Professional Documents
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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%.
MPR (%):
Raised 6 times from 6.25% in 2010 to
12% in May 2012.
www.proshareng.com
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 cant 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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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
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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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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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
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
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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
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 authors 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