Nigerian Stock Exchange: Stock Market Report for December 5


A turnover of 1.526 billion shares worth N24.992 billion in 21,344 deals were traded this week by
investors on the floor of The Exchange in contrast to a total of 2.092 billion shares valued at N28.234
billion that exchanged hands last week in 22,865 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.177 billion shares
valued at N14.232 billion traded in 12,082 deals; thus contributing 77.13% and 56.95% to the total equity
turnover volume and value respectively. The Conglomerates Industry followed with a turnover of 96.730
million shares worth N618.352 million in 1,211 deals. The third place was occupied by the Consumer
Goods Industry with 88.039 million shares worth N5.919 billion in 3,568 deals.
Trading in the Top Three Equities namely- FBN Holdings Plc, Ecobank Transnational Incorporation Plc
and Guaranty Trust Bank Plc (measured by volume) accounted for 560.299 million shares worth N9.388
billion in 5,218 deals, contributing 36.71% and 37.56% to the total equity turnover volume and value
Equity Turnover- Last 5 days
Date Deals Turnover
Volume Turnover Value (N) Traded
01-Dec-14 4,398 213,606,230 4,435,133,912.18 116 17 33 66
02-Dec-14 4,676 218,664,381 4,577,646,923.90 112 14 35 63
03-Dec-14 3,965 258,750,618 4,788,871,713.75 116 22 19 75
04-Dec-14 4,198 541,493,536 7,686,088,913.82 119 24 29 66
05-Dec-14 4,107 293,666,264 3,504,546,520.57 117 24 22 71

Distribution of Quantity Traded
FINANCIAL SERVICES CONGLOMERATES CONSUMER GOODS OTHERSFor Further Inquiries Contact: Market Operations Department Page 2
Also traded during the week were a total of 10,886 units of Exchange Traded Products (ETPs) valued at
N1.652 million executed in 24 deals compared with a total of 9.058 million units valued at N99.755
million transacted last week in 31 deals. (See summary in the table below).
S/N Security Deals Volume Value
1 LOTUSHAL15 7 10,045 101,969.85
2 NEWGOLD 8 734 1,548,446.00
3 VETGRIF30 9 107 1,655.83
24 10,886 1,652,071.68
Similarly, a total of 9,250 units of FGN bonds valued at N10.345 million were executed in 4 deals
compared with a total of 202 units valued at N219, 549.85 transacted last week in 1 deal.
S/N Security Deals Volume Value
1 FG9B2017S2 1 5,000 5,437,120.38
2 FG9B2022S1 1 3,000 3,599,036.93
3 FG102016S1 1 1,150 1,193,877.71
4 FG9B2019S3 1 100 115,331.87
4 9,250 10,345,366.89
The NSE All-Share Index and Market Capitalization depreciated by 3.81% to close on Friday at
33,228.29 and N10.970 trillion respectively.
Similarly, all the indices edged lower during the week with exception of the NSE Insurance index that
rose by 5.82% and the NSE ASeM index that closed flat. (See summary of Index movements in the
table below).
% Change
The NSE All-Share Index (ASI) 34,543.05 33,228.29 -1314.76 -3.81 -3.81 -19.37 -19.60
NSE 30 Index 1,575.87 1,516.67 -59.20 -3.76 -3.76 -19.42 -20.48
NSE Banking Index 366.13 349.18 -16.95 -4.63 -4.63 -17.87 -22.03
NSE Insurance Index 147.71 156.30 8.59 5.82 5.82 4.77 2.24
NSE Consumer Goods Index 899.60 876.83 -22.77 -2.53 -2.53 -15.07 -20.31
NSE Oil/Gas Index 416.86 410.47 -6.39 -1.53 -1.53 -10.93 20.77For Further Inquiries Contact: Market Operations Department Page 3
NSE Lotus II 2,150.13 2,078.96 -71.17 -3.31 -3.31 -23.73 -27.39
NSE Industrial Goods Index 2,020.88 1,960.18 -60.70 -3.00 -3.00 -28.38 -23.03
NSE ASeM Index 1,036.13 1,036.13 0.00 0.00 0.00 8.94 7.67

Twenty-six (26) equities appreciated in price during the week lower than fifty-one (51) equities of the
preceding week. Forty-nine (49) equities depreciated in price higher than twenty (20) equities of the
preceding week, while one hundred and twenty-two (122) equities remained unchanged lower than one
hundred and twenty-six (126) recorded in the preceding week.
The NSE All-share and NSE-30 Indices
Week Ended December 5, 2014
NSE-30For Further Inquiries Contact: Market Operations Department Page 4
Top 10 Price Gainers

Top 10 Price Decliners:
The below security was adjusted for dividend during the week as announced by their board of directors:
TOTAL NIGERIA PLC 01/12/2014 N2.00 NIL 15/12/2014 N/A N155.47
Company Open Close Gain (N) % Change
MANSARD INSURANCE PLC 3.15 3.72 0.57 18.10
ACADEMY PRESS PLC 0.95 1.08 0.13 13.68
P. Z. INDUSTRIES PLC 28.50 31.89 3.39 11.89
IKEJA HOTEL PLC 3.63 3.99 0.36 9.92
EVANS MEDICAL PLC 1.99 2.18 0.19 9.55
ASHAKA CEMENT PLC 22.70 24.60 1.90 8.37
BERGER PAINTS NIGERIA PLC 8.70 9.20 0.50 5.75
LEARN AFRICA PLC 1.40 1.47 0.07 5.00
Company Open Close Loss (N) % Change
UBA CAPITAL PLC 1.80 1.60 -0.20 -11.11
FBN HOLDINGS PLC 9.95 8.98 -0.97 -9.75
DIAMOND BANK PLC 6.20 5.60 -0.60 -9.68
DANGOTE FLOUR MILLS PLC 6.23 5.63 -0.60 -9.63
DANGOTE SUGAR REFINERY PLC 6.97 6.30 -0.67 -9.61
VONO PRODUCTS PLC 1.05 0.95 -0.10 -9.52
CHAMPION BREWERIES PLC 9.80 8.93 -0.87 -8.88
ETERNA PLC 3.29 3.00 -0.29 -8.81For Further Inquiries Contact: Market Operations Department Page 5
ENDED 30 SEPTEMBER 2014-N’000 Revenue 2014 N166,886 2013 N224,277 Loss After Taxation
2014 (N403,722) 2013 (N336,043)
ENDED 30 JUNE 2014- N’000 Revenue 2014 N533,347, 2013 N 971,416 Profit After Tax 2014
N434,620 2013 N 845,175
Revenue 2014 N94,362,735 2013 N21,084,255 Net Profit/loss 2014 (N13,943,914) 2013 (N24,860,992)
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ECOBANK TRANSNATIONAL INCORPORATED (ETI): Appointment of Non-Executive DirectorsEcobank
Transnational Incorporated (ETI), notified The Nigerian Stock Exchange of the appointment of
four new non-executive directors on its 15-member board, and the retirement of one non-executive
The new board members are Dolika Banda of Zambia, Graham Dempster of South Africa, Sheila
Mmbijjewe of Kenya, and Alain Nkontchou of Cameroon. These new board members collectively bring
120 years of experience in banking and finance to the leadership of the world’s largest pan-African bank.
Dolika Banda (Zambia) 51, is an economist and communicator on the African economy. Dolika is an
Independent Consultant and Advisor to such clients as the United Nations, Rockefeller Foundation, the
Gates Foundation and several governments. Dolika is a former advisor and director at the International
Finance Corporation, where she worked for 16 years. She held senior positions at Barclays Bank
Zambia and Citibank Zambia. Dolika was recognized with a prize for vision and courage by Africa
Femmes Performantes (Africa’s Performing Women) in Washington, DC in 2012.
Graham Dempster (South Africa) 59, has over 30 years banking experience. He has held various senior
executive positions within the Nedbank Group, including General Manager and Joint Head of UAL
Merchant Bank’s Special Finance Division, Head of Nedbank’s International Division and Managing
Director of Nedbank Corporate. He has been Chief Operating Officer of Nedbank Group since August
2009, and Joint Chairman – along with current Ecobank Group CEO Albert Essien – of the Ecobank
Nedbank Strategic Alliance Committee since its inception in 2008. Graham is well recognized as a driver
of talent and a champion of diversity. For Further Inquiries Contact: Market Operations Department Page 6
Sheila Mmbijjewe (Kenya) 56, is a Chartered Accountant (England and Wales) and Certified Public
Accountant (Kenya). She is a former finance director at Pricewaterhouse Kenya, Stagecoach
International and Standard Chartered Bank of Kenya. Until early 2014, she was also a member of the
Monetary Policy Committee of the Central Bank of Kenya. Sheila’s board experience includes
directorships on the boards of Transparency International Kenya Chapter, the University of Nairobi
Science & Technology Park, and Capital Markets of Kenya. She has also been Vice Chair of the Kenya
Women’s Finance Trust. In 1999, Sheila became the first woman to be appointed as an Executive
Director of a publicly quoted commercial bank in Kenya.
Alain Nkontchou (Cameroon) 51, is Managing Partner of Enko Capital Management LLP, London, an
asset management company focusing mostly on African investment opportunities. He was previously
Managing Director, Global Macro Trading Group at Credit Suisse, London, and at JP Morgan Chase &
Co. London. Alain has advanced degrees in Electrical Engineering and Finance and Accounting. Alain
has a track record of having generated tens of millions of dollars in revenue for the companies with
which he has worked. Alain will formally join the ETI Board in June 2015.
Following the sale of AMCON shares in ETI, Hewett Benson has retired as a non-executive director,
representing AMCON on the board.
The board membership of the new directors will be presented for ratification by shareholders at the next
Annual General Meeting in 2015.
LAFARGE AFRICA PLC: Notification of Mandatory Tender Offer (MTO) on AshakaCem PlcLafarge
Africa Plc notified The Nigerian Stock Exchange of the completion of the block trade in respect
of the 58.61% shareholding in AshakaCem Plc, held by Lafarge Nigeria (UK) Limited to Lafarge Africa
Plc.This block trade has triggered an MTO, in accordance with Section 131 of the Investments &
Securities Act (No 29 of 2007) and Rule 445 of the Securities & Exchange Commission’s Rules and
Regulations, which requires that a Mandatory Tender Offer be made to all other shareholders of a public
company by any party that acquires 30% or more of the shares in that company. The Company states
that it will announce the terms of the Tender Offer, within a week.
VONO PRODUCTS PLC: Notice of Board Meeting-Vono Products Plc notified The Nigerian Stock
Exchange that the company’s Board of Directors will meet on Wednesday, 10 December 2014 to among
others, consider the following items:
1. Approval of audited financial statements for the year ended 30 September 2014
2. Closure of Register date
3. Convening of 2015 Annual General Meeting
VITAFOAM NIGERIA PLC: Notice of Board Meeting- Vitafoam Nigeria Plc notified The Nigerian Stock
Exchange that the company’s Board of Directors will meet on Thursday, 18 December 2014 to among
others, consider the following items:
1. Approval of audited financial statements for the year ended 30 September 2014
2. Dividend recommendation for the 2014 financial yearFor Further Inquiries Contact: Market Operations Department Page 7
3. Closure of Register date
4. Convening of 2015 Annual General Meeting
SKYE SHELTER FUND: Closure of Register – Year Ended 31 December 2013- Proposed Coupon
N5.25 per unit, Proposed Bonus Nil,Closure Date 4 December 2014,AGM Date,N/A December
2014,Payment Date16 December 2014,AGM Venue ECWA Conference H N/A
SIM CAPITAL ALLIANCE VALUE FUND:Closure of Register – Year Ended 30 June 2014,Proposed
Coupon N10.00 per unit,Proposed Bonus Nil ,Closure Date 22nd December 2014 ,AGM Date 23rd
December 2014,Payment Date 30th December 2014,AGM Venue ECWA Conference H C & C Towers,
Sanusi Fafunwa Street, Victoria Island.
OANDO PLC: Commencement of Trading in Rights- Vetiva Securities Ltd, the Lead Stockbroker to the
Issue, notified The Exchange of its receipt of the formal clearance of the Offer documents and
registration of the shares from the Securities and Exchange Commission.
In view of the above, the Trading in Rights of Oando Plc will commence on Wednesday, 3 December
2014 and end on Wednesday 14 January 2015.
UNILEVER NIGERIA PLC: Appointment of Finance Director- Unilever Nigeria Plc notified The
Nigerian Stock Exchange of the appointment of Mrs. Adesola Sotande-Peters as the new Finance
Director of the Company with effect from 1 January 2014.
Mrs Sotande-Peters had her college education at Friends School, Saffron Walden, Essex (1991-1992)
passing out with ‘A’ Levels Mathematics, Physics, Chemistry, General Studies. From 1992-1995 she
was at The American International University in London, graduating with a BA Business Administration &
Economics, Grade Point Average 3.0.
In 2000, she became a member, Association of Chartered Certified Accountants, A.C.C.A. Member.
(First Time Passes) and in 2006 she became a fellow, Association of Chartered Certified Accountants,
A.C.C.A. Mrs Sotande-Peters became a member, Institute of Chartered Accountants of Nigeria (ICAN)
in 2007 and in 2008 she obtained MBA for Finance Professionals from Manchester Business School,
Manchester, United Kingdom.
Mrs. Adesola Sotande-Peters has worked in several organizations as listed below:
 November 1995 – December 1997, Sakura Bank, London – Derivative Settlement Clerk
 January 1998 – May 1999, Peter Osalor & Co – Accounts Assistant
 May 1999 – March 2000, BBC Resources Limited, Property Services – Finance Assistant
 April 2000 – April 2001, BBC Resources Limited, Broadcast Engineering – Assistant Management
 April 2001 – December 2002, Informa Group, Llyod’s Maritime Information System – Senior
Management Accountant
 January 2003 – January 2005, Openwave Systems (Europe) Ltd – Financial Controller for EMEA
 March 2005 – May 2007, Guinness Nigeria Plc – Management Accountant
 June 2007 – March 2010, Guinness Nigeria Plc – Head of Commercial Finance
 March 2010 – June 2012, Kenya Breweries Limited, East African Breweries Ltd – Finance Director
 July 2012 – Present, Guinness Cameroon Hub – Finance DirectorFor Further Inquiries Contact: Market Operations Department Page 8
Mrs. Sotade-Peters is a Finance professional with more than fifteen years of experience in FMCG,
telecoms, corporate finance and investor relations. Analytical and logical thinker with a strong
background in multinational financial arenas.
Proficient in various business applications including MS Windows 98, MS Word 97, PowerPoint 97,
Outlook 97, Excel, CS3, SAP/S
CADBURY NIGERIA PLC: Board Changes at Cadbury Nigeria Plc- Cadbury Nigeria Plc notified The
Nigerian Stock Exchange of the resignation of the following directors from the board of the company:
1. Mr. Emil Mosikofian, CEO/Managing Director (effective 31st December 2014)
2. Mr. Ruslan Kinebas, non-executive Director (effective 31st December 2014)
The Company also announced the appointments of:
1. Roy Naaman as CEO/Managing Director (effective 1st January 2015)
2. Mr. Romeo Lacerda, as Non-Executive Director (effective 1st January 2015)
The appointments were duly noted at the meeting of the company’s board of directors held on 28
November 2014.
OANDO PLC: Oando Energy Resources Announces Completion of the Umugini Pipeline- Oando
Energy Resources Inc., a subsidiary of Oando Plc announced the completion of the 45,000bbls/d, 51km
Umugini pipeline. The pipeline will provide an alternative evacuation route for crude oil produced from
the Ebendo Field through the Trans Forcados export pipeline.
Following the successful drilling of Ebendo wells 5, 6, and 7 over the past 12 months, oil production
capacity within OML 56 has grown to 7,140boepd gross for OER and Energia Limited the operator of the
asset (3,052boepd net to OER). However, export had been constrained at 3,093boepd (1,322boepd
OER Share) via the Agip operated Kwale-Brass NAOC/JV infrastructure, in which OER currently has a
20% interest through the recent $1.5Bn acquisition of ConocoPhillips Nigerian Oil & Gas Business. The
completion and commencement of operations on the Umugini pipeline ensures that the Ebendo field can
now produce at its full capacity.
Ebendo is located onshore, in the central Niger Delta approximately 100 km north-west of Port Harcourt
and covers an area of 65 km2 (16,062 acres). The License includes two fields, Ebendo (producing) and
the Obodeti field (undeveloped). Oando Energy Resources holds a 42.75% working interest on the field.
NIGERIAN BREWERIES PLC: Appointment of Directors- Nigerian Breweries Plc has notified The
Nigerian Stock Exchange of the appointment of Dr. Obadiah Mailafia.For Further Inquiries Contact: Market Operations Department Page 9
A career economist, banker and international development specialist with over 25 years’ experience;
currently Chief of Staff of the 80-member African, Caribbean and Pacific (ACP) Group of States based in
Brussels, Belgium. Also an Associate Fellow of the United Nations University Institute for Regional
Studies in Bruges, and a Visiting Scholar/Professor at the Faculty of Applied Economics of the Frije
Universiteit Brussels (The Free University of Brussels). In his capacity as Chef de Cabinet, he is the
most senior advisor to the Secretary-General and coordinates the mainline departments and portfolio of
€22 billion of EU funding for ACP countries under the 10th European Development Fund (EDF) and
€31.5 billion for the 11th EDF covering the years 2014-2020.
He began his career as an academic, teaching in Nigeria, Oxford and London before joining the African
Development (ADB) Group in Abidjan and, later, Tunis. He is a recipient of the President Mamoun
Beheiry Prize for outstanding contributions to the Bank’s strategic management turnaround and was
later appointed Deputy Governor of the Central Bank of Nigeria, with responsibility for economic policy,
comprising monetary policy, foreign exchange operations, capital markets, management of foreign
reserves, research, statistics, and international institutions.
In addition, Dr. Mailafia was responsible for coordinating with the Federal Ministry of Finance and other
MDAs on issues of fiscal policy, budgeting, revenue mobilisation and tax administration. He was later
transferred from CBN to the Presidency as Special Adviser to the President on Economic and Policy
Matters; being also a member of the Economic Management Team (EMT). After he left government he
was appointed UNDP Technical Adviser to the Federal Ministry of Agriculture, in which capacity he
designed a new financing framework for the agricultural sector, including structuring the $500 million
bond for the agriculture sector. Dr. Mailafia was also the Founder/Chairman of the Centre for Policy and
Economic Research (CEPER), an independent macroeconomic policy think tank. Graduated top of his
class with a B.Sc. Social Sciences Honours degree in Economics, Politics and, Sociology from Ahmadu
Bello University, Zaria in 1978. Won a scholarship to France, where he earned the Diplôme (M. Phil
equivalent) in International Economics from the IIAP-École national d’administration, Paris. He was
subsequently Foreign and Commonwealth Officer Scholar at Oriel College, Oxford University, where he
completed his DPhil (doctor of philosophy) specialising in Economics of Development/International
Relations. Dr. Mailafia has excellent analytical, leadership and administrative skills and speak fluent
English and French, with elementary Portuguese, Arabic, German and Spanish.
NIGERIAN BREWERIES PLC: Appointment of Director- Nigerian Breweries Plc notified The Nigerian
Stock Exchange of the appointment of Mrs. Ndidi O. Nwuneli (MFR). Mrs. Nwuneli graduated from
Wharton School, University of Pennsylvania at 20 and got her MBA at 23 from the Harvard Business
School. Following her early years as a management consultant with McKinsey & Company, Ndidi
returned to Nigeria to fulfil her passion of promoting entrepreneurship and leadership development. She
served as the pioneer executive director of the FATE Foundation from 2000, and then established LEAP
Africa and NIA in 2002 and 2003 respectively. NIA empowers female university students to achieve their
highest potential in life while LEAP Africa provides leadership, ethics and management training and
coaching for youth, business owners, social entrepreneurs and the public sector. LEAP also conducts
leadership research and has published numerous books including: Defying the Odds: Case Studies of
Nigerian Companies that have Survived Generations, A Toolkit for Business Leadership, Get on Board:
A practical guide to building High-impact Boards of Directors, Rage for Change: A Practical Guide for
Young Nigerians who Desire to Make a Difference and Building a Culture of Ethics: A Practical Guide for
Leaders in the African Public, Private and Non-Profit Sectors.
Ndidi is also the managing partner of the African Alliance for Capital Expansion (AACE) and has
provided policy, start-up and advisory services to the World Bank, IFC, DFID, Ford Foundation, Oxfam For Further Inquiries Contact: Market Operations Department Page 10
International, UCAD, and the Center for Middle East Competitive Strategy, the Nigerian Ministry of
Education and the Ministry of Youth Development.
Ndidi has received numerous honors and awards. In 2003 she was recognized as a Global Leader of
Tomorrow and Young Global Leader by the World Economic Forum in Davos, Switzerland. Ndidi was
recognized as the Young Manager of the Year 2005 by THISDAY Newspapers. She has also received a
National Honor, Member of the Federal Republic, from the President of the Federal Republic of Nigeria
and an Excellence Award from the Africa Business Club at Harvard Business School in 2007.
SIM CAPITAL ALLIANCE VALUE FUND: African Capital Alliance Buys out Sanlam’s Stake in SIM
Capital Alliance- The Board of SIM Capital Alliance Limited (SIMCAP) announced the buyout of
Sanlam Investment Management’s (Sanlam) ownership interest in SIMCAP by African Capital Alliance
Holdings Limited (ACAHL).
The transaction, which has been approved by the Securities and Exchange Commission, is a result of
Sanlam’s decision to streamline its hitherto multiple strategic interests in Nigeria and ACAHL’s desire to
increase its commitment to the Asset Management business in Nigeria.
About ACAH
ACAHL is a member of the ACA Group, a leading indigenous private equity group focused on
investments in Nigeria and West Africa, which has till date, raised over US$700 million, recording
significant returns on investments on exits. ACAHL was incorporated in 2007 and holds interests in real
estate, hospitality and financial sectors.
SIM Capital Alliance Ltd (“SIMCAP”) is an SEC registered Fund/Portfolio manager, providing investment
management and advisory services to institutional investors and individuals. SIMCAP manages the SIM
Capital Alliance Value Fund (“Value Fund”), a closed ended collective investment scheme listed on the
Nigerian Stock Exchange with an objective to achieve long-term capital growth.
About the Sanlam Group
Sanlam is a leading financial services group listed on the JSE Limited and the Namibian Stock
Exchange. Established in 1918 as a life insurance company, the South Africa-based Sanlam Group has
transformed into a diversified financial services business. Through its four business clusters – Sanlam
Personal Finance, Sanlam Emerging Markets, Sanlam Investments and Santam the Group provides
comprehensive and tailored financial solutions to individual and institutional clients across all market
segments. The Group’s areas of expertise include insurance, financial planning, retirement, trusts, wills,
short-term insurance, asset management, risk management and capital market activities, investment
and wealth. The Group operates in South Africa, Botswana, Swaziland, Malawi, Zambia, Tanzania,
Rwanda, Uganda, Kenya, Ghana, Nigeria, India, Malaysia and the United Kingdom and has business
interests in the USA, Australia and the Philippines. It has a stake in leading global micro-insurance
specialists, UK-based Micro-Ensure Holdings Limited, which has a footprint across Africa and India
servicing more than 10 million enrolled clients.

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