Why is this the perfect time to identify great stocks?

Why is this the perfect time to identify great stocks?
July 1, 2012/ Proshare Analyst

There is no gainsaying that the Nigerian economy is facing some really tough times.
The Naira has been falling, the economic growth is faltering due to the heightened state
of insecurity (http://www.proshareng.com/news/17585/Africas-3-largest-economies-atrisk-of-GDP-reversal), government deficits are bulging up as it increased by 2.97% of
the
GDP
in
the
new
budget
plan
(http://af.reuters.com/article/nigeriaNews/idAFL5E8DG2YR20120216)
and
inflation
continues to remain high after the partial removal of subsidy on Premium Motor Spirit
(http://www.proshareng.com/news/17524); amongst other indices.
All these factors have severely affected the growth and profitability of Nigerian
corporates; who appear to have their fundamentals on a positive track. Invariably, the
gloom pervading the economy and social structures has put a dent in the confidence of
retail investors in Nigerian equities – not with the crowding-out impact of government
treasury bills on the corporate bonds market, attractiveness of equities and the policy
regime current employed by the CBN.
The data below puts the realities in context:
Population (m):
Increased from 155million in 2010 to
167m in 2011 by 3.2%.

Per Capita Income ($):
Increased with population growth from
1290 in 2010 to 1562 in 2011

Inflation: Composite Consumer Price
Index which measures inflation eased to
12.7% in May 2012 slightly lower than
12.9% recorded in the previous month of
April.

GDP Growth rate (%):
The real Gross Domestic Products on
aggregate basis grew by 6.17% in Q1
2012 as against 7.13% in Q1 2011.

Oil Domestic Production (mbpd):
Oil operations affected by disruptions in
the Niger Delta dropped by -9.30% from
2.58 in 2010 to 2.34 in 2011.

Bonny Light ($pb):
Increased by 28% from 93 in 2010 to
119.21 in 2011 which was subjected to
volatility due to global economic crises.

Oil Export (mbpd):
Oil export dropped by -11.27% to 1.89 in
2011 from 2.13 in 2010.

MPR (%):
Raised 6 times from 6.25% in 2010 to
12% in May 2012.

Exchange Rate: The rate has increased
from N149.17 to a dollar in January 2011
to N155.91 in June 2012, representing
4.52% upwards movement.

Foreign Reserves: The reserve moved up
from US$32.36bn in January 2011 to
US$36.82bn in June 2012 by 13.78%.

Total Debt: Total debt now stood at N6,
510bn as at 31st December 2011, about
17.50% of the GDP.

Remittances: Total Direct Remittances as
at 8/6/2012 stood at US$3, 404, 410. 8.

Sources: CBN, NBS, Proshare Research

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1

Why is this the perfect time to identify great stocks?

Buy Low
When? Now?
Despite all these depressing factors however, we strongly insist that there couldn't be a
better time to go scouting for fundamentally strong stocks.
Surprised? Let us share with you some of the reasons why we think so.
Most companies tend to do well when the times are good. At such times, it becomes
difficult to figure if the success is attributable to the strength of the management, or to
sheer luck and positive market forces. Legendary investor Warren Buffett has very aptly
said, "It's only when the tide goes out that you learn who's been swimming
naked." In other words, it is only when the business cycle turns adverse that the true
competence of a company's management can be known.
During the heydays preceding the financial crisis of 2008, several companies chalked out
massive expansion plans fuelled by huge debt. Some made big ticket acquisitions while
others ventured into unknown territories. Now when the business environment has
turned sour, the consequences of these past extravagances have backfired. Many are
witnessing a drying order pipeline while their cost structures have inflated owing to the
burden of excessive debt. It has now become clear which companies loaded up their
balance sheets with excessive risks.
On the other hand, companies that had been wise with their capital, maintained their
focus on their core competencies and avoided the lure of excesses have managed to
endure the crisis with relatively lesser pain. These are also the companies that have
been the best wealth creators for shareholders.
A closer look and analysis of 2008 against 2011 Audited Results of Quoted Companies
listed on the Nigerian bourse revealed that 43 quoted firms records positive figures with
companies like BAGCO, FLOURMILL and ENAMELWA leading the positive groups while 61
firms records negative figures with THOMASWY, CHAMS and PREMPAINTS taking the
lead.
Though DANGCEM which was listed in October 2010 seems to record a better positive
performance figure than other quoted firms in that category but it can’t be benchmarked
with others as it has not been listed on the bourse as at 2008.
However, the position of 85 quoted firms could not be ascertained as some audited
results are not available for analysis. 2008 Audited results for 39 firms is not available
for analysis while 59 quoted companies are yet to present their 2011 Audited results to
the market.
The Consumer Goods sector seems to be performing better off as it has ten (10)
companies with positive outlook while financial services has nine (9). Sectors like
Conglomerates and Natural Resources record negative performances as no company
records positive position.

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2

Why is this the perfect time to identify great stocks?

This simple analysis simply implies that companies with positive figures are doing better
now compared to their position in 2008 and otherwise for quoted firms with negative
figures.

TO

PAT

TO

PAT

TO

PAT

TO

PAT

2008/2011
PAT %
Change

N mln

N mln

N mln

N mln

N mln

N mln

N mln

N mln

N mln

2008

Company

2009

2010

2011

DANGCEM

619.00

179.00

1,896.00

575.00

202,565.00

106,605.00

235,914.00

125,909.00

70240.22%

BAGCO

7,477.00

75.70

14,667.95

(134.20)

16,142.00

353.34

18,585.00

1,025.00

1254.03%

FLOURMILL

127,661.0
0

756.81

206,613.00

16,947.00

238,796.00

9,450.00

1148.66%

ENAMELWA

1,510.00

19.78

2,412.92

63.50

2,365.00

88.13

345.55%

POLYPROD

16,594.00

13.17

2,096.00

58.30

2,415.00

60.67

2,241.00

50.73

285.19%

OKOMUOIL

4,734.00

1,207.00

4,741.00

541.52

6,087.00

1,629.00

11,121.00

3,923.00

225.02%

REGALINS

1,705.00

312.65

1,503.00

(68.75)

2,413.00

1,000.00

219.85%

SMURFIT

13.32

2.46

17.36

3.51

24.10

5.37

29.43

7.42

201.63%

NEM

4,001.00

461.68

4,940.00

857.03

5,978.00

833.85

8,381.00

1,343.00

190.89%

CAPHOTEL

3,962.00

209.13

4,703.00

668.45

5,031.00

598.59

4,905.00

581.18

177.90%

CONTINSURE

5,275.00

473.32

2,046.00

905.22

10,253.00

1,230.00

9,484.00

1,232.00

160.29%

Presco

3,964.00

674.05

5,386.00

1,095.00

8,536.00

1,692.00

151.02%

NCR

5,411.00

80.24

4,270.00

944.86

2,014.00

721.50

2,855.00

196.65

145.08%

INTBREW

931.92

63.50

1,616.00

(285.55)

4,794.00

199.13

9,908.00

147.35

132.05%

MOBIL

66,741.00

1,719.00

62,032.00

2,841.00

58,343.00

3,885.00

62,099.00

3,754.00

118.38%

AIRSERVICE

3,601.00

110.91

3,942.00

181.15

3,670.00

240.70

3,729.00

238.16

114.73%

LIVESTOCK

2,368.00

45.74

2,178.00

29.95

2,000.00

28.30

3,623.00

97.68

113.55%

UNILEVER

37,377.00

2,597.00

44,481.00

4,093.00

46,807.00

4,180.00

54,724.00

5,491.00

111.44%

NESTLE

51,742.00

8,331.00

68,317.00

9,783.00

82,726.00

12,602.00

97,961.00

16,808.00

101.75%

SOVRENINS

3,811.00

360.79

4,440.00

4.20

4,761.00

308.76

6,407.00

704.11

95.16%

JBERGER

114,028.6
2

2,508.30

150,358.00

3,300.00

169,413.00

4,874.00

94.31%

GUARANTY

104,120.0
0

28,316.00

162,550.00

23,686.00

188,819.00

52,694.00

86.09%

GLAXOSMIT
H

12,545.00

1,277.00

21,525.00

2,302.00

80.27%

ASHAKACEM

21,378.00

2,070.00

17,913.00

943.62

20,780.00

3,572.00

72.56%

REDSTAREX

3,098.00

195.68

3,959.00

248.29

4,208.00

333.59

70.48%

NASCON

7,888.00

1,298.00

8,767.00

1,842.00

8,894.00

1,648.00

9,681.00

2,154.00

65.95%

FIDSON

4,503.00

189.30

5,019.00

429.07

5,100.00

465.89

7,103.00

312.26

64.96%

WAPIC

7,087.00

181.58

2,619.00

(387.54)

3,655.00

(587.66)

4,005.00

290.53

60.00%

GUINNESS

69,172.00

11,860.00

89,148.00

13,541.00

109,366.00

13,736.00

123,663.00

17,927.00

51.16%

CCNN

9,878.00

1,530.00

11,868.00

1,812.00

11,181.00

1,269.00

13,915.00

2,304.00

50.59%

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153,908.00

19,153.00

38,346.00

3,004.00

3

Why is this the perfect time to identify great stocks?

NB

145,461.0
0

25,700.00

PZ

65,945.00

3,950.00

62,667.00

5,584.00

JAPAULOIL

3,971.00

681.42

4,659.25

730.90

7,133.00

7UP

30,572.00

1,608.00

34,864.00

1,529.00

CAP

2,679.00

735.64

3,027.00

340.98

UPL

956.94

163.51

1,614.00

241.36

FIRSTBANK

155,290.0
0

36,540.00

196,400.00

3,200.00

230,606.00

BERGER

2,534.00

205.63

2,379.00

193.28

NEIMETH

1,946.00

98.27

1,867.00

ACCESS

57,990.00

15,850.00

66,076.47

EKOCORP

700.74

57.89

TRANSEXPR

474.70

47.49

533.01

STERLNBAN
K

36,300.00

6,583.00

SCOA

3,045.00

NAHCO

230,123.00

38,025.00

47.96%

65,900.00

5,700.00

44.30%

729.75

10,247.00

980.44

43.88%

41,069.00

1,892.00

51,098.00

2,277.00

41.60%

3,644.00

888.86

4,312.00

1,005.00

36.62%

1,868.00

211.34

29.25%

33,411.00

296,329.00

44,785.00

22.56%

2,756.00

442.46

2,574.00

250.19

21.67%

(455.20)

1,890.00

(126.13)

1,898.00

113.08

15.07%

(4,194.58)

91,142.00

11,068.00

138,949.00

16,708.00

5.41%

802.30

29.20

980.34

60.10

3.82%

55.74

518.71

49.67

563.04

48.65

2.44%

46,717.00

(9,019.00)

34,341.00

5,044.00

45,173.00

6,686.00

1.56%

231.91

3,680.00

714.23

3,251.00

212.65

3,530.00

226.55

-2.31%

4,430.00

802.91

6,066.00

1,247.00

6,345.00

1,177.00

7,141.00

757.72

-5.63%

ACADEMY

1,600.00

111.77

1,776.00

93.73

2,016.00

135.03

2,008.00

103.90

-7.04%

FIRSTALUM

8,080.00

(298.65)

8,289.00

77.70

8,760.00

(334.59)

8,790.00

(325.04)

-8.84%

COURTVILLE

600.62

273.35

776.83

181.44

869.04

124.76

855.60

245.35

-10.24%

CUSTODYINS

4,102.00

1,560.00

13,724.00

2,041.00

10,061.00

1,400.00

-10.26%

ZENITHBANK

208,000.0
0

51,992.00

277,300.00

20,603.00

192,488.00

37,414.00

244,070.00

44,189.00

-15.01%

ARBICO

1,200.00

(36.14)

723.38

(2.13)

841.04

(107.99)

816.81

(44.01)

-21.78%

WAPCO

43,274.00

11,252.00

43,841.00

4,881.00

62,502.00

8,509.00

-24.38%

VITAFOAM

8,200.00

698.30

9,758.00

510.78

10,624.00

512.78

14,520.00

518.85

-25.70%

CUTIX

1,300.00

114.48

1,323.00

78.31

1,389.00

138.06

1,435.00

84.33

-26.34%

HMARKINS

3,043.00

360.45

3,023.00

242.67

2,853.00

211.57

3,882.00

258.76

-28.21%

ABBEYBDS

1,164.00

189.46

1,507.00

235.33

1,694.00

281.92

1,578.00

126.29

-33.34%

IBTC

61,240.51

11,994.93

59,781.00

8,138.00

56,745.00

9,455.00

67,428.00

7,440.00

-37.97%

MAYBAKER

5,439.91

417.96

4,604.00

232.08

4,639.00

192.98

4,837.00

255.50

-38.87%

UAC-PROP

13,328.00

3,546.00

13,331.00

2,386.00

8,194.00

2,278.00

10,754.00

1,999.00

-43.63%

AGLEVENT

11,221.00

1,129.00

13,589.00

1,234.00

18,095.00

542.87

-51.92%

AVONCROW
N

6,900.00

251.11

6,058.00

125.72

11,763.00

105.06

-58.16%

6,058.00

125.72

AVONCROW
N

6900

251.11

185,862.00

352.10
352.1

30,332.00

(444.89)
-444.89

11,763.00

105.06

-58.16%

OANDO

339,420.0
0

8,343.00

336,859.00

10,096.00

378,950.00

14,375.00

586,619.00

3,446.00

-58.70%

FIDELITYBK

42,660.00

13,356.00

34,716.00

1,557.00

56,048.00

6,105.00

70,048.00

5,361.00

-59.86%
-64.03%

PRESTIGE

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4

Why is this the perfect time to identify great stocks?
3,008.00

711.64

2,959.00

593.10

3,874.00

487.70

4,173.00

255.99

CILEASING

2,658.00

375.36

6,744.00

334.23

8,287.00

107.19

10,496.00

133.12

-64.54%

LASACO

2,334.15

364.93

3,302.00

498.23

2,704.00

128.22

-64.86%

AFRPAINTS

20.20

(30.14)

50.94

(31.62)

52.20

(14.39)

58.72

(50.25)

-66.72%

RTBRISCOE

20,015.00

628.01

15,234.00

288.28

15,132.00

151.96

19,605.00

215.90

-65.62%

TANTALIZER

4,531.00

305.40

5,390.00

56.62

4,889.00

61.35

4,604.00

101.87

-66.64%

DNMEYER

2,266.00

(296.42)

1,894.00

(627.07)

1,184.00

(236.37)

1,362.00

(97.97)

-66.95%

DANGSUGAR

80,671.00

21,871.00

82,395.00

13,185.00

89,980.00

11,282.00

106,510.00

7,111.00

-67.49%

SKYEBANK

78,200.00

16,000.00

126,665.00

1,130.00

83,979.00

10,432.00

104,831.00

5,182.00

-67.61%

MULTIVERSE

417.03

87.00

552.63

93.81

564.91

43.10

660.06

25.57

-70.61%

DANGFLOUR

47,927.00

2,989.00

61,388.00

5,561.00

67,601.00

2,723.00

66,281.00

677.71

-77.33%

PREMBREW

(22.71)

(23.01)

(7.27)

(7.57)

(41.93)

(42.23)

(41.78)

-81.57%

ETI

117,325.0
0

13,225.00

1,189.00

64.60

1,132.00

131.82

1,514.00

206.84

-98.44%

TOURIST

1,485.00

(682.87)

1,677.00

(680.68)

2,677.00

(385.63)

4,460.00

(1,370.00)

-100.62%

STUDPRESS

2,966.00

(213.84)

6,035.00

25.18

6,157.00

4.21

-101.97%

OASISINS

558.40

(849.67)

895.08

95.54

1,226.00

97.91

1,471.00

106.39

-112.52%

STARCOMMS

34,501.00

(8,008.00)

34,304.00

(7,787.00)

29,031.00

(7,660.00)

20,162.00

(17,564.00)

-119.33%

UNIONVENT

94.90

(9.24)

40.39

(1.13)

1,624.00

(20.28)

-119.48%

PHARMDEKO

1,105.00

(197.97)

501.93

(461.50)

494.46

(464.09)

1,261.00

42.16

-121.30%

UBA

169,581.0
0

40,825.00

246,725.00

2,375.00

185,186.00

598.00

184,833.00

(9,647.00)

-123.63%

EVANSMED

3,151.00

(317.09)

3,942.00

8.76

4,572.00

94.52

-129.81%

ABCTRANS

3,956.00

167.12

4,051.00

85.67

4,612.00

57.51

5,849.00

(68.18)

-140.80%

TRIPPLEG

775.41

101.39

517.93

(50.85)

541.61

(49.22)

-148.55%

UNIONDAC

1,033.00

370.09

684.80

110.35

550.11

(158.91)

702.62

(223.52)

-160.40%

FCMB

52,819.00

15,109.00

35,789.00

564.33

62,673.00

7,934.00

80,398.00

(9,915.00)

-165.62%

VONO

629.86

120.17

447.87

(253.60)

437.38

(396.97)

666.56

(86.66)

-172.11%

DIAMONDBN
K

60,437.00

12,821.00

67,735.00

(8,142.00)

91,022.00

67,735.00

96,340.00

(11,254.00)

-187.78%

CRUSADER

3,593.00

279.60

3,921.00

(626.84)

5,227.00

(204.13)

5,367.00

(286.54)

-202.48%

FTNCOCOA

1,171.00

196.03

1,361.00

259.66

1,196.00

63.65

836.94

(221.03)

-212.75%

CADBURY

24,300.00

(2,800.00)

25,585.57

(1,235.92)

29,170.00

1,168.00

34,110.00

3,700.00

-232.14%

MORISON

369.23

13.90

270.33

(20.86)

270.23

(33.13)

205.80

(26.14)

-288.06%

DEAPCAP

1,330.00

343.85

483.51

(2,113.80)

656.09

(1,580.00)

192.49

(760.35)

-321.13%

AP

162,595.0
0

5,103.00

159.86

(9.16)

132,690.00

(2,747.00)

116,999.00

(15,584.00)

-405.39%

JOHNHOLT

20,881.00

390.00

18,453.00

(2,144.00)

10,263.00

(10.00)

5,933.00

(1,565.00)

-501.28%

JULI

286.54

11.88

288.70

(28.08)

248.58

(37.25)

211.15

(51.42)

-532.83%

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5

Why is this the perfect time to identify great stocks?

CHEVRON

48,687.00

(225.42)

74,781.00

1,847.00

70,952.00

1,036.00

-559.59%

NSLTECH

2,296.00

111.61

1,897.00

10.84

2,933.00

234.66

3,528.00

(602.17)

-639.53%

PREMPAINTS

234.92

8.70

223.51

5.54

166.06

(87.08)

182.74

(52.98)

-708.97%

CHAMS

2,400.00

193.02

988.62

(2,873.00)

1,484.00

(1,382.00)

1,777.00

(1,236.00)

-740.35%

THOMASWY

162.75

2.20

144.56

(5.53)

144.56

(5.53)

136.06

(30.14)

-1470.00%

336.92

1.97

(3,750.00)

ANINO

N/A

ABPLAST

8.90

(12.83)

0.86

(5.47)

N/A

AFRIK

45.97

1.94

40.59

(2.56)

N/A

AFRINSURE

1,430.00

(1,699.00)

1,368.00

(3,090.00)

N/A

AFROMEDIA

2,397.00

340.79

AIICO

3,899.00

1,044.00

14,952.00

ALEX

1,311.00

71.44

AUSTINLAZ

3,240.00

(301.18)

N/A

1,117.00

18,444.00

1,332.00

N/A

1,611.00

60.32

1,732.00

47.25

N/A

518,586.00

36,128.00

N/A

BECOPETRO

3,995.00

176.81

2,780.00

316.45

2,686.00

(168.66)

N/A

BOCGAS

2,223.00

249.48

2,314.00

346.68

2,361.00

359.71

N/A

CHAMPION

1,226.00

(1,015.00)

1,873.00

(1,237.00)

1,791.00

(1,825.00)

N/A

CHELLARAM

16,145.00

(376.90)

17,824.00

417.93

19,194.00

212.50

N/A

DUNLOP

4,350.00

(11,143.0
0)

1,758.00

(388.13)

2,331.00

575.75

N/A

14,138.00

722.75

41,068.00

1,211.00

N/A

ETERNAOIL
ETRANZACT

757.18

(174.69)

917.82

(138.20)

2,244.00

81.29

N/A

GTASSURE

5,377.00

516.59

7,520.00

634.65

10,004.00

931.57

N/A

HONYFLOUR

28,580.10

217.11

33,528.00

1,178.00

340,547.00

2,492.00

N/A
N/A

IAINSURE
IHS

1,134.00

1,050.00

17,247.00

553.71

MANDRID

202.18

21.34

161.42

(12.31)

N/A

MBENEFIT

5,283.00

354.65

3,367.00

804.98

N/A

MCNICHOLS

203.16

(12.80)

261.55

(6.43)

MTECH

240.38

(127.95)

NIGROPES

425.37

(128.42)

379.80

(1.77)

NNFM

8,533.00

236.28

10,220.00

410.21

NPFMCRFBK

878.04

180.73

1,222.00

132.64

N/A

OMATEK

1,048.00

109.84

348.97

(414.89)

N/A

PAINTCOM

1,257.00

106.67

1,788.00

122.97

N/A

PNG

16.76

(306.14)

142.24

(239.11)

N/A

2,380.00

131.62

2,584.00

156.89

N/A

1,095.00

(2,036.00)

PORTPAINT
RESORTSAL

www.proshareng.com

2,269.00

183.10

14,852.00

388.35

(1,653.00)

N/A

6.02

N/A
N/A

492.11

5.14

N/A
N/A

N/A

6

Why is this the perfect time to identify great stocks?

SKYESHELT

156.05

89.67

N/A

TRANSCORP

12,995.00

1,195.00

13,927.00

5,389.00

14,076.00

4,666.00

N/A

UACN

56,495.00

4,019.00

52,313.00

5,450.00

63,588.00

10,202.00

N/A
N/A

UNIONDICON
UNITYKAP

1,345.00

112.06

868.70

(190.20)

N/A

UNTL

9,223.00

(1,690.00)

9,181.00

(1,309.00)

N/A

UTC

2,579.00

74.77

2,823.00

79.80

148.58

10.18

2,798.00

1,399.00

N/A

ADSWITCH

35.98

0.68

84.73

6.51

ALUMACO

664.91

(132.96)

312.02

(229.85)

ASOSAVINGS

7,063.00

1,061.00

10,090.00

873.48

BCC

16,453.00

4,144.00

35,012.00

14,372.00

BETAGLAS

9,076.00

1,193.00

BIGTREAT

3,900.00

406.30

4,214.00

(440.51)

CONOIL

124,322.0
0

1,821.00

101,853.00

2,312.00

102,787.00

2,789.00

N/A

CORNERST

3,812.00

(419.46)

3,766.00

(442.97)

4,021.00

399.45

N/A

COSTAIN

3,810.00

353.22

9,547.00

97.94

DAARCOMM

3,678.00

(381.48)

3,841.00

(3,538.00)

4,824.00

(1,568.00)

N/A

ECOBANK

55,155.91

2,130.50

59,864.00

(4,588.00)

58,313.00

1,619.00

N/A

ELLAHLAKES

35.17

(3.71)

18.96

(10.92)

(20.08)

N/A

EQUITYASUR

2,214.00

4.19

20,408.00

(895.84)

28.80

N/A

GCAPPA

327.35

(50.73)

941.85

(1.75)

GNI

380.19

139.60

580.52

(470.61)

1,062.00

(187.26)

N/A

GOLDINSURE

2,600.00

679.70

3,229.00

87.16

4,428.00

(189.94)

N/A

GUINEAINS

935.47

75.35

1,169.00

(13.39)

1,012.00

(106.00)

N/A

HALLMARK

79.17

(16.81)

70.95

(22.41)

IKEJAHOTEL

6,454.00

872.53

INTENEGINS

1,642.00

472.72

4,150.00

(3,878.00)

INTERLINK

285.63

(13.11)

292.13

1.12

IPWA

562.79

21.51

399.88

(4.44)

JOSBREW

1,013.00

(596.96)

204.47

(432.12)

N/A

LAWUNION

3,708.00

(93.04)

3,528.00

294.55

N/A

LENNARDS

31.20

13.30

N/A

LINKASSURE

2,252.00

(156.68)

N/A

LONGMAN

4,632.00

669.35

MTI

1,206.52

33.50

MULTITREX

1,154.74

557.65

www.proshareng.com

N/A
N/A

11,007.00

1,212.00

N/A
N/A
N/A

1,111.00

709.49

N/A

N/A

2,104.00

N/A

N/A
7,169.00

1,172.00

N/A

5,341.00

(255.02)

N/A
N/A

411.99

3,545.00

(59.68)

N/A

223.57

N/A
N/A

1,627.68

(347.68)

3,105.32

219.66

N/A

7

Why is this the perfect time to identify great stocks?

NAMPAK

(231.02)

2,850.00

N/A

NESF

176.52

151.52

N/A

NIGERINS

5,324.80

206.00

7,196.00

(123.66)

NIGWIRE

571.90

(1.61)

314.96

(130.41)

N/A

NIWICABLE

980.23

(272.81)

1,018.00

(349.07)

N/A

ROADS

2,426.00

41.34

ROYALEX

3,314.00

(2,435.00)

3,632.00

STACO

4,375.12

542.42

STDINSURE

3,007.00

STOKVIS

7,043.00

1,229.00

N/A

3,837.00

80.21

N/A

160.07

3,267.00

273.41

N/A

5,058.00

433.16

5,248.00

43.05

N/A

864.20

1,795.00

(5,956.00)

3,782.00

(8,551.00)

N/A

3.52

22.81

0.43

(49.74)

0.21

23.72

N/A

TOTAL

177,412.0
0

4,393.00

178,570.00

3,968.00

160,604.00

5,436.00

N/A

UNHOMES

6,101.00

1,588.00

4,402.00

(1,669.00)

UNIC

2,742.00

151.14

2,740.00

556.51

1,709.00

(1,025.00)

N/A

UNIVINSURE

826.18

336.81

578.95

(2,167.00)

1,056.00

(186.57)

N/A

WAAP

67.90

(21.10)

20.01

(227.83)

WAGLASS

1,689.00

(150.53)

NIG-GERMAN

2,845.00

17.94

VANLEER

N/A

N/A
N/A
3,708.00

(468.49)

784.68

43.63

N/A
879.50

38.38

N/A

It is clear that adverse economic conditions tend to separate the wheat from the chaff.
This is indeed the right time for retail investors to roll up their sleeves and stock up the
wheat while it's available at a good price.
For More Information contact: analyst@proshareng.com
Disclaimer/Advice to Readers:

While the website is checked for accuracy, we are not liable for any incorrect information included. The details
of this publication should 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 any loss arising from
the use of this information. All opinions on this page/site constitute the author’s best estimate judgement as of
this date and are subject to change without notice. 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 based on your
own circumstances and, if necessary, take professional advice before entering into transactions. Further
enquiries should be directed to the authors – analyst@proshareng.com .

www.proshareng.com

8

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