2012 Sectoral Performance Analysis

What the Sector Performance Analysis ing
Friday, 04 January 2013/ The Analyst, Proshare

Executive Summary: 1. Agriculture Sector: Here Presco Plc, listed under the Crop Production sub-sector of the bourse gained 96.08% followed by Livestock feeds (92%) with a year high of N1.74. Instructively, none of the stocks within the Agriculture sector lost even as EllahLakes and FTN Cocoa closed flat. 2. Consumer Goods: Out of 30 stocks listed under Consumer Goods, 12 stocks (40%) gained while 11 stocks (36.97%) lost as seven (7) stocks closed flat. International Breweries Plc led the gainers chart with +184.21% while Vitafoam lost -31.07%. 3. Industrial Goods: Of the twenty seven (27) stocks listed in this sector, 9 stocks (33.33%) gained while 8 stocks (29.63%) lost. The remaining 10 stocks were flat throughout the year. Paintcom and CAP led the gainers chart with +276.92% and +93.10% respectively while Avon crown lost -68.01%. 4. Conglomerates: Here, Transcorp Plc led the gainers chart with +87.50% followed by UACN Plc while Johnholt Plc lost -42.28%. 5. Financial Services: The banking sub-sector here led the gainers camp with Diamond Bank gaining +145.77% followed by Access Bank +79.56%. Of the top 10 gainers, 9 stocks came from the banking sub-sector with the exception of Mansard (Insurance sub-sector) which made an impressive showing. 6. HealthCare: 50% of the stocks within the Healthcare sector lost value with Morison Industries losing -61.66% while GlaxosmithKline, a Pharmaceutical company gained +96.09%. 7. ICT: With the exception of NCR Plc listed under IT Services sub-sector, none of stock gained while E-Tranzact Plc lost -22.27% with a negligible average sector performance of 0.02%. 8. Services: 22.72% of the stocks listed under Services gained while 36.36% closed flat. Air Services Plc gained +92.63% during the year while Ikeja Hotel Plc lost 50.62%. 9. Construction/Real Estate: On the average, this sector lost -0.72%; 50% of which closed flat while Arbico Plc lost a staggering -73.42%. 10.Natural Resources: None of the stocks in the sector gained while BOCGAS Plc lost 8.76%. 11.Oil & Gas: This sector was the worst hit in the year with a value loss of -25.98% while FO, Chevron and Oando lead the losers chart.

Sector Performance Analysis – A Fundamental Aspect of Stock Screening One of the most important tasks to do at a time like this is to screen stocks to ferret out great stocks and map out a plan for the New Year. Evidently, a better appreciation of the big picture in the economy, business and financial environment; properly dissected will help in contextualising the information thrown out by technical analysis. Investors achieve this objective by using a top-down (TD) or a bottom-up (BU) investing approach. In the former, the goal here is to narrow down on which sector/industry will

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2012 Sectoral Performance Analysis

generate the best returns and then narrow this down to individual companies in that sector that will benefit the most from fiscal, monetary, political, demographic and consumer shifts. With the later, the goal here is to discover companies that will deliver earnings growth, capital appreciation or low P/E ratios irrespective of developments in the economy, political terrain, monetary of fiscal policies. Whichever approach is adopted, stocks will have to be screened and narrowed down to those that will fit into either a ‘long’ or ‘short’ preferences. Sector Analysis Sector analysis involves identification and analysis of various industries or economic sectors that are likely to exhibit superior performance. Academic studies indicate that the health of a stock's sector is as important as the performance of the individual stock itself. In other words even the best stock located in a weak sector will often perform poorly because that sector is out of favor. Each industry has differences in terms of its customer base, market share among firms, industry growth, competition, regulation and business cycles. Learning how the industry operates provides a deeper understanding of a company's financial health The Economy in 2012 The Nigerian Economy in 2012 is represented by the table below:

Nigeria - Overview Political

2012
Fuel Subsidy Increase, Lost 2 weeks All State elections held successfully BH less intense than 2010, insecurity remains Project Sure, YouWin and other pallatives barely has any effect PIB still not passed/resolved Budget 2013 passed, benchmark price at N87 Nigeria, remains a preferred frontier market Successful bidding of Power Assets, power generation of 4,500mw

2013
No new Year surprises Politicians continue their learning curve Security threats likely to remain as election cycle enters The levelof challenges facing the country is such that these pallatives remain cosmetic A Decision is expected on the Bill Implementation will be better than that of 2012 Nigeria remains an investment destination Efect of privatisation and reforms kicks in, productivity gap expected to narrow Aviation sector to get funding through CBN/BOI. SWF starts investing, hopefully in local bourse and projects

Economy

SWF instituted, takes off S&P ratings & Outlook upgrade; Moody provides coverage. JP Morgan includes Nigerian Sovereign Bonds Inflation subdued at 12.3% on average Fiscal deficit higher than expected Drivers of growth are Telecoms, Manufacturing, wholesales and trade Agric sector growth at lowest since data began Income inequality widens as Misery index increases Oil Production 2.0bpd, Oil Price $110 average amidst increased pipeline vandalism

Ratings and Outlook will remain positive Single digit inflation rate is expected Nigeria to Borrow to fund specific projects Agriculture will join this growth areas. Power sector should start contributing Improved output in Agriculture will drive down prices Income inequality remains largely unaddressed and could create tensions Oil price volatility expected but should favour Nigeria

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2012 Sectoral Performance Analysis

Fiscal

Budget GDP of 6.48% (Target was 7.2%) due to slowdown in key non-oil sectors Import Tarrif Increased for Wheat & Rice; cassava policy still a non-starter Fuel subsidy regime overshoots budget again Budget allocation for CAPEX widens the infrastructural gap and slows growth in key sectors External reserves climbs to $44.5billion Maintained tight monetary policy Credit to private sector grew by 17% MPR remained unchanged, established strong correlation to Money Market rates Cashless Policy kicks Off, Amended to cashlite. Use of E-payments improved in year Introduction of N5000 note cancelled. Exchange rate steadies in year at N155/$1 Floods affect 12 states, slows down trade and inventory pile up

GDP Growth to accelarate to above 7.8% Import tarriff review likely for key sectors Decision on Subsidy removal inevitable

Budget 2014 should see an increase in CAPEX External reserves build up continues Expectation of expansionist monetary policies Credit to private sector expected to improve as crowding out effect abates Interest rates to continue to be market driven, evan as market expects MPR to come down Improvements expected and culture change kicks in Distraction avoided this year Naira may appreciate, impacts Hot Money flow

Monetary

Climate

Better funding and management of disasters High potential of recovery for many sectors Agriculture, Construction, Power, Banking, Food & Beverages, Building materials, Downstream Petroleum & Breweries

Equities - Sectors

Agriculture, Construction, Power, Banking, Food & Beverages,

Source: FDC, NBS, CBN, ARM, Proshare Research

Equity Sector Performance in 2012
Sector Average Sector Performance Leading Company in Sector Presco INTBREW PAINTCOM TRANSCORP DIAMONDBNK GLAXOSMITH NCR AIRSERVICE SMURFIT % Gain in 2012 96.08% 184.21% 276.92% 87.50% 145.77% 96.09% 61.98% 92.63% Current Price 17 16.2 1.96 1.05 4.94 45.1 15.08 4.18

Agriculture Consumer Goods Industrial Goods Conglomerates Financial Services Healthcare ICT Services Construction/Real Estate Natural Resources Oil & Gas
Source: NSE / Proshare Research

54.41% 20.56% 15.67% 10.58% 10.33% 2.82% 0.02% -0.37% -0.72% -2.64% -25.98%

42.31% 1.48 None of the stock gained during the year None of the stock gained during the year

Agriculture Sector Here Presco Plc, listed under the Crop Production sub-sector of the bourse gained 96.08% followed by Livestock feeds (92%) with a year high of N1.74. Instructively, none of the stocks within the Agriculture sector lost even as EllahLakes and FTN Cocoa closed flat.

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2012 Sectoral Performance Analysis

COMPANY Presco LIVESTOCK OKOMUOIL ELLAHLAKES FTNCOCOA

Sector Agriculture Agriculture Agriculture Agriculture Agriculture

03-Jan-12 8.67 0.75 23.1 4.26 0.5

31-Dec-12 17 1.44 42.5 4.26 0.5

Change 8.33 0.69 19.4 0 0

YTD Change 96.08% 92.00% 83.98% 0.00% 0.00%

Consumer Goods Out of 30 stocks listed under Consumer Goods, 12 stocks (40%) gained while 11 stocks (36.97%) lost as seven (7) stocks closed flat. International Breweries Plc led the gainers chart with +184.21% while Vitafoam lost -31.07%.
YTD Change 184.21% 154.39% 96.56% 65.34% 60.34% 56.79% 54.69% 50.00% 22.45% 15.76% 4.95% 2.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.76% -2.10% -6.16% -8.70% -9.52% -11.46% -14.43% -20.59% -21.49% -25.37% -31.07% 20.56%

COMPANY INTBREW CADBURY NASCON NESTLE UNILEVER DANGFLOUR NB UTC DANGSUGAR GUINNESS MANDRID CHAMPION BIGTREAT DUNLOP NBC ROKANA UNIONDICON UNTL VONO FLOURMILL PZ ENAMELWA 7UP HONYFLOUR PREMBREW NNFM MCNICHOLS MULTITREX JOSBREW VITAFOAM

Sector Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods Consumer Goods

03-Jan-12 5.7 11.4 4.07 423.38 29 5.23 95.03 0.5 4.9 237.56 5.66 4.03 0.5 0.5 41 0.6 4.22 0.97 2.88 65.5 28.6 36.19 46 2.31 0.96 21.48 1.02 1.21 2.05 5.31

31-Dec-12 16.2 29 8 700 46.5 8.2 147 0.75 6 275 5.94 4.15 0.5 0.5 41 0.6 4.22 0.97 2.88 65 28 33.96 42 2.09 0.85 18.38 0.81 0.95 1.53 3.66

Change 10.5 17.6 3.93 276.62 17.5 2.97 51.97 0.25 1.1 37.44 0.28 0.12 0 0 0 0 0 0 0 -0.5 -0.6 -2.23 -4 -0.22 -0.11 -3.1 -0.21 -0.26 -0.52 -1.65 Average

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2012 Sectoral Performance Analysis

Industrial Goods Of the twenty seven (27) stocks listed in this sector, 9 stocks (33.33%) gained while 8 stocks (29.63%) lost. The remaining 10 stocks were flat throughout the year. Paintcom and CAP led the gainers chart with +276.92% and +93.10% respectively while Avon crown lost -68.01%.
COMPANY PAINTCOM CAP ASHAKACEM DNMEYER BAGCO WAPCO CCNN DANGCEM BERGER ABPLAST AFRPAINTS FIRSTALUM NIGWIRE NIWICABLE POLYPROD PREMPAINTS STOKVIS WAGLASS AUSTINLAZ CUTIX VANLEER ADSWITCH NIGROPES PORTPAINT BETAGLAS IPWA AVONCROWN Sector Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods Industrial Goods 03-Jan-12 0.52 14.5 11.61 1.07 1.73 43.25 4.56 110.77 8.47 3.98 2.86 0.5 2.58 0.5 1.05 10.93 0.14 0.63 2 1.55 13.28 1.71 8.26 5.11 12.71 0.91 5.94 31-Dec-12 1.96 28 17.95 1.55 2.4 58.53 5.3 128.1 8.98 3.98 2.86 0.5 2.58 0.5 1.05 10.93 0.14 0.63 2 1.53 12.98 1.63 7.85 4.36 10.5 0.5 1.9 Change 1.44 13.5 6.34 0.48 0.67 15.28 0.74 17.33 0.51 0 0 0 0 0 0 0 0 0 0 -0.02 -0.3 -0.08 -0.41 -0.75 -2.21 -0.41 -4.04 Average YTD Change 276.92% 93.10% 54.61% 44.86% 38.73% 35.33% 16.23% 15.65% 6.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.29% -2.26% -4.68% -4.96% -14.68% -17.39% -45.05% -68.01% 15.67%

Conglomerates Here, Transcorp Plc led the gainers chart with +87.50% followed by UACN Plc while Johnholt Plc lost -42.28%.
COMPANY TRANSCORP UACN SCOA AGLEVENT CHELLARAM JOHNHOLT Sector Conglomerates Conglomerates Conglomerates Conglomerates Conglomerates Conglomerates 03-Jan-12 0.56 31.48 5.52 1.38 6.43 5.89 31-Dec-12 1.05 42 5.42 1.35 5.71 3.4 Change 0.49 10.52 -0.1 -0.03 -0.72 -2.49 Average YTD Change 87.50% 33.42% -1.81% -2.17% -11.20% -42.28% 10.58%

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2012 Sectoral Performance Analysis

Financial Services The banking sub-sector here led the gainers camp with Diamond Bank gaining +145.77% followed by Access Bank +79.56%. Of the top 10 gainers, 9 stocks came from the banking sub-sector with the exception of Mansard (Insurance sub-sector) which made an impressive showing.
YTD Change 145.77% 79.56% 75.38% 73.32% 71.29% 62.89% 60.14% 58.46% 37.16% 37.04% 19.23% 11.54% 10.26% 7.52% 5.36% 4.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

COMPANY DIAMONDBNK ACCESS UBA FBNH STERLNBANK GUARANTY FIDELITYBK ZENITHBANK STANBIC MANSARD AIICO WAPIC SKYEBANK ETI NPFMCRFBK CONFDINS ROYALEX AFRINSURE ASOSAVINGS CORNERST CRUSADER DEAPCAP ECOBANK EQUITYASUR GNI GUINEAINS HMARKINS IAINSURE INTENEGINS LASACO LINKASSURE MBENEFIT NESF NIGERINS NIGSEWING OASISINS REGALINS RESORTSAL

Sector Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services

03-Jan-12 2.01 5.04 2.6 9.07 1.01 14.12 1.43 12.3 8.02 1.35 0.52 0.52 3.9 10.5 1.12 0.61 0.5 0.5 0.5 0.5 0.5 2.02 1.98 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 552.2 0.5 0.15 0.5 0.5 0.5

31-Dec-12 4.94 9.05 4.56 15.72 1.73 23 2.29 19.49 11 1.85 0.62 0.58 4.3 11.29 1.18 0.64 0.5 0.5 0.5 0.5 0.5 2.02 1.98 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 552.2 0.5 0.15 0.5 0.5 0.5

Change 2.93 4.01 1.96 6.65 0.72 8.88 0.86 7.19 2.98 0.5 0.1 0.06 0.4 0.79 0.06 0.03 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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2012 Sectoral Performance Analysis

SOVRENINS STACO STDINSURE UNHOMES UNIC UNITYKAP UNIVINSURE NEM LAWUNION ABBEYBDS CONTINSURE WEMABANK FCMB UNITYBNK GOLDINSURE UBN CUSTODYINS PRESTIGE

Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services Financial Services

0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.56 0.52 1.44 0.8 0.56 4.1 0.56 0.65 10.6 2.34 0.94

0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.55 0.5 1.37 0.76 0.52 3.75 0.5 0.53 7.35 1.3 0.51

0 0 0 0 0 0 0 -0.01 -0.02 -0.07 -0.04 -0.04 -0.35 -0.06 -0.12 -3.25 -1.04 -0.43 Average

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.79% -3.85% -4.86% -5.00% -7.14% -8.54% -10.71% -18.46% -30.66% -44.44% -45.74% 10.33%

HealthCare 50% of the stocks within the Healthcare sector lost value with Morison Industries losing -61.66% while GlaxosmithKline, a Pharmaceutical company gained +96.09%.
COMPANY GLAXOSMITH EVANSMED FIDSON EKOCORP UNIONDAC NIG-GERMAN NEIMETH MAYBAKER PHARMDEKO MORISON Sector Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare Healthcare 03-Jan-12 23 0.67 0.82 5.05 0.5 8.59 1.08 2.08 3.5 9.05 31-Dec-12 45.1 0.87 1.06 5.05 0.5 8.17 0.98 1.55 2.6 3.47 Change 22.1 0.2 0.24 0 0 -0.42 -0.1 -0.53 -0.9 -5.58 Average YTD Change 96.09% 29.85% 29.27% 0.00% 0.00% -4.89% -9.26% -25.48% -25.71% -61.66% 2.82%

ICT With the exception of NCR Plc listed under IT Services sub-sector, none of stock gained while E-Tranzact Plc lost -22.27% with a negligible average sector performance of 0.02%.
COMPANY NCR CHAMS COURTVILLE MTECH MTI Sector ICT ICT ICT ICT ICT 03-Jan-12 9.31 0.5 0.5 0.91 0.5 31-Dec-12 15.08 0.5 0.5 0.91 0.5 Change 5.77 0 0 0 0 YTD Change 61.98% 0.00% 0.00% 0.00% 0.00%

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2012 Sectoral Performance Analysis

OMATEK STARCOMMS IHS TRIPPLEG ETRANZACT

ICT ICT ICT ICT ICT

0.5 0.5 2.59 2.94 4.94

0.5 0.5 2.14 2.29 3.84

0 0 -0.45 -0.65 -1.1 Average

0.00% 0.00% -17.37% -22.11% -22.27% 0.02%

Services 22.72% of the stocks listed under Services gained while 36.36% closed flat. Air Services Plc gained +92.63% during the year while Ikeja Hotel Plc lost -50.62%.
COMPANY AIRSERVICE UPL RTBRISCOE REDSTAREX TOURIST ABCTRANS AFROMEDIA DAARCOMM INTERLINK LENNARDS NAHCO TANTALIZER UDEOFSON STUDPRESS JULI CAPHOTEL NSLTECH TRANSEXPR CILEASING ACADEMY LEARNAFRCA IKEJAHOTEL Sector Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services Services 2.95 Services 1.62 1.92 0.8 -1.03 -0.82 Average -34.92% -50.62% 03-Jan-12 2.17 3.4 1.22 2.5 4.32 0.5 0.5 0.5 4.9 3.48 5.39 0.5 0.5 2.78 2.76 6.78 0.76 3.45 0.66 2.2 31-Dec-12 4.18 4.47 1.52 3 4.53 0.5 0.5 0.5 4.9 3.48 5.39 0.5 0.5 2.65 2.63 6.27 0.69 2.78 0.5 1.62 Change 2.01 1.07 0.3 0.5 0.21 0 0 0 0 0 0 0 0 -0.13 -0.13 -0.51 -0.07 -0.67 -0.16 -0.58 YTD Change 92.63% 31.47% 24.59% 20.00% 4.86% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.68% -4.71% -7.52% -9.21% -19.42% -24.24% -26.36%

-0.37%

Construction/Real Estate On the average, this sector lost -0.72%; 50% of which closed flat while Arbico Plc lost a staggering -73.42%.
03-Jan12 1.04 8.69 31.6 95.49 2.66 31-Dec12 1.48 10.07 34.65 95.49 2.66 YTD Change 42.31% 15.88% 9.65% 0.00% 0.00%

COMPANY SMURFIT ROADS JBERGER CAPALBETO COSTAIN

Sector Construction/Real Estate Construction/Real Estate Construction/Real Estate Construction/Real Estate Construction/Real Estate

Change 0.44 1.38 3.05 0 0

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2012 Sectoral Performance Analysis

GCAPPA PNG SKYESHELT UAC-PROP ARBICO

Construction/Real Estate Construction/Real Estate Construction/Real Estate Construction/Real Estate Construction/Real Estate

14.46 7.28 100 12 26

14.46 7.28 100 11.8 6.91

0 0 0 -0.2 -19.09 Average

0.00% 0.00% 0.00% -1.67% -73.42% -0.72%

Natural Resources None of the stocks in the sector gained while BOCGAS Plc lost -8.76%.
31-Dec12 7.75 3.22 0.5 0.5 1.32 10.55 6.25

COMPANY ALUMACO HALLMARK MULTIVERSE WAAP THOMASWY ALEX BOCGAS

Sector Natural Resources Natural Resources Natural Resources Natural Resources Natural Resources Natural Resources Natural Resources

03-Jan-12 7.75 3.22 0.5 0.5 1.38 11.15 6.85

Change 0 0 0 0 -0.06 -0.6 -0.6 Average

YTD Change 0.00% 0.00% 0.00% 0.00% -4.35% -5.38% -8.76% -2.64%

Oil & Gas This sector was the worst hit in the year with a value loss of -25.98% while FO, Chevron and Oando lead the losers chart.
COMPANY AFROIL BECOPETRO CAPOIL RAKUNITY UNIONVENT MOBIL CONOIL TOTAL ETERNAOIL JAPAULOIL OANDO MRS FO Sector Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas Oil & Gas 03-Jan-12 20.71 0.5 0.5 0.31 0.63 133.91 31.5 188.1 3 0.94 22 59 21.35 31-Dec-12 20.71 0.5 0.5 0.31 0.63 109.25 20.5 120.57 1.81 0.55 12.35 23.76 7.73 Change 0 0 0 0 0 -24.66 -11 -67.53 -1.19 -0.39 -9.65 -35.24 -13.62 Average YTD Change 0.00% 0.00% 0.00% 0.00% 0.00% -18.42% -34.92% -35.90% -39.67% -41.49% -43.86% -59.73% -63.79% -25.98%

References and Additional Resource:
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Stock selection criterion (http://en.wikipedia.org/wiki/Stock_selection_criterion) Cash-flow Challenges Cast Dark Cloud Over Oil & Gas Stocks as Sector Bleeds ALERT: Likely fall in Future Earnings in the Building Material Sub-Sector Stocks Hitting 52wk High & Low @ Dec 2012 66 Stocks on the Caution List for 2013 Nigerian market is completely out of bottomed-out stage Reviewing The Nigerian Economy in 2012 – What a Year! Bismark Rewane, FDC NASS passes N4.987trn 2013 budget FG set to force down cement prices Relatively benign food price gains ease inflation outlook

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2012 Sectoral Performance Analysis

About the Authors:
Taiwo OLOGBON-ORI, Reshu BAGGA and Olufemi AWOYEMI, FCA.

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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. This information is published with the consent of the author(s) for circulation in/to our online investment community in accordance with the terms of usage. Further enquiries should be directed to info@proshareng.com or/and analyst@proshareng.com.

Tags: Stock Screening, Sector Analysis, Sectoral Review, Nigerian Stock Exchange, Top Performers, Presco, International Breweries Plc, PAINTCOM Plc, Transnational Corporation of Nigeria Plc, Diamond Bank Plc, GlaxoSmithKline Consumer Nig Plc, NCR Plc, AirService Plc, Smurfit Plc, Access Bank Plc, Oando Plc, Agriculture Sector, Consumer Goods, Industrial Goods, Conglomerates, Financial Services, HealthCare, ICT, Services, Construction/Real Estate, Natural Resources, Oil & Gas

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