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STOCK MARKET REPORT FOR THE WEEK ENDING FRIDAY, 25TH NOVEMBER 2011
A turnover of 1.235 billion shares worth N9.36 billion in 16,529 deals was recorded this week, in contrast to a total of 1.25 billion shares valued at N10.344 billion exchanged last week in 17,992 deals. There were no transactions executed through the stock market in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors. The Banking subsector of the Financial Services sector was the most active during the week (measured by turnover volume); with 579.81 million shares worth N4.3 billion exchanged by investors in 8,562 deals. Volume in the Banking sector was largely driven by activity in the shares of Access Bank Plc, First Bank of Nigeria Plc and Zenith Bank Plc. Trading in the shares of the three banks accounted for 363.8 million shares, representing 62.7% and 29.4% of the sectors turnover and total volume traded during the week, respectively. The Beverages Brewers/Distillers subsector of the Consumer Goods sector, boosted by activity in the shares of International Breweries Plc and Premier Breweries Plc, followed on the weeks activity chart with a subsector turnover of 421.2 million shares valued at N3.5 billion traded in 1,124 deals. Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector, both of the Financial Services sector.

25 November 2011

Prepared by: Branch Network Department

PRICE MOVEMENT The NSE All-Share Index depreciated by 189.37 points or 0.9% to close on Friday at 20,122.14 while the market capitalization of the 186 First -Tier equities declined to N6.33 trillion. Also, the NSE-30 Index depreciated by 9.29 points or 1.0% to close at 897.16. Last week, the ASI and NSE30 Indices both depreciated by 0.5% each. Three of the four sectorial indices depreciated during the week same as during the preceding week. The NSE Oil/Gas Index appreciated by 1.86 points or 0.8% to close at 244.13. However, the NSE Food/Beverage Index depreciated by 4.19 points or 0.7% to close at 564.91. The NSE Banking Index depreciated by 12.26 points or 4.3% to close at 275.52 and the NSE Insurance Index depreciated by 5.25 points or 3.5% to close at 145.15. Please note that the points and percentage changes in the NSE Indices are calculated by computing the daily changes in the index values. The table below summarizes the movements in the NSE indices. Year-todate (% Change)
(20.1) (17.9) (31.1) (34.4) (13.6) (31.8)

Year INDEX TITLE The NSE All-share Index The NSE-30 Index The NSE Food/ Beverages 10 Index The NSE Banking-10 Index The NSE Insurance 10 Index The NSE Oil/Gas- 5 Index Opening 24,770.52 1,081.95 778.47 399.08 168.34 338.85

Week Opening

Week Close

Week Points Change (189.37)

(9.29) (4.19) (12.26) (5.25)

Change (%) (0.9) (1.0) (0.7) (4.3) (3.5) 0.8

20,311.51 20,122.14
906.45 569.10 287.78 150.40 897.16 564.91 275.52 145.15

242.27 244.13 1.86 Hint: Weekly and Year-to-Date percentage changes based on daily index movements.

APPRECIATED STOCKS Twenty (20) equities appreciated in price during the week, same as during the preceding week. Dangote Cement Plc led on the gainers table with a gain of N2.00 or 1.9% to close at N105.10 per
25 November 2011 2 Prepared by: Branch Network Department

share while Forte Oil Plc followed with a gain of N2.00 or 15.6% to close at N14.79 per share. Other price gainers in the Top 10 category include: N % The Okomu Oil Palm Plc 1.17 5.0 Lafarge WAPCO Cement Nigeria Plc 0.99 2.6 Flour Mills of Nigeria Plc 0.50 0.8 Ashaka Cement Plc 0.44 3.2 NCR (Nig) Plc 0.42 5.0 Roads Nigeria Plc 0.35 4.9 Chemical & Allied Products Plc 0.20 1.3 University Press Plc 0.14 3.9 DEPRECIATED STOCKS Forty-four (44) stocks depreciated in price, lower than the forty-five (45) of the preceding week. Glaxo Smithkline Consumer (Nig) Plc led on the price losers table, dropping by N1.35 or (5.0%) to close at N25.65 per share while Ecobank Transnational Incorporated followed with a loss of N0.83 or (7.4%) to close at N10.42 per share. Other price losers in the Top 10 category include: N UACN Plc Zenith Bank Plc Dangote Flour Mills Plc Ikeja Hotel Plc Vitafoam Nigeria Plc Guaranty Trust Bank Plc United Bank for Africa Plc Skye Bank Plc (0.78) (0.74) (0.54) (0.53) (0.48) (0.42) (0.38) (0.37) % (2.6) (6.0) (9.2) (16.1) (9.1) (2.8) (13.6) (7.9)

COMPANY NEWS SCOA NIGERIA PLC: Unaudited result for the third quarter ended 30th September 2011 shows Turnover of N1,673.44 million as against N1,666.1million in the comparable period of 2010. Profit after tax stood at N54.02 million compared with N38.9 million in 2010. The Net Asset Value stood at N2,678.9 million compared with N2,622.4 million in December 2010. RESORT SAVINGS & LOANS PLC: Unaudited result for the third quarter ended 30th September 2011 shows Turnover of N945.93 million as against N757.33 million in the comparable period of 2010. Profit after tax stood at N148.1 million compared with loss before tax of N2.02 million in 2010. The Net Asset Value stood at N4,129.1 million compared with N3,982.86 million in December 2010. PAINTS COATINGS MANUFACTURERS PLC: Unaudited result for the third quarter ended 30th September 2011 shows Turnover of N1,297.93 million as against N977.6 million in the comparable period of 2010. Profit before tax stood at N83.355 million compared with profit after tax of N48.1 million in 2010. The Net Asset Value stood at N1,031.12 million compared with N951.22 million in December 2010.

25 November 2011

Prepared by: Branch Network Department

FIDSON HEALTHCARE PLC: Unaudited result for the fifteen months ended 30th September 2011 shows Turnover of N6,133.94 million as against N5,100.526 million in the comparable period of 2010. Profit after tax stood at N401.7 million compared with N466.2 million in 2010. The Net Asset Value stood at N5,654.82 million compared with N5,230.91 million in December 2010. POLY PRODUCTS NIGERIA PLC: Unaudited result for the half year ended 30th September 2011 shows Turnover of N1,384.7 million as against N1,121.64 million in the comparable period of 2010. Profit after tax stood at N34.5 million compared with N19.96 million in 2010. The Net Asset Value stood at N515.3 million compared with N376.13 million in March 2011. LASACO ASSURANCE PLC: Unaudited result for the third quarter ended 30th September 2011 shows Gross Premium of N2,344.65 million as against N1,734.14 million in the comparable period of 2010. Profit after tax stood at N352.3 million compared with N164.6 million in 2010. The Net Asset Value stood at N6,564.14 million compared with N6,157.23 million in December 2010.

COMPANY FORECASTS BECO PETROLEUM PRODUCTS PLC: The Company forecasts Turnover of N860.84 million and profit after tax of N8.156 million during the half year ending January 31, 2012. OTHER COMPANY NEWS IKEJA HOTEL PLC: Annual General Meeting The Company notified The Nigerian Stock Exchange that its 38th Annual General Meeting will hold as follows: Date: Venue: Time: Thursday, December 22, 2011 Sheraton Lagos Hotel, Ikeja, 30 Mobolaji Bank Anthony Way, Ikeja Lagos 12.00 noon

GREAT NIGERIA INSURANCE PLC: Annual General Meeting - The Company notified The Nigerian Stock Exchange that its 47th Annual General Meeting will hold as follows: Date: Friday, December 16, 2011 Venue: Orchid Hotels & Events Centre, Plot 3, Dreamworld Africana Way, Onigbogbo Layout, IkotaEpe Expressway, Ikota-Lekki Lagos Time: 11.00 a.m. ECOBANK NIGERIA PLC - Proposed Scheme of Merger between Ecobank Nigeria Plc and Oceanic Bank International Limited and Proposed Scheme of Arrangement for the Reorganization of the Share Capital of Ecobank Nigeria Plc. Ecobank Nigeria Plc notified The Exchange that, following discussions between the Boards of Directors of Ecobank Nigeria Plc. (Ecobank Nigeria) and Oceanic Bank International Limited (Oceanic Bank), both subsidiaries of Ecobank Transnational Incorporated ("ETI"; NSE: ETI, GSE: ETI; BRVM: ETIT), they are pleased to announce that Ecobank Nigeria and Oceanic Bank have agreed to merge their respective businesses. The proposed merger will be effected through a Scheme of Merger pursuant to Part XII of the Investments and Securities Act (No. 29) of 2007 (Scheme of Merger) and when concluded, will result in Oceanic Bank being merged with Ecobank Nigeria, leaving Ecobank Nigeria as the surviving entity.

25 November 2011

Prepared by: Branch Network Department

As a consequence of the proposed Scheme of Merger, it is expected that ETIs shareholding in the enlarged Ecobank Nigeria will increase from its current 85% to approximately 93%, further reducing Ecobank Nigeria's minimum free float to maintain listing on the Nigerian Stock Exchange. Therefore in consideration of the interest of minority shareholders of Ecobank Nigeria, the Board of Directors of Ecobank Nigeria, on 17 November 2011, after considering the valuation advice of BGL Plc., financial advisers to Ecobank Nigeria as well as an independent fairness opinion issued by Afrinvest (West Africa) Limited, unanimously accepted a proposal from ETI to acquire the shares in Ecobank Nigeria not already owned by ETI, and resolved to recommend to its shareholders that concurrent with the Scheme of Merger, Ecobank Nigeria undertakes a Scheme of Arrangement with its shareholders for the reorganization of its share capital (the Scheme of Arrangement). The Scheme of Arrangement will be undertaken pursuant to section 539 of the Companies and Allied Matters Act and will involve a cancellation of part of Ecobank Nigerias share capital. Under the terms of the Scheme of Arrangement minority shareholders will receive 1 (one) ordinary share in ETI (Scheme Consideration) to be credited as fully paid; for every 5.16 Ecobank Nigeria shares previously held by the minority shareholders, such that Ecobank Nigeria will be a wholly-owned subsidiary of ETI. The Directors of Ecobank Nigeria consider the Scheme Consideration to be fair and reasonable compensation for the cancellation of the Ecobank Nigeria shares pursuant to the proposed Scheme of Arrangement. The Directors of Ecobank Nigeria are of the view that the proposed Scheme of Arrangement is in the interests of both Ecobank Nigeria and its shareholders. As a consequence of the proposed Scheme of Merger, Ecobank Nigeria may no longer qualify for listing on the NSE and shareholders will therefore own equity in an unlisted public company. In addition, the proposed Scheme of Arrangement will enable Holders of Ecobank Nigeria Scheme Shares to own equity in ETI, which is a more liquid stock, listed on the three major West African stock exchanges and with attendant diversification benefits from ETIs operations in 32 countries. In addition, by becoming shareholders in ETI, Ecobank Nigerias shareholders will share in the benefits of the merger of Oceanic Bank with Ecobank Nigeria. The proposed Scheme of Arrangement (along with the Scheme of Merger), is subject to shareholder and regulatory approvals (including those of the Central Bank of Nigeria and the Securities and Exchange Commission), as well as the sanction of the Federal High Court.

REPORT ON THE OTC MARKET FOR FGN BONDS A turnover of 141.63 million units worth N119,494.65 million in 1,125 deals was recorded this week, in contrast to a total of 124.96 million units valued at N103,793.62 million exchanged in 895 deals during the week ended Thursday, November 17, 2011. The most active bond (measured by turnover volume) was the 10.7% FGN Bond May 2018 (5th FGN Bond 2018 Series 2) with a traded volume of 35.31 million units valued at N30,969.52 in 245 deals. This was followed by the 5.50% FGN Feb 2013 (7th FGN BOND 2013 Series 1) with a traded volume of 29.02 million units valued at N26,151.46 million in 290 deals. Eight (8) of the available twenty-seven (27) FGN Bonds were traded during the week compared with fourteen (14) that were traded during the preceding week. Key: NX,XXX.XX Million = NX.XXX Billion

25 November 2011

Prepared by: Branch Network Department