55 stocks trading at n0 50k today - what next

7/31/2019 55 Stocks Trading at N0 50k Today - What Next

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55 Stocks Trading t N0.50k Today What Next? www.proshareng.com Page 1

Two Years AfterThe Restoration of the NCM

Issued on January 15, 2012

-

55 Stocks Trading at N0.50 Kobo Today: What Next?

Issued on June 03, 2012

ISSN 1597 - 8842 Vol. 1 No. 92


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ContentsContentsContentsContents


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55 Stocks Trading at N0.50 Kobo Today: What Next?June 03, 2012

1. Introduction

IntroductionThe extended bearish market sentiments and unrelenting down trend makes it

imperative for a cursory review of penny stocks, most especially those stocks currentlytrading at their nominal value of 50kobo.

Recall that the NSE All-Share Index as at 3rd March 2008 was at 65,901.97 basispoints, yet within the space of four (4) years; it shed 43,678.61 basis pointsrepresenting -66.27% to close at 22,232.36 basis points as at 25th May, 2012.

3-Mar-08 25-May-12 Diff in Basis Point % Change

65,910.97 22,232.36 -43,678.61 -66.27%

NSE ASI

Source: Proshare Research/NSE

Consequently, the NSE Market Cap within the same period depreciated by N5.46 trillionto stand at N7.09 trillion as at 25th May 2012 representing a -43.52 loss.

3-Mar-08 25-May-12 CAP Loss % Change

12.55 7.09 -5.46 -43.52%

NSE MARKET CAP (Trillion)


Observations/HighlightsAs at May 25, 2012, we have a total of fifty-five (55) stocks trading at 50kobo (floor) and of these, twenty seven (27) are insurance stocks, three (3) Oil & Gas stocks whileWema Bank Plc is the only banking stock in the category.

One major point that stood out was the fact that half of the companies listed on thebourse between 2008 and 2010 are currently trading at 50k while four (4) stocks

have recorded no price movement in the last three years.

A review on the affected companies financial results (where available) sheds someinsight into how the bourse is performing/managed Eighteen (18) out of the fifty-five

(55) stocks declared negative results in their most recent results, three (3) companieshave no results at all while twenty-seven (27) have not declared their 2011 Auditedresults.

There are some peculiarities that helps put the financial figures in context. Here are afew:

DN Tyre & Rubber Plc (formerly Dunlop) was a tyre manufacturing giants in theNigerian market became a victim of governments policy(ies) which made ituncompetitive in its primary market. The company had to convert some assets to cashfor use in other areas. (http://www.proshareng.com/news/9571). As the company could not produce anylonger it had to resort to importation of goods. The Group Managing Director of DN Tyreand Rubber Plc, Mohammed Yinusa, explained in an interview with The Guardian that the

decision to import was a last resort, adding that the company was still optimistic that abail-out may come from the Federal Government. (http://www.proshareng.com/news/6772)


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Union Diagnostics & Clinical Services Plc had in 2009 proposed N0.08kobo dividendand later informed the Exchange of its inability to meet up with the payment date of thedividend prior to the AGM at which the dividend was declared. Not much has been heardfrom/about this company since. (http://www.proshareng.com/news/11674)

Investment & Allied Insurance Plc had its management suspended by the NationalInsurance Commission in 2010, two years after its successful public offering. Thesuspension was sequel to reports of findings from routine inspection of the company bythe commission and the failure of the management of the company to satisfactorily

correct material lapses observed and brought to its attention by the commission.(http://www.proshareng.com/news/13136)

Daar Communication Plc recently lost in its bid to address the payment of a N7.5bnjudgment sum handed against it in favour of Fidelity Bank Plc and the implication of suchfor shareholders is onerous. (http://www.proshareng.com/news/17228)

Starcomms Plc which was listed on the Exchange in 2008 after a public offering has

remained a sore experience and the industry poster for the excesses that occurredduring the boom years. (http://www.proshareng.com/news/17281).

Wema Bank Plc has been trying to recover after its many corporate governancechallenges. (http://www.proshareng.com/news/10568)

Stock Price Analysis No

No of Insurance Stock(s) 27

No of Banking Stock(s) 1

No of Oil & Gas Stock (s) 3

Newly Listed Stocks (2008-2010) 20

Stocks Trading below 50kobo 2Stocks Trading at 50kobo in the last 2Yrs 20

Stocks that records no price movement in the last 3Yrs 4

Result Analysis

Companies that declared negative results (Latest Available Results) 18

Companies that have not declared results at all 3

Companies that have not complied with listing rules (Latest Audited Results Not Available) 27

55 Stocks Trading @ 50kobo


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2. Individual Stock Analysis

As at the report date, fifty-five (55) equities are trading at their nominal value ofN0.50kobo. To properly understand why this is so and the expectations going forward,

we undertook a critical examination/analysis of the equities covering the period from

2008 to 2012.

ABCTRANS

The share price ofABC Transport Plc, listed in the services sector, recorded a 4.51%appreciation in 2008 to close at 2.78k from the Opening price of 2.66k. The stock closedflat in 2009 while price depreciation of -3.95% was recorded in 2010. The stock resumed

positive movement in 2012 with 3.77% price appreciation recorded while it opened theyear 2012 at 50k and later traded above its nominal value before it eventually hit 50k onthe 16th Feb, 2012.

Year

Opening

Price

Closing

Price % Change Stock Hits 50k

2008 2.66 2.78 4.51%

2009 1.96 1.96 0.00%

2010 0.76 0.73 -3.95%

2011 0.53 0.55 3.77%

2012 0.5 0.5 0.00%

ABCTRANS

16th Feb, 2012


Note: 2012 Closing Price is as at 25th May, 2012

Financial Review In its latest result for Q4 2011, ABC Plc posted a -N68.18m loss asagainst N57.51 million in the previous quarter representing a -218.55% negativegrowth. The company recorded losses also in Q2 and Q1 2011 while it declared profit in

Q3 2011 and Q4 2010 respectively, also a negative growth.

ABCTRANS

Turnover N'm PAT N'mPeriod

Current Previous % Change Current Previous % Change

Q4 2011 5849 4612 26.82% -68.18 57.51 -218.55%

Q3 2011 4290 3350 28.06% 31.5 70.42 -55.27%

Q2 2011 2658 2098 26.69% -101.16 -52.32 -93.35%

Q1 2011 1216 1011 20.28% -70.42 23.35 -401.58%

Q4 2010 4612 4051 13.85% 57.51 85.67 -32.87%


AFRINSURE

The share price of African Alliance Insurance Plc, listed in the Financial Servicessector on 17th Sept, 2009 recorded -76.29% price depreciation in 2009 while the stock

closed flat in 2010, 2011 until it hit its nominal price of 50k on 1st Feb, 2012.


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Year

Opening

Price

Closing


2008 NA NA 0.00%

2009 3.67 0.87 -76.29%

2010 0.87 0.87 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

AFRINSURE

1st Feb, 2012



Financial Review the companys latest financial accounts shows that the insurance

outfit has been declaring losses all through the periods reviewed below. The companydeclared N229million loss in Q2 2011 while a similar outcome was also recorded in Q42012 and Q4 2009 with N3.09 billion and N5.45 billion losses recorded respectively.

AFRINSURE

Turnover N'm PAT N'mPeriodCurrent Previous % Change Current Previous % Change

Q2 2011 991.89 775.2 27.95% -229.91 -1456 -84.21%

Q4 2010 1368 1106 23.69% -3090 -5111 -39.54%

Q4 2009 1430 1229 16.35% -5450 -7962 -31.55%


AFROMEDIAAfromedia Plc listed in the services sector on the 18th of May, 2009 closed flat in theyear it was listed with a similar posture retained in 2010, and in 2011 recorded -3.57%

price depreciation. The stock hit its nominal value of 50k in Jan 4th, 2012.

Year

Opening

Price

Closing


2008 NA NA 0.00%

2009 2.51 2.51 0.00%

2010 0.8 0.8 0.00%

2011 0.56 0.54 -3.57%

2012 0.5 0.5 0.00%

AFROMEDIA

4th Jan, 2012



Financial Review In the companys latest result for Q1 2012, a profit ofN54.14million was reported, declared a loss of N-301.18million in Q4 2011 and declaredN174 million, N261 million and N134 million profits in Q3, Q2 and Q1 2011 respectively.

AFROMEDIA



Q1 2012 704.59 969.41 -27.32% 54.14 134.67 -59.80%

Q4 2011 3240 3733 -13.21% -301.18 440.13 -168.43%

Q3 2011 2619 2688 -2.57% 174.11 461.72 -62.29%


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Q2 2011 1671 1550 7.81% 261.62 342.69 -23.66%

Q1 2011 969.41 661.67 46.51% 134.67 161.09 -16.40%


AIICO

The share price AIICO Plc, listed in the financial services sector, closed flat in 2008,

recorded a price appreciation of 0.54% and 3.80% respectively in 2009 and 2010;closed flat in 2011 and posted a -3.85% price depreciation in 2012. The stock hit itsnominal value of 05k on 16th May, 2012

Year

Opening

Price

Closing


2008 3.43 3.43 0.00%

2009 1.86 1.87 0.54%

2010 0.79 0.82 3.80%

2011 0.9 0.9 0.00%

2012 0.5 0.52 4.00%

AIICO

16th May, 2012



Financial Review The insurance outfit financials represents that it made profitthroughout the periods under review with N1.33 billion PAT in Q4 2011 while N1.32billion, N1.49 billion and N1.11 billion was declared in Q3 2011, Q2 2011 and Q4 2010 inthat order recording positive growth in majority of the periods.

AIICO



Q4 2011 18444 14952 23.35% 1332 1117 19.25%

Q3 2011 13507 11101 21.67% 1329 1641 -19.01%

Q2 2011 8674 7376 17.60% 1496 968 54.60%

Q4 2010 14952 8799 69.93% 1117 1002.00 11.48%


ASOSAVINGS

Aso Savings & Loans Plc listed in the financial services sector on 25th April, 2008 onlyrecorded price appreciation of 3.51% in 2009 while it closed flat in all other years under

review.


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Year

Opening

Price

Closing


2008 3.67 3.67 0.00%

2009 1.71 1.77 3.51%

2010 0.56 0.56 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

ASOSAVINGS

4th Jan, 2012



Financial Review Companysavailable latest results show that the financial services

outfit declared N243 million loss in Q3 2011 while other results available shows the firmmade profits of N1.21 billion, N551 million and N211 million in Q4 2010, Q3 2009 andQ1 2009 respectively.

ASOSAVINGS


Current Previous%

Change Current Previous%

Change

Q3 2011 4,876 5,551 -12.16% -243.35 101.94 -338.72%

Q4 2010 11,007 10,012 9.94% 1,212 -3,247 -137.33%

Q3 2009 7,906 8,021 -1.43% 551.96 1,214 -54.53%

Q12009 2,329 2,419 -3.72% 211.67 674.58 -68.62%


BECOPETRO

The petroleum marketing firm which was listed in the Oil & Gas sector on the Nigerianbourse only recorded a +4.80% price appreciations in 2009 while it closed flat in otherperiods.

Year

Opening

Price

Closing


2008 NA NA 0.00%

2009 2.5 2.62 4.80%

2010 2.53 2.53 0.00%

2011 0.6 0.6 0.00%

2012 0.5 0.5 0.00%

BECOPETRO

3rd Jan, 2012



Financial Review The review of the firms financials between Q4 2011 to Q3 2010 shows that

declared N-168 million loss but returned to profitability in other periods under review.BECOPETRO


Current Previous%


Change

Q4 2011 2,686 2,780 -3.38% -168.66 -316.45 -46.70%

Q3 2011 2,150 2,195 -2.05% 68.37 86.89 -21.31%

Q4 2010 2,780 3,995 -30.41% 316.45 176.81 78.98%


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Q3 2010 2,195 2,996 -26.74% 86.89 142.58 -39.06%


BIGTREAT

The Consumer Goods firm recorded +4.76% price appreciation in the year 2010 afterclosing flat in 2009.

Year

Opening

Price

Closing


2008 5.89 5.89 0.00%

2009 3.06 3.06 0.00%

2010 0.63 0.66 4.76%

2011 NA NA 0.00%

2012 NA NA 0.00%

BIGTREAT

21st Sept, 2012



Financial Review The company declared N440 million, N175 million and N184 millionlosses in Q4, Q3 and Q2 2009 in that order while it declared N406 million profit in Q42008.

BIGTREAT


Current Previous%


Change

Q4 2009 4,214 3,932 7.17% -440.51 406.34 -208.41%

Q3 2009 2,692.17 2,391.36 12.58% -175.54 275.35 -163.75%

Q2 2009 1,801.13 1,501.34 19.97% -184.92 -5.53 3243.94%

Q4 2008 3,900 3,000 30.00% 406.3 245.9 65.23%


CAPOIL

The Oil & Gas firm recorded no price appreciations in any of the years reviewed as it

closed flat from 2008 to 2012 as confirmed below.

Year

Opening

Price

Closing


2008 5.69 5.69 0.00%

2009 13.83 13.83 0.00%

2010 0.59 0.59 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

CAPOIL

5th Jan, 2012



Financial ReviewNone available.


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CHAMS

The ICT Company recorded -0.81% loss in 2009 with an improved positive situation of+3.51% price appreciation recorded in the following year of 2010 while it returned flat in

other periods..

Year

Opening

Price

Closing


2008 2.62 2.62 0.00%

2009 2.47 2.45 -0.81%

2010 0.57 0.59 3.51%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

CHAMS

3rd Jan, 2012



Financial Review Between the Q1 2012 to Q4 2010, the firm recorded a PAT of N207

million in Q1 2012 while the ICT firm recorded loses in other periods mentioned in thetable below.

CHAMS


Current Previous%


Change

Q1 2012 197,303 988,962 -80.05% -201.95 207.02 -197.55%

Q4 2011 1,777 1,484 19.74% -1,236 -1,382 -10.56%

Q2 2011 1,788 293.52 509.16% 195.46 -137.36 -242.30%

Q1 2011 1,090 293.52 271.35% 265.33 -137.36 -293.16%

Q4 2010 1,484 988.62 50.11% -1,382 -2,873 -51.90%


CILEASING

The equipment leasing company was listed in the services sector on the Nigerian boursein 1997. During the periods reviewed, the stock closed flat in 2008 and 2009 while it

recorded +1.92% price appreciations in 2010. It went down in 2011 by -0.65% and hasso far recorded +4.76% price appreciation as at 25th May, 2012.

Year

Opening

Price

Closing


2008 8.5 8.5 0.00%

2009 11.1 11.1 0.00%

2010 2.6 2.65 1.92%

2011 1.53 1.52 -0.65%

2012 0.63 0.5 -20.63%

CILEASING

30th Jan, 2012




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Financial Review The latest Q3 2011 financials represents that it made a profit of N337m while

subsequent quarters, Q2 and Q1 2011, also recorded positive results with N152m and N104m profit

declared respectively. However, it recorded N47m and N65m losses in Q4 and Q3 2010.CILEASING


Current Previous%

Change Current Previous % Change

Q3 2011 7,412 6,088 21.75% 337.58 -65.47 -615.63%

Q2 2011 4,830 4,124 17.12% 152.06 -1.20 -12771.67%

Q1 2011 2,458 2,145 14.59% 104.05 -51.99 -300.13%

Q4 2010 8,600 8,200 4.88% -47.40 -118.10 -59.86%

Q3 2010 6,008 5,771 4.11% -65.47 -236.09 -72.27%


CORNERST

The insurance outfit showed some sign of brightness in 2008 with a +1.26% price appreciation but the

capital gain was erased in 2009 with -6.13% price depreciation witnessed. The stock closed flat in

subsequent periods of review.

Year

Opening

Price

Closing


2008 4.77 4.83 1.26%

2009 1.63 1.53 -6.13%

2010 0.52 0.52 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

CORNERST

6th Jan, 2012



Financial Review Firm declared N 24m, N124m and N442m profit in Q3, Q2 2011and Q4 2010 respectively. It recorded N-442m and N-297m losses in Q4 and Q3 2009respectively.

CORNERST


Current Previous

%

Change Current Previous

%

Change

Q3 2011 2,414 2,807 -14.00% 24.24 -377.93 -106.41%

Q2 2011 2,831 2,780 1.83% 142.43 910.61 -84.36%

Q4 2010 4,021 3,766 6.77% 399.45 442.97 -9.82%

Q4 2009 3,766 3,812 -1.21% -442.97 -419.46 5.60%

Q3 2009 3,131 2,765 13.24% -297.31 -43.1 589.81%



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COURTVILLE

Courtville Business Solutions Plc which was listed in the ICT sector in April 2009 closed

flat throughout the years reviewed.

Year

Opening

Price

Closing


2008

2009 2.62 2.62 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

COURTVILLE

3rd Jan, 2012



Listed in April 2009

Financial Review The firm declared profits all through in Q4, Q2 2011, Q4 Q2 2009and Q4 2009 with the first quarters recording positive PAT growth while the otherremaining quarter(s) recorded negative PAT growth.

COURTVILLE


Current Previous%


Change

Q4 2011 855.6 627.7 36.31% 245.35 179.43 36.74%

Q2 2011 810.17 648.85 24.86% 198.27 161.54 22.74%

Q4 2010 869.04 776.83 11.87% 124.76 181.44 -31.24%

Q2 2010 443.88 433.57 2.38% 124.76 182.52 -31.65%Q4 2009 776.83 515.79 50.61% 181.44 273.35 -33.62%


CRUSADER

The financial services and property development firm was listed in 1990. It recorded2.12% price appreciation in 2008 and closed flat in the subsequent year. In 2010, it lost

in share price by -4.46% but recorded an improvement in 2011 with 3.77% price

appreciation before it eventually hit its nominal value of 50k in Jan 4th

, 2012.

Year

Opening

Price

Closing


2008 6.61 6.75 2.12%

2009 7.35 7.35 0.00%

2010 1.57 1.5 -4.46%

2011 0.53 0.55 3.77%

2012 0.5 0.5 0.00%

CRUSADER

4th Jan, 2012




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Financial Review The Q3 2011 financials of the outfit shows that a loss of N185mlnwas declared after a profit of N14mln in Q2 2011. Subsequent quarters, Q1 2011, Q4and Q3 2011, witnessed losses of N96mln, N204mln and N16mln respectively.

CRUSADER


Current Previous %Change Current Previous %Change

Q3 2011 2,989 3,099 -3.55% -185.2 -16.18 1044.62%

Q2 2011 2,102 2,447 -14.10% 14.46 -97.6 -114.82%

Q1 2011 1,013 1,606 -36.92% -96.68 -38.06 154.02%

Q4 2010 5,227 5,031 3.90% -204.13 -623.02 -67.24%

Q3 2010 3,418 3,515 -2.76% -16,985 -29,307 -42.04%


DAARCOMM

The Media Company which was listed in September 2008 recorded price appreciation of0.29% and 3.57% in 2009 and 2010 respectively while the stock closed flat in 2011 and2012. It hit its nominal value of 50k on 5th Jan, 2012 and still trading at that price tilldate.

Year

Opening

Price

Closing


2008 5.25 5.25 0.00%

2009 3.46 3.47 0.29%

2010 0.56 0.58 3.57%2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

DAARCOMM

5th Jan, 2012



Financial Review The media firm declared N1.56bln loss in Q4 2010 while it also declared

losses of N727mln and N3.53bln in Q2 2010 and Q4 2009. It declared profits of N1.94bln in Q3 2010

and N195mln in Q3 2009.DAARCOMM


Current Previous%


Change

Q4 2010 4,824 7,359 -34.45% -1,568 -2,625 -40.27%

Q3 2010 2,886 2,988 -3.41% 1,949 195.09 899.03%

Q2 2010 1,875 1,885 -0.53% -727.36 98.85 -835.82%

Q4 2009 3,841 3,678 4.43% -3,538 -381.49 827.42%

Q3 2009 2,988 2,526 18.29% 195.09 429.06 -54.53%



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DUNLOP

The Auto parts firm was listed in 1961 in the Consumer Goods sector. It recorded2.80% price appreciation in 2008 while it closed flat in other periods under review. It

eventually hit its current share price of 50k on 4th Jan, 2012.

Year

Opening

Price

Closing


2008 3.21 3.3 2.80%

2009 1 1 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

DUNLOP

4th Jan, 2012



Financial Review The Auto Parts firm declared N575mln PAT in its latest result of Q4

2011 while it recorded losses in its preceding quarterly results of Q2 2011, Q4 2010, Q42009 and Q2 2008 presented below.

DUNLOP


Current Previous%


Change

Q4 2011 2,331 1,758 32.59% 575.75 -388.13 -248.34%

Q2 2011 146.17 147.09 -0.63% -321.07 196.7 -263.23%

Q4 2010 1,758 4,350 -59.59% -388.13 -11,143 -96.52%

Q4 2009 4,350 6,041 -27.99% -11,143 -2,093 432.39%

Q2 2008 1,250 3,592 -65.20% -1,501 -500.71 199.77%


EQUITYASUR

Equity Assurance Plc listed in the financial services sector closed flat as no price gain orloss was witnessed throughout the years reviewed.

Year OpeningPrice ClosingPrice % Change Stock Hits 50k

2008 2.46 2.46 0.00%

2009 5.06 5.06 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

EQUITYASUR

5th Jan, 2012



Financial Review The insurance outfit in its latest result of Q3 2011 declared aN200m loss after recording profit in preceding periods reviewed.

EQUITYASUR


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Current Previous%


Change

Q3 2011 1,574 1,952 -19.36% -200.83 187.07 -207.36%

Q4 2010 2,104 2,467 -14.71% 28.8 -895.84 -103.21%

Q3 2010 1,952 2,024 -3.56% 187.07 236.81 -21.00%

Q2 2010 1,600 1,630 -1.84% 262.69 299.79 -12.38%

Q1 2010 1,095 1,053 3.99% 331.94 244.32 35.86%


EVANSMED

The Pharmaceutical & Foods Manufacturing Company was listed in 1979 in the

healthcare sector. The stock recorded price depreciations of -2.45%, -4.67% and -4.55% in 2008, 2010 and 2011 respectively while it closed flat in 2009 and 2012.

Year

Opening

Price

Closing


2008 6.94 6.77 -2.45%

2009 3.12 3.12 0.00%

2010 1.07 1.02 -4.67%

2011 1.1 1.05 -4.55%

2012 0.67 0.67 0.00%

EVANSMED

28th Mar, 2012



Financial Review The latest result of the company, Q4 2011, represents that itreturned N94mln profit with 979% positive growth rate while the profits declared in Q2,

Q1 2011 and Q4 2010 came with negative PAT growth (with the firm also recordingN25mln loss in Q3 2011).

EVANSMED


Current Previous

%


%

Change

Q4 2011 4,572 3,942 15.98% 94.52 8.76 979.00%

Q3 2011 1,092 1,071 1.96% -25.25 8.22 -407.18%

Q2 2011 1,220 1,056 15.53% 13.55 -8.08 -267.70%

Q1 2011 1,100 775.66 41.81% 3.66 -111.55 -103.28%

Q4 2010 3,942 3,523 11.89% 8.76 -889.56 -100.98%


FIRSTALUM

The building materials firms listed in Industrial Goods recorded 0.42% price

appreciations in 2008 while it closed flat in preceding years.


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Year

Opening

Price

Closing


2008 2.38 2.39 0.42%

2009 4.3 4.3 0.00%

2010 0.5 0.5 0.00%

2011 0.73 0.73 0.00%

2012 0.5 0.5 0.00%

FIRSTALUM

2nd Feb, 2012



Financial Review The financials of the company reviewed from indicates that the outfit

declared losses throughout the periods examined.FIRSTALUM


Current Previous%


Change

Q1 2012 2,261 2,026 11.60% -116.68 -131.34 -11.16%

Q4 2011 8,790 8,760 0.34% -325.04 -334.59 -2.85%

Q3 2011 6,305 6,774 -6.92% -124.79 -133.73 -6.69%

Q2 2011 4,051 4,550 -10.97% -133.98 -71.07 88.52%

Q4 2010 8,760 8,289 5.68% -334.59 48.32 -792.45%


FTNCOCOA

The crop production/Cocoa processing firm recorded price appreciation of +1.55%, +1.95% and

+3.85% in 2008, 2009 and 2010 while it lost by -3.28% in 2011 until it hit its nominal value of 50k on

3rd

Jan, 2012.

Year

Opening

Price

Closing


2008 2.58 2.62 1.55%

2009 1.54 1.57 1.95%

2010 0.52 0.54 3.85%

2011 0.61 0.59 -3.28%

2012 0.5 0.5 0.00%

FTNCOCOA

3rd Jan, 2012



Financial Review The cocoa processing firm declared losses of N221mln in Q4 2011 while

similar outlook was recorded in Q3, Q2 and Q1 2011 with PAT of N63mln recorded in Q4 2010.FTNCOCOA


Current Previous%


Change

Q4 2011 836.94 1,196 -30.02% -221.03 63.65 -447.26%

Q3 2011 60.06 150.28 -60.03% -35.89 -17.85 101.06%


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Q2 2011 466.21 530.68 -12.15% -93.7 -30.45 207.72%

Q1 2011 250.14 298.62 -16.23% -24.81 33.87 -173.25%

Q4 2010 1,196 1,361 -12.12% 63.65 259.66 -75.49%


GNI

Great Nigeria Plc listed in the financial services sector closed flat throughout the years reviewed.

Year

Opening

Price

Closing


2008 3.8 3.8 0.00%

2009 1.43 1.43 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

GNI

8th Feb, 2012



Financial Review The insurance outfit in its latest result of Q3 2011 declared profit of N60mln

while Q3 2010 and Q1 2009 financials also carried profit of N29mln and N50mln in that order.GNI


Current Previous%


Change

Q3 2011 2,010 1,471 36.64% 60.73 23.21 161.65%

Q4 2010 1,062 990.97 7.17% -187.26 -1,818.00 -89.70%

Q3 2010 1,471 1,305 12.72% 29.07 -1,973 -101.47%

Q42009 580.52 392.29 47.98% -470.61 139.6 -437.11%

Q1 2009 324.24 228.75 41.74% 50.25 36.05 39.39%


GUINEAINSGuinea Insurance Plc which was listed in financial services sector in 1990 recorded price depreciation

of -1.04% in 2009 while it closed flat in 2008, 2010 and 2011.

Year

Opening

Price

Closing


2008 3.67 3.67 0.00%

2009 0.96 0.95 -1.04%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

GUINEAINS

30th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012Source: Proshare Research/NSE


18/43


Financial Review The insurance outfit witnessed N70mln profit in Q3 2011 with negative

growth while N93mln and N253mln profits were also recorded in Q2 2011 and Q3 2009 respectively.

Losses, however, were declared in Q4 2010 and Q4 2009.

GUINEAINS


Current Previous%


Change

Q3 2011 960.5 846.9 13.41% 70.6 222.8 -68.31%

Q2 2011 441.44 490.62 -10.02% 93.19 64.81 43.79%

Q4 2010 1,012 1,016 -0.39% -106 -13.39 691.64%

Q4 2009 1,169 935.47 24.96% -13.39 75.35 -117.77%

Q3 2009 949.74 711.38 33.51% 253.48 183.03 38.49%


HMARKINS

Consolidated Hallmark Insurance Plc which was listed in financial services sector in 2008 recorded

price depreciation of -6.25% in 2009 while it closed flat in 2008, 2010 and 2011. The stock eventually

hits its current price of 50k on 4th

Jan, 2012.

Year

Opening

Price

Closing


2008 1.94 1.94 0.00%

2009 1.12 1.05 -6.25%

2010 0.5 0.5 0.00%2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

HMARKINS

4th Jan, 2012



Financial Review In all the periods reviewed, the insurance firm declared profit throughout

with N115mln PAT in its Q1 2012 latest results.HMARKINS


Current Previous%


Change

Q1 2012 1,097 1,739 -36.92% 115.14 401.07 -71.29%

Q4 2011 3,882 2,853 36.07% 258.76 196.62 31.60%

Q3 2011 4,248 2,126 99.81% 310.97 181.37 71.46%

Q2 2011 2,519 1,394 80.70% 276 82.27 235.48%

Q1 2011 1,739 821.42 111.71% 401.07 248.4 61.46%


IAINSURE


19/43


Investment & Allied Assurance Plc listed in the financial services sector in the year 2008 closed flat

as no price gain or loss was witnessed throughout the years reviewed. In Feb 2011, the National

Insurance Commission suspended the companys management due to failure to correct identified

lapses in the operations and financial position of the company after the expiration of the time given it

to effect these corrections. (http://www.proshareng.com/news/13136). Also on 27th

Jan, 2012, The

Exchange placed the company on full suspension for non-submission of their 2010 Audited Accounts.

(http://www.proshareng.com/news/16152).

Year

Opening

Price

Closing


2008 1.36 1.36 0.00%

2009 0.5 0.5 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

IAINSURE

4th Jan, 2010



Financial Review

IAINSURE


Current Previous%


Change

Q3 2008 1,209 531.34 127.54% 496.65 205.14 142.10%

Q2 2008 611.93 354.16 72.78% 252.89 136.76 84.92%

Q4 2007 675.66 159.19 324.44% 304.65 54.63 457.66%


INTENEGINS

The general insurance business firm was listed in the 1969. The stock lost -4.76% price depreciation

in 2010 while it closed flat in the two years before and after 2010 as it eventually hit its nominal value

on 9th

Jan, 2012.

Year

Opening

Price

Closing


2008 6.07 6.07 0.00%

2009 2.15 2.15 0.00%

2010 0.63 0.6 -4.76%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

INTENEGINS

9th Jan, 2012



Financial Review

INTENEGINS


Current Previous%


Change


20/43


Q2 2011 2,717 3,022 -10.09% 274.32 621.79 -55.88%

Q4 2010 5,341 4,150 28.70% -255.02 -3,878 -93.42%

Q3 2010 3,419 3,551 -3.72% 122.51 496.91 -75.35%

Q4 2009 4,150 2,836 46.33% -3,878 -427.72 806.67%

Q3 2009 4,178 2,408 73.50% 496.9 1,600 -68.94%Source: Proshare Research/NSE

LASACO

The Lagos State Government owned insurance outfit was listed in June 1991. It recorded 1.76% price

appreciation in 2008 and a further improvement of 4.52% was also recorded in 2009. In 2010, the

stock price dipped by 3.39% while it closed flat in 2011 before eventually hitting its current price of

50k on 5th

Jan, 2012.

Year

Opening

Price

Closing


2008 4.55 4.63 1.76%

2009 1.77 1.85 4.52%

2010 0.59 0.57 -3.39%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

LASACO

5th Jan, 2012



Financial Review

LASACO


Current Previous%


Change

Q4 2011 2,704 2,044 32.29% 128.22 249.66 -48.64%

Q3 2011 2,344 1,734 35.18% 352.3 164.58 114.06%

Q2 2011 1,887 1,720 9.71% 265.46 107.65 146.60%

Q4 2009 3,302 2,334 41.47% 498.23 457.6 8.88%

Q2 2009 3,364 2,334 44.13% 547.02 457.01 19.70%


LAWUNION

The financial services firm which was listed in 1990 recorded price appreciation of 0.87% in 2008 and

3.64% in 2011. It closed flat in 2009 and 2010 the stock hits its current nominal price of 50k on 8th

Feb, 2012.


21/43


Year

Opening

Price

Closing


2008 4.59 4.63 0.87%

2009 2.81 2.81 0.00%

2010 0.51 0.51 0.00%

2011 0.55 0.57 3.64%

2012 0.5 0.52 4.00%



LAWUNION

8th Feb, 2012

Financial Review LAWUNION


Current Previous%


Change

Q3 2011 3,643 3,083 18.16% 248.51 264.41 -6.01%

Q2 2011 2,825 2,293 23.20% 150.96 123.83 21.91%

Q1 2011 1,642 1,239 32.53% 139.33 123.97 12.39%

Q3 2010 3,083 2,867 7.53% 264.41 293.59 -9.94%

Q2 2010 2,293 2,174 5.47% 123.83 187.81 -34.07%


LINKASSUREThe firm was listed on the Exchange in 2003. It witnessed price appreciation of +1.49% in 2009 while

it closed flat in all other periods of review. The stock price hit 50k on 6th

Jan, 2012.

Year

Opening

Price

Closing


2008 4.06 4.06 0.00%

2009 0.67 0.68 1.49%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

LINKASSURE

6th Jan, 2012



LINKASSURE


Current Previous%


Change

Q3 2011 1,964 1,596 23.06% 35.75 142.87 -74.98%

Q2 2011 1,063 1,069 -0.56% 44.07 35.83 23.00%

Q1 2011 437.81 573.95 -23.72% 201.87 179.19 12.66%

Q3 2010 1,596 1,880 -15.11% 75.04 216.37 -65.32%

Q3 2009 1,973 1,893 4.23% 24.96 352.83 -92.93%



22/43


MBENEFIT

Mutual Benefits was listed in the 2002. It recorded -0.22% price depreciation while the stock

witnessed an improvement with 1.38% price appreciation recorded in 2009. The stocks share priceclosed flat in 2010 and 2011 while it hit 50k on 3

rdJan 2012.

Year

Opening

Price

Closing


2008 4.61 4.6 -0.22%

2009 1.45 1.47 1.38%

2010 0.64 0.64 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



MBENEFIT

3rd Jan, 2012

Financial Review MBENEFIT


Current Previous%


Change

Q3 2011 3,066 2,523 21.52% 796.58 770.01 3.45%

Q4 2010 3,367 2,655 26.82% 804.98 277.02 190.59%

Q3 2010 4,306 3,259 32.13% 779.98 379.15 105.72%

Q4 2009 5,283 3,631 45.50% 354.65 -1,525 -123.26%

Q1 2009 925.9 625 48.14% 326.33 259.3 25.85%


MTI

The ICT firm which was listed on the Exchange in 2008 recorded -29.76% and -82.21% losses

respectively in 2008 and 2009 while the stock hit its current price of 50k in 14th

Aug, 2009 and closed

flat in 2010 and 2011.

Year

Opening

Price

Closing


2008 4.2 2.95 -29.76%

2009 2.81 0.5 -82.21%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

MTI

14th Aug, 2009



Financial Review


23/43


MTI


Current Previous%


Change

Q3 2010 650.05 706.45 -7.98% -873.23 -281.14 210.60%

Q1 2009 549.98 430.58 27.73% 35.5 22.92 54.89%

Q4 2008 1,206.52 1,120.74 7.65% 33.5 20.25 65.43%

Q3 2008 941.71 840.55 12.03% 19.69 12.96 51.93%


MULTIVERSE

The exploring company is listed in the Natural Resources sector of the Exchange on 8th

October,2008. The stock share price recorded -63.49% and -31.51 price depreciation in 2008 and 2009

respectively while it closed flat in 2010 and 2011. It hit its current share price of 50k on 19th

Aug,

2009.

Year

Opening

Price

Closing


2008 1.89 0.69 -63.49%

2009 0.73 0.5 -31.51%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

MULTIVERSE

19th Aug,2009



Financial Review

MULTIVERSE


Current Previous

%


%

Change

Q1 2012 176.81 260.53 -32.13% 13.76 34.76 -60.41%

Q4 2011 660.06 564.91 16.84% 25.57 43.1 -40.67%

Q3 2011 560.69 500.62 12.00% -38.11 -58.33 -34.66%

Q2 2011 361.88 392.75 -7.86% 29.01 54.45 -46.72%

Q1 2011 260.53 191.98 35.71% 34.76 29.59 17.47%


NEM

The insurance outfit was listed in the year 1989. The stock share price experienced depreciations in

2008 and 2009, closing negative with -67.40% and -60.87% losses while in 2011 it also recorded -


24/43


8.77% price decline. In 2012, stock returned a -7.41% decline and eventualy hit its current price of

50k on 14th

March, 2012.

Year

Opening

Price

Closing


2008 4.11 1.34 -67.40% 14th Mar,2012

2009 1.38 0.54 -60.87%

2010 0.52 0.55 5.77%

2011 0.57 0.52 -8.77%

2012 0.54 0.5 -7.41%


NEM


Financial Review

NEM


Current Previous %Change Current Previous %Change

Q4 2011 8,381 6,386 31.24% 1,343 833.85 61.06%

Q3 2011 7,030 5,330 31.89% 1,150 1,030 11.65%

Q2 2011 5,274 3,750 40.64% 949.53 808.7 17.41%

Q4 2010 5,978 4,966 20.38% 833.85 844.14 -1.22%

Q3 2010 5,328 4,005 33.03% 1,038 812.95 27.68%


NIGERINS

The Life and General Insurance firm was listed on the Exchnage in 1993. The stock recorded price

decline from 2008 to 2011 while it hit 50k on 30th

Jan, 2012.

Year

Opening

Price

Closing


2008 6.42 3.25 -49.38%

2009 3.09 0.93 -69.90%

2010 0.97 0.6 -38.14%

2011 0.6 0.5 -16.67%

2012 0.5 0.5 0.00%


NIGERINS

30th Jan,2012


Financial Review

NIGERINS


Current Previous%


Change

Q3 2011 5,605 4,243 32.10% 190.37 191.54 -0.61%Q2 2011 3,938.00 2,752 43.10% 255.63 253.14 0.98%


25/43


Q1 2011 2,037 1,426 42.85% 101.63 146.2 -30.49%

Q4 2010 7,043 7,196 -2.13% -123.66 -2,285 -94.59%

Q4 2009 7,196.00 5,177.00 39.00% -2,285.00 -124.75 1731.66%


NIGSEWING

The company had no price history and no latest financials that can be analyzed and presented here.

Year

Opening

Price

Closing


2008 NIL NIL 0.00%

2009 NIL NIL 0.00%

2010 NIL NIL 0.00%

2011 NIL NIL 0.00%

2012 NIL NIL 0.00%

NIGSEWING



NIWICABLE

The manufacturing and sales company was listed on the Exchange in 1995. The stock recorded price

decline from 2008 to 2011 while it hit 50k on 24th

Oct, 2011.

Year

Opening

Price

Closing


2008 5.96 2.6 -56.38%

2009 2.47 0.93 -62.35%

2010 0.97 0.58 -40.21%

2011 0.57 0.5 -12.28%

2012 0.5 0.5 0.00%


NIWICABLE

24th Oct,2011


NIWICABLE


Current Previous%


Change

Q4 2009 1,018 980.23 3.85% -349.07 -272.81 27.95%

Q4 2008 980.23 0.00 0.00% -272.81 -234.35 16.41%

Q4 2007 0.00 90.19 -100.00% -234.35 -446.89 -47.56%

Q4 2006 90.19 240.72 -62.53% -446.89 -298.25 49.84%

Q4 2005 240.72 64.96 270.57% -298.25 -183.24 62.76%



26/43


OASISINS

Oasis Insurance Plc was listed on the Nigerian bourse on 9th Nov, 1992. It recorded price appreciationof 119.84% in 2008 while it declined by 71.27% and 66.44% in 2009 and 2010. The stock closed flat

in 2011 while it hit its current price of 50k on 16th

Sept, 2010.

Year

Opening

Price

Closing


2008 2.47 5.43 119.84%

2009 5.43 1.56 -71.27%

2010 1.49 0.5 -66.44%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%


OASISINS

16th Sep,2010


Financial Review

OASISINS


Current Previous%


Change

Q1 2012 840.75 749.44 12.18% 252.91 202.97 24.60%

Q4 2011 1,471 1,226 19.98% 106.39 85.21 24.86%

Q3 2011 1,280 1,095 16.89% 97.1 74.69 30.00%

Q2 2011 1,065 889.04 19.79% 193.05 101.4 90.38%

Q4 2010 1,226 895.08 36.97% 97.91 -95.95 -202.04%


OMATEK

The ICT company which was listed on 18th

June, 2008 recorded price depreciation in 2008 and 209 as

it dropped by -69.84% and 66.67% while flat position was witnessed in 2010 and 2011 as it hit 50k 0n

12th Aug, 2010.

Year

Opening

Price

Closing


2008 5.14 1.55 -69.84%

2009 1.62 0.54 -66.67%

2010 0.52 0.52 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%


OMATEK

12th Aug,2010


Financial Review


27/43


OMATEK


Current Previous%


Change

Q4 2011 348.97 1,048 -66.70% -414.59 109.84 -477.45%

Q3 2011 771.68 1,724 -55.24% 86.68 314.42 -72.43%

Q2 2011 665 6,900 -90.36% 134.78 132.8 1.49%

Q1 2011 503.29 1,724 -70.81% 132.63 314.42 -57.82%

Q4 2010 1,048 1,724 -39.21% 109.84 314.42 -65.07%


PRESTIGE

Prestige Assurance Plc was listed in the insurance sub-sector on 3rd

Dec, 1990. The stock share

declined throughout the periods reviewed while it hit 50k on 16th

April, 2012.

Year

Opening

Price

Closing


2008 8.65 5.94 -31.33%

2009 5.94 4.2 -29.29%

2010 4 2.2 -45.00%

2011 2.09 0.94 -55.02%

2012 0.94 0.5 -46.81%


PRESTIGE

16th Apr,2012


Financial Review

PRESTIGE


Current Previous

%


%

Change

Q4 2011 4,173 3,860 8.11% 255.99 487.7 -47.51%

Q3 2011 3,248 3,157 2.88% 360.14 573.06 -37.15%

Q2 2011 2,061 2,457 -16.12% 464.4 589.77 -21.26%

Q1 2011 1,109 1,215 -8.72% 164.76 331.8 -50.34%Q4 2010 3,874 3,445 12.45% 487.7 593.03 -17.76%


RAKUNITY

The petroleum marketing company was listed in the Oil & Gas sector in 1989. It recorded price

depreciation of -3.23% in 2008 while it closed flat from 2009 to 2011.


28/43


Year

Opening

Price

Closing


2008 0.31 0.3 -3.23%

2009 0.30 0.30 0.00%

2010 0.30 0.30 0.00%

2011 0.31 0.31 0.00%

2012 0.31 0.31 0.00%


RAKUNITY

Trading Below


REGALINS

Regency Alliance Insurance Plc was listed in May, 2008 and closed negative with -60.11% and -

34.21% price decline in 2008 and 2009 while it closed flat in 2010 and 2011 as it hit 50k on 11th

Aug,

2009.

Year

Opening

Price

Closing


2008 1.83 0.73 -60.11%

2009 0.76 0.5 -34.21%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%


REGALINS

11th Aug,2009


REGALINS


Current Previous%


Change

Q3 2011 1,696 1,521 11.51% 234.98 269.39 -12.77%

Q2 2011 1,319 917.71 43.73% 124.39 67.88 83.25%

Q3 2010 1,521 1,452 4.75% 269.39 208.99 28.90%

Q2 2010 956.49 919.11 4.07% 67.88 198.01 -65.72%

Q1 2010 644.62 585.55 10.09% 76.23 150.17 -49.24%


RESORTSAL

The financial Services firm was listed in the year 2009. It witnessed -48.48% price depreciations in

2009 and recorded flat position in 2010 and 2011. The stock price hit 50k on 4th

Jan, 2010.


29/43


Year

Opening

Price

Closing


2008

2009 0.99 0.51 -48.48%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%


Listed in 2009

RESORTSAL

4th Jan,2010


RESORTSAL


Current Previous%


Q3 2011 945.93 757.33 24.90% 148.06 -2.02 -7429.70%

Q2 2011 608.54 545.12 11.63% 151.4 133.26 13.61%

Q4 2010 1,095 1,174 -6.73% -2,036 308.33 -760.33%

Q3 2010 859.4 854.72 0.55% 208.77 330.52 -36.84%

Q2 2010 505.12 543.47 -7.06% 133.26 204.64 -34.88%


ROYALEX

The financial services outfit was listed in Dec, 1990. The stock recorded price losses from 2008 to

2010 as it dropped by -37.06%, -80.47% and -24.24% in 2008, 2009 and 2010 while it closed flat in2011 as it hit 50k on 28

thJuly, 2011.

Year

Opening

Price

Closing


2008 5.37 3.38 -37.06%

2009 3.38 0.66 -80.47%

2010 0.66 0.5 -24.24%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



ROYALEX

28th Jul,2011

ROYALEX


Current Previous%


Change

Q3 2011 4,137 1,743 137.35% 193.67 196.58 -1.48%

Q2 2011 2,324 1,743 33.33% 239.58 231.17 3.64%

Q1 2011 1,133 753.68 50.33% 86.35 207.61 -58.41%

Q4 2010 3,267 3,645 -10.37% 273.41 160.07 70.81%

Q3 2010 2,379 2,433 -2.22% 196.58 602.41 -67.37%



30/43


SOVRENINS

The insurance outfit listed in 2006 recorded -73.65% and -55.36% price depreciation in 2008 and

2009 while flat position was recorded in 2010 and 2011. The stock price dropped to nominal value on

20th

May, 2011.

Year

Opening

Price

Closing


2008 4.44 1.17 -73.65%

2009 1.12 0.5 -55.36%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



SOVRENINS

20th May,2011

SOVRENINS


Current Previous%


Change

Q4 2011 6,407 4,761 34.57% 704.11 308.76 128.04%

Q3 2011 5,714 4,051 41.05% 886.12 715.95 23.77%

Q2 2011 4,495 2,901 54.95% 810.75 603.64 34.31%

Q4 2010 4,761 4,440 7.23% 308.76 4.2 7251.43%

Q2 2010 2,901 2,826 2.65% 603.64 501.68 20.32%


STACO

The general life and special risk insurance outfit was listed on 25th

June, 2007. The stock recorded

65.43% price appreciation in 2008 but the gain was erased with -80.45% and -60% losses in 2009 and

2010 respectively. The stock hit 50k on 18th

May, 2010 and has remained there ever since.

Year

Opening

Price

Closing


2008 4.05 6.7 65.43%2009 6.7 1.31 -80.45%

2010 1.25 0.5 -60.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



STACO

18th May,2010

STACO


Current Previous

%


%

Change

Q3 2011 5,004 4,293 16.56% 592.02 634.51 -6.70%


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Q2 2011 3,770 3,010 25.25% 360.07 704.26 -48.87%

Q1 2011 2,469 1,568 57.46% 616.3 488.16 26.25%

Q4 2010 5,248 5,058 3.76% 43.05 433.16 -90.06%

Q3 2010 4,394 4,081 7.67% 634.51 550.73 15.21%


STARCOMMS

The ICT company was listed on 14th July, 2008 after its public offering. It recorded pricedepreciation of -71.95%, -53.49%, -21.14% and -65.28% in 2008, 2009, 2010 and2011 rspectively while the stock price hit 50k on 23rd Aug, 2011.

Year

Opening

Price

Closing


2008 14.33 4.02 -71.95%2009 3.87 1.8 -53.49%

2010 1.75 1.38 -21.14%

2011 1.44 0.5 -65.28%

2012 0.5 0.5 0.00%



STARCOMMS

23rd Aug,2011

STARCOMMS


Current Previous

%


%

ChangeQ4 2011 20,162 29,031 -30.55% -17,564 7,660 -329.30%

Q3 2011 16,078 23,966 -32.91% -6,755 -5,042 33.97%

Q2 2011 11,366 16,045 -29.16% -4,017 -3,179 26.36%

Q1 2011 6,051 7,936 -23.75% -2,061 -1,530 34.71%

Q4 2010 29,031 34,304 -15.37% -7,660 -7,787 -1.63%


STDINSUREThe Life and Non-life Insurance business company was listed in 2003. The stock recorded price

losses in 2008, 2009, 2010 and hit 0.50k on 25th

May, 2010 where it has remained since...

Year

Opening

Price

Closing


2008 4.23 1.51 -64.30%

2009 1.48 0.51 -65.54%

2010 0.55 0.5 -9.09%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



STDINSURE

25th May,2010


32/43


STDINSURE


Current Previous%


Change

Q3 2011 3,990 2,974 34.16% 552.97 733.17 -24.58%

Q4 2010 3,782 3,158 19.76% -8,551 -5,858 45.97%

Q3 2010 3,058 1,397 118.90% 923.28 -1,673 -155.19%

Q4 2009 1,795 1,481 21.20% -5,956 690.49 -962.58%

Q3 2009 2,455 2,371 3.54% 1,673 921.29 81.59%


STOKVIS

The equipment leasing and ancillary services firm was listed in the Industrial Goods

sector in 1978. The stock recorded no price movement as it closed flat thruought thereview period.

Year

Opening

Price

Closing


2008 Nil Nil 0.00%

2009 0.14 0.14 0.00%

2010 0.14 0.14 0.00%

2011 0.14 0.14 0.00%

2012 0.14 0.14 0.00%



STOKVIS

Trading below

STOKVIS


Current Previous%


Change

Q4 2010 0.21 0.43 -51.16% 23.72 49.74 -52.31%

Q4 2009 0.43 2.52 -82.94% -49.74 22.81 -318.06%

Q4 2008 3.52 2.31 52.38% 22.81 0.71 3112.68%

Q4 2007 2,310 1,220 89.34% -710 -428 65.89%


TANTALIZER

The manufacturing and food sales outfit was listed in 2008 in the hospitality sub-sector.

The stock witnessed price depreciation of -52.86%, -57.69%, -31.17% and -3.85% in2008, 2009, 2010 and 2011 respectively; and hit 50k on 8 th June, 2011.


33/43


Year

Opening

Price

Closing


2008 3.67 1.73 -52.86%

2009 1.82 0.77 -57.69%

2010 0.77 0.53 -31.17%

2011 0.52 0.5 -3.85%

2012 0.5 0.5 0.00%



TANTALIZERS

8th June,2011

TANTALIZER


Current Previous%


Change

Q4 2011 4,604 4,889 -5.83% 101.87 61.35 66.05%

Q3 2011 3,419 3,686 -7.24% 28.63 53.41 -46.40%

Q2 2011 1,120 1,200 -6.67% 3.57 33.23 -89.26%

Q1 2011 1,150 1,267 -9.23% 23.63 36.27 -34.85%

Q4 2010 4,889 5,390 -9.29% 61.35 56.62 8.35%


UNHOMES

The mortgage banking outfit was listed in 2006 in the financial services sector. The stockwitnessed price depreciation of -55.13%, -73.77%, -3.37% and -43.18% in 2008, 2009,

2010 and 2011 in that order. The stock hit 50k on 1st Sept, 2011.

Year

Opening

Price

Closing


2008 7.6 3.41 -55.13%

2009 3.24 0.85 -73.77%

2010 0.89 0.86 -3.37%

2011 0.88 0.5 -43.18%

2012 0.5 0.5 0.00%



UNHOMES

1st Sept, 2011

UNHOMES


Current Previous%


Change

Q3 2010 6,798 4,573 48.66% 1,309 259 405.41%

Q2 2010 4,800 4,573 4.96% 1,160 259 347.88%

Q4 2008 4,402 6,510 -32.38% -1,669 -2,245 -25.66%

Q1 2008 2,279 1,740 30.98% 223 179 24.58%

Q3 2008 4,803 4,099 17.17% 535 427 25.29%



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UNIC

Unic Insurance Plc was listed in 1990 in the financial services sector. The stock

witnessed a decline in share price in 2008 and 2009 while it clolsed flat in 2010. Itdeclined in 2011 as the share price hit it current price of 50k on 1st Sept, 2011.

Year

Opening

Price

Closing


2008 7.49 3.38 -54.87%

2009 3.4 0.81 -76.18%

2010 0.85 0.85 0.00%

2011 0.86 0.5 -41.86%

2012 0.5 0.5 0.00%



UNIC

1st Sep,2011

UNIC


Current Previous%


Change

Q3 2011 882.3 1,342 -34.25% 168.66 357.85 -52.87%

Q2 2011 1,056 1,495 -29.36% -102.65 -60.24 70.40%

Q1 2011 82.9 235.58 -64.81% -40.04 65.36 -161.26%

Q4 2010 1,709 2,740 -37.63% -1,025 -538.77 90.25%

Q3 2010 1,342 2,242 -40.14% 357.85 372.33 -3.89%


UNIONDAC

The medical equipment company was listed on 11th sept, 2008 in the healthcare sector.The stock recorded straight losses in the three consecutive years while it closed flat in2011 after hitting 50k on 3rd Sept, 2010.

YearOpening

PriceClosingPrice % Change Stock Hits 50k

2008 3.02 1.29 -57.28%

2009 1.23 0.59 -52.03%

2010 0.61 0.5 -18.03%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



UNIONDAC

3rd Sep,2010

UNIONDAC


Current Previous % Current Previous %


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Change Change

Q4 2011 702.62 550.11 27.72% -223.52 -158.91 40.66%

Q4 2010 550.11 684.8 -19.67% -158.91 110.35 -244.01%

Q4 2009 684.8 1,033 -33.71% 110.35 370.09 -70.18%

Q4 2008 1,033 545.78 89.27% 370.09 255.08 45.09%Q3 2008 918.5 545.78 68.29% 386.7 255.07 51.61%


UNITYKAP

The Insurance firm was listed in December 2009. Its share price closed negative by -78.99% in 2010 and recorded a flat position in all other periods. It hit 50k on 10 th Aug,

2010.

Year

Opening

Price

Closing


2008

2009 2.5 2.5 0.00%

2010 2.38 0.5 -78.99%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%



Listed in Sept 2009

UNITYKAP

10th Aug,2010

UNITYKAP


Current Previous

%


%

Change

Q3 2011 1,582 715.56 121.09% 376.04 -79.26 -574.44%

Q2 2011 1,193 617.07 93.33% 301.8 40.66 642.25%

Q4 2010 868.7 1,300 -33.18% -190.2 112 -269.82%

Q3 2010 715.56 899.32 -20.43% 73.07 518.05 -85.90%

Q2 2010 949.85 1,158 -17.97% 40.66 481.78 -91.56%


UNIVINSURE

The general insurance outfit was listed on the Exchange on 11th February, 2008. Itrecorded -63.92% and -29.58% in 2008 and 2009 respectively before closing flat from2010 till date. The stock share price hit 50k on 10th Aug, 2009.


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Year

Opening

Price

Closing


2008 1.94 0.7 -63.92%

2009 0.71 0.5 -29.58%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

10th Aug 2009



UNIVINSURE

UNIVINSURE


Current Previous%


Q4 2010 310.9 578.95 -46.30% -186.57 -2,167 -91.39%

Q4 2009 578.95 743.98 -22.18% -2,167 206.66 -1148.58%

Q4 2008 826.18 428.57 92.78% 336.81 209.44 60.81%

Q1 2008 104.63 94 11.31% 34.43 28.17 22.22%

Q4 2007 498.83 494.2 0.94% 209.43 330.22 -36.58%


UTC

The food processing firm was listed on 31st

January, 1972 in the Consumer Goods sector.The stock recorded price appreciations in 2008 only for this to be erased by drops of -80.85%, -20.93% and -26.47% in 2009, 2010 and 2011 respectively.

Year

Opening

Price

Closing


2008 3.93 4.49 14.25%

2009 4.49 0.86 -80.85%

2010 0.86 0.68 -20.93%

2011 0.68 0.5 -26.47%

2012 0.5 0.5 0.00%

13th Sep,2011



UTC

UTC


Current Previous%


Change

Q1 2012 584.53 791.28 -26.13% 10.5 29.9 -64.88%

Q4 2011 2,798 2,823 -0.89% 1,399 79.8 1653.13%

Q4 2010 2,823 2,574 9.67% 79.8 74.77 6.73%

Q2 2010 1,370 1,153 18.82% 30.05 15.68 91.65%

Q4 2009 2,579 2,153 19.79% 74.77 93.25 -19.82%



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WAAP

The Aluminium products firm was listed in the natural resources sector on 6 th Sept,

1989. The stock share price closed flat in the five year review period, and has been atnominal value since 22nd Jan, 2008.

Year

Opening

Price

Closing


2008 0.5 0.5 0.00%

2009 0.5 0.5 0.00%

2010 0.5 0.5 0.00%

2011 0.5 0.5 0.00%

2012 0.5 0.5 0.00%

22-Jan-08



WAAP

WAAP


Current Previous%


Q4 2009 20.01 67.9 -70.53% -227.83 -21.1 979.76%

Q4 2008 67.9 67.3 0.89% -21.1 -11.2 88.39%

Q4 2007 67.3 55.21 21.90% -11.2 -4.65 140.86%

Q4 2006 55.21 40.32 36.93% -4.65 0.28 -1760.71%


WEMABANK

Wema Bank Plc was listed in the banking sub-sector on 13th Feb, 1991. The stock shareprice recorded 4.73% loss in 2008 while it further dropped by -93.77% in 2009. Theshare price recorded appreciation in 2010 by +43.01% but resumed southwards in 2011

by -55.81%. So far in 2012, it has recorded -12.28% as it hit 50k on 4th April, 2012.

Year

Opening

Price

Closing


2008 15 14.29 -4.73%

2009 14.29 0.89 -93.77%

2010 0.93 1.33 43.01%

2011 1.29 0.57 -55.81%

2012 0.57 0.5 -12.28%

WEMABANK

4th April,2012



WEMABANK


Current Previous%


Change


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Q3 2011 20,328 24,085 -15.60% 1,540 1,791 -14.01%

Q2 2011 13,677 16,302 -16.10% 1,606 1,207 33.06%

Q1 2011 6,835 8,432 -18.94% 887.37 675.76 31.31%

Q4 2010 21,796 18,994 14.75% 17,455 -7,530 -331.81%

Q3 2010 24,085 25,286 -4.75% 1,635 -29,727 -105.50%Source: Proshare Research/NSE


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3. What Next?

In stock investing, there are twoand only twoways to make money:

Capital appreciation

Dividends

Indeed, the equation for total performance is Total Returns = Capital Gains (or Losses) +Dividends Received. Notice that the dividends are always positive, while capital gains canin reality be capital losses. We have come to believe that these two goals are verydifferent and that each requires its own strategy.

In answering the what next question therefore, you must be clear as to which type ofinvestor you are. Investors are of two kinds namely Hot and Cold Investors.

Hot Investors are very involved in the market. They track their investments; theyfocus on what people are saying. They are totally up to date on the latest news. Theymake investment decisions based on a lot of input. They follow expert views, sometimes

becoming experts themselves. They live and breathe the markets.

If you fit this category, we encourage you to track the sentiments that drive the marketpublished weekly here - http://proshareng.com/news/Cap%20Mkt%20Sentiments.

Investing for capital appreciation is buy low, sell high. It is what most investors thinkof first when they think about stock investing.

Cold Investors are the type that is not very involved in the markets. They dont oftenlook at benchmark indices. They invest and keep investing not worrying about timing themarket. As a result they sometimes miss out on opportune investment moments. They

are not always aware of what analysts are recommending. They rarely become experts.

They follow very basic investments rules.

We understand that Cold investors dont really care about the markets, but they do careabout returns. For this category of investors, we encourage to follow our Special reportson dividends http://www.proshareng.com/news/17275, http://www.proshareng.com/news/16841.

Investing for dividends is about the accumulation of wealth by collecting dividends fromstocks that kick out healthy, reliable, and growing cash streams to their shareholders.

The dividends can be re-invested to accelerate the wealth accumulation process, or theycan be cashed out immediately and used as current income.

For specific firm analysis and investment decision options, kindly contact your fund

managers.

For insights into analysis and detailed information on the stocks listed here, kindly

contact [email protected]


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4. Appendix

S/

No Company Sector Listing Date

Opening

Price

Closing

Price Stock Hits 50K

Latest

Result 2008 May-12

1 ABCTRANS Services 20th December, 2006 2.66 0.50 16th Feb, 2012 Q4 2011

2 AFRINSURE Financial Services 17th September 2009 3.67 0.50 1st Feb, 2012 Q2 201

3 AFROMEDIA Services 18th May 2009 2.51 0.50 4th Jan, 2012 Q1 2012

4 AIICO Financial Services 3rd December, 1990 3.43 0.50 16th May, 2012 Q4 2011

5 ASOSAVINGS Financial Services 25th APRIL 2008 3.67 0.50 4th Jan, 2012 Q3 2011

6 BECOPETRO Oil & Gas 7th October 2009 2.50 0.50 3rd Jan, 2012 Q4 2011

7 BIGTREAT Consumer Goods 06th December 2007 5.89 0.50 21st Sept, 2012 Q4 2009

8 CAPOIL Oil & Gas May, 1990 5.69 0.50 5th Jan, 2012 Q4 2009

9 CHAMS ICT 24th September 2008 2.62 0.50 3rd Jan, 2012 Q1 2012

10 CILEASING Services 10th December, 1997 8.50 0.50 30th Jan, 2012 Q3 2011

11 CORNERST Financial Services 13th August, 1997 4.77 0.50 6th Jan, 2012 Q3 2011

12 COURTVILLE ICT 01st April 2009 2.62 0.50 3rd Jan, 2012 Q4 2011

13 CRUSADER Financial Services 1990 6.61 0.50 4th Jan, 2012 Q3 2011

14 DAARCOMM Services 26th September 2008 5.25 0.50 5th Jan, 2012 Q4 2010

15 DUNLOP Consumer Goods 1961 3.21 0.50 4th Jan, 2012 Q4 2011

16 EQUITYASUR Financial Services 1984 2.46 0.50 5th Jan, 2012 Q3 2011

17 EVANSMED Healthcare 1979 0.50 28th Mar, 2012 Q4 2011


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39 REGALINS Financial Services 27th May 2008 1.83 0.50 11th Aug,2009 Q3 2011

40 RESORTSAL Financial Services 23rd November, 2009 0.99 0.50 4th Jan,2010 Q3 2011

41 ROYALEX Financial Services 3rd December, 1990 5.37 0.50 28th Jul,2011 Q3 2011

42 SOVRENINS Financial Services 29th November 2006 4.44 0.50 20th May,2011 Q4 2011

43 STACO Financial Services 25thJune 2007 4.05 0.50 18th May,2010 Q3 2011

44 STARCOMMS ICT 14th July 2008 14.33 0.50 23rd Aug,2011 Q4 2011

45 STDINSURE Financial Services 19th December, 2003 4.23 0.50 25th May,2010 Q3 2011

46 STOKVIS Industrial Goods 1978 0.14 0.50 Trading Below Q4 2010

47 TANTALIZER Services 23rd June 2008 3.67 0.50 8th June,2011 Q4 2011

48 UNHOMES Financial Services 24th April, 2006 7.60 0.50 1st Sept, 2011 Q3 2010

49 UNIC Financial Services 27th February, 1990 7.49 0.50 1st Sep,2011 Q3 2011

50 UNIONDAC Healthcare 11th September 2008 3.02 0.50 3rd Sep,2010 Q4 2011

51 UNITYKAP Financial Services 17th December 2009 2.50 0.50 10th Aug,2010 Q3 2011

52 UNIVINSURE Financial Services 11th February 2008 1.94 0.50 10th Aug 2009 Q4 2010

53 UTC Consumer Goods 31st January, 1972 3.93 0.50 13th Sep,2011 Q1 2012

54 WAAP Natural Resources 6th September, 1989 0.50 0.50 22-Jan-08 Q4 2009

55 WEMABANK Financial Services 13th February, 1991 15.00 0.50 4th April,2012 Q3 2011

Source: Proshare Research


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DISCLAIMER/ADVICE TO READERS:

While the contents of Proshare Limiteds communications are checked for accuracy, we are not liable for anyincorrect information included. The details of this mail should not be construed as an opinion or an investmentadvice by Proshare Limited or/and its employees. We therefore accept no liability for any loss arising from theuse of the information contained therein. All opinions in this mail constitute the staffs best estimate and

judgment as of this date and are subject to change without notice. Investors should see the content of thismail as no more than a non-legally binding exchange on the subject of discourse. We recommend that youmake enquiries based on your own circumstances and, if necessary, take professional advice before enteringinto this or any transactions. This email and any files transmitted with it are confidential and intended solely forthe use of the individual or entity to which they are addressed. If you have received this email in error pleasenotify the sender and delete immediately. Any use, dissemination, distribution, or reproduction of this messageby unintended recipients is not authorized and may be unlawful. Proshare Nigeria Limited will accept no liabilitywhatsoever for any loss, direct, indirect or consequential, arising from information contained or/and actionsresulting there from.

For further enquiries, contact Proshare by e-mail vide [email protected] or Call01-762 4131

Plot 590b, Pat Ojebuoboh Close, Omole Phase II,Isheri LGA P O Box 18782 Ikeja Lagos NG

55 stocks trading at n0 50k today - what next

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