Market Net Worth drops by no more than 2% Post Sept 30

September 18, 2011 1243pm

The heat is getting out of the system. We can therefore assume the posture that the
Nigerian Capital Market will not experience a significant depletion of total net worth after
the completion of the recapitalisation deadline scheduled for September 30 2011 by the
Central Bank of Nigeria (CBN).

Market At A Glance
Groups

Capitalisation

Banks Delisted
Banks Awaiting Share Reconstruction
Others(Non-Rescued Banks)
Other Sectors
Market CAP

Group Impact

29,675,816,296
93,820,255,742
1,818,937,991,847
4,851,287,346,179.36
6,764,045,593,768.58

0.44%
1.39%
26.89%
71.72%

Proshare Research
Fig 1: The NSE Bourses Market Capitalisation at a Glance

Thus the asymmetric dislocation to the economy envisaged is not supported by data. The
recapitalisation exercise had been perceived as an inevitable setback for the Nigerian
bourse; even as the NSE continues to push for ways of creating uplift in the bourse, post
crisis.
It must however be noted however that technical analysis indicates that systemic impact
of communications and process management presents a different scenario as market
actions gets driven by the psychological actions arising therefrom. This is largely driven
by the fact that investors are left to make out permutations to guide their market actions
as shown in the table below, viz:
Permutation of Market Capitalisation
Affected Banks

Capitalisation

Outstanding Shares

Status

UBN

Merger
20,154,994,726

Nationalised

Delisted

deleted

9,509,760,044

11,321,143,263

Nationalised

Delisted

deleted

8,677,709,402

13,558,921,243

Nationalised

Delisted
Awaiting
Reconstruction

deleted

New Investor

25,554,574,065

Merger
18,860,014,978

INTERCONT

13,202,010,260

Merger
16,721,199,470

FIRSTINLND
PLATINUM
SPRINGBANK
AFRIBANK

8,360,599,735

12,563,091,545
STERLNBANK

Outcome

11,488,346,850

28,235,326,751
22,221,369,213

OCEANIC

Expectation
Awaiting
Reconstruction
Awaiting
Reconstruction
Awaiting
Reconstruction
Awaiting
Reconstruction

13,509,726,273

18,467,744,931

Merger

Not Announced Yet

1 for 20
Not Announced Yet
Not Announced Yet

Not Announced Yet

Proshare Research

Fig 2: Permutations on Market Caps of Selected Stocks in the Banking Sector

In the main however, the September 30 deadline when consummated with shareholder
participation and approval should deliver a net outcome/drop of no more than five per
cent (5% - Banking Sector) and two per cent (2% - Total Market Cap) after the
consummation of the nationalisation, mergers & acquisition, and recapitalisation exercise
by new investors/shareholders as absolute delisting, dilution and reconstruction of
outstanding shares of the affected banks takes place.

Market Net Worth drops by Only 2% Post Sept 30

www.proshareng.com

Page 1

Sector Impact At A Glance

Groups
Banks Delisted
Banks Awaiting Share Reconstruction
Others(Non-Rescued Banks)
Banking CAP

Capitalisation
29,675,816,296
93,820,255,742
1,818,937,991,847

Group Impact
1.53%
4.83%
93.64%

1,942,434,063,885

Proshare Research
Fig 3: Impact on the Banking Sector

Specifically, the impact will be within the vibrant banking sector that will have a
reduction in the number of banks listed from twenty one (21) to fifteen (15); after three
(3) banks were delisted from the bourse upon nationalisation weeks back.
It is a possibility that we may see the re-emergence of the three banks previously
delisted as individual banks after the planned sales by AMCON or a single entity that
may once again increase the number of banks in the sector and bring up the market
capitalisation in the medium to long term.
Nevertheless, we remain optimistic that the exercise will give birth to better capitalised
and stronger banks in the country and the African region - this is expected to translate
to new beginnings for the Nigerian banking sector with new products and ideas/creativity
as specialisation and professionalism will be 'the new rule for the old game'.
The stock market should therefore not fret about this short term impact, if all the
developments in the regulatory and business environment are considered; given the
unique significance and relevance of the sector to the Nigerian economy.
The tables and charts below provide a snapshot of the data that encourages such an
optimistic outlook as the market awaits September 30th 2011.

Fig 4: Total Market Outlook and Impact

Market Net Worth drops by Only 2% Post Sept 30

www.proshareng.com

Page 2

Market Capitalisation By Sector

Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

Sector
BANKING
BUILDING MATERIALS
BREWERIES
FOODS BEVERAGES AND TOBACCO
CONGLOMERATES
PETROLEUM(MARKETING)
FOREIGN LISTING
INSURANCE
CONSTRUCTION
INFO. COMMUNICATION & TELECOMMUNICATIONS
HEALTHCARE
PACKAGING
REAL ESTATE
CHEMICAL AND PAINTS
HOTEL AND TOURISM
MORTGAGE
AGRICULTURE
INDUSTRIAL AND DOMESTIC PRODUCTS
REAL ESTATE INVESTMENT TRUST
OTHER FINANCIAL INSTITUTIONS
COMMERCIAL SERVICES
AIRLINE SERVICES
PRINTING AND PUBLISHING
MEDIA
MARITIME
ENGINEERING TECHNOLOGY
AUTOMOBILE AND TYRE
COMPUTER AND OFFICE EQUIP
SECOND-TIER SECURITIES
MANAGED FUNDS
AVIATION
LEASING
ROAD TRANSPORTATION
TEXTILES
FOOTWEAR
MACHINERY(MARKETING)

Capitalization
Market Stake (%)
1,912,758,247,589.22
28.28%
1,811,084,334,728.89
26.78%
978,158,786,284.57
14.46%
793,890,809,162.37
11.74%
322,974,303,988.89
4.77%
239,352,552,647.97
3.54%
152,515,344,657.30
2.25%
140,802,279,304.30
2.08%
75,228,131,822.15
1.11%
64,767,701,794.92
0.96%
39,453,859,023.60
0.58%
24,486,734,901.93
0.36%
23,863,775,524.52
0.35%
23,205,924,027.00
0.34%
22,309,784,242.68
0.33%
20,881,690,780.33
0.31%
18,843,099,258.23
0.28%
14,829,060,070.38
0.22%
14,500,989,050.00
0.21%
9,955,554,276.07
0.15%
8,276,261,596.18
0.12%
8,200,752,967.48
0.12%
6,239,050,154.43
0.09%
6,058,103,564.11
0.09%
5,573,804,437.65
0.08%
5,559,780,358.48
0.08%
4,320,667,288.84
0.06%
4,225,581,730.20
0.06%
4,092,598,693.22
0.06%
2,291,338,468.02
0.03%
1,943,999,946.12
0.03%
1,845,162,570.65
0.03%
753,500,000.00
0.01%
556,567,400.74
0.01%
244,170,937.10
0.00%
1,290,520.04
0.00%

Proshare Research (using the existing sector groupings in the NSE)

Fig 5: NSE Market Capitalisation by Sector

Ranking as at 14th September 2011

Stock Capitalisation By Ranking as 14th Sept 2011
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14

Security
DANGCEM
NB
ZENITHBANK
GUARANTY
FIRSTBANK
GUINNESS
NESTLE
IBTC
FLOURMILL
WAPCO
UBA
ETI
PZ
DANGSUGAR

Price
104.98
84.01
12.5
12.88
10.3
220
401
9.5
78.99
43.21
3.96
12.07
30
9.25

Market Net Worth drops by Only 2% Post Sept 30

Capitalisation
1,626,562,236,759
635,330,878,339
392,456,172,325
375,406,694,187
336,110,475,111
324,483,614,180
317,855,156,250
178,125,000,000
148,438,846,493
129,699,133,425
128,045,388,258
119,174,524,811
119,114,311,350
111,000,000,000

www.proshareng.com

Market Stake
23.91%
9.34%
5.77%
5.52%
4.94%
4.77%
4.67%
2.62%
2.18%
1.91%
1.88%
1.75%
1.75%
1.63%

Page 3

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16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73

UNILEVER
ACCESS
FCMB
TOTAL
SKYEBANK
OANDO
UACN
JBERGER
FIDELITYBK
DIAMONDBNK
NBC
CADBURY
MOBIL
ASHAKACEM
ECOBANK
PNG
DANGFLOUR
UBN
7UP
HONYFLOUR
GLAXOSMITH
OCEANIC
UAC-PROP
CONOIL
TRANSCORP
ETRANZ
ETRANZACT
UNITYBNK
STERLNBANK
CHEVRON
CAP
IAINSURE
INTERCONT
FO
INTBREW
CUSTODYINS
UHOMREIT
IHS
CAPHOTEL
BANKPHB
BAGCO
CONTINSURE
NASCON
AFRINSURE
SPRINGBANK
GTASSURE
CCNN
OKOMUOIL
AFRIBANK
FIRSTINLND
WEMABANK
UNIVINSURE
TOURIST
ETERNAOIL
PRESCO
NAHCO
RESORTSAL
UNITYKAP
BETAGLAS

27
5
4.35
203.32
5.2
28.15
39.75
52.25
2
3.88
41
16.16
148
19.31
2.8
7.28
6.48
2.09
43
3.32
27
1.15
17.35
34.36
0.83
5.04
4.97
0.55
1.47
63.86
25.5
0.5
0.7
12.18
6.06
2.51
50
2.8
7.5
0.57
1.83
1.05
4
0.5
0.84
0.95
7.36
18.5
0.64
0.5
0.65
0.5
4.32
5.39
7
5.66
0.5
0.5
12.71

Market Net Worth drops by Only 2% Post Sept 30

102,148,998,750
89,441,257,395
70,779,684,527
69,031,582,386
68,740,537,794
63,695,329,776
63,628,632,839
62,700,000,000
57,949,594,046
56,163,944,904
53,658,088,219
50,567,680,188
44,473,415,548
43,243,838,648
38,863,863,936
33,340,819,847
32,400,000,095
28,235,326,751
27,545,385,566
26,328,255,695
25,830,932,130
25,554,574,065
23,856,250,525
23,844,195,164
21,425,618,144
21,167,999,840
20,873,999,119
18,521,567,248
18,467,744,931
16,219,716,813
14,280,000,000
14,000,000,000
13,202,010,260
13,157,818,379
12,805,022,770
12,803,125,439
12,500,989,050
12,319,999,790
11,615,850,000
11,488,346,850
11,373,450,267
10,891,381,033
10,597,753,512
10,292,500,000
9,509,760,044
9,499,999,881
9,249,148,526
8,823,667,500
8,677,709,402
8,360,599,735
8,333,812,116
8,000,000,000
7,658,860,467
7,029,340,551
7,000,000,000
6,964,452,937
6,587,866,202
6,500,000,000
6,354,644,139

www.proshareng.com

1.50%
1.31%
1.04%
1.01%
1.01%
0.94%
0.94%
0.92%
0.85%
0.83%
0.79%
0.74%
0.65%
0.64%
0.57%
0.49%
0.48%
0.42%
0.40%
0.39%
0.38%
0.38%
0.35%
0.35%
0.31%
0.31%
0.31%
0.27%
0.27%
0.24%
0.21%
0.21%
0.19%
0.19%
0.19%
0.19%
0.18%
0.18%
0.17%
0.17%
0.17%
0.16%
0.16%
0.15%
0.14%
0.14%
0.14%
0.13%
0.13%
0.12%
0.12%
0.12%
0.11%
0.10%
0.10%
0.10%
0.10%
0.10%
0.09%

Page 4

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75
76
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78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132

ABBEYBDS
MULTITREX
AIICO
WAMCO
JAPAULOIL
AGLEVENT
CHELLARAM
NSLTECH
VITAFOAM
MTECH
AVONCROWN
EQUITYASUR
CORNERST
ASOSAVINGS
STDINSURE
NNFM
CHAMPION
DAARCOMM
MBENEFIT
SCOA
PRESTIGE
UNHOMES
MAYBAKER
LASACO
LONGMAN
ARBICO
STARCOMMS
REGALINS
OASISINS
INTENEGINS
STACO
IKEJAHOTEL
DEAPCAP
HMARKINS
CAPOIL
BOCGAS
GUINEAINS
EKOCORP
SOVRENINS
NPFMCRFBK
LINKASSURE
JOHNHOLT
WAPIC
NEM
COSTAIN
MTI
ENAMELWA
DUNLOP
ALEX
CHAMS
NIGROPES
ROYALEX
GOLDINSURE
FIDSON
NIGERINS
MULTIVERSE
AFROMEDIA
CRUSADER
BERGER

1.44
1.62
0.67
11.7
0.89
1.99
6.76
0.84
5.7
0.91
6.57
0.5
0.5
0.5
0.5
22.61
4.46
0.5
0.5
6.11
1.57
0.5
3.79
0.5
4.61
26
0.5
0.5
0.5
0.5
0.5
1.46
2.02
0.5
0.5
6.9
0.5
5.31
0.5
1.13
0.5
6.51
0.5
0.5
2.66
0.5
38.51
0.5
10.7
0.5
8.69
0.5
0.5
1.49
0.5
0.5
0.51
0.5
9.41

Market Net Worth drops by Only 2% Post Sept 30

6,048,000,240
6,030,439,682
5,896,137,148
5,848,642,705
5,573,804,438
5,268,107,732
4,886,973,165
4,730,493,231
4,668,299,844
4,519,666,798
4,493,712,773
4,423,649,210
4,410,032,882
4,339,574,338
4,246,586,725
4,029,102,109
4,014,000,034
4,000,000,000
3,999,352,668
3,968,286,227
3,938,055,366
3,906,250,000
3,714,199,963
3,661,656,614
3,556,384,603
3,510,000,000
3,439,239,048
3,334,375,000
3,251,753,396
3,210,213,725
3,070,543,805
3,035,073,775
3,029,999,971
3,000,000,000
2,928,774,000
2,712,528,037
2,700,000,000
2,647,570,788
2,601,878,633
2,583,900,665
2,551,396,076
2,533,375,781
2,530,902,000
2,488,461,383
2,448,726,294
2,446,797,200
2,439,993,494
2,386,334,606
2,353,529,158
2,348,030,000
2,291,277,373
2,286,831,145
2,274,973,500
2,235,000,014
2,172,953,966
2,130,969,343
2,058,103,564
2,054,822,496
2,045,428,942

www.proshareng.com

0.09%
0.09%
0.09%
0.09%
0.08%
0.08%
0.07%
0.07%
0.07%
0.07%
0.07%
0.07%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.04%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%

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154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191

PORTPAINT
SKYESHELT
GNI
BECOPETRO
CILEASING
GCAPPA
CAPALBETO
UNIONDAC
ALBARKAIR
LAWUNION
NIG-GERMAN
UPL
TRIPPLEG
TANTALIZER
UNIONDICON
COURTVILLE
OMATEK
MORISON
NESF
REDSTAREX
UNIC
RTBRISCOE
JOSBREW
AIRSERVICE
INTERLINK
CUTIX
FTNCOCOA
FIRSTALUM
ACADEMY
STUDPRESS
BIGTREAT
NEIMETH
NAMPAK
NIDBFUND
VONO
NIWICABLE
AFRPAINTS
PREMPAINTS
ABCTRANS
PAINTCOM
TRANSEXPR
INCAR
UTC
LIVESTOCK
VANLEER
ALUMACO
JULI
ACENINS
NIGERCEM
UNTL
ELLAHLAKES
AFPRINT
NTC
IPWA
EVANSMED
OKITIPUPA
NCR
DUMEZ
DNMEYER

5.11
100
0.5
0.5
0.98
14.46
9.07
0.5
0.58
0.5
10.53
3.6
3.25
0.5
4.22
0.5
0.5
9.52
552.2
2.28
0.5
1.3
2.26
1.95
4.9
2.18
0.5
0.5
2.6
2.92
0.5
1.21
4.3
5692.74
2.88
0.52
3.16
10.93
0.5
0.93
3.63
1.97
0.5
0.5
13.97
7.75
2.9
0.95
5
0.66
4.26
0.86
1.18
0.91
0.94
6.21
4.12
2
1.14

Market Net Worth drops by Only 2% Post Sept 30

2,044,000,053
2,000,000,000
1,913,742,690
1,858,488,290
1,845,162,571
1,807,500,005
1,785,656,190
1,776,569,265
1,739,999,950
1,718,665,250
1,619,366,665
1,617,785,590
1,608,607,000
1,605,813,954
1,519,199,924
1,480,000,000
1,470,894,736
1,448,741,770
1,380,500,031
1,344,052,596
1,290,851,053
1,274,382,673
1,270,119,995
1,236,300,030
1,159,827,675
1,151,904,641
1,100,000,000
1,055,333,121
1,048,319,962
1,000,921,796
1,000,000,000
994,107,858
920,559,598
910,838,438
864,000,034
832,000,801
821,600,022
819,750,023
753,500,000
737,410,264
721,715,770
659,950,010
616,687,502
599,999,709
595,680,811
585,931,380
579,724,531
569,999,993
556,747,890
556,567,401
511,200,027
482,632,008
471,999,979
467,868,062
457,284,431
447,120,003
444,959,988
416,000,000
370,499,995

www.proshareng.com

0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.03%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.02%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%

Page 6

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213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233

IMPRESIT
PHARMDEKO
GROMMAC
THOMASWY
RIETZCOT
ABPLAST
POLYPROD
LENNARDS
WTN
MANDRID
ADSWITCH
MCNICHOLS
ADC
HALLMARK
NIYAMCO
GOLDBREW
CONFDINS
WAGLASS
PREMBREW
ONWUTEK
ROADS
UNIONVENT
SMURFIT
NEWPAK
AFROIL
NIGWIRE
ROKANA
FIRSTCAP
DTIMES
TATE
AFRIK
KRABO
BEWAC
FLEXIBLE
UDEOFSON
TROPICPET
ANINO
RAKUNITY
WAAP
FOREMOST
NIGSEWING
STOKVIS

1.92
3.68
8.14
1.38
2.18
5.34
1.05
3.48
2.92
5.66
1.71
1.02
1.02
3.22
4.92
0.54
0.61
0.63
0.97
0.1
3.32
0.63
1.04
1.1
0.34
2.58
0.6
0.45
0.69
0.21
0.5
0.13
0.6
0.5
0.5
0.44
0.21
0.31
0.5
0.51
0.15
0.14

362,879,992
349,452,806
325,600,014
303,599,999
295,032,672
290,325,128
251,999,989
244,170,937
236,520,006
226,399,994
213,758,982
205,923,039
203,999,996
161,000,001
149,445,002
146,966,406
129,091,863
125,999,999
108,184,561
68,017,241
66,399,999
62,118,000
46,799,998
46,489,136
42,665,742
38,699,999
30,000,001
26,999,999
16,560,000
13,977,824
12,449,425
10,188,750
9,000,000
8,500,000
7,525,000
6,424,000
5,082,000
4,643,718
3,325,000
2,263,762
882,000
408,520

0.01%
0.01%
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%
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%

Proshare Research
Fig 6: The Market Cap Ranking of All Equities listed on the NSE as at September 14, 2011

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Market Net Worth drops by Only 2% Post Sept 30

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