The Active Stocks Performance Analysis - A Proshare Special Report - 161011

ISSN 1597 - 8842 Vol. 1 No.
81
The Active Stocks Performance Analysis:

A Proshare Special Report
Issued on October 17, 2011
www.proshareng.com
October 16, 2011
Contents
Executive Summary
Review of Activity on the Bourse
Stocks and Liquidity Posture
Performance and Returns
Performance of Highly Capitalised Stocks
Sectoral Performance: Active and Most Liquid Sectors
Sectoral Performance and the Average Sectoral Returns
References/Timelines/Appendixes
I: 9-Months Return(s) Analysis
11
II: 9-Months Sector Performance: Average Return(s) Analysis
17
III: 9-Months Return(s) Volatility & Due Diligence
19
Get Closer to the financial markets
ISSN 1597 - 8842 Vol. 1 No. 81
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October 16, 2011
The Active Stocks Performance Analysis: A Proshare Special Report

ISSN 1597 - 8842 Vol. 1 No. 81
EXECUTIVE SUMMARY
Blue chip stocks defy rationality test: Active and Liquid, but so often record
unimpressive returns.
In a bear period, investors tend to be more cautious as a way of averting both incoming
and the unforeseen market risk while being smart as the golden rule says "Buy when
there's blood on the streets, even if the blood is your own."
Though, being conservative investors, we believe staying on the sidelines for a few more
months for tradable trends is equally a very smart move.
To some smart investors, this might appear as 'stating the obvious' but that will not
deter our determination to serve the market as we cannot afford to fall short of our duty
of care to everyday investors who may not be adequately informed of how to invest in a
bearish or down trending market.
Recently (or more appropriately over the recent memory), the Nigerian Capital Market
has experienced a free fall unabatedly, trading below year 2010 support levels, which
further means that the bearish trend had erased all the gains recorded in both current
and previous year as YTD performance of Nigerian stocks closed at -18.84% as at the
end of Q3 2011.
This in itself does not suggest that there were no profitable transactions during the
period or that risk-friendly/market speculators (the little group of strong willed and intune players) did not make money from the market. On the contrary, a number of sweet
deals presented itself and were consummated in the market.
It is against the background of such crisis based opportunities that this report was
provided with the intent of showcasing the sectors and specific stocks that have received
investors' attention since the beginning of the year to September 30, 2011.
From the analysis conducted, the report will reveal the likely stocks with potentials to
experience such attention when market turns around i.e. the active stocks so far in the
current year and likely future active stocks based on their marketability status which is a
paramount criterion in selecting stocks for both long term and short term purposes.
In effect, the report seeks to prepare you for the next bull run when the market turns
around providing you with a guide against buying into stocks that are no more than
market dumps.
In a bear market, value investing as clearly observed in our market used to be the game
pattern i.e. blue chip stocks (mostly ranging from medium to high capitalised
stocks) do enjoy both speculative attention and moderate patronage due to their high
liquid status (marketability status) as they belong to the class of assets that are easily
convertible to cash while their attractive valuation play a major role in decision making.
It is trite knowledge however that such stock usually experience huge bargain hunting
when a turnaround trend sets in - a clue for strategic positioning in anticipation of
the likely Bull Run.
The stock performance of the Nigerian bourse in the first nine months confirmed this
notion but with unimpressive returns on such class of assets. But make no mistake, this
class of assets remains the pacesetters on the bourse.
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October 16, 2011
Surprisingly, our analysis showed that stocks of low marketability and activity status
dominated the Top-20 performer(s) list, though further analysis revealed that low
circulation of such stocks has been an added advantage as there was no much market
pressure towards such class of assets.
We equally observed that most liquid stocks and sectors experienced more volatility
during the period under review. In the report, we provided commentaries and tables that
present a more pictorial view.
In summary, it appears evident that only those who think long-term stand a chance, yet
it is imperative to point out that activities in the short term through a portfolio mix will
be necessary to ensure survival and profitability where the liquidity exists and shares
are available to buy.
Where there has been cash to buy stocks (even in volumes), the target stocks are not
available due to the ownership structure of most of the firms and the management of the
free float rule often circumvented through the use of proxies and nominees.
In general, this report does not serve as a recommendation to buy or sell any particular
stock but serves as a factual interpretation of events which reveals that buying inactive
or low liquid stocks in a bearish period could trap your hard earned money in the market
beyond your estimated period.
REVIEW OF ACTIVITY ON THE BOURSE

The table below indicates that stocks with large and medium market capitalisation
recorded more patronage during the bearish period.
Transcorp Plc experienced the highest market activity as we observed much of
institutional buying of the stock during a short period while similar activity was noted in
the case of Zenith Bank Plc which closed the period as the second most active stock in
first 9-months of the year.
Top 20 Active stocks in 9 months (Jan - Sept 2011)

Company
TRANSCORP
ZENITHBANK
FIRSTBANK
GUARANTY
UBA
ACCESS
FIRSTINLND
DIAMONDBNK
FIDELITYBK
OCEANIC
INTERCONT
UNITYBNK
SKYEBANK
PLATINUM
RESORTSAL
UBN
NEM
STERLNBANK
Trades
10,641.00
64,377.00
120,309.00
100,414.00
46,430.00
34,369.00
14,468.00
14,700.00
23,967.00
20,355.00
14,184.00
7,744.00
21,588.00
11,523.00
324.00
20,100.00
4,550.00
8,899.00
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Volume
8,908,341,016.00
5,757,055,897.00
3,973,909,614.00
3,216,114,123.00
3,013,805,748.00
2,535,434,390.00
2,497,510,072.00
1,928,127,384.00
1,863,031,290.00
1,639,586,984.00
1,292,112,143.00
1,245,345,272.00
1,143,408,698.00
1,115,476,643.00
1,093,869,346.00
1,003,376,763.00
949,432,680.00
945,562,311.00
October 16, 2011
Value
11,672,112,705.14
86,981,276,283.49
55,007,967,849.47
51,562,495,419.57
21,922,230,253.43
19,905,637,369.82
1,952,496,319.85
12,024,278,048.13
4,787,894,326.94
3,886,178,839.37
2,223,178,888.34
1,463,552,672.71
8,932,105,873.13
1,918,922,113.67
546,934,673.00
3,378,143,089.77
501,393,653.57
2,058,305,846.86
Activity
Level
Capitalisation
Ranking
13.38%
8.65%
5.97%
4.83%
4.53%
3.81%
3.75%
2.90%
2.80%
2.46%
1.94%
1.87%
1.72%
1.68%
1.64%
1.51%
1.43%
1.42%
39
3
5
4
9
14
62
25
20
34
43
35
19
49
58
32
110
42
FCMB
JAPAULOIL
9,916.00
17,113.00
906,959,655.00
819,050,558.00
6,243,229,540.09
1,131,892,050.94
1.36%
1.23%
17
72
Proshare Research/NSE
See complete table below in the appendix
STOCKS AND LIQUIDITY POSTURE

Stocks with high transaction frequency are technically perceived to be highly liquid.
Considering this, our analysis also considered the total units of share traded (volume)
against the company float - this approach helped to reveal a trend of institutional buying
towards the stock under reference within the period and also showcased the active
status of the stock.
As a result, Banking stocks appeared to be more liquid as sixteen (16) out of the 20 top
liquid stocks were banking stocks where First Bank, GT Bank and Zenith Bank Plc
topped the league as the most liquid stocks within the period under review.
This is against the backdrop of banking stocks experiencing more volatility during the
period under review, than most, as high volatility was a main stay in the sector.
Conversely, Transcorp Plc, NEM Plc, Zenith Bank Plc, FinBank Plc and Access
Bank Plc experienced more transaction impact against their companies float to record
34.5%, 19.1%, 18.3%, 14.9%, and 14.2% impact respectively.
The table below reveals the liquidity posture of the top 20 liquid stocks in the first nine
months in the year.
Top 20 Liquid Stocks in 9 months (Jan - Sept 2011)

Company
FIRSTBANK
GUARANTY
ZENITHBANK
UBA
ACCESS
FIDELITYBK
SKYEBANK
OCEANIC
UBN
JAPAULOIL
DIAMONDBNK
FIRSTINLND
INTERCONT
PLATINUM
TRANSCORP
FCMB
STERLNBANK
UNITYBNK
NEM
RESORTSAL
Trades
120,309.00
100,414.00
64,377.00
46,430.00
34,369.00
23,967.00
21,588.00
20,355.00
20,100.00
17,113.00
14,700.00
14,468.00
14,184.00
11,523.00
10,641.00
9,916.00
8,899.00
7,744.00
4,550.00
324.00
Volume
Value
3,973,909,614.00
3,216,114,123.00
5,757,055,897.00
3,013,805,748.00
2,535,434,390.00
1,863,031,290.00
1,143,408,698.00
1,639,586,984.00
1,003,376,763.00
819,050,558.00
1,928,127,384.00
2,497,510,072.00
1,292,112,143.00
1,115,476,643.00
8,908,341,016.00
906,959,655.00
945,562,311.00
1,245,345,272.00
949,432,680.00
1,093,869,346.00
55,007,967,849.47
51,562,495,419.57
86,981,276,283.49
21,922,230,253.43
19,905,637,369.82
4,787,894,326.94
8,932,105,873.13
3,886,178,839.37
3,378,143,089.77
1,131,892,050.94
12,024,278,048.13
1,952,496,319.85
2,223,178,888.34
1,918,922,113.67
11,672,112,705.14
6,243,229,540.09
2,058,305,846.86
1,463,552,672.71
501,393,653.57
546,934,673.00
Traded
Volume
Against
Float
12.2%
10.9%
18.3%
9.3%
14.2%
6.4%
8.6%
7.4%
7.4%
13.1%
13.3%
14.9%
6.9%
5.5%
34.5%
5.6%
7.5%
3.7%
19.1%
8.3%
Liquidity
Level
Capitalisation
Ranking
11.92%
9.95%
6.38%
4.60%
3.40%
2.37%
2.14%
2.02%
1.99%
1.70%
1.46%
1.43%
1.41%
1.14%
1.05%
0.98%
0.88%
0.77%
0.45%
0.03%
5
4
3
51
9
14
24
2
20
19
34
32
30
72
74
16
25
62
43
12
See complete table below in the appendix
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October 16, 2011
PERFORMANCE AND RETURNS

The Nigerian equities market closed with a 9-months return of -18.84% YTD revealing
the severity of bearish sentiments that indicates an investors cut down on investment
activities significantly due mainly to a low risk appetite that dominated the market
atmosphere during the period and continues to do so.
Thirteen per cent (13%) or 25 out of the 187 stocks traded during the period under
review recorded positive returns to close market breadth in a less than sterling shape as
the Nigerian bourse closed Q3 YTD with an average loss of -13.91%.
A close observation of the trend revealed that stocks with low activity and liquid status
recorded the highest returns as they experienced less volatility - due in part to the low
circulation of such stocks in the market. When we place the volume traded against the
company market float, it was further revealed that such stocks experienced less market
pressure due to the low circulation noted above.
We equally observed that none of the banking stocks made the Top-20 gainers' list
despite the impressive liquid postures recorded in the sector. This buttressed our
position on the huge volatility witnessed in the sector (as noted above) - though they
remained the most active and liquid stocks; as they dominated the market activity with
significant liquid outlook.
Further, we observed that the Breweries and Food & Beverages stocks dominated the
top performer list while Hotel & Tourism, Constructions and Conglomerates stocks
topped the gainers lists in that order.
Finally, the analysis revealed that stocks of high and medium (blue chips) dominated the
gainers' list, confirming the central thesis underlying this report as espoused in the
executive summary.
Top 20 Stocks With Highest Returns

Company
Price @
Sept
30
2011
Price @
Jan 4
2011
9 months
Returns
Sector
Average
Returns
Liquidity/
Marketability
Level
Activity
Level
CAPHOTEL
ROADS
TRANSCORP
CHAMPION
RESORTSAL
OKOMUOIL
7UP
IKEJAHOTEL
AIRSERVICE
UNTL
NBC
BERGER
GUINNESS
NESTLE
ABBEYBDS
NAMPAK
UNILEVER
MOBIL
PREMBREW
ETERNAOIL
7.50
4.65
0.75
4.46
0.70
20.39
47.00
2.25
1.95
0.85
41.00
9.36
207.95
401.00
1.44
4.30
27.50
148.00
0.97
5.12
3.20
3.01
0.50
3.10
0.50
15.20
39.00
1.89
1.72
0.75
36.50
8.36
190.56
368.55
1.33
4.02
26.10
141.00
0.93
4.92
134.38%
54.49%
50.00%
43.87%
40.00%
34.14%
20.51%
19.05%
13.37%
13.33%
12.33%
11.96%
9.13%
8.80%
8.27%
6.97%
5.36%
4.96%
4.30%
4.07%
48.06%
-2.29%
-3.43%
5.98%
1.27%
-0.63%
-22.08%
48.06%
-14.49%
13.33%
-22.08%
-21.70%
5.98%
-22.08%
1.27%
-9.36%
-3.43%
-18.74%
5.98%
-18.74%
0.03%
0.01%
1.05%
0.02%
0.03%
0.15%
0.26%
0.30%
0.07%
0.03%
0.33%
0.17%
1.20%
0.82%
0.02%
0.02%
1.02%
0.33%
0.00%
0.32%
0.06%
0.00%
13.38%
0.06%
1.64%
0.15%
0.01%
0.44%
0.04%
0.01%
0.03%
0.03%
0.09%
0.04%
0.39%
0.00%
0.22%
0.02%
0.04%
0.10%
Sector
Hotel & Tourism

Construction
Conglomerates
Breweries
Mortgage
Agriculture
Food & Beverages
Hotel & Tourism
Air Services
Textile
Food & Beverages
Chemical & Paints
Breweries
Food & Beverages
Mortgage
Packaging
Conglomerates
Oil & Gas
Breweries
Oil & Gas
Capitalisation
Ranking
48
182
39
86
58
56
31
77
144
159
22
124
7
6
70
152
13
26
181
67
See complete table below in the appendix page
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October 16, 2011
PERFORMANCE OF HIGHLY CAPITALISED STOCKS

Highly capitalised stocks on the Nigerian bourse appeared more liquid and active within
the first nine (9) months of the year, closing on a bearish note with a -18.84% loss.
Further analysis revealed that these class of assets (highly capitalised stocks)
experienced more volatility and therefore had significant impact on the weight loss
recorded by the market.
Among the Top-20 highly capitalised stocks, four (Nigerian Breweries, Nestle,
Guinness and Unilever) closed positive by 3.44%, 8.80% 9.13% and 5.36%
respectively while others dipped considerably - led by UBA Plc with a 59.26% loss for
the nine months returns under review.
This in itself would indicate that the attractive liquid status of these assets contributed to
the volatility observed towards these assets - further buttressing our findings that low
liquid and active stocks dominated the gainers chart an indication of market actions.
Top 20 High Capitalised Stocks

Mkt Cap
Ranking
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Company
Trades
DANGCEM
NB
ZENITHBANK
GUARANTY
FIRSTBANK
NESTLE
GUINNESS
IBTC
UBA
WAPCO
ETI
FLOURMILL
UNILEVER
ACCESS
PZ
DANGSUGAR
FCMB
Total
SKYEBANK
FIDELITYBK
5,754
26,307
64,377
100,414
120,309
8,297
12,127
8,923
46,430
7,263
4,523
12,829
10,275
34,369
8,407
14,834
9,916
2,679
21,588
23,967
Volume
Value
94,731,206
308,809,958
5,757,055,897
3,216,114,123
3,973,909,614
25,284,646
63,085,309
538,922,169
3,013,805,748
180,761,374
365,040,473
159,484,577
147,055,223
2,535,434,390
137,813,614
548,102,620
906,959,655
15,865,674
1,143,408,698
1,863,031,290
11,163,486,520.60
25,903,687,484.82
86,981,276,283.49
51,562,495,419.57
55,007,967,849.47
10,452,109,706.01
13,995,746,498.29
5,189,287,793.56
21,922,230,253.43
7,888,276,329.49
5,560,380,474.09
13,284,785,282.80
3,991,757,812.08
19,905,637,369.82
4,548,513,697.62
7,609,278,045.37
6,243,229,540.09
3,516,291,326.93
8,932,105,873.13
4,787,894,326.94
Against
Float
Liquidity
Level
9-Months
Returns
Activity
Level
0.61%
4.08%
18.34%
10.93%
12.18%
3.19%
4.28%
2.87%
9.32%
6.02%
3.70%
8.49%
3.89%
14.17%
4.34%
4.57%
5.57%
4.67%
8.65%
6.43%
0.57%
2.61%
6.38%
9.95%
11.92%
0.82%
1.20%
0.88%
4.60%
0.72%
0.45%
1.27%
1.02%
3.40%
0.83%
1.47%
0.98%
0.27%
2.14%
2.37%
-16.67%
3.44%
-19.36%
-29.63%
-31.15%
8.80%
9.13%
-1.92%
-59.26%
-2.41%
-23.57%
-14.93%
5.36%
-43.63%
-6.22%
-56.25%
-45.44%
-14.53%
-43.83%
-28.72%
0.14%
0.46%
8.65%
4.83%
5.97%
0.04%
0.09%
0.81%
4.53%
0.27%
0.55%
0.24%
0.22%
3.81%
0.21%
0.82%
1.36%
0.02%
1.72%
2.80%
SECTORAL PERFORMANCE: ACTIVE AND MOST LIQUID SECTORS

An extensive analysis revealed that the Banking and Conglomerate sectors appeared
to be the most active posting impressive turnovers, though much volatility was
observed in banking sector to close with a -42.38% average sector loss as against 3.43% average loss recorded in Conglomerate sector. See full details in the appendix.
Zenith Bank, First Bank, GT Bank and UBA Plc contributed immensely to the
impressive sector turnover recorded in the banking sector while Transcorp Plc, UAC of
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October 16, 2011
Nigeria, PZ Plc and Unilever Plc contributed significantly to the remarkable turnover
recorded in the sector.
Further analysis would reveal that the banking and Food & Beverages sectors were
more liquid with significant marketability and high transaction frequency status, though
none of the Food & Beverages stocks made the Top-20 list by liquidity status which was
dominated by the banking stocks.
Interesting to note was the fact that three of the Food & Beverages stocks (7UP, NBC
and Nestle) closed among the Top-20 gainers as against NO gainers from the banking
sector.
That notwithstanding, the two sectors closed with unimpressive average sector returns
of -42.38% and -22.08% loss respectively. This again has buttressed our position that
most liquid stocks and sectors experienced more volatility during the period under
review. See full details in appendix
Remarkable contributions were witnessed from First Bank, Zenith Bank and GT Bank
Plc while Dangote Flour, Dangote Sugar and Flourmills Plc have impacted the liquid
status of the sectors highlighted above respectively.
Top 20 Most Active Sectors

Sector
BANKING
CONGLOMERATES
INSURANCE
MORTGAGE COMPANIES
FOOD/BEVERAGES & TOBACCO
ICT
MEDIA
MARITIME
OTHER FINANCIAL INSTITUTIONS
BUILDING MATERIALS
PETROLEUM(MARKETING)
HOTEL AND TOURISM
BREWERIES
HEALTHCARE
PACKAGING
CONSTRUCTION
COMMERCIAL/SERVICES
AUTOMOBILE & TYRE
AGRICULTURE/AGRO-ALLIED
FOREIGN LISTINGS
Trades
566,455.00
40,409.00
45,949.00
4,838.00
82,213.00
4,252.00
2,409.00
17,113.00
1,987.00
26,464.00
51,333.00
3,411.00
42,251.00
11,885.00
53,559.00
5,422.00
2,926.00
3,808.00
6,025.00
4,523.00
Volume
Value
36,145,657,112.00
9,354,836,539.00
6,494,996,487.00
2,446,062,742.00
1,651,398,477.00
1,032,197,837.00
958,051,971.00
819,050,558.00
708,273,138.00
707,645,586.00
697,327,239.00
663,628,926.00
627,364,815.00
607,658,360.00
547,717,680.00
517,825,879.00
449,787,773.00
389,409,321.00
385,090,428.00
365,040,473.00
292,340,170,459.06
25,818,696,963.71
5,880,598,989.43
1,543,481,944.21
40,936,128,415.99
957,375,938.40
486,802,387.20
1,131,892,050.94
374,499,512.53
28,923,606,217.44
28,360,017,340.62
2,163,960,850.32
41,005,214,805.55
1,934,101,552.79
1,372,976,005.48
1,972,522,751.44
637,425,591.52
354,526,900.55
2,118,139,271.49
5,560,380,474.09
Activity
level
54.28%
14.05%
9.75%
3.67%
2.48%
1.55%
1.44%
1.23%
1.06%
1.06%
1.05%
1.00%
0.94%
0.91%
0.82%
0.78%
0.68%
0.58%
0.58%
0.55%
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October 16, 2011
Top 20 Most Liquid Sector

Sector
BANKING
PACKAGING
INSURANCE
BREWERIES
CONGLOMERATES
BUILDING MATERIALS
MARITIME
AIRLINE SERVICES
HEALTHCARE
CONSTRUCTION
CHEMICAL & PAINTS
MORTGAGE COMPANIES
FOREIGN LISTINGS
INDUSTRIAL/DOMESTIC PRODUCTS
ICT
AUTOMOBILE & TYRE
HOTEL AND TOURISM
Trades
Volume
Value
Liquidity
Level
566,455.00
36,145,657,112.00
292,340,170,459.06
56.12%
82,213.00
1,651,398,477.00
40,936,128,415.99
8.14%
53,559.00
547,717,680.00
1,372,976,005.48
5.31%
51,333.00
697,327,239.00
28,360,017,340.62
5.09%
45,949.00
6,494,996,487.00
5,880,598,989.43
4.55%
42,251.00
627,364,815.00
41,005,214,805.55
4.19%
40,409.00
9,354,836,539.00
25,818,696,963.71
4.00%
26,464.00
707,645,586.00
28,923,606,217.44
2.62%
17,113.00
819,050,558.00
1,131,892,050.94
1.70%
12,095.00
151,678,428.00
1,174,030,957.84
1.20%
11,885.00
607,658,360.00
1,934,101,552.79
1.18%
6,025.00
385,090,428.00
2,118,139,271.49
0.60%
5,422.00
517,825,879.00
1,972,522,751.44
0.54%
5,036.00
169,921,508.00
1,163,387,512.86
0.50%
4,838.00
2,446,062,742.00
1,543,481,944.21
0.48%
4,523.00
365,040,473.00
5,560,380,474.09
0.45%
4,338.00
103,525,379.00
464,706,016.35
0.43%
4,252.00
1,032,197,837.00
957,375,938.40
0.42%
3,808.00
389,409,321.00
354,526,900.55
0.38%
3,411.00
663,628,926.00
2,163,960,850.32
0.34%
SECTORAL PERFORMANCE AND THE AVERAGE SECTORAL RETURNS

Disappointedly, out of the current 32 sectors of the Nigerian bourse, only 5 sectors
closed with a positive average sector return(s) - which further confirmed the poor
market breadth and severity of volatility witnessed across the board.
The Hotel & Tourism sector led the gainers pack, followed by Textile, Breweries,
Real Estate Investment Trust and Mortgage sectors.
www.proshareng.com
October 16, 2011
CAP Plc and Ikeja Hotel Plc recorded impressive gains of +134.38% and +19.05%
respectively to surge the sector by sector average gain of 48.06% as against the 18.84% market loss.
Also, United Nigeria Textiles Plc closed the Textile sector with 13.33% uptick while
Champion Breweries recorded 43.87% gain, followed by 9.13% gain from Guinness
Plc supported 3.44% and 4.30% gain recorded by Nigerian Breweries and Premier
Breweries Plc respectively to give a facelift to Breweries sector.
In addition, Skye Shelter recorded 3.09% gain to put the real estate investment trust
sector on gainers list while Abbey Building Society Plc and Resort Savings and
Loans Plc recorded 8.27% and 40.00% gain respectively to close the mortgage sector
positive. See full details in appendix
Top 20 Sectors By Average Returns

Sector
HOTEL AND TOURISM
TEXTILES
BREWERIES
REAL ESTATE INVESTMENT TRUST
MORTGAGE COMPANIES
ROAD TRANSPORTATION
CONSTRUCTION
CONGLOMERATES
MEDIA
SECOND-TIER SECURITIES
INSURANCE
ENGINEERING TECHNOLOGY
COMPUTER & OFFICE EQUIPMENT
PACKAGING
ICT
AIRLINE SERVICES
HEALTHCARE
Average Sector
Returns
Activity
level
Liquidity Level
48.06%
1.00%
0.34%
13.33%
0.01%
0.03%
5.98%
0.94%
4.19%
1.55%
0.01%
0.02%
1.27%
3.67%
0.48%
-0.63%
0.58%
0.60%
-1.82%
0.08%
0.11%
-2.29%
0.78%
0.54%
-3.43%
14.05%
4.00%
-3.70%
1.44%
0.24%
-4.58%
0.43%
0.02%
-6.08%
9.75%
4.55%
-6.20%
0.04%
0.09%
-6.39%
0.01%
0.04%
-9.11%
1.06%
0.20%
-9.36%
0.82%
5.31%
-12.44%
0.16%
0.43%
-14.10%
1.55%
0.42%
-14.49%
0.23%
1.20%
-14.81%
0.91%
1.18%
www.proshareng.com
October 16, 2011
10
Appendix I
9-Months Return(s) Analysis
Stock Performance Table By 9Months Returns
Against
Float
Liquidity
Level
9months
Returns
Activity
Level
11,615,850,000.00
93,000,000.00
19,360,498,712.25
4,014,000,000.00
9,223,012,682.80
9,725,112,450.00
30,107,747,014.00
4,677,339,600.00
1,236,300,000.00
716,791,422.95
53,658,088,219.00
2,034,560,595.60
306,710,761,676.05
317,855,156,250.00
6,048,000,000.00
920,559,557.40
104,040,646,875.00
44,473,415,548.00
122,220,000.00
6,677,220,592.64
2.43%
6.96%
34.51%
4.24%
8.30%
20.60%
1.48%
14.24%
3.99%
0.91%
1.59%
9.50%
4.28%
3.19%
6.17%
1.19%
3.89%
3.58%
23.69%
4.88%
0.03%
0.01%
1.05%
0.02%
0.03%
0.15%
0.26%
0.30%
0.07%
0.03%
0.33%
0.17%
1.20%
0.82%
0.02%
0.02%
1.02%
0.33%
0.00%
0.32%
134.38%
54.49%
50.00%
43.87%
40.00%
34.14%
20.51%
19.05%
13.37%
13.33%
12.33%
11.96%
9.13%
8.80%
8.27%
6.97%
5.36%
4.96%
4.30%
4.07%
0.06%
0.00%
13.38%
0.06%
1.64%
0.15%
0.01%
0.44%
0.04%
0.01%
0.03%
0.03%
0.09%
0.04%
0.39%
0.00%
0.22%
0.02%
0.04%
0.10%
956,701,190
25,830,932,130.00
3.11%
0.24%
3.85%
0.04%
7,562,562,340
20,000,000
1,000,000,000
10,372,744,312
8,493,173,450
8,000,000,000
4,573,662,289
604,853,735,953.20
2,000,000,000.00
7,000,000,000.00
10,580,199,198.24
4,246,586,725.00
4,000,000,000.00
2,286,831,144.50
4.08%
17.54%
6.27%
5.72%
1.61%
4.21%
1.11%
2.61%
0.01%
0.21%
0.16%
0.59%
0.16%
0.09%
3.44%
3.09%
2.19%
2.00%
0.00%
0.00%
0.00%
0.46%
0.01%
0.09%
0.89%
0.21%
0.51%
0.08%
Capitalisation
Ranking
Company
Trades
Volume
Value
Floats
48
182
39
86
58
56
31
77
144
159
22
124
7
6
70
152
13
26
181
67
CAPHOTEL
ROADS
TRANSCORP
CHAMPION
RESORTSAL
OKOMUOIL
7UP
IKEJAHOTEL
AIRSERVICE
UNTL
NBC
BERGER
GUINNESS
NESTLE
ABBEYBDS
NAMPAK
UNILEVER
MOBIL
PREMBREW
ETERNAOIL
328
57
10,641
203
324
1,470
2,632
3,029
690
348
3,312
1,734
12,127
8,297
175
192
10,275
3,339
31
3,254
37,679,439
1,391,570
8,908,341,016
38,125,151
1,093,869,346
98,238,325
9,454,205
296,086,446
25,283,874
7,706,612
20,847,117
20,652,145
63,085,309
25,284,646
259,232,511
2,544,557
147,055,223
10,770,626
29,844,646
63,664,896
228,156,412.06
5,247,564.19
11,672,112,705.14
152,706,695.99
546,934,673.00
1,538,877,318.62
425,317,345.32
475,454,778.16
52,279,695.96
5,190,144.10
814,640,621.52
204,846,705.46
13,995,746,498.29
10,452,109,706.01
373,669,160.82
9,898,287.26
3,991,757,812.08
1,650,075,226.68
27,794,064.55
308,240,919.36
1,548,780,000
20,000,000
25,813,998,283
900,000,000
13,175,732,404
476,955,000
640,590,362
2,078,817,600
634,000,000
843,284,027
1,308,733,859
217,367,585
1,474,925,519
792,656,250
4,200,000,000
214,083,618
3,783,296,250
300,496,051
126,000,000
1,304,144,647
33
GLAXOSMITH
2,473
29,723,397
771,092,264.03
2
126
66
52
83
87
117
NB
SKYESHELT
PRESCO
CONTINSURE
STDINSURE
DAARCOMM
ROYALEX
26,307
85
2,128
1,640
5,986
1,626
924
308,809,958
3,508,746
62,742,312
593,402,610
136,884,902
336,454,398
50,849,554
25,903,687,484.82
350,875,592.00
457,500,133.20
625,428,483.51
68,442,451.00
168,224,919.00
26,800,072.26
www.proshareng.com
October 16, 2011
Market CAP
at Sept 30' 11
As
11
91
99
115
105
116
81
95
63
80
142
136
121
82
93
106
96
103
101
128
98
68
109
137
180
102
53
157
113
104
170
162
174
38
172
89
184
175
177
LASACO
MBENEFIT
DUNLOP
SOVRENINS
CHAMS
CORNERST
INTENEGINS
UNIVINSURE
EQUITYASUR
UNIC
COURTVILLE
MULTIVERSE
ASOSAVINGS
REGALINS
LINKASSURE
HMARKINS
STACO
GUINEAINS
UNIONDAC
CAPOIL
UNITYKAP
OASISINS
OMATEK
UHOMREIT
DEAPCAP
AFRINSURE
GNI
MTI
EKOCORP
THOMASWY
ALUMACO
STUDPRESS
ETRANZACT
ELLAHLAKES
ARBICO
UNIONVENT
MANDRID
MCNICHOLS
www.proshareng.com
667
625
606
562
505
474
462
406
399
359
339
302
292
218
213
212
211
199
195
137
124
112
107
97
71
70
64
61
53
30
28
17
17
11
9
7
7
6
127,222,310
287,525,418
310,820,195
234,951,758
194,154,975
60,094,759
142,804,114
131,077,217
141,660,222
91,459,112
172,105,838
420,808,820
763,651,961
93,914,261
27,282,453
14,056,972
51,314,865
268,041,470
68,137,978
210,964,602
31,122,417
17,097,036
6,862,529
1,130,418
5,924,120
257,131,747
6,954,073
158,383,110
351,653
112,194
34,773
26,810
3,950
81,759
60,131
70,002,500
10,930
2,494,008
October 16, 2011
63,611,155.00
143,762,709.00
155,410,097.50
117,585,261.83
97,077,487.50
30,047,379.50
71,402,057.00
65,538,608.50
70,830,111.00
45,727,908.26
86,118,763.80
210,404,410.00
381,825,980.50
46,957,130.50
13,641,226.50
7,028,486.00
25,657,432.50
134,020,735.00
34,068,989.00
105,482,301.00
15,561,208.50
8,548,508.00
3,431,264.50
56,492,814.00
11,966,722.46
128,565,873.50
3,477,036.50
79,191,555.00
1,845,658.21
148,096.08
269,490.75
74,682.80
18,911.50
331,249.95
1,485,235.69
44,101,575.00
55,452.56
2,543,813.25
7,323,313,227
5,688,740,660
4,772,528,415
5,203,757,266
4,696,060,000
8,820,010,363
6,420,427,449
16,000,000,000
8,847,298,420
2,581,702,105
2,960,000,000
4,261,938,686
8,679,148,676
6,668,750,000
5,102,792,152
6,000,000,000
5,312,425,762
5,400,000,000
3,553,138,529
5,857,548,000
13,000,000,000
5,003,506,791
2,941,789,472
250,019,781
1,333,333,333
20,585,000,000
1,500,000,000
4,893,594,400
498,600,907
220,000,000
75,600,000
80,000,000
4,200,000,000
60,000,000
148,500,000
28,600,000
40,000,000
201,885,335
3,661,656,613.50
2,844,370,330.00
2,386,264,207.50
2,601,878,633.00
2,348,030,000.00
4,410,005,181.50
3,210,213,724.50
8,000,000,000.00
4,423,649,210.00
1,290,851,052.50
1,480,000,000.00
2,130,969,343.00
4,339,574,338.00
3,334,375,000.00
2,551,396,076.00
3,000,000,000.00
2,656,212,881.00
2,700,000,000.00
1,776,569,264.50
2,928,774,000.00
6,500,000,000.00
2,501,753,395.50
1,470,894,736.00
125,009,890.50
2,693,333,332.66
10,292,500,000.00
750,000,000.00
2,446,797,200.00
2,647,570,816.17
303,600,000.00
585,900,000.00
233,600,000.00
20,874,000,000.00
255,600,000.00
3,861,000,000.00
18,018,000.00
226,400,000.00
205,923,041.70
1.74%
5.05%
6.51%
4.52%
4.13%
0.68%
2.22%
0.82%
1.60%
3.54%
5.81%
9.87%
8.80%
1.41%
0.53%
0.23%
0.97%
4.96%
1.92%
3.60%
0.24%
0.34%
0.23%
0.45%
0.44%
1.25%
0.46%
3.24%
0.07%
0.05%
0.05%
0.03%
0.00%
0.14%
0.04%
244.76%
0.03%
1.24%
0.07%
0.06%
0.06%
0.06%
0.05%
0.05%
0.05%
0.04%
0.04%
0.04%
0.03%
0.03%
0.03%
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%
0.00%
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%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
12
0.19%
0.43%
0.47%
0.35%
0.29%
0.09%
0.21%
0.20%
0.21%
0.14%
0.26%
0.63%
1.15%
0.14%
0.04%
0.02%
0.08%
0.40%
0.10%
0.32%
0.05%
0.03%
0.01%
0.00%
0.01%
0.39%
0.01%
0.24%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.11%
0.00%
0.00%
179
141
185
186
155
8
10
44
123
118
153
41
176
178
187
145
164
79
135
119
154
133
149
134
21
37
156
15
47
108
125
167
146
122
151
64
114
75
WAGLASS
NESF
ROKANA
RAKUNITY
ABCTRANS
IBTC
WAPCO
INTBREW
PORTPAINT
GOLDINSURE
VONO
CHEVRON
ADSWITCH
CONFDINS
AFRPAINTS
INTERLINK
JULI
AVONCROWN
NIG-GERMAN
NIGROPES
PREMPAINTS
TRIPPLEG
CUTIX
TANTALIZER
JBERGER
CONOIL
NEIMETH
PZ
IHS
WAPIC
AFROMEDIA
IPWA
NIWICABLE
CRUSADER
ALEX
TOURIST
ENAMELWA
CHELLARAM
www.proshareng.com
5
4
2
1
1,070
8,923
7,263
3,525
87
1,277
395
1,684
34
1
29
7
19
25
156
13
30
120
651
1,611
2,570
3,881
1,584
8,407
170
1,270
783
63
290
769
35
54
41
35
10,800
1,034
5,700
5,000
53,057,778
538,922,169
180,761,374
115,246,877
259,600
549,517,338
22,116,711
5,366,952
612,369
77,000
225,373
4,008,751
141,849
1,135,432
3,871,938
235,629
15,137,186
617,060
8,974,899
130,732,672
26,782,999
12,498,126
37,891,383
137,813,614
123,850,339
91,582,986
621,597,573
2,862,692
12,744,982
640,290,256
546,308
329,863,041
264,653
258,599
October 16, 2011
6,512.00
559,268.16
3,591.00
1,550.00
32,358,710.78
5,189,287,793.56
7,888,276,329.49
743,796,983.13
1,352,283.13
279,872,346.94
68,254,250.00
364,006,569.11
1,063,560.00
46,970.00
698,622.73
19,640,827.66
408,353.64
7,439,108.56
34,698,358.64
1,946,295.54
186,840,996.32
2,021,969.63
19,400,781.52
74,030,727.14
1,420,164,767.79
455,551,412.66
48,596,604.37
4,548,513,697.62
343,150,702.30
51,635,334.81
318,577,468.20
2,708,135.41
7,000,270.86
321,147,502.10
6,175,458.94
1,460,349,660.10
10,539,807.03
1,795,038.91
199,066,550
2,500,000
30,000,000
15,000,000
1,507,000,000
18,750,000,000
3,001,600,004
2,113,040,081
400,000,000
4,549,947,000
300,000,000
253,988,673
125,005,250
211,626,000
125,411,926.50
1,380,500,000.00
18,000,000.00
7,500,000.00
813,780,000.00
172,687,500,000.00
120,094,016,160.04
12,805,022,890.86
2,044,000,000.00
2,274,973,500.00
864,000,000.00
16,219,716,657.78
213,758,977.50
129,091,860.00
0.01%
0.04%
0.02%
0.03%
3.52%
2.87%
6.02%
5.45%
0.06%
12.08%
7.37%
2.11%
0.49%
0.04%
236,699,511
194,700,000
683,974,529
153,786,012
265,409,280
75,000,000
494,956,000
528,396,608
3,211,627,907
1,200,000,000
693,952,117
821,576,716
3,176,381,636
4,400,000,000
5,061,804,000
4,035,497,260
514,140,713
2,220,000,000
4,109,644,991
100,000,000
1,772,884,297
63,360,000
722,925,000
1,159,827,603.90
564,630,000.00
4,493,712,655.53
1,539,397,980.12
2,192,280,652.80
819,750,000.00
1,608,607,000.00
1,109,632,876.80
1,605,813,953.50
56,592,000,000.00
23,844,194,740.12
780,497,880.20
95,354,976,712.72
11,704,000,000.00
2,530,902,000.00
2,017,748,630.00
467,868,048.83
1,154,400,000.00
2,054,822,495.50
1,070,000,000.00
7,658,860,163.04
2,439,993,600.00
4,886,973,000.00
1.69%
0.07%
0.17%
2.52%
0.09%
20.18%
0.12%
1.70%
4.07%
2.23%
1.80%
4.61%
4.34%
2.81%
1.81%
15.40%
0.56%
0.57%
15.58%
0.55%
18.61%
0.42%
0.04%
0.00%
0.00%
0.00%
0.00%
0.11%
0.88%
0.72%
0.35%
0.01%
0.13%
0.04%
0.17%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.02%
0.00%
0.00%
0.01%
0.06%
0.16%
0.25%
0.38%
0.16%
0.83%
0.02%
0.13%
0.08%
0.01%
0.03%
0.08%
0.00%
0.01%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
-1.82%
-1.92%
-2.41%
-3.04%
-3.22%
-3.85%
-4.00%
-4.06%
-4.47%
-4.69%
-4.82%
-4.85%
-4.92%
-4.92%
-4.94%
-4.95%
-4.96%
-4.97%
-4.98%
-5.66%
-5.68%
-5.71%
-5.94%
-6.22%
-6.99%
-7.41%
-7.41%
-8.08%
-8.77%
-9.09%
-9.17%
-9.24%
-9.73%
-11.05%
13
0.00%
0.00%
0.00%
0.00%
0.08%
0.81%
0.27%
0.17%
0.00%
0.83%
0.03%
0.01%
0.00%
0.00%
0.00%
0.01%
0.00%
0.00%
0.01%
0.00%
0.02%
0.00%
0.01%
0.20%
0.04%
0.02%
0.06%
0.21%
0.19%
0.14%
0.93%
0.00%
0.02%
0.96%
0.00%
0.50%
0.00%
0.00%
57
163
140
23
130
78
169
107
69
168
18
12
110
150
120
127
1
73
139
3
165
84
143
160
46
51
11
161
100
94
40
45
183
147
173
97
20
148
SPRINGBANK
VANLEER
MORISON
UACN
LAWUNION
VITAFOAM
PHARMDEKO
JOHNHOLT
BETAGLAS
EVANSMED
Total
FLOURMILL
NEM
FTNCOCOA
NIGERINS
BECOPETRO
DANGCEM
SCOA
REDSTAREX
ZENITHBANK
NCR
AGLEVENT
JOSBREW
UTC
CUSTODYINS
BAGCO
ETI
LIVESTOCK
BOCGAS
PRESTIGE
UAC-PROP
NASCON
SMURFIT
FIRSTALUM
POLYPROD
MAYBAKER
FIDELITYBK
ACADEMY
www.proshareng.com
1,903
48
20
10,191
1,149
2,941
67
112
47
898
2,679
12,829
4,550
1,144
1,455
1,436
5,754
108
2,437
64,377
103
640
58
1,366
2,538
53,043
4,523
1,272
407
1,036
2,631
5,482
15
491
182
3,638
23,967
194
65,254,518
1,070,152
245,881
145,140,505
190,077,724
58,979,864
1,693,039
974,020
1,664,719
22,451,254
15,865,674
159,484,577
949,432,680
71,336,297
108,238,223
143,587,315
94,731,206
3,144,361
94,615,992
5,757,055,897
1,703,936
12,109,201
72,252,874
161,636,764
522,686,727
455,133,777
365,040,473
152,691,735
3,286,977
36,706,986
54,898,093
136,557,196
49,160
18,296,093
86,131,433
80,446,625
1,863,031,290
12,861,496
October 16, 2011
98,448,063.50
14,991,666.15
2,392,491.76
5,549,925,925.54
104,249,283.98
343,108,353.00
6,476,388.76
6,850,555.47
22,843,272.64
24,483,748.54
3,516,291,326.93
13,284,785,282.80
501,393,653.57
38,609,792.42
72,779,726.39
76,051,730.03
11,163,486,520.60
22,511,611.38
277,127,796.54
86,981,276,283.49
7,667,457.48
25,229,617.57
181,483,078.77
103,536,909.38
1,582,933,979.54
1,189,624,251.05
5,560,380,474.09
82,820,777.30
25,236,709.27
71,596,013.44
981,356,708.70
775,679,073.12
60,532.60
11,121,947.36
128,098,225.02
325,728,457.91
4,787,894,326.94
44,232,088.66
11,321,143,263
42,640,000
152,178,750
1,600,720,323
3,437,330,500
819,000,000
100,000,000
389,151,412
499,972,000
486,472,800
339,521,837
1,879,210,666
4,976,922,766
2,200,000,000
4,345,907,932
3,716,976,580
15,494,019,668
821,666,666
589,496,760
31,396,493,786
108,000,000
2,191,895,983
562,000,000
1,233,375,004
5,100,846,808
6,215,000,000
9,873,614,567
1,199,999,418
393,120,000
2,149,984,660
1,375,000,000
2,649,438,378
36,000,000
2,110,666,242
240,000,000
980,000,000
28,974,797,023
430,200,000
9,509,760,340.92
566,259,200.00
1,407,653,437.50
53,560,102,007.58
1,718,665,250.00
4,668,300,000.00
368,000,000.00
2,533,375,692.12
6,354,644,120.00
437,825,520.00
67,904,367,400.00
111,906,995,160.30
2,488,461,383.00
1,100,000,000.00
2,172,953,966.00
1,858,488,290.00
1,549,401,966,800.00
5,020,383,329.26
1,420,687,191.60
389,630,487,884.26
537,840,000.00
4,164,602,367.70
1,270,120,000.00
616,687,502.00
11,731,947,658.40
10,938,400,000.00
118,483,374,804.00
599,999,709.00
2,732,184,000.00
3,224,976,990.00
16,775,000,000.00
11,922,472,701.00
37,440,000.00
1,118,653,108.26
252,000,000.00
2,940,000,000.00
58,239,342,016.23
1,118,520,000.00
0.58%
2.51%
0.16%
9.07%
5.53%
7.20%
1.69%
0.25%
0.33%
4.62%
4.67%
8.49%
19.08%
3.24%
2.49%
3.86%
0.61%
0.38%
16.05%
18.34%
1.58%
0.55%
12.86%
13.11%
10.25%
7.32%
3.70%
12.72%
0.84%
1.71%
3.99%
5.15%
0.14%
0.87%
35.89%
8.21%
6.43%
2.99%
0.19%
0.00%
0.00%
1.01%
0.11%
0.29%
0.01%
0.01%
0.00%
0.09%
0.27%
1.27%
0.45%
0.11%
0.14%
0.14%
0.57%
0.01%
0.24%
6.38%
0.01%
0.06%
0.01%
0.14%
0.25%
5.25%
0.45%
0.13%
0.04%
0.10%
0.26%
0.54%
0.00%
0.05%
0.02%
0.36%
2.37%
0.02%
-11.58%
-11.64%
-12.24%
-12.25%
-12.28%
-12.31%
-14.02%
-14.12%
-14.18%
-14.29%
-14.53%
-14.93%
-15.25%
-15.25%
-16.67%
-16.67%
-16.67%
-18.32%
-18.86%
-19.36%
-20.57%
-20.83%
-21.80%
-23.08%
-23.33%
-23.48%
-23.57%
-24.24%
-24.46%
-24.62%
-26.11%
-26.11%
-27.27%
-27.40%
-27.59%
-28.57%
-28.72%
-29.35%
14
0.10%
0.00%
0.00%
0.22%
0.29%
0.09%
0.00%
0.00%
0.00%
0.03%
0.02%
0.24%
1.43%
0.11%
0.16%
0.22%
0.14%
0.00%
0.14%
8.65%
0.00%
0.02%
0.11%
0.24%
0.78%
0.68%
0.55%
0.23%
0.00%
0.06%
0.08%
0.21%
0.00%
0.03%
0.13%
0.12%
2.80%
0.02%
4
5
29
54
62
90
71
111
74
36
28
35
132
131
65
88
76
166
85
14
19
72
17
60
55
42
27
138
50
59
32
25
34
16
9
30
112
129
GUARANTY
FIRSTBANK
ECOBANK
GTASSURE
FIRSTINLND
LONGMAN
MULTITREX
NPFMCRFBK
AIICO
HONYFLOUR
ASHAKACEM
UNITYBNK
CILEASING
UPL
NAHCO
UNHOMES
NSLTECH
TRANSEXPR
NNFM
ACCESS
SKYEBANK
JAPAULOIL
FCMB
WEMABANK
CAP
STERLNBANK
CADBURY
RTBRISCOE
FO
CCNN
UBN
DIAMONDBNK
OCEANIC
DANGSUGAR
UBA
DANGFLOUR
COSTAIN
FIDSON
www.proshareng.com
100,414
120,309
6,152
2,719
14,468
684
125
218
16,951
2,851
10,011
7,744
2,152
1,923
11,405
4,047
82
68
437
34,369
21,588
17,113
9,916
7,959
2,409
8,899
9,013
3,202
6,609
3,423
20,100
14,700
20,355
14,834
46,430
19,417
2,484
2,957
3,216,114,123
3,973,909,614
177,375,265
659,188,001
2,497,510,072
16,418,657
7,834,474
11,206,174
673,491,106
47,767,687
370,724,512
1,245,345,272
97,127,592
33,844,051
126,394,554
329,308,924
176,729,101
6,336,842
8,519,424
2,535,434,390
1,143,408,698
819,050,558
906,959,655
775,283,691
19,115,091
945,562,311
136,046,889
78,589,126
39,585,691
61,192,865
1,003,376,763
1,928,127,384
1,639,586,984
548,102,620
3,013,805,748
259,119,276
68,782,359
366,717,150
October 16, 2011
51,562,495,419.57
55,007,967,849.47
642,115,460.07
942,731,705.83
1,952,496,319.85
92,713,518.63
14,773,803.82
13,818,947.55
587,526,213.33
240,815,075.47
9,188,231,149.02
1,463,552,672.71
123,253,149.54
168,141,200.61
1,121,751,261.88
241,052,129.89
245,791,182.22
28,387,848.96
306,214,869.99
19,905,637,369.82
8,932,105,873.13
1,131,892,050.94
6,243,229,540.09
1,030,717,691.51
533,940,042.34
2,058,305,846.86
2,997,358,230.91
199,116,803.05
882,157,237.83
681,665,922.79
3,378,143,089.77
12,024,278,048.13
3,886,178,839.37
7,609,278,045.37
21,922,230,253.43
3,837,533,272.58
335,220,773.77
719,416,950.21
29,431,179,224
32,632,084,358
13,879,951,642
10,000,000,000
16,721,199,470
771,450,000
3,722,493,620
2,286,637,766
8,800,204,480
7,930,197,658
2,239,453,125
33,675,576,085
1,882,818,912
449,384,898
1,230,468,750
7,812,500,000
5,631,539,736
132,546,509
178,200,000
17,888,251,479
13,219,334,676
6,262,701,716
16,271,192,202
12,821,249,880
560,000,000
12,563,091,545
3,129,188,160
980,294,400
1,080,280,628
1,256,677,766
13,509,726,273
14,475,243,105
22,221,369,213
12,000,000,000
32,334,693,693
5,000,000,000
920,573,765
1,500,000,000
378,190,653,028.40
318,815,464,177.66
35,116,277,654.26
10,100,000,000.00
8,360,599,735.00
3,695,245,500.00
6,030,439,664.40
2,469,568,787.28
5,016,116,553.60
24,583,612,739.80
37,622,812,500.00
25,256,682,063.75
1,694,537,020.80
1,712,156,461.38
7,235,156,250.00
3,906,250,000.00
4,730,493,378.24
481,143,827.67
4,029,102,000.00
100,531,973,311.98
67,418,606,847.60
5,135,415,407.12
69,152,566,858.50
9,103,087,414.80
9,996,000,000.00
15,829,495,346.70
43,527,007,305.60
1,450,835,712.00
11,278,129,756.32
9,173,747,691.80
28,235,327,910.57
50,663,350,867.50
25,554,574,594.95
84,000,000,000.00
125,135,264,591.91
34,050,000,000.00
2,448,726,214.90
1,740,000,000.00
10.93%
12.18%
1.28%
6.59%
14.94%
2.13%
0.21%
0.49%
7.65%
0.60%
16.55%
3.70%
5.16%
7.53%
10.27%
4.22%
3.14%
4.78%
4.78%
14.17%
8.65%
13.08%
5.57%
6.05%
3.41%
7.53%
4.35%
8.02%
3.66%
4.87%
7.43%
13.32%
7.38%
4.57%
9.32%
5.18%
7.47%
24.45%
9.95%
11.92%
0.61%
0.27%
1.43%
0.07%
0.01%
0.02%
1.68%
0.28%
0.99%
0.77%
0.21%
0.19%
1.13%
0.40%
0.01%
0.01%
0.04%
3.40%
2.14%
1.70%
0.98%
0.79%
0.24%
0.88%
0.89%
0.32%
0.65%
0.34%
1.99%
1.46%
2.02%
1.47%
4.60%
1.92%
0.25%
0.29%
-29.63%
-31.15%
-31.44%
-33.55%
-34.21%
-34.38%
-35.20%
-36.47%
-36.67%
-38.00%
-39.63%
-40.48%
-40.79%
-41.38%
-42.35%
-43.18%
-43.24%
-43.28%
-43.30%
-43.63%
-43.83%
-44.22%
-45.44%
-47.41%
-47.55%
-47.93%
-48.10%
-48.97%
-52.33%
-52.57%
-52.61%
-55.53%
-56.11%
-56.25%
-59.26%
-60.18%
-60.24%
-62.09%
15
4.83%
5.97%
0.27%
0.99%
3.75%
0.02%
0.01%
0.02%
1.01%
0.07%
0.56%
1.87%
0.15%
0.05%
0.19%
0.49%
0.27%
0.01%
0.01%
3.81%
1.72%
1.23%
1.36%
1.16%
0.03%
1.42%
0.20%
0.12%
0.06%
0.09%
1.51%
2.90%
2.46%
0.82%
4.53%
0.39%
0.10%
0.55%
92
24
171
158
49
43
61
STARCOMMS
OANDO
DNMEYER
PAINTCOM
PLATINUM
INTERCONT
AFRIBANK
3,499
28,451
267
261
11,523
14,184
8,175
555,805,463
405,987,959
5,289,267
102,508,216
1,115,476,643
1,292,112,143
512,004,482
437,937,282.10
21,107,642,918.02
9,274,112.11
189,028,256.72
1,918,922,113.67
2,223,178,888.34
1,131,708,715.78
6,878,478,096
2,274,118,138
242,908,200
792,914,256
20,154,994,726
18,860,014,978
13,558,921,243
3,439,239,048.00
52,281,975,992.62
276,915,348.00
737,410,258.08
11,488,346,993.82
13,202,010,484.60
8,677,709,595.52
8.08%
17.85%
2.18%
12.93%
5.53%
6.85%
3.78%
0.35%
2.82%
0.03%
0.03%
1.14%
1.41%
0.81%
-63.50%
-65.69%
-65.87%
-67.82%
-68.85%
-69.03%
-71.93%
www.proshareng.com
October 16, 2011
16
0.83%
0.61%
0.01%
0.15%
1.68%
1.94%
0.77%
Appendix II
9-Months Sector Performance: Average Return(s) Analysis
Sector Performance Table by 9months Average Returns
Sector
HOTEL AND TOURISM
TEXTILES
BREWERIES
Trades
Volume
Value
Activity
level
Liquidity
Level
Average
Sector
Returns
3,411
663,628,926
2,163,960,850.32
1.00%
0.34%
48.06%
348
7,706,612
5,190,144.10
0.01%
0.03%
13.33%
42,251
627,364,815
41,005,214,805.55
0.94%
4.19%
5.98%
1.55%
182
4,639,164
407,368,406.00
0.01%
0.02%
MORTGAGE COMPANIES
4,838
2,446,062,742
1,543,481,944.21
3.67%
0.48%
1.27%
6,025
385,090,428
2,118,139,271.49
0.58%
0.60%
-0.63%
ROAD TRANSPORTATION
1,070
53,057,778
32,358,710.78
0.08%
0.11%
-1.82%
REAL ESTATE INVESTMENT TRUST
CONSTRUCTION
CONGLOMERATES
MEDIA
SECOND-TIER SECURITIES
INSURANCE
ENGINEERING TECHNOLOGY
5,422
517,825,879
1,972,522,751.44
0.78%
0.54%
-2.29%
40,409
9,354,836,539
25,818,696,963.71
14.05%
4.00%
-3.43%
2,409
958,051,971
486,802,387.20
1.44%
0.24%
-3.70%
221
284,275,188
153,665,276.49
0.43%
0.02%
-4.58%
45,949
6,494,996,487
5,880,598,989.43
9.75%
4.55%
-6.08%
948
25,728,632
46,041,880.04
0.04%
0.09%
-6.20%
COMPUTER & OFFICE EQUIPMENT
360
9,295,719
13,268,787.69
0.01%
0.04%
-6.39%
1,987
708,273,138
374,499,512.53
1.06%
0.20%
-9.11%
53,559
547,717,680
1,372,976,005.48
0.82%
5.31%
-9.36%
PACKAGING
4,338
103,525,379
464,706,016.35
0.16%
0.43%
-12.44%
ICT
4,252
1,032,197,837
957,375,938.40
1.55%
0.42%
-14.10%
AIRLINE SERVICES
12,095
151,678,428
1,174,030,957.84
0.23%
1.20%
-14.49%
HEALTHCARE
11,885
607,658,360
1,934,101,552.79
0.91%
1.18%
-14.81%
51,333
697,327,239
28,360,017,340.62
1.05%
5.09%
-18.74%
5,036
169,921,508
1,163,387,512.86
0.26%
0.50%
-21.70%
82,213
1,651,398,477
40,936,128,415.99
2.48%
8.14%
-22.08%
BUILDING MATERIALS
26,464
707,645,586
28,923,606,217.44
1.06%
2.62%
-23.25%
4,523
365,040,473
5,560,380,474.09
0.55%
0.45%
-23.57%
CHEMICAL & PAINTS
FOREIGN LISTINGS
www.proshareng.com
October 16, 2011
17
AUTOMOBILE & TYRE
3,808
389,409,321
354,526,900.55
0.58%
0.38%
-24.48%
REAL ESTATE
2,631
54,898,093
981,356,708.70
0.08%
0.26%
-26.11%
COMMERCIAL/SERVICES
2,926
449,787,773
637,425,591.52
0.68%
0.29%
-26.34%
PRINTING & PUBLISHING
2,801
63,124,204
305,086,807.90
0.09%
0.28%
-35.04%
LEASING
2,152
97,127,592
123,253,149.54
0.15%
0.21%
-40.79%
BANKING
566,455
36,145,657,112
292,340,170,459.06
54.28%
56.12%
-42.38%
MARITIME
17,113
819,050,558
1,131,892,050.94
1.23%
1.70%
-44.22%
www.proshareng.com
October 16, 2011
18
Appendix III
9-Months Return(s) Volatility & Due Diligence
9months Returns
Stocks Per Sector
Volatility
Price
@
Sept
30
2011
Price
@ Jan
4
2011
4.26
4.26
0.00%
4.26
4.26
0.50
0.59
-15.25%
0.64
0.50
0.50
0.66
-24.24%
0.66
0.50
20.39
15.20
34.14%
20.39
14.53
7.00
6.85
2.19%
8.30
6.40
6.53
5.51
-0.63%
6.85
5.24
1.95
1.72
13.37%
2.78
1.57
5.88
10.20
-42.35%
11.75
5.4
3.92
5.96
-14.49%
7.27
3.49
0.50
0.50
0.00%
0.50
0.50
1.48
2.90
-48.97%
3.65
1.3
0.99
1.70
-24.48%
2.08
0.90
5.62
9.97
-43.63%
11.10
4.90
0.64
2.28
-71.93%
3.39
0.64
3.50
7.87
-55.53%
9.27
3.43
Returns
High
Low
Activities
Total
Trades
Total Volume
Due Diligence
Total Value
PAT
MARGIN
EPS
-234%
-0.23
1,132
-134.4%
Q3 '10
2,166
-207.7%
Q2 '11
59.1%
Q2 '10
77.3%
Q2 '11
108.9%
Q2 '11
Book
Value
(N'm)
PAT
GROWTH
PERIOD
AGRICULTURE
ELLAHLAKES
FTNCOCOA
LIVESTOCK
OKOMUOIL
PRESCO
Sector Average
11.00
81,759.00
331,249.95
1,144.00
71,336,297.00
38,609,792.42
-20%
-0.04
1,272.00
152,691,735.00
82,820,777.30
2%
0.02
1,470.00
98,238,325.00
1,538,877,318.62
50%
6.06
8,755
2,128.00
62,742,312.00
457,500,133.20
5,018
1,205.00
77,018,085.60
423,627,854.30
447
40%
1.50
-32%
1.46
5%
0.14
1,659
1020.5%
Q2 '10
14%
0.39
4,990
-28.5%
Q2 '11
10%
0.27
-220%
-0.07
(4,475)
3,458
3,503.54
-19.36%
AIR SERVICES
AIRSERVICE
NAHCO
Sector Average
690.00
11405.00
6,047.50
25,283,874.00
52,279,695.96
126,394,554.00
1,121,751,261.88
75,839,214.00
587,015,478.92
3,324.50
496%
AUTOMOBILE & TYRE

DUNLOP
RTBRISCOE
Sector Average
606.00
3202.00
1,904.00
310,820,195.00
155,410,097.50
78,589,126.00
199,116,803.05
1%
0.09
-109%
0.01
-508.50
194,704,660.50
177,263,450.28
34,369.00
2,535,434,390.00
19,905,637,369.82
15%
0.45
175,397
8,175.00
512,004,482.00
1,131,708,715.78
-37%
-0.30
(253,045)
14,700.00
1,928,127,384.00
12,024,278,048.13
3%
0.08
107,600
65.8%
Q2 '11
4.4%
Q2 '11
35.11%
BANKING
ACCESS
AFRIBANK
DIAMONDBNK
www.proshareng.com
October 16, 2011
21.2%
Q2 '11
-311.78%
Q1 '11
-73.9%
Q2 '11
19
ECOBANK
FCMB
FIDELITYBK
FIRSTBANK
FIRSTINLND
GUARANTY
IBTC
INTERCONT
OCEANIC
PLATINUM
SKYEBANK
SPRINGBANK
STERLNBANK
UBA
UBN
UNITYBNK
WEMABANK
ZENITHBANK
Sector Average
2.53
3.69
-31.44%
4.30
2.41
4.25
7.79
-45.44%
8.3
3.73
2.01
2.82
-28.72%
3.2
1.67
9.77
14.19
-31.15%
16.12
8.5
0.50
0.76
-34.21%
1.27
0.50
12.85
18.26
-29.63%
20.5
11.64
9.21
9.39
-1.92%
11.38
8.41
0.70
2.26
-69.03%
2.94
0.70
1.15
2.62
-56.11%
3.85
0.96
0.57
1.83
-68.85%
2.30
0.53
5.10
9.08
-43.83%
10.17
4.74
0.84
0.95
-11.58%
2.18
0.73
1.26
2.42
-47.93%
2.91
1.15
3.87
9.50
-59.26%
11.70
3.40
2.09
4.41
-52.61%
5.38
1.96
0.75
1.26
-40.48%
1.92
0.5
0.71
1.35
-47.41%
1.75
0.64
12.41
15.39
-19.36%
16.7
11.75
3.83
6.10
-42.38%
7.17
3.47
207.95
190.56
9.13%
255
186
6.06
6.25
-3.04%
7.1
5.23
2.26
2.89
-21.80%
3.2
2.26
79.98
77.32
3.44%
94.01
72.5
4.46
3.10
43.87%
4.63
2.23
6,152.00
177,375,265.00
642,115,460.07
5%
0.11
75,811
-9.5%
Q2 '11
9,916.00
906,959,655.00
6,243,229,540.09
15%
0.33
588,501
91.6%
Q2 '11
23,967.00
1,863,031,290.00
4,787,894,326.94
10%
0.11
132,304
-8.0%
Q2 '11
120,309.00
3,973,909,614.00
55,007,967,849.47
22%
0.96
321,043
31.7%
Q3 '11
14,468.00
2,497,510,072.00
1,952,496,319.85
60%
0.87
(112,623)
-109.68%
Q4 '10
100,414.00
3,216,114,123.00
51,562,495,419.57
29%
0.46
228,436
38.6%
Q2 '11
8,923.00
538,922,169.00
5,189,287,793.56
15%
0.25
82,081
-10.62%
Q2 '11
14,184.00
1,292,112,143.00
2,223,178,888.34
8%
0.17
(319,754)
44.1%
Q2 '11
20,355.00
1,639,586,984.00
3,886,178,839.37
7%
0.17
(86,441)
-54.1%
Q2 '11
11,523.00
1,115,476,643.00
1,918,922,113.67
1%
0.00
(248,732)
-96.5%
Q1 '11
21,588.00
1,143,408,698.00
8,932,105,873.13
13%
0.49
105,577
28.0%
Q2 '11
1,903.00
65,254,518.00
98,448,063.50
11%
0.08
(86,700)
52.7%
Q1 '11
8,899.00
945,562,311.00
2,058,305,846.86
14%
0.21
36,223
-33.9%
Q2 '11
46,430.00
3,013,805,748.00
21,922,230,253.43
9%
0.25
187,075
67.44%
Q2 '11
20,100.00
1,003,376,763.00
3,378,143,089.77
-2%
-0.04
(117,625)
-118.07%
Q1 '11
7,744.00
1,245,345,272.00
1,463,552,672.71
5%
0.03
42,488
-84.6%
Q2 '11
7,959.00
775,283,691.00
1,030,717,691.51
12%
0.13
64,165
33.1%
Q2 '11
64,377.00
5,757,055,897.00
86,981,276,283.49
25%
0.98
367,754
43.94%
Q2 '11
11%
0.28
61406.43
26,974.05
1,721,221,767.24
13,920,960,498.05
12,127.00
63,085,309.00
13,995,746,498.29
14%
12.15
40,283
3,525.00
115,246,877.00
743,796,983.13
-2%
-0.04
58.00
72,252,874.00
181,483,078.77
-212%
26,307.00
308,809,958.00
25,903,687,484.82
203.00
38,125,151.00
152,706,695.99
-21.82%
BREWERIES
GUINNESS
INTBREW
JOSBREW
NB
CHAMPION
www.proshareng.com
October 16, 2011
30.51%
Q4 '10
(177)
-109.4%
Q2 '11
-0.77
(1,662)
-12.63%
Q4 '09
17%
2.48
59,441
17.9%
Q2 '11
-78%
-0.28
(3,764)
-46.6%
Q2 '11
20
PREMBREW
Sector Average
0.97
0.93
4.30%
0.97
0.93
50.28
46.84
5.98%
60.82
44.86
16.80
27.83
-39.63%
30
16
7.30
15.39
-52.57%
15.39
7.15
3423.00
100.00
120.00
-16.67%
132.51
95
5754.00
8.26
8.69
-4.95%
8.69
8.26
40.01
41.00
-2.41%
48.05
37
34.47
42.58
-23.25%
46.93
32.68
3.16
3.32
-4.82%
3.32
3.16
29.00
9.36
8.36
11.96%
12.57
8.36
1734.00
17.85
34.03
-47.55%
43.98
17
2409.00
1.14
3.34
-65.87%
3.51
1.14
267.00
0.91
0.99
-8.08%
0.99
0.91
63.00
10.01
10.53
-4.94%
12.91
10.01
156.00
0.93
2.89
-67.82%
3.2
0.93
261.00
5.11
5.28
-3.22%
10.93
11.50
-4.96%
13.4
10.93
6.60
8.92
-21.70%
11.74
6.56
0.50
0.50
0.00%
0.5
0.5
0.84
1.48
-43.24%
1.88
0.84
82.00
2.41
2.97
-18.86%
3.67
2.11
2437.00
3.63
6.40
-43.28%
6.4
3.63
68.00
31.00
29,844,646.00
7,041.83
104,560,802.50
27,794,064.55
6,834,202,467.59
-0.33
4,538
367.37%
-52%
2.20
16443.19
41.19%
Q4 '10
BUILDING MATERIALS
ASHAKACEM
CCNN
DANGCEM
NIGROPES
WAPCO
Sector Average
10,011.00
13.00
7263.00
5,292.80
370,724,512.00
9,188,231,149.02
16%
0.72
18,452
61,192,865.00
681,665,922.79
15%
0.85
5,977
94,731,206.00
11,163,486,520.60
51%
3.72
235,629.00
1,946,295.54
5%
180,761,374.00
7,888,276,329.49
141,529,117.20
5,784,721,243.49
0.5%
Q2 ' 11
106.6%
Q2 ' 11
234,342
8.9%
Q2 ' 11
0.04
160.969
-187.0%
Q2 ' 11
11%
1.06
50,734
-20.5%
Q2 ' 10
20%
1.28
61933.19
-18.31%
CHEMICAL & PAINTS

AFRPAINTS
BERGER
CAP
DNMEYER
IPWA
NIG-GERMAN
PAINTCOM
PORTPAINT
PREMPAINTS
Sector Average
87.00
30.00
559.56
225,373.00
698,622.73
45.487
-49.8%
Q2 '11
20,652,145.00
204,846,705.46
6%
0.33
1,599
-40.9%
Q2 '11
19,115,091.00
533,940,042.34
20%
0.70
940
18.7%
Q2 '11
5,289,267.00
9,274,112.11
-8%
-0.22
669
65.8%
Q2 '11
2,862,692.00
2,708,135.41
-22%
-0.12
322
-579.91%
Q3 '10
3,871,938.00
34,698,358.64
11%
0.98
-179.63%
Q3 '10
102,508,216.00
189,028,256.72
9%
0.13
951
499.21%
Q4 '09
259,600.00
1,352,283.13
8%
0.24
984
-12.6%
Q2 '11
15,137,186.00
186,840,996.32
-22%
-0.25
-342.6%
Q2 '11
18,880,167.56
129,265,279.21
-152%
-17%
0.22
2,557
(3.51)
896.05
-69.07%
COMMERCIAL/SERVICES
COURTVILLE
NSLTECH
REDSTAREX
TRANSEXPR
www.proshareng.com
October 16, 2011
339.00
172,105,838.00
86,118,763.80
14%
0.04
2,627
-31.24%
Q4 '10
176,729,101.00
245,791,182.22
1%
0.00
7,100
-78.4%
Q2 '11
94,615,992.00
277,127,796.54
6%
0.11
-21.3%
Q1 '11
6,336,842.00
28,387,848.96
7%
0.14
-61.5%
Q2 '11
1,500
431.500
21
Sector Average
1.85
2.84
-26.34%
3.11
1.77
731.50
4.98
6.27
-20.57%
6.94
3.25
103.00
0.50
0.50
0.00%
0.5
0.5
107.00
1.38
1.38
0.00%
1.38
1.38
30.00
3.25
3.42
-4.97%
3.59
3.25
120.00
2.53
2.89
-6.39%
3.10
2.10
1.90
2.40
-20.83%
2.54
1.81
640.00
6.76
7.60
-11.05%
7.6
6.76
35.00
6.51
7.58
-14.12%
8.82
6.51
112.00
30.02
32.01
-6.22%
43.5
27.28
6.11
7.48
-18.32%
8.28
6.11
0.75
0.50
50.00%
1.82
0.5
10641.00
33.46
38.13
-12.25%
42.5
31.35
10191.00
27.50
26.10
5.36%
31.25
22.56
10275.00
14.13
15.23
-3.43%
18.29
12.86
26.00
26.00
0.00%
29.44
26
2.66
6.69
-60.24%
7.97
2.46
2484.00
47.16
50.00
-5.68%
62.26
47.08
2570.00
0.50
0.50
0.00%
0.5
0.5
4.65
3.01
54.49%
4.65
3.01
16.19
17.24
-2.29%
20.96
15.81
112,446,943.25
159,356,397.88
7%
0.08
2914.63
-48.12%
COMP & OFFICE EQUIP

NCR
OMATEK
THOMASWY
TRIPPLEG
Sector Average
90.00
1,703,936.00
7,667,457.48
36%
3.19
1,505
16.5%
Q2 '11
6,862,529.00
3,431,264.50
20%
0.05
7,458
1.5%
Q2 '11
112,194.00
148,096.08
-22%
-0.14
155.406
-445.3%
Q4 '10
617,060.00
2,021,969.63
646.812
-67.1%
Q1 '11
2,323,929.75
3,317,196.92
7%
0.02
10%
0.78
2,441.30
-124%
CONGLOMERATES
AGLEVENT
CHELLARAM
JOHNHOLT
PZ
SCOA
TRANSCORP
UACN
UNILEVER
Sector Average
8407.00
108.00
5,051.13
12,109,201.00
25,229,617.57
3%
0.13
10,389
258,599.00
1,795,038.91
1%
0.13
3,070
974,020.00
6,850,555.47
-14%
-1.28
3,409
137,813,614.00
4,548,513,697.62
3%
0.14
3,144,361.00
22,511,611.38
3%
8,908,341,016.00
11,672,112,705.14
145,140,505.00
147,055,223.00
1,169,354,567.38
-6.9%
Q2 '11
29.9%
2276.19%
Q1 '11
41,570
-23.6%
Q1 '11
0.04
2,601
-85.2%
Q2 '11
44%
0.02
20,259
45.9%
Q2 '11
5,549,925,925.54
29%
4.86
40,311
249.7%
Q2 '11
3,991,757,812.08
10%
0.72
6,880
64.2%
Q2 '11
10%
0.59
-39%
-0.51
596.283
3,227,337,120.46
16,061
Q2 '11
-250%
CONSTRUCTION
ARBICO
COSTAIN
JBERGER
MULTIVERSE
ROADS
Sector Average
9.00
302.00
57.00
1,084.40
60,131.00
1,485,235.69
68,782,359.00
335,220,773.77
1%
0.11
7,910
-115.92%
26,782,999.00
1,420,164,767.79
3%
1.80
9,775
28.6%
Q2 '11
420,808,820.00
210,404,410.00
8%
0.01
3,726
-46.7%
Q2 '11
1,391,570.00
5,247,564.19
2%
3.66
288.948
-8.7%
Q4 '10
-5%
1.01
103,565,175.80
394,504,550.29
4459.25
59.9%
Q2 '11
Audited
'10
-17%
ENGINEERING TECH
www.proshareng.com
October 16, 2011
22
CUTIX
INTERLINK
NIWICABLE
Sector Average
2.10
2.21
-4.98%
2.5
1.96
4.90
5.15
-4.85%
5.15
4.9
0.52
0.57
-8.77%
0.73
0.5
2.51
2.64
-6.20%
2.79
2.45
47.00
39.00
20.51%
47.00
39.00
2632.00
13.91
26.80
-48.10%
29.20
13.91
9013.00
6.81
17.10
-60.18%
19.90
5.81
19417.00
7.00
16.00
-56.25%
16.20
16.20
14834.00
59.55
70.00
-14.93%
95.00
59.55
12829.00
3.10
5.00
-38.00%
6.60
3.10
2851.00
5.66
5.66
0.00%
5.66
5.66
7.00
1.62
2.50
-35.20%
2.50
1.62
125.00
4.50
6.09
-26.11%
6.70
4.00
5482.00
41.00
36.50
12.33%
43.25
35.03
3312.00
401.00
368.55
8.80%
470.00
367.83
8297.00
22.61
39.88
-43.30%
43.96
22.61
0.50
0.53
-5.66%
0.75
0.50
1611.00
0.50
0.65
-23.08%
0.88
0.50
1366.00
43.91
45.30
-22.08%
56.26
41.09
5.31
5.31
0.00%
5.31
5.04
53.00
0.90
1.05
-14.29%
1.45
0.86
898.00
1.16
3.06
-62.09%
3.2
1.16
2957.00
27.00
26.00
3.85%
29.65
23.11
2473.00
651.00
8,974,899.00
19,400,781.52
2%
0.02
508.154
-32.2%
Q1 '11
7.00
4,008,751.00
19,640,827.66
-12%
-0.06
432.376
11.02%
12,744,982.00
7,000,270.86
-41%
-0.06
443.688
62.6%
Q3 '11
Audited
'10
-17%
-0.03
461.41
290.00
316.00
8,576,210.67
15,347,293.35
13.81%
FOOD/BEV & TOBACCO

7UP
CADBURY
DANGFLOUR
DANGSUGAR
FLOURMILL
HONYFLOUR
MANDRID
MULTITREX
NASCON
NBC
NESTLE
NNFM
TANTALIZER
UTC
Sector Average
437.00
5,872.36
9,454,205.00
425,317,345.32
8%
1.79
9,722
16.3%
Q1 '11
136,046,889.00
2,997,358,230.91
5%
0.25
13,721
3.2%
Q2 '11
259,119,276.00
3,837,533,272.58
4%
0.54
27,146
-51.0%
Q4 '10
548,102,620.00
7,609,278,045.37
6%
0.25
36,693
-47.7%
Q2 '11
159,484,577.00
13,284,785,282.80
5%
1.22
44,348
-30.2%
Q1 '11
47,767,687.00
240,815,075.47
1%
0.01
15,221
-56.5%
Q1 '11
10,930.00
55,452.56
0%
0.00
203.025
101.4%
Q3 '10
7,834,474.00
14,773,803.82
-30%
-0.09
5,898
-153.9%
Q1 '11
136,557,196.00
775,679,073.12
18%
0.31
4,461
53.6%
Q2 '11
20,847,117.00
814,640,621.52
1%
0.31
30,607
-53.3%
Q2 '11
25,284,646.00
10,452,109,706.01
14%
7.89
12,833
3.7%
Q2 '11
8,519,424.00
306,214,869.99
3%
0.49
1,648
-48.6%
Q1 '11
130,732,672.00
74,030,727.14
0%
0.00
3,902
-89.3%
Q2 '11
161,636,764.00
103,536,909.38
3%
0.06
6.73%
Q4 '10
3%
0.93
13%
0.12
1,422
78.4%
Q2 '11
117,957,034.07
2,924,009,172.57
1,337
14,839
-25%
HEALTHCARE
EKOCORP
EVANSMED
FIDSON
GLAXOSMITH
www.proshareng.com
October 16, 2011
351,653.00
1,845,658.21
22,451,254.00
24,483,748.54
1%
0.03
1.469
-267.8%
Q2 '11
366,717,150.00
719,416,950.21
7%
0.21
5,525
-33.4%
Q4 '10
29,723,397.00
771,092,264.03
11%
1.18
7,831
-2.2%
Q2 '11
23
MAYBAKER
MORISON
NEIMETH
PHARMDEKO
UNIONDAC
Sector Average
3.00
4.20
-28.57%
5.61
3638.00
9.25
10.54
-12.24%
10.54
9.52
20.00
0.95
1.01
-5.94%
1.96
0.95
1584.00
3.68
4.28
-14.02%
4.28
3.68
67.00
0.50
0.50
0.00%
0.5
0.5
5.75
6.22
-14.81%
6.94
5.31
7.50
3.20
134.38%
2.25
1.89
19.05%
2.25
1.33
3029.00
4.32
4.76
-9.24%
4.76
4.31
54.00
4.69
3.28
48.06%
5.00
2.88
10.70
11.78
-9.17%
12.39
10.7
35.00
7.75
7.75
0.00%
7.75
7.75
28.00
6.95
9.20
-24.46%
9.2
6.9
38.51
42.66
-9.73%
42.66
38.51
0.53
0.73
-27.40%
0.75
0.5
5.70
6.50
-12.31%
6.75
2.88
3.00
-4.00%
3.67
2.66
10.43
11.66
-12.44%
11.88
10.29
0.50
0.50
0.00%
0.5
0.5
4.97
4.97
0.00%
4.97
4.97
17.00
2.66
2.86
-6.99%
3.5
2.66
170.00
0.50
0.50
0.00%
0.5
0.5
195.00
1,320.56
80,446,625.00
325,728,457.91
4%
0.08
2,900
245,881.00
2,392,491.76
37,891,383.00
-26%
-0.16
392.944
48,596,604.37
8%
0.05
1,693,039.00
6,476,388.76
6%
68,137,978.00
34,068,989.00
67,517,595.56
214,900,172.53
-99.9%
Q2 '11
-426.8%
Q2 '11
1,009
142.0%
Q1 '11
0.39
1,071
-115.8%
Q2 '11
-29%
-0.04
4,755
-244.0%
Q4 '10
-0.6%
0.21
2,767
-108%
HOTEL & TOURISM

CAPHOTEL
IKEJAHOTEL
TOURIST
Sector Average
328.00
1,137.00
37,679,439.00
228,156,412.06
17%
0.26
3,259
-38.4%
Q2 '11
296,086,446.00
475,454,778.16
15%
0.25
9,208
-30.5%
329,863,041.00
1,460,349,660.10
-16%
-0.32
2,771
Q2 '11
15MONTH
'11
5%
0.06
3%
0.25
321.053
221,209,642.00
721,320,283.44
17.9%
5,079
-17%
IND/DOMESTIC PRO
ALEX
ALUMACO
BOCGAS
ENAMELWA
FIRSTALUM
VITAFOAM
VONO
Sector Average
407.00
41.00
491.00
2941.00
395.00
619.71
546,308.00
6,175,458.94
34,773.00
269,490.75
-41%
-0.61
65.410
3,286,977.00
25,236,709.27
14%
0.40
1,158
264,653.00
10,539,807.03
3%
18,296,093.00
11,121,947.36
-3%
-0.06
58,979,864.00
343,108,353.00
6%
22,116,711.00
68,254,250.00
14,789,339.86
66,386,573.76
14.1%
Q2 '11
-231.3%
Q2 '11
2.9%
Q2 '11
4.75%
Q3 '10
6,073
-88.5%
Q2 '11
0.74
2,857
11.2%
Q3 '10
-24%
-0.24
591.643
53.1%
Q2 '11
-6%
0.08
11%
0.04
6,285
-242.3%
Q2 '11
8%
0.02
2,499
-706.5%
Q2 '11
-11%
-0.38
8,459
-236.0%
Q4 '10
-134%
-0.18
3,946
3003.05%
Q3 '10
285
1,622
-33%
INFO & COMM TECH

CHAMS
ETRANZACT
IHS
MTI
www.proshareng.com
October 16, 2011
505.00
61.00
194,154,975.00
97,077,487.50
3,950.00
18,911.50
123,850,339.00
343,150,702.30
158,383,110.00
79,191,555.00
24
STARCOMMS
Sector Average
0.50
1.37
-63.50%
0.5
1.37
3499.00
1.83
2.04
-14.10%
1.99
2.00
0.50
0.50
0.00%
0.5
0.5
0.57
0.90
-36.67%
1.06
0.57
16951.00
0.61
0.64
-4.69%
0.64
0.61
1.00
1.02
1.00
2.00%
1.2
0.85
1640.00
0.50
0.50
0.00%
0.5
0.5
474.00
2.30
3.00
-23.33%
3.51
2.3
2538.00
0.50
0.50
0.00%
0.5
0.5
399.00
0.50
0.50
0.00%
0.5
0.5
64.00
0.50
0.52
-3.85%
0.69
0.5
1277.00
1.01
1.52
-33.55%
1.93
0.95
2719.00
0.50
0.50
0.00%
0.5
0.5
199.00
0.50
0.50
0.00%
0.5
0.5
212.00
0.50
0.50
0.00%
0.5
0.5
462.00
0.50
0.50
0.00%
0.5
0.5
667.00
0.50
0.57
-12.28%
0.61
0.5
1149.00
0.50
0.50
0.00%
0.5
0.5
213.00
0.50
0.50
0.00%
0.5
0.5
625.00
0.50
0.59
-15.25%
0.66
0.5
4550.00
0.50
0.60
-16.67%
1.11
0.5
1455.00
0.50
0.50
0.00%
0.5
0.5
112.00
1.50
1.99
-24.62%
2.35
1.5
1036.00
0.50
0.50
0.00%
0.5
0.5
218.00
850.40
555,805,463.00
206,439,567.40
437,937,282.10
191,475,187.68
-35%
-0.58
19,571
-32%
-0.22
-381%
-0.26
10,464
-31.55%
Q4 '09
17%
0.17
11,590
54.6%
Q2 '11
0.00
9%
0.05
12,449
-26.5%
Q2 '11
5%
0.02
6,142
-84.4%
Q2 '11
23%
0.25
12,755
6.01%
Q2 '11
0.00
-18%
-0.12
4,261
89.7%
Q4 '10
23%
0.16
7,064
-5.18%
Q2 '11
9%
0.05
12,488
11.2%
Q2 '11
21%
0.02
3,365
43.8%
Q2 '11
11%
0.05
4,466
235.5%
Q2 '11
10%
0.04
11,540
-55.9%
Q2 '11
14%
0.04
6,422
146.6%
Q2 '11
5%
0.04
4,744
21.9%
Q2 '11
4%
0.01
3,057
23.0%
Q2 '11
8,152
-26.4%
Q2 '11
358%
INSURANCE
AFRINSURE
AIICO
CONFDINS
CONTINSURE
CORNERST
CUSTODYINS
EQUITYASUR
GNI
GOLDINSURE
GTASSURE
GUINEAINS
HMARKINS
INTENEGINS
LASACO
LAWUNION
LINKASSURE
MBENEFIT
NEM
NIGERINS
OASISINS
PRESTIGE
REGALINS
www.proshareng.com
October 16, 2011
70.00
257,131,747.00
673,491,106.00
77,000.00
593,402,610.00
60,094,759.00
522,686,727.00
141,660,222.00
6,954,073.00
549,517,338.00
659,188,001.00
268,041,470.00
14,056,972.00
142,804,114.00
127,222,310.00
190,077,724.00
128565873.50
587,526,213.33
46970.00
625428483.51
30047379.50
1582933979.54
70830111.00
3477036.50
279872346.94
942731705.83
134020735.00
7028486.00
71402057.00
63611155.00
104249283.98
27,282,453.00
13,641,226.50
287,525,418.00
143,762,709.00
24%
0.14
5,315
190.6%
Q4 '10
949,432,680.00
501,393,653.57
18%
0.19
6,624
17.4%
Q2 '11
108,238,223.00
72,779,726.39
6%
0.06
4,487
1.0%
Q2 '11
17,097,036.00
8,548,508.00
18%
0.04
3,635
90.4%
Q2 '11
36,706,986.00
71,596,013.44
23%
0.22
5,184
-21.3%
Q2 '11
93,914,261.00
46,957,130.50
9%
0.02
4,844
83.2%
Q2 '11
25
SOVRENINS
STACO
STDINSURE
UNIC
UNITYKAP
UNIVINSURE
WAPIC
Sector Average
0.50
0.50
0.00%
0.52
0.5
562.00
0.50
0.50
0.00%
0.5
0.5
211.00
0.50
0.50
0.00%
0.5
0.5
5986.00
0.50
0.50
0.00%
0.5
0.5
359.00
0.50
0.50
0.00%
0.5
0.5
124.00
0.50
0.50
0.00%
0.5
0.5
406.00
0.50
0.54
-7.41%
0.8
0.5
1270.00
0.64
0.72
-6.08%
0.81
0.63
0.90
1.52
-40.79%
1.64
0.9
0.90
1.52
-40.79%
1.64
0.90
0.82
1.47
-44.22%
1.87
0.73
0.82
1.47
-44.22%
1.87
0.73
0.50
0.54
-7.41%
0.72
0.5
0.50
0.50
0.00%
0.5
0.48
0.50
0.52
-3.70%
0.61
0.49
1.44
1.33
8.27%
1.51
1.33
0.50
0.50
0.00%
0.5
0.5
0.70
0.50
40.00%
0.5
0.5
0.50
0.88
-43.18%
0.99
0.5
0.79
0.80
1.27%
0.88
0.71
1,584.45
234,951,758.00
117,585,261.83
18%
0.16
4,559
34.3%
Q2 '11
51,314,865.00
25,657,432.50
10%
0.07
5,473
-48.9%
Q2 '11
136,884,902.00
68,442,451.00
30%
0.11
17,250
-155.19%
Q3 '10
91,459,112.00
45,727,908.26
27%
0.14
4,466
-3.89%
Q3 '10
31,122,417.00
15,561,208.50
25%
0.02
8,303
642.3%
Q2 '11
131,077,217.00
65,538,608.50
26%
0.02
8,320
-23.58%
Q4 '10
91,582,986.00
51,635,334.81
-16%
-0.12
7,481
-51.6%
Q4 '10
-1%
0.05
223,965,396.10
202,779,275.50
6,784
43.84%
LEASING
CILEASING
Sector Average
2152.00
2152.00
97,127,592.00
123,253,149.54
97,127,592.00
123,253,149.54
819,050,558.00
1,131,892,050.94
3%
0.08
3%
0.08
1,743
1,743.00
12771.5%
Q2 '11
12772%
MARITIME
JAPAULOIL
Sector Average
17,113.00
17,113.00
819,050,558.00
1,131,892,050.94
22%
0.18
22%
0.18
22,697
0.04
5,340
-62.29%
Q3 '11
12,038
899.02%
Q3 '10
22,697
21.2%
Q2 '11
0.21
MEDIA
AFROMEDIA
DAARCOMM
Sector Average
783.00
621,597,573.00
318,577,468.20
7%
1,626.00
336,454,398.00
168,224,919.00
68%
0.24
37%
0.14
1,204.50
479,025,985.50
243,401,193.60
8,689
4.18
MORTGAGE COMPANIES
ABBEYBDS
ASOSAVINGS
RESORTSAL
UNHOMES
Sector Average
175.00
259,232,511.00
373,669,160.82
292.00
763,651,961.00
381,825,980.50
324.00
1,093,869,346.00
546,934,673.00
4,047.00
1,209.50
329,308,924.00
611,515,685.50
241,052,129.89
385,870,486.05
18%
-4%
25%
19%
14%
0.03
5,600
-37.3%
Q2 '11
-0.01
1,685
-471.7%
Q4 '10
0.01
4,134
13.6%
Q2 '11
405.41%
Q3 '10
0.17
0.05
3806.33
-0.22
OTHER FINANCIAL INST
www.proshareng.com
October 16, 2011
26
CRUSADER
DEAPCAP
NESF
NPFMCRFBK
ROYALEX
SIMCAPVAL
Sector Average
0.50
0.55
-9.09%
0.61
0.5
2.02
2.02
0.00%
2.02
2.02
552.20
552.20
0.00%
552.2
552.2
1.08
1.70
-36.47%
1.78
1.03
0.50
0.50
0.00%
0.66
0.5
0.00
0.00
92.72
92.83
-9.11%
111.45
111.25
6.57
6.91
-4.92%
6.91
6.57
1.76
2.30
-23.48%
3.6
1.6
12.71
14.81
-14.18%
15.58
12.71
4.30
4.02
6.97%
4.3
3.6
1.05
1.45
-27.59%
1.86
1.05
2.92
2.92
0.00%
2.92
2.92
13.28
15.03
-11.64%
15.03
13.28
0.63
0.63
0.00%
0.63
0.63
5.40
6.01
-9.36%
6.35
5.30
0.50
0.60
-16.67%
0.7
0.5
63.86
66.56
-4.06%
72
63.86
34.36
36.44
-5.71%
41.89
32.6
5.12
4.92
4.07%
5.59
3.89
10.44
21.90
-52.33%
28.69
10.44
148.00
141.00
4.96%
163.5
141
22.99
67.00
-65.69%
78.97
20.99
769.00
640,290,256.00
321,147,502.10
71.00
5,924,120.00
11,966,722.46
4.00
1,034.00
559,268.16
218.00
11,206,174.00
13,818,947.55
33%
924.00
50,849,554.00
26,800,072.26
1.00
2,000.00
207,000.00
331.17
118,045,523.00
62,416,585.42
1%
0.00
-241%
-1.19
7,255
-114.8%
Q2 '11
Audited
'10
3,864
-25.22%
0.09
3,490
8.7%
Q2 '11
10%
0.05
15,328
3.6%
Q2 '11
-49%
-0.21
0.00
7,484
-0.32
PACKAGING
AVONCROWN
BAGCO
BETAGLAS
NAMPAK
POLYPROD
STUDPRESS
VANLEER
WAGLASS
Sector Average
25.00
1,135,432.00
7,439,108.56
0%
0.02
1,974
-26.3%
Q1 '11
53,043.00
455,133,777.00
1,189,624,251.05
9%
0.05
9,185
48.0%
Q1 '11
47.00
1,664,719.00
22,843,272.64
14%
1.78
10,517
173.8%
Q2 '11
192.00
2,544,557.00
9,898,287.26
8%
0.89
825.597
32.29%
Q2 '11
182.00
86,131,433.00
128,098,225.02
2%
0.17
391.113
-31.2%
Q3 '10
17.00
26,810.00
74,682.80
1%
0.46
2,041
47.4%
Q2 '11
48.00
1,070,152.00
14,991,666.15
8%
1.22
-21.8%
Q3 '10
5.00
10,800.00
6,512.00
-9%
-0.76
-58.20%
Q4 '08
4%
0.48
6,694.88
68,464,710.00
171,622,000.69
388
(605)
3,090
20.51%
BECOPETRO
CHEVRON
CONOIL
ETERNAOIL
FO
MOBIL
OANDO
www.proshareng.com
October 16, 2011
1,436.00
143,587,315.00
76,051,730.03
3%
0.02
3,003
-21.31%
Q3 '10
1,684.00
5,366,952.00
364,006,569.11
2%
2.74
19,224
-35.1%
Q2 '11
3,881.00
12,498,126.00
455,551,412.66
3%
3.44
17,645
97.1%
Q2 '11
3,254.00
63,664,896.00
308,240,919.36
10%
0.67
5,499
21.1%
Q2 '11
6,609.00
39,585,691.00
882,157,237.83
1%
0.19
27,085
-73.4%
Q1 '11
3,339.00
10,770,626.00
1,650,075,226.68
8%
7.36
5,286
5.6%
Q2 '11
28,451.00
405,987,959.00
21,107,642,918.02
2%
2.94
97,535
25.3%
Q2 '11
27
TOTAL
Sector Average
200.00
234.00
-14.53%
240
195.5
60.66
71.55
-18.74%
78.92
58.60
2.60
3.68
-29.35%
3.68
2.60
4.79
7.30
-34.38%
8.00
4.60
3.81
6.50
-41.38%
6.82
3.55
3.73
5.83
-35.04%
6.17
3.58
12.20
16.51
-26.11%
20.15
12.2
12.20
16.51
-26.11%
20.15
12.20
100.00
97.00
3.09%
100
97
0.50
0.50
0.00%
50
50
50.25
48.75
75.00
73.50
0.54
0.55
-1.82%
0.8
0.5
0.54
0.55
-1.82%
0.80
0.50
0.85
0.75
13.33%
0.86
0.57
0.85
0.75
13.33%
0.86
0.57
12.00
15.70
-23.57%
17.05
11.16
12.00
15.70
-23.57%
17.05
11.16
1.71
1.79
-4.47%
1.88
1.71
2,679.00
6,416.63
15,865,674.00
87,165,904.88
3,516,291,326.93
3,545,002,167.58
2%
6.26
4%
2.95
9,017
23,037
3.5%
Q2 '11
2.84%
PRINTING & PUBLISHING

ACADEMY
LONGMAN
UPL
Sector Average
194.00
12,861,496.00
44,232,088.66
5%
0.24
555.992
-6.8%
Q4 '10
684.00
16,418,657.00
92,713,518.63
-1%
-0.01
3,361
98.2%
Q2 '11
1,923.00
33,844,051.00
168,141,200.61
11%
0.47
1,773
-23.6%
Q4 '10
5%
0.23
933.67
21,041,401.33
101,695,602.63
1,897
22.58%
REAL ESTATE
UAC-PROP
Sector Average
2,631.00
54,898,093.00
981,356,708.70
2,631.00
54,898,093.00
981,356,708.70
85.00
3,508,746.00
350,875,592.00
97.00
1,130,418.00
56,492,814.00
20%
0.65
20%
0.65
29,505
29,505
4.3%
Q2 '11
4.31%
REAL ESTATE TRUST

SKYESHELT
UHOMREIT
Sector Average
1.55%
91.00
2,319,582.00
203,684,203.00
78%
78%
2,505
#DIV/0!
2,505
43.05%
Q2 '10
43.05%
ROAD TRANSPORTATION
ABCTRANS
Sector Average
1070.00
1070.00
53,057,778.00
53057778.00
32358710.78
32358710.78
-4%
-0.07
-4%
-0.07
-30%
-0.74
-30%
-0.74
19%
1.46
19%
1.46
-64%
-0.14
1,685
1,685
-93.4%
Q2 '11
-93.40%
TEXTILES
UNTL
Sector Average
348.00
7,706,612.00
348.00
7,706,612.00
4,523.00
365,040,473.00
5,190,144.10
5,190,144.10
2,395
2,395
-70.1%
Q1 '11
-70.10%
THE FOREIGN LISTINGS

ETI
Sector Average
4,523.00
365,040,473.00
5,560,380,474.09
5,560,380,474.09
205,501
205,501
36.5%
Q2 '11
36.52%
2ND-TIER SECURITIES
ADSWITCH
www.proshareng.com
October 16, 2011
34.00
612,369.00
1,063,560.00
28.16
-270.87%
Q3 '10
28
CAPOIL
JULI
MCNICHOLS
RAKUNITY
ROKANA
SMURFIT
UNIONVENT
Sector Average
0.50
0.50
0.00%
0.5
0.5
137.00
2.90
3.05
-4.92%
3.05
2.9
19.00
1.02
1.02
0.00%
1.02
1.02
6.00
0.50
0.50
0.00%
0.31
0.31
1.00
0.60
0.60
0.00%
0.60
0.60
2.00
1.04
1.43
-27.27%
1.43
1.04
15.00
0.63
0.63
0.00%
0.63
0.63
7.00
1.11
1.19
-4.58%
1.18
1.09
27.63
210,964,602.00
141,849.00
2,494,008.00
105,482,301.00
408,353.64
2,543,813.25
0.00
-30%
-0.14
-2%
-31.83
5,000.00
1,550.00
0.00
5,700.00
3,591.00
0.00
49,160.00
70,002,500.00
35,534,398.50
209.80
-107.5%
Q2 '11
130,255
49.8%
Q4 '10
60,532.60
22%
0.15
76.54
53.4%
Q4 '10
44,101,575.00
-3%
-0.04
(12.24)
89.5%
Q4 '10
19,208,159.56
-15%
4.00
26,111
-37.14%
About the Authors: Taiwo OLOGBON-ORI is an analyst in Proshare and Reshu BAGGA is a Director for the Analyst & Technical Services.
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
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www.proshareng.com
October 16, 2011
29
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ISSN 1597 - 8842 Vol. 1 No.

The Active Stocks Performance Analysis:

October 16, 2011

Review of Activity on the Bourse

Stocks and Liquidity Posture

Performance and Returns

Performance of Highly Capitalised Stocks

Sectoral Performance: Active and Most Liquid Sectors

Sectoral Performance and the Average Sectoral Returns

II: 9-Months Sector Performance: Average Return(s) Analysis

III: 9-Months Return(s) Volatility & Due Diligence

Get Closer to the financial markets

ISSN 1597 - 8842 Vol. 1 No. 81

October 16, 2011

The Active Stocks Performance Analysis: A Proshare Special Report

October 16, 2011

REVIEW OF ACTIVITY ON THE BOURSE

Top 20 Active stocks in 9 months (Jan - Sept 2011)

October 16, 2011

STOCKS AND LIQUIDITY POSTURE

Top 20 Liquid Stocks in 9 months (Jan - Sept 2011)

October 16, 2011

PERFORMANCE AND RETURNS

Top 20 Stocks With Highest Returns

Hotel & Tourism

October 16, 2011

PERFORMANCE OF HIGHLY CAPITALISED STOCKS

Top 20 High Capitalised Stocks

SECTORAL PERFORMANCE: ACTIVE AND MOST LIQUID SECTORS

October 16, 2011

Top 20 Most Active Sectors

October 16, 2011

Top 20 Most Liquid Sector

SECTORAL PERFORMANCE AND THE AVERAGE SECTORAL RETURNS

October 16, 2011

Top 20 Sectors By Average Returns

October 16, 2011

October 16, 2011

October 16, 2011

October 16, 2011

October 16, 2011

October 16, 2011

October 16, 2011

REAL ESTATE INVESTMENT TRUST

COMPUTER & OFFICE EQUIPMENT

OTHER FINANCIAL INSTITUTIONS

FOOD/BEVERAGES & TOBACCO

CHEMICAL & PAINTS

October 16, 2011

AUTOMOBILE & TYRE

PRINTING & PUBLISHING

October 16, 2011

AUTOMOBILE & TYRE

October 16, 2011

October 16, 2011

CHEMICAL & PAINTS

October 16, 2011

COMP & OFFICE EQUIP

October 16, 2011

FOOD/BEV & TOBACCO

October 16, 2011

HOTEL & TOURISM

INFO & COMM TECH