% 587,958 1.26 2.98 -10.12% UBN 11.06 0.55% 206,248 9.84 11.55 9.38 12.40% 268,607 9.00 22.89% 443,675 6.48 11.55 30.12%

UNILEVER 35.20 3.53% 2,266 35.00 36.00 33.35 0.57% 18,567 35.50 -0.85% 166,722 27.00 55.00 -6.36% UNITYBNK 0.50 0.00% 4,496 0.50 0.50 0.50 0.00% 5,057 0.50 0.00% 12,202 0.50 0.50 0.00%VITAFOAM 3.64 4.30% 20,212 3.60 3.65 3.42 1.11% 37,610 3.25 12.00% 82,685 3.23 4.72 -4.96%

WAPCO 89.02 2.09% 8,304 86.40 89.02 84.60 3.03% 27,255 88.80 0.25% 139,943 66.50 136.73 9.90% WAPIC 0.52 -1.89% 33,215 0.50 0.55 0.50 4.00% 214,234 0.51 1.96% 865,266 0.50 0.93 -18.75%

WEMABANK 0.97 4.30% 1,580 0.97 1.00 0.92 0.00% 118,020 0.94 3.19% 812,875 0.85 1.21 5.43% ZENITHBANK 20.94 10.21% 254,940 17.60 20.94 17.59 18.98% 1,573,440 16.28 28.62% 5,328,000 14.54 25.80 16.33%

MARKET DATA VM3VM | Monday, March 09, 2015 | Issue 032

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 6.4410.184.50

YtD 0.15 -0.59 0.040.63%3M 1W

0.04

Dec Jan Feb

2.38% -8.39%

02/03

M T W T F

06/03

ASHAKACEM 18.5034.6013.87

YtD -2.31 -4.87 0.462.55%3M 1W

0.46

Dec Jan Feb

-11.10% -20.84%

02/03

M T W T F

06/03

CADBURY 39.2885.4033.10

YtD -2.72 -5.72 1.283.37%3M 1W

1.28

Dec Jan Feb

-6.48% -12.71%

02/03

M T W T F

06/03

CAP 38.2046.9533.01

YtD 0.90 2.10 0.401.06%3M 1W

0.40

Dec Jan Feb

2.41% 5.82%

02/03

M T W T F

06/03

CCNN 11.4015.988.33

YtD 1.52 0.61 0.706.54%3M 1W

0.70

Dec Jan Feb

15.38% 5.65%

02/03

M T W T F

06/03

CONTINSURE 0.821.240.80

YtD -0.15 -0.14 -0.10-10.87%3M 1W

0.10

Dec Jan Feb

-15.46% -14.58%

02/03

M T W T F

06/03

FCMB 2.404.641.93

YtD -0.10 -0.69 0.209.09%3M 1W

0.20

Dec Jan Feb

-4.00% -22.33%

02/03

M T W T F

06/03

GUARANTY 24.2831.8016.69

YtD -0.90 0.28 0.783.32%3M 1W

0.78

Dec Jan Feb

-3.57% 1.17%

02/03

M T W T F

06/03

MANSARD 2.953.791.96

YtD -0.16 -0.59 0.062.08%3M 1W

0.06

Dec Jan Feb

-5.14% -16.67%

02/03

M T W T F

06/03

OANDO 15.1436.8912.83

YtD -2.36 -3.71 1.158.22%3M 1W

1.15

Dec Jan Feb

-13.49% -19.68%

02/03

M T W T F

06/03

STANBIC 27.3035.0019.40

YtD 0.22 -1.70 2.329.29%3M 1W

2.32

Dec Jan Feb

0.81% -5.86%

02/03

M T W T F

06/03

UBA 4.078.262.90

YtD -0.25 -0.67 0.6017.29%3M 1W

0.60

Dec Jan Feb

-5.79% -14.14%

02/03

M T W T F

06/03

DANGCEM 153.00250.02139.10

YtD -37.00 -17.00 0.000.00%3M 1W

0.00

Dec Jan Feb

-19.47% -10.00%

02/03

M T W T F

06/03

FIDELITYBK 1.392.401.13

YtD -0.21 -0.16 0.118.59%3M 1W

0.11

Dec Jan Feb

-13.13% -10.32%

02/03

M T W T F

06/03

GUINNESS 128.14214.99110.00

YtD -37.16 -16.87 8.897.45%3M 1W

8.89

Dec Jan Feb

-22.48% -11.63%

02/03

M T W T F

06/03

MOBIL 162.90182.00112.54

YtD 7.63 -5.10 12.908.60%3M 1W

12.90

Dec Jan Feb

4.91% -3.04%

02/03

M T W T F

06/03

OKOMUOIL 30.9142.4923.20

YtD 5.91 4.21 -0.09-0.29%3M 1W

0.09

Dec Jan Feb

23.64% 15.77%

02/03

M T W T F

06/03

TOTAL 144.50195.50130.43

YtD -4.51 -11.62 4.513.22%3M 1W

4.51

Dec Jan Feb

-3.03% -7.44%

02/03

M T W T F

06/03

UNILEVER 35.2055.0027.00

YtD -2.39 0.09 0.200.57%3M 1W

0.20

Dec Jan Feb

-6.36% 0.26%

02/03

M T W T F

06/03

DIAMONDBNK 4.517.053.45

YtD -0.94 -1.08 0.6115.64%3M 1W

0.61

Dec Jan Feb

-17.25% -19.32%

02/03

M T W T F

06/03

FLOURMILL 34.0073.5526.60

YtD -5.14 -12.03 0.000.00%3M 1W

0.00

Dec Jan Feb

-13.13% -26.14%

02/03

M T W T F

06/03

HONYFLOUR 2.994.502.77

YtD -0.31 -0.17 -0.01-0.33%3M 1W

0.01

Dec Jan Feb

-9.39% -5.38%

02/03

M T W T F

06/03

NASCON 6.7313.485.68

YtD 0.46 -0.37 0.375.82%3M 1W

0.37

Dec Jan Feb

7.34% -5.21%

02/03

M T W T F

06/03

PRESCO 30.7744.0020.88

YtD 5.05 3.84 0.000.00%3M 1W

0.00

Dec Jan Feb

19.63% 14.26%

02/03

M T W T F

06/03

UACN 35.5367.8526.00

YtD 1.53 -3.62 -4.84-11.99%3M 1W

4.84

Dec Jan Feb

4.50% -9.25%

02/03

M T W T F

06/03

WAPCO 89.02136.7366.50

YtD 8.02 12.90 2.623.03%3M 1W

2.62

Dec Jan Feb

9.90% 16.95%

02/03

M T W T F

06/03

ETI 17.9520.2812.40

YtD -0.25 -0.05 1.9412.12%3M 1W

1.94

Dec Jan Feb

-1.37% -0.28%

02/03

M T W T F

06/03

FO 202.01259.9486.50

YtD -25.09 -33.17 -2.56-1.25%3M 1W

2.56

Dec Jan Feb

-11.05% -14.10%

02/03

M T W T F

06/03

INTBREW 19.4232.2017.01

YtD -2.79 -5.60 1.427.89%3M 1W

1.42

Dec Jan Feb

-12.56% -22.38%

02/03

M T W T F

06/03

NB 145.86189.00122.55

YtD -17.14 -24.14 3.662.57%3M 1W

3.66

Dec Jan Feb

-10.52% -14.20%

02/03

M T W T F

06/03

PZ 27.7139.8016.60

YtD 3.96 -2.28 -1.28-4.42%3M 1W

1.28

Dec Jan Feb

16.67% -7.60%

02/03

M T W T F

06/03

UAC-PROP 9.6121.318.09

YtD 0.04 -0.89 -0.08-0.83%3M 1W

0.08

Dec Jan Feb

0.42% -8.48%

02/03

M T W T F

06/03

ZENITHBANK 20.9425.8014.54

YtD 2.94 2.44 3.3418.98%3M 1W

3.34

Dec Jan Feb

16.33% 13.19%

02/03

M T W T F

06/03

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 8.8116.526.35

YtD 0.11 -0.13 1.1114.42%3M 1W

1.11

Dec Jan Feb

1.26% -1.45%

02/03

M T W T F

06/03

GLAXOSMITH 40.0171.2038.22

YtD -7.40 -9.79 -0.19-0.47%3M 1W

0.19

Dec Jan Feb

-15.61% -19.66%

02/03

M T W T F

06/03

JBERGER 43.4776.4538.08

YtD -14.16 -14.16 -5.04-10.39%3M 1W

5.04

Dec Jan Feb

-24.57% -24.57%

02/03

M T W T F

06/03

NESTLE 819.991200.00743.00

YtD -175.61 19.84 -0.010.00%3M 1W

0.01

Dec Jan Feb

-17.64% 2.48%

02/03

M T W T F

06/03

SEPLAT 440.00735.00252.93

YtD 88.50 61.15 -30.00-6.38%3M 1W

30.00

Dec Jan Feb

25.18% 16.14%

02/03

M T W T F

06/03

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

BUSINESSVM2 VM | Monday, March 09, 2015 | Issue 032