the active stocks performance analysis_ a proshare special report - 161011

8/3/2019 The Active Stocks Performance Analysis_ A Proshare Special Report - 161011

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ISSN 1597 - 8842 Vol. 1 No. 81


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ContentsContentsContentsContents

Executive Summary 3

Review of Activity on the Bourse 4

Stocks and Liquidity Posture 5

Performance and Returns 6

Performance of Highly Capitalised Stocks 7

Sectoral Performance: Active and Most Liquid Sectors 7

Sectoral Performance and the Average Sectoral Returns 9

References/Timelines/Appendixes

I: 9-Months Return(s) Analysis 11

II: 9-Months Sector Performance: Average Return(s) Analysis 17

III: 9-Months Return(s) Volatility & Due Diligence 19


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The Active Stocks Performance Analysis: A Proshare Special Report

ISSN 1597 - 8842 Vol. 1 No. 81

EXECUTIVE SUMMARY

Blue chip stocks defy rationality test: Active and Liquid, but so often record

unimpressive returns.

In a bear period, investors tend to be more cautious as a way of averting both incomingand the unforeseen market risk while being smart as the golden rule says "Buy when

there's blood on the streets, even if the blood is your own."

Though, being conservative investors, we believe staying on the sidelines for a few moremonths for tradable trends is equally a very smart move.

To some smart investors, this might appear as 'stating the obvious' but that will notdeter our determination to serve the market as we cannot afford to fall short of our duty

of care to everyday investors who may not be adequately informed of how to invest in abearish or down trending market.

Recently (or more appropriately over the recent memory), the Nigerian Capital Market

has experienced a free fall unabatedly, trading below year 2010 support levels, whichfurther means that the bearish trend had erased all the gains recorded in both currentand previous year as YTD performance of Nigerian stocks closed at -18.84% as at the

end of Q3 2011.

This in itself does not suggest that there were no profitable transactions during the

period or that risk-friendly/market speculators (the little group of strong willed and in-tune players) did not make money from the market. On the contrary, a number of sweetdeals presented itself and were consummated in the market.

It is against the background of such crisis based opportunities that this report was

provided with the intent of showcasing the sectors and specific stocks that have receivedinvestors' attention since the beginning of the year to September 30, 2011.

From the analysis conducted, the report will reveal the likely stocks with potentials to

experience such attention when market turns around i.e. the active stocks so far in thecurrent year and likely future active stocks based on their marketability status which is aparamount criterion in selecting stocks for both long term and short term purposes.

In effect, the report seeks to prepare you for the next bull run when the market turnsaround providing you with a guide against buying into stocks that are no more thanmarket dumps


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Surprisingly, our analysis showed that stocks of low marketability and activity status

dominated the Top-20 performer(s) list, though further analysis revealed that lowcirculation of such stocks has been an added advantage as there was no much marketpressure towards such class of assets.

We equally observed that most liquid stocks and sectors experienced more volatilityduring the period under review. In the report, we provided commentaries and tables thatpresent a more pictorial view.

In summary, it appears evident that only those who think long-term stand a chance, yet

it is imperative to point out that activities in the short term through a portfolio mix willbe necessary to ensure survival and profitability where the liquidity exists and shares

are available to buy.

Where there has been cash to buy stocks (even in volumes), the target stocks are notavailable due to the ownership structure of most of the firms and the management of the

free float rule often circumvented through the use of proxies and nominees.

In general, this report does not serve as a recommendation to buy or sell any particularstock but serves as a factual interpretation of events which reveals that buying inactiveor low liquid stocks in a bearish period could trap your hard earned money in the marketbeyond your estimated period.

REVIEW OF ACTIVITY ON THE BOURSE

The table below indicates that stocks with large and medium market capitalisation

recorded more patronage during the bearish period.

Transcorp Plc experienced the highest market activity as we observed much ofinstitutional buying of the stock during a short period while similar activity was noted inthe case ofZenith Bank Plc which closed the period as the second most active stock infirst 9-months of the year.

Top 20 Active stocks in 9 months (Jan - Sept 2011)

Company Trades Volume ValueActivity

Level

Capitalisation

Ranking

TRANSCORP 10,641.00 8,908,341,016.00 11,672,112,705.14 13.38% 39

ZENITHBANK 64,377.00 5,757,055,897.00 86,981,276,283.49 8.65% 3

FIRSTBANK 120,309.00 3,973,909,614.00 55,007,967,849.47 5.97% 5


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FCMB 9,916.00 906,959,655.00 6,243,229,540.09 1.36% 17

JAPAULOIL 17,113.00 819,050,558.00 1,131,892,050.94 1.23% 72

Proshare Research/NSESee complete table below in the appendix

STOCKS AND LIQUIDITY POSTURE

Stocks with high transaction frequency are technically perceived to be highly liquid.Considering this, our analysis also considered the total units of share traded (volume)

against the company float - this approach helped to reveal a trend of institutional buying

towards the stock under reference within the period and also showcased the activestatus of the stock.

As a result, Banking stocks appeared to be more liquid as sixteen (16) out of the 20 topliquid stocks were banking stocks where First Bank, GT Bank and Zenith Bank Plctopped the league as the most liquid stocks within the period under review.

This is against the backdrop of banking stocks experiencing more volatility during the

period under review, than most, as high volatility was a main stay in the sector.

Conversely, Transcorp Plc, NEM Plc, Zenith Bank Plc, FinBank Plc and AccessBank Plc experienced more transaction impact against their companies float to record34.5%, 19.1%, 18.3%, 14.9%, and 14.2% impact respectively.

The table below reveals the liquidity posture of the top 20 liquid stocks in the first ninemonths in the year.

Top 20 Liquid Stocks in 9 months (Jan - Sept 2011)

Company Trades Volume Value

Traded

Volume

Against

Float

Liquidity

Level

Capitalisation

Ranking

FIRSTBANK 120,309.00 3,973,909,614.00 55,007,967,849.47 12.2% 11.92% 5

GUARANTY 100,414.00 3,216,114,123.00 51,562,495,419.57 10.9% 9.95% 4

ZENITHBANK 64,377.00 5,757,055,897.00 86,981,276,283.49 18.3% 6.38% 3

UBA 46,430.00 3,013,805,748.00 21,922,230,253.43 9.3% 4.60% 51

ACCESS 34,369.00 2,535,434,390.00 19,905,637,369.82 14.2% 3.40% 9FIDELITYBK 23,967.00 1,863,031,290.00 4,787,894,326.94 6.4% 2.37% 14

SKYEBANK 21,588.00 1,143,408,698.00 8,932,105,873.13 8.6% 2.14% 24

OCEANIC 20,355.00 1,639,586,984.00 3,886,178,839.37 7.4% 2.02% 2

UBN 20,100.00 1,003,376,763.00 3,378,143,089.77 7.4% 1.99% 20

JAPAULOIL 17,113.00 819,050,558.00 1,131,892,050.94 13.1% 1.70% 19

DIAMONDBNK 14 700 00 1 928 127 384 00 12 024 278 048 13 13 3% 1 46% 34


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PERFORMANCE AND RETURNS

The Nigerian equities market closed with a 9-months return of-18.84% YTD revealingthe severity of bearish sentiments that indicates an investors cut down on investment

activities significantly due mainly to a low risk appetite that dominated the marketatmosphere during the period and continues to do so.

Thirteen per cent (13%) or 25 out of the 187 stocks traded during the period underreview recorded positive returns to close market breadth in a less than sterling shape asthe Nigerian bourse closed Q3 YTD with an average loss of -13.91%.

A close observation of the trend revealed that stocks with low activity and liquid statusrecorded the highest returns as they experienced less volatility - due in part to the lowcirculation of such stocks in the market. When we place the volume traded against thecompany market float, it was further revealed that such stocks experienced less market

pressure due to the low circulation noted above.

We equally observed that none of the banking stocks made the Top-20 gainers' listdespite the impressive liquid postures recorded in the sector. This buttressed our

position on the huge volatility witnessed in the sector (as noted above) - though theyremained the most active and liquid stocks; as they dominated the market activity withsignificant liquid outlook.

Further, we observed that the Breweries and Food & Beverages stocks dominated thetop performer list while Hotel & Tourism, Constructions and Conglomerates stockstopped the gainers lists in that order.

Finally, the analysis revealed that stocks of high and medium (blue chips) dominated the

gainers' list, confirming the central thesis underlying this report as espoused in theexecutive summary.

Top 20 Stocks With Highest Returns

Company

Price @

Sept30

2011

Price @

Jan 42011

9 monthsReturns

Sector

AverageReturns

Liquidity/

MarketabilityLevel

ActivityLevel

SectorCapitalisation

Ranking

CAPHOTEL 7.50 3.20 134.38% 48.06% 0.03% 0.06% Hotel & Tourism 48

ROADS 4.65 3.01 54.49% -2.29% 0.01% 0.00% Construction 182

TRANSCORP 0.75 0.50 50.00% -3.43% 1.05% 13.38% Conglomerates 39

CHAMPION 4.46 3.10 43.87% 5.98% 0.02% 0.06% Breweries 86

RESORTSAL 0.70 0.50 40.00% 1.27% 0.03% 1.64% Mortgage 58

OKOMUOIL 20.39 15.20 34.14% -0.63% 0.15% 0.15% Agriculture 56

7UP 47.00 39.00 20.51% -22.08% 0.26% 0.01% Food & Beverages 31

IKEJAHOTEL 2 25 1 89 19 05% 48 06% 0 30% 0 44% H t l & T i 77


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PERFORMANCE OF HIGHLY CAPITALISED STOCKS

Highly capitalised stocks on the Nigerian bourse appeared more liquid and active within

the first nine (9) months of the year, closing on a bearish note with a -18.84% loss.

Further analysis revealed that these class of assets (highly capitalised stocks)experienced more volatility and therefore had significant impact on the weight lossrecorded by the market.

Among the Top-20 highly capitalised stocks, four (Nigerian Breweries, Nestle,

Guinness and Unilever) closed positive by 3.44%, 8.80% 9.13% and 5.36%respectively while others dipped considerably - led by UBA Plc with a 59.26% loss forthe nine months returns under review.

This in itself would indicate that the attractive liquid status of these assets contributed tothe volatility observed towards these assets - further buttressing our findings that lowliquid and active stocks dominated the gainers chart an indication of market actions.

Top 20 High Capitalised Stocks

Mkt Cap

RankingCompany Trades Volume Value

Against

Float

Liquidity

Level

9-Months

Returns

Activity

Level

1 DANGCEM 5,754 94,731,206 11,163,486,520.60 0.61% 0.57% -16.67% 0.14%

2 NB 26,307 308,809,958 25,903,687,484.82 4.08% 2.61% 3.44% 0.46%

3 ZENITHBANK 64,377 5,757,055,897 86,981,276,283.49 18.34% 6.38% -19.36% 8.65%

4 GUARANTY 100,414 3,216,114,123 51,562,495,419.57 10.93% 9.95% -29.63% 4.83%

5 FIRSTBANK 120,309 3,973,909,614 55,007,967,849.47 12.18% 11.92% -31.15% 5.97%

6 NESTLE 8,297 25,284,646 10,452,109,706.01 3.19% 0.82% 8.80% 0.04%

7 GUINNESS 12,127 63,085,309 13,995,746,498.29 4.28% 1.20% 9.13% 0.09%

8 IBTC 8,923 538,922,169 5,189,287,793.56 2.87% 0.88% -1.92% 0.81%

9 UBA 46,430 3,013,805,748 21,922,230,253.43 9.32% 4.60% -59.26% 4.53%

10 WAPCO 7,263 180,761,374 7,888,276,329.49 6.02% 0.72% -2.41% 0.27%

11 ETI 4,523 365,040,473 5,560,380,474.09 3.70% 0.45% -23.57% 0.55%

12 FLOURMILL 12,829 159,484,577 13,284,785,282.80 8.49% 1.27% -14.93% 0.24%

13 UNILEVER 10,275 147,055,223 3,991,757,812.08 3.89% 1.02% 5.36% 0.22%

14 ACCESS 34,369 2,535,434,390 19,905,637,369.82 14.17% 3.40% -43.63% 3.81%

15 PZ 8,407 137,813,614 4,548,513,697.62 4.34% 0.83% -6.22% 0.21%

16 DANGSUGAR 14,834 548,102,620 7,609,278,045.37 4.57% 1.47% -56.25% 0.82%

17 FCMB 9,916 906,959,655 6,243,229,540.09 5.57% 0.98% -45.44% 1.36%

18 Total 2,679 15,865,674 3,516,291,326.93 4.67% 0.27% -14.53% 0.02%


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Nigeria, PZ Plc and Unilever Plc contributed significantly to the remarkable turnoverrecorded in the sector.

Further analysis would reveal that the banking and Food & Beverages sectors weremore liquid with significant marketability and high transaction frequency status, thoughnone of the Food & Beverages stocks made the Top-20 list by liquidity status which was

dominated by the banking stocks.

Interesting to note was the fact that three of the Food & Beverages stocks (7UP, NBCand Nestle) closed among the Top-20 gainers as against NO gainers from the bankingsector.

That notwithstanding, the two sectors closed with unimpressive average sector returns

of -42.38% and -22.08% loss respectively. This again has buttressed our position thatmost liquid stocks and sectors experienced more volatility during the period underreview. See full details in appendix

Remarkable contributions were witnessed from First Bank, Zenith Bank and GT BankPlc while Dangote Flour, Dangote Sugar and Flourmills Plc have impacted the liquidstatus of the sectors highlighted above respectively.

Top 20 Most Active Sectors

Sector Trades Volume ValueActivity

level

BANKING 566,455.00 36,145,657,112.00 292,340,170,459.06 54.28%

CONGLOMERATES 40,409.00 9,354,836,539.00 25,818,696,963.71 14.05%INSURANCE 45,949.00 6,494,996,487.00 5,880,598,989.43 9.75%

MORTGAGE COMPANIES 4,838.00 2,446,062,742.00 1,543,481,944.21 3.67%

FOOD/BEVERAGES & TOBACCO 82,213.00 1,651,398,477.00 40,936,128,415.99 2.48%

ICT 4,252.00 1,032,197,837.00 957,375,938.40 1.55%

MEDIA 2,409.00 958,051,971.00 486,802,387.20 1.44%

MARITIME 17,113.00 819,050,558.00 1,131,892,050.94 1.23%

OTHER FINANCIAL INSTITUTIONS 1,987.00 708,273,138.00 374,499,512.53 1.06%

BUILDING MATERIALS 26,464.00 707,645,586.00 28,923,606,217.44 1.06%PETROLEUM(MARKETING) 51,333.00 697,327,239.00 28,360,017,340.62 1.05%

HOTEL AND TOURISM 3,411.00 663,628,926.00 2,163,960,850.32 1.00%

BREWERIES 42,251.00 627,364,815.00 41,005,214,805.55 0.94%

HEALTHCARE 11,885.00 607,658,360.00 1,934,101,552.79 0.91%

PACKAGING 53,559.00 547,717,680.00 1,372,976,005.48 0.82%


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Top 20 Most Liquid Sector

Sector Trades Volume Value

Liquidity

Level

BANKING 566,455.00 36,145,657,112.00 292,340,170,459.06 56.12%

FOOD/BEVERAGES & TOBACCO 82,213.00 1,651,398,477.00 40,936,128,415.99 8.14%

PACKAGING 53,559.00 547,717,680.00 1,372,976,005.48 5.31%

PETROLEUM(MARKETING) 51,333.00 697,327,239.00 28,360,017,340.62 5.09%

INSURANCE 45,949.00 6,494,996,487.00 5,880,598,989.43 4.55%

BREWERIES 42,251.00 627,364,815.00 41,005,214,805.55 4.19%

CONGLOMERATES 40,409.00 9,354,836,539.00 25,818,696,963.71 4.00%

BUILDING MATERIALS 26,464.00 707,645,586.00 28,923,606,217.44 2.62%

MARITIME 17,113.00 819,050,558.00 1,131,892,050.94 1.70%

AIRLINE SERVICES 12,095.00 151,678,428.00 1,174,030,957.84 1.20%

HEALTHCARE 11,885.00 607,658,360.00 1,934,101,552.79 1.18%

AGRICULTURE/AGRO-ALLIED 6,025.00 385,090,428.00 2,118,139,271.49 0.60%

CONSTRUCTION 5,422.00 517,825,879.00 1,972,522,751.44 0.54%

CHEMICAL & PAINTS 5,036.00 169,921,508.00 1,163,387,512.86 0.50%

MORTGAGE COMPANIES 4,838.00 2,446,062,742.00 1,543,481,944.21 0.48%

FOREIGN LISTINGS 4,523.00 365,040,473.00 5,560,380,474.09 0.45%

INDUSTRIAL/DOMESTIC PRODUCTS 4,338.00 103,525,379.00 464,706,016.35 0.43%

ICT 4,252.00 1,032,197,837.00 957,375,938.40 0.42%

AUTOMOBILE & TYRE 3,808.00 389,409,321.00 354,526,900.55 0.38%

HOTEL AND TOURISM 3,411.00 663,628,926.00 2,163,960,850.32 0.34%


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CAP Plc and Ikeja Hotel Plc recorded impressive gains of+134.38% and +19.05%respectively to surge the sector by sector average gain of 48.06% as against the -

18.84% market loss.

Also, United Nigeria Textiles Plc closed the Textile sector with 13.33% uptick whileChampion Breweries recorded 43.87% gain, followed by 9.13% gain from Guinness

Plc supported 3.44% and 4.30% gain recorded by Nigerian Breweries and PremierBreweries Plc respectively to give a facelift to Breweries sector.

In addition, Skye Shelterrecorded 3.09% gain to put the real estate investment trustsector on gainers list while Abbey Building Society Plc and Resort Savings and

Loans Plc recorded 8.27% and 40.00% gain respectively to close the mortgage sectorpositive.See full details in appendix

Top 20 Sectors By Average Returns

SectorAverage Sector

Returns

Activity

levelLiquidity Level

HOTEL AND TOURISM 48.06% 1.00% 0.34%

TEXTILES 13.33% 0.01% 0.03%

BREWERIES 5.98% 0.94% 4.19%

REAL ESTATE INVESTMENT TRUST 1.55% 0.01% 0.02%

MORTGAGE COMPANIES 1.27% 3.67% 0.48%

AGRICULTURE/AGRO-ALLIED -0.63% 0.58% 0.60%

ROAD TRANSPORTATION -1.82% 0.08% 0.11%

CONSTRUCTION -2.29% 0.78% 0.54%

CONGLOMERATES -3.43% 14.05% 4.00%

MEDIA -3.70% 1.44% 0.24%

SECOND-TIER SECURITIES -4.58% 0.43% 0.02%

INSURANCE -6.08% 9.75% 4.55%

ENGINEERING TECHNOLOGY -6.20% 0.04% 0.09%

COMPUTER & OFFICE EQUIPMENT -6.39% 0.01% 0.04%

OTHER FINANCIAL INSTITUTIONS -9.11% 1.06% 0.20%

PACKAGING -9.36% 0.82% 5.31%

INDUSTRIAL/DOMESTIC PRODUCTS -12.44% 0.16% 0.43%

ICT -14.10% 1.55% 0.42%

AIRLINE SERVICES -14.49% 0.23% 1.20%

HEALTHCARE -14.81% 0.91% 1.18%

Proshare Research/NSE


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www.proshareng.com October 16, 2011 16

92 STARCOMMS 3,499 555,805,463 437,937,282.10 6,878,478,096 3,439,239,048.00 8.08% 0.35% -63.50% 0.83%

24 OANDO 28,451 405,987,959 21,107,642,918.02 2,274,118,138 52,281,975,992.62 17.85% 2.82% -65.69% 0.61%

171 DNMEYER 267 5,289,267 9,274,112.11 242,908,200 276,915,348.00 2.18% 0.03% -65.87% 0.01%

158 PAINTCOM 261 102,508,216 189,028,256.72 792,914,256 737,410,258.08 12.93% 0.03% -67.82% 0.15%

49 PLATINUM 11,523 1,115,476,643 1,918,922,113.67 20,154,994,726 11,488,346,993.82 5.53% 1.14% -68.85% 1.68%

43 INTERCONT 14,184 1,292,112,143 2,223,178,888.34 18,860,014,978 13,202,010,484.60 6.85% 1.41% -69.03% 1.94%

61 AFRIBANK 8,175 512,004,482 1,131,708,715.78 13,558,921,243 8,677,709,595.52 3.78% 0.81% -71.93% 0.77%



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Appendix II

9-Months Sector Performance: Average Return(s) Analysis

Sector Performance Table by 9months Average Returns

Sector Trades Volume ValueActivity

level

Liquidity

Level

Average

SectorReturns

HOTEL AND TOURISM 3,411 663,628,926 2,163,960,850.32 1.00% 0.34% 48.06%

TEXTILES348 7,706,612 5,190,144.10 0.01% 0.03% 13.33%

BREWERIES 42,251 627,364,815 41,005,214,805.55 0.94% 4.19% 5.98%

REAL ESTATE INVESTMENT TRUST 182 4,639,164 407,368,406.00 0.01% 0.02% 1.55%

MORTGAGE COMPANIES 4,838 2,446,062,742 1,543,481,944.21 3.67% 0.48% 1.27%

AGRICULTURE/AGRO-ALLIED 6,025 385,090,428 2,118,139,271.49 0.58% 0.60% -0.63%

ROAD TRANSPORTATION 1,070 53,057,778 32,358,710.78 0.08% 0.11% -1.82%

CONSTRUCTION 5,422 517,825,879 1,972,522,751.44 0.78% 0.54% -2.29%

CONGLOMERATES 40,409 9,354,836,539 25,818,696,963.71 14.05% 4.00% -3.43%

MEDIA2,409 958,051,971 486,802,387.20 1.44% 0.24% -3.70%

SECOND-TIER SECURITIES 221 284,275,188 153,665,276.49 0.43% 0.02% -4.58%

INSURANCE 45,949 6,494,996,487 5,880,598,989.43 9.75% 4.55% -6.08%

ENGINEERING TECHNOLOGY 948 25,728,632 46,041,880.04 0.04% 0.09% -6.20%

COMPUTER & OFFICE EQUIPMENT 360 9,295,719 13,268,787.69 0.01% 0.04% -6.39%

OTHER FINANCIAL INSTITUTIONS 1,987 708,273,138 374,499,512.53 1.06% 0.20% -9.11%

PACKAGING 53,559 547,717,680 1,372,976,005.48 0.82% 5.31% -9.36%

INDUSTRIAL/DOMESTIC PRODUCTS 4,338 103,525,379 464,706,016.35 0.16% 0.43% -12.44%

ICT 4,252 1,032,197,837 957,375,938.40 1.55% 0.42% -14.10%AIRLINE SERVICES 12,095 151,678,428 1,174,030,957.84 0.23% 1.20% -14.49%

HEALTHCARE 11,885 607,658,360 1,934,101,552.79 0.91% 1.18% -14.81%

PETROLEUM(MARKETING) 51,333 697,327,239 28,360,017,340.62 1.05% 5.09% -18.74%

CHEMICAL & PAINTS 5,036 169,921,508 1,163,387,512.86 0.26% 0.50% -21.70%

FOOD/BEVERAGES & TOBACCO 82,213 1,651,398,477 40,936,128,415.99 2.48% 8.14% -22.08%

BUILDING MATERIALS 26,464 707,645,586 28,923,606,217.44 1.06% 2.62% -23.25%

FOREIGN LISTINGS 4,523 365,040,473 5,560,380,474.09 0.55% 0.45% -23.57%


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AUTOMOBILE & TYRE 3,808 389,409,321 354,526,900.55 0.58% 0.38% -24.48%

REAL ESTATE 2,631 54,898,093 981,356,708.70 0.08% 0.26% -26.11%

COMMERCIAL/SERVICES 2,926 449,787,773 637,425,591.52 0.68% 0.29% -26.34%PRINTING & PUBLISHING 2,801 63,124,204 305,086,807.90 0.09% 0.28% -35.04%

LEASING 2,152 97,127,592 123,253,149.54 0.15% 0.21% -40.79%

BANKING 566,455 36,145,657,112 292,340,170,459.06 54.28% 56.12% -42.38%

MARITIME 17,113 819,050,558 1,131,892,050.94 1.23% 1.70% -44.22%



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Appendix III

9-Months Return(s) Volatility & Due Diligence

9months Returns Volatility Activities Due Diligence

Stocks Per SectorPrice

@

Sept30

2011

Price@ Jan

42011

Returns High LowTotal

TradesTotal Volume Total Value

PAT

MARGINEPS Book

Value(N'm)

PAT

GROWTHPERIOD

AGRICULTURE

ELLAHLAKES 4.26 4.26 0.00% 4.26 4.26 11.00 81,759.00 331,249.95 -234% -0.23 1,132 -134.4% Q3 '10

FTNCOCOA0.50 0.59 -15.25% 0.64 0.50

1,144.00 71,336,297.00 38,609,792.42 -20% -0.04 2,166 -207.7% Q2 '11

LIVESTOCK0.50 0.66 -24.24% 0.66 0.50

1,272.00 152,691,735.00 82,820,777.30 2% 0.02 447 59.1% Q2 '10

OKOMUOIL20.39 15.20 34.14% 20.39 14.53

1,470.00 98,238,325.00 1,538,877,318.62 50% 6.06 8,755 77.3% Q2 '11

PRESCO7.00 6.85 2.19% 8.30 6.40

2,128.00 62,742,312.00 457,500,133.20 40% 1.50 5,018 108.9% Q2 '11

Sector Average 6.53 5.51 -0.63% 6.85 5.241,205.00 77,018,085.60 423,627,854.30

-32% 1.463,503.54

-19.36%

AIR SERVICES

AIRSERVICE1.95 1.72 13.37% 2.78 1.57 690.00

25,283,874.00 52,279,695.96 5% 0.14 1,659 1020.5% Q2 '10

NAHCO5.88 10.20 -42.35% 11.75 5.4 11405.00

126,394,554.00 1,121,751,261.88 14% 0.39 4,990 -28.5% Q2 '11

Sector Average 3.92 5.96 -14.49% 7.27 3.496,047.50 75,839,214.00 587,015,478.92

10% 0.273,324.50

496%

AUTOMOBILE & TYRE

DUNLOP0.50 0.50 0.00% 0.50 0.50 606.00

310,820,195.00 155,410,097.50 -220% -0.07 (4,475) 65.8% Q2 '11

RTBRISCOE 1.48 2.90 -48.97% 3.65 1.3 3202.00 78,589,126.00 199,116,803.05 1% 0.09 3,458 4.4% Q2 '11

Sector Average 0.99 1.70 -24.48% 2.08 0.901,904.00 194,704,660.50 177,263,450.28

-109% 0.01 -508.50 35.11%

BANKING

ACCESS5.62 9.97 -43.63% 11.10 4.90

34,369.00 2,535,434,390.00 19,905,637,369.82 15% 0.45 175,397 21.2% Q2 '11

AFRIBANK0.64 2.28 -71.93% 3.39 0.64

8,175.00 512,004,482.00 1,131,708,715.78 -37% -0.30 (253,045) -311.78% Q1 '11

DIAMONDBNK3.50 7.87 -55.53% 9.27 3.43

14,700.00 1,928,127,384.00 12,024,278,048.13 3% 0.08 107,600 -73.9% Q2 '11


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CAPOIL0.50 0.50 0.00% 0.5 0.5 137.00

210,964,602.00 105,482,301.00 0.00

JULI2.90 3.05 -4.92% 3.05 2.9 19.00

141,849.00 408,353.64 -30% -0.14 209.80 -107.5% Q2 '11

MCNICHOLS1.02 1.02 0.00% 1.02 1.02 6.00

2,494,008.00 2,543,813.25 -2% -31.83 130,255 49.8% Q4 '10

RAKUNITY0.50 0.50 0.00% 0.31 0.31 1.00

5,000.00 1,550.00 0.00

ROKANA0.60 0.60 0.00% 0.60 0.60 2.00

5,700.00 3,591.00 0.00

SMURFIT1.04 1.43 -27.27% 1.43 1.04 15.00

49,160.00 60,532.60 22% 0.15 76.54 53.4% Q4 '10

UNIONVENT0.63 0.63 0.00% 0.63 0.63 7.00

70,002,500.00 44,101,575.00 -3% -0.04 (12.24) 89.5% Q4 '10

Sector Average 1.11 1.19 -4.58% 1.18 1.09 27.6335,534,398.50 19,208,159.56

-15% - 4.0026,111

-37.14%


About the Authors: Taiwo OLOGBON-ORI is an analyst in Proshare and Reshu BAGGA is a Director for the Analyst & Technical Services.

DISCLAIMER/ADVICE TO READERS:While the website is checked for accuracy, we are not liable for any incorrect information included. The details of this publicationshould not be construed as an investment advice by the author/analyst or the publishers/Proshare. Proshare Limited, its employees and analysts accept no liability for anyloss arising from the use of this information. All opinions on this page/site constitute the authors best estimate judgement as of this date and are subject to change withoutnotice. Investors should see the content of this page as one of the factors to consider in making their investment decision. We recommend that you make enquiries basedon your own circumstances and, if necessary, take professional advice before entering into transactions. This information is published with the consent of the author(s) forcirculation in/to our online investment community in accordance with the terms of usage. Further enquiries should be directed to the author.


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the active stocks performance analysis_ a proshare special report - 161011

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