Vanguard Markets - September 8, 2014 Edition

THE LAUNCH IN August of Glo Xchange, a super-

agent network for mobile money operators (MMO) could be the missing last piece of the mobile money puzzle. Glo Xchange was introduced by Globacom, a mobile network operator (MNO) in partnership with three banks, First Bank, Ecobank and Stanbic IBTC. The telecoms operator brought its nationwide spread of over 150 branded Glo stores, 35,000 vendor outlets, and 400 ConOil service stations to the bargain.

To push the super-agent network further, it has signed up the Association of Community Pharmacists

of Nigeria, whose members own more than 7,000 shop fronts in every nook and cran-ny of the country, and prom-ised to recruit up to half a million agents over the next 5 years. The company has wast-ed little time in hitting the road. It has just concluded the training of mobile money agents drawn from all local governments in Edo State.

This is not the first time that an MNO will walk down the aisle with an MMO in pursuit of the unbanked millions re-siding in rural areas and eco-nomically disadvantaged areas sparsely served by high street banks. In December, 2011 Guaranty Trust Bank and

MTN in association with For-tis MFB, announced a venture to reach the unbanked adult population through mobile money services.

The South African telecoms operator has also inked an agreement with Diamond Bank to offer mobile money services. Other mobile bank-ing offers like UBAs U-Mo and Zenith Banks eazymoney

have not been pushed as ag-gressively as initially expected.

Mobile money delivers ba-sic financial services such as deposit-making, withdrawals, transfers, and bills payment to users through their phones. At 173 million connected lines, of which 73 per cent are active, mobile phones hold the key to expanded access to financial services in Nigeria.

It gives banks the leverage to leapfrog over the cost of establishing costly brick-and-mortar presence.

There are a number of reasons why Glo is a suit-able candidate to tear off the chains hampering mobile moneys flight in Nigeria. Like other MNOs it has a far better track record than the banks of reaching the excluded. In terms of value to value-sensi-tive users, Glo introduction of per second billing revolution-ized cellular phone usage.

Second, Glo has the adver-tising and marketing budget to blast the mobile money message across. Mobile mon-ey awareness creation is cost-ly. After its launch in 2007, M-Pesas backers spent $30 million over the next two years renovating local stores that serve as agents and car-rying out due diligence to ensure the agents were con-ducting business the proper way. Since it commenced operations, Glo has consist-ently featured on watchlists of the biggest spenders in advertising and marketing. OMD MediaReach, the media monitoring and plan-ning agency, reported that the company spent N5.71 billion and N2.95 billion on advertising in 2011 and 2012 respectively.

Third, Glo has invested heavily in spreading its net-work outside the big cities giving it the best platform from which to preach the mo-bile money message to the unbanked.

Print is risen

! page VM2

Vanguard Markets | Monday, September 8, 2014 | Issue 009

FIXED INCOME & FOREX

Glo Xchange gives mobile money lift-off

JAYWALKER

Source: FMDQ

T

Mobile money user of M-Pesa in Kenya. The country has the most developed and widespread mobile money system in Africa. In 2013, 43 per cent of Kenyas $40 billion GDP or $17.2 billion passed through M-Pesa, which is operated by Safaricom, the countrys biggest mobile network operator

What makes Globacoms entry to the mobile money space notable is the antecedent of Mike Adenuga, its billionaire chairman, in financial services.

Currency Central Rate

SWISS FRANC 166.6631

YEN 1.4749

CFA 0.298

WAUA 234.1445

RIYAL 41.3891

DANISH KRONA

27.0022

SDR 233.4659

A stack of newspapers

MoFr25.00

25.10

25.30

25.20

25.4025.2772

Tu We Th Fr

CNY/N

MoFr201.0

202.0

204.0

203.0

205.0201.116

Tu We Th Fr

Euro/N

MoFr253.0

254.5

257.5

256.0

259.0253.5061

Tu We Th Fr

/N

MoFr155.0

155.1

155.3

155.2

155.4155.23

Tu We Th Fr

$/N

FOREX RATES

InsideAlima Atta started Sesema PR in 2002. Spotlight looks at her career.

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! Page VM2

FINANCIAL INCLUSION

FGN Bonds & TBills FGN BondsTreasury Bills

21/08

850B

680B

510B

340B

170B

026/08 29/08 03/09

NITTY

25/08

12.00

11.60

11.20

10.80

10.40

10.0028/08 02/09 05/09

1M2M

3M6M

9M12M

NIBOR

25/08

15.00

14.00

13.00

12.00

11.00

10.0028/08 02/09 05/09

O/N1M

3M6M

FX ($/N)

25/08

163.0

162.6

162.2

161.8

161.4

161.028/08 02/09 05/09

BidAsk

Obiora [email protected]

HE RELEASE OF the OMD Media Facts for Nigeria,

Ghana, West and Central Africa 2013 report is a heart-ening reminder why print is the ifta y simsim (Arabic meaning: open sesame magi-cal phrase in Ali Baba and the Forty Thieves) for advertisers looking to reach consumers.Last year, advertisers opened their wallets to the tune of N103.8 billion. As usual, TV adverts at N47 billion took the lions share of media spending although it dropped 9 per cent from the previous year. Ad-vertising spend on print leapt 105.5 per cent from N9 billion to N18.5 billion. Other reveal-ing figures were a decline of 2 per cent on radio adverts to N15.1 billion, and a 3 per cent rise to N23.2 billion on out-of-home adverts.

The strict budget considera-tions that advertisers and their agencies must weigh these days are behind the shift in target-ing. The most bang for buck is their watchword. It makes a lot of sense that there is a return to spending on print after years of alarmist announcements that print is doomed. Print, espe-cially newspapers, is very much alive and kicking.

Here are the reasons why. A flip through a typical Ni-

gerian newspaper serves up more than news reports and editorial commentary. Therein the reader would find product placements, paid announce-ments, classified ads, political declarations, open letters, eth-nic-sponsored messages, invi-tations to tender, religious cru-

sades save-the-date, spiritual assistance claims, and the list goes on. Some are mere strips. Others can take an entire page and more.

Of course, there are the birthday messages, chieftaincy conferment notices, honorary awards publicity, and obitu-ary announcements. These will merit a whole chapter in any account of Nigerias social history similar to Michael J.C. Echeruos classic Victorian La-gos: Aspects of nineteenth cen-tury Lagos life. To top it all off, readers can peep into the care-fully composed Letters to the Editor from readers interested enough in a topic or past article to send in their views deserving to be printed out of several re-ceived by email every day.

These appendices to the main news are a big magnet for readers. It is a major reason why many people and busi-nesses buy newspapers, and advertisers splurge money to court their readers.

Visit the websites of these same newspapers. What the visitor finds is a poor repre-sentation of the print version. The rich images found in print are missing, charts and tables are gone, and all the lively ap-pendices that enrich the hard copy reading experience are absent. This is not about good versus bad web design and technology. As a medium-in-development, the evolution of online display is still in evolu-tion. If we take the 1993 release of Marc Andreessens Mosaic -later Netscape- browser as the enabling technology for web-site development, then web-sites, as we know it, are barely 20 years old.

On the other hand, the struc-tural layout of newspapers, as opposed to say novels and textbooks, was settled centu-ries ago.

There is a paradox about the limitless space of the web. It does not take much to depre-ciate the user experience with webpage content overload, dis-tracting banner adverts, and undisciplined use of hyper-links. This blunts the appeal to advertisers. The emphasis on

click through rates as a trans-parent measure of success is the opposite of adverts in print that make no call-to-action be-yond viewing.

Moving on from the user in-

terface, the screening of article comments leaves much to be desired. A glance at the bottom of most articles will reveal the most nauseating ethnic senti-ments, and downright abuse

that would go straight to the delete box in an editors email. It is common to find some commenters peddling fraudu-lent businesses, and scam re-lationships. Worst of all are the litany of libellous state-ments that flood the comment sections. It can be a thicket of

thorny plants out there. One advantage of the web is

that its rolling news cycle allows the constant update of news. This draws visitors wanting to stay up-to-date throughout the

day and advanced content man-agement systems (CMS) help to live pipe news to Facebook and Twitter.

But popularity on social media is directly tied to the institutional strength of these newspapers. This gives the lie to arguments that the web and social media are levellers that give all comers the same resources. Off-line influence is the building block of online stature.

The sober realization by Oby Ezekwesili, a former minister of education and a moving force of the Bring Back Our Girls campaign, that the mainstream print me-dia is vital in engaging Nige-rians brings this home. After a botched meeting with the Guild of Editors she admitted that social media has brought us thus far but we dont have power over the mainstream media. Her comment must be placed in the context of BBOGs Facebook page having 230,354 likes, 4,333 followers on Twit-ter and the hashtag #Bring-BackOurGirls being retweeted over a million times.

There is a temptation to compare popular blogs like Lindaikeji.blogspot.com and Nairaland.com to main-stream media sites that invest considerable amounts to main-tain newsrooms that produce original content. Time will tell if their on-the-cheap business models will stand the test of time. To depend on other sites original newsgathering op-erations and reader-generated content as the ticket to pull-ing visitors is, without doubt, a profitable short-term strategy. Whether it can scale is quite another.

It is reassuring to see that print is making a comeback in the pull of advertising naira. Saner heads in agencies are looking past fad to sift value. Advertisers are learning that website traffic alone is an in-complete measure of advertis-ing value. Print offers eyeballs and more. All said, OMD Me-dia Facts 2013 has shown that print is not dead. Long live print. ;

BUSINESSVM2

JAYWALKER

FINANCIAL INCLUSION

VM | Monday, September 8, 2014 | Issue 009

Print is risen

T

Fourth, only MTN and Glo among the GSM operators, have made the bold push into mobile money. Glo being the latter entrant will have learnt from MTNs missteps.

Finally, this is the only business that ties up all the disparate parts of what the French would call Le Groupe Adenuga. Its tentacles would run the gamut of the ex-tensive real estate assets of

petroleum products distri-bution, vast financial sector experience, and blanket tel-ecommunications coverage.

Many would recall that Mike Adenuga, the billion-aire chairman of Globacom, has antecedents in financial services. The Ijebu-Igbo-born mogul has a long standing interest in banking having founded Devcom Bank, and Equitorial Trust Bank. Though he gave up control of ETB in 2009 his attraction to the sec-

tor is undiminished. Mobile money is the next challenge for the indefatigable Guru, as he is called by admirers.

Glos recent launch of its Security Verified Iden-tity Card (SVID), an in-surance plan, for members of the Nigerian Union of Road Transport Workers (NURTW) gives another clue to the financial services ambitions of the Bull.

Charles Weller, country head of Deutsche Bank in Ni-

geria, said last year that who-ever cracks the conundrum of secure nationwide full-service mobile or internet banking in Nigeria will be discovering a goldmine. Mobile money will be Adenugas fourth lucky strike after minting fortunes in oil, banking, and telecoms. His business career shows that he has an uncanny ability to be at the right place at the right time. With that in mind it is not likely that the smart money will place bets against him. ;

Glo Xchange gives mobile money lift-offW Continued from Page VM1 LET THEM IN

37.8M in34.9M outTHE NUMBER OF NIGERIANS formally included in the banking sector versus those outside it

NO BRAINER

126Mmobile phones

VS.

6K bank branches15K ATMs125K PoS terminals20M bank accounts

Kolawole Oyeyemi, general manager, consumer marketing, MTN (left) and Ediri Ose Ediale,executive secretary, Advertisers Association of Nigeria (ADVAN) at a Google event. MTN is the biggest spender on

advertising in Nigeria.

N9B TO N18.5B Rise in 2012/13 advertising spend on print.

NUMBERS DO NOT LIE

106%

Source: Media Monitoring Services Limited and OMD MediaReach

Above-The-Line (ATL) Advertising Expenditure, N

0BTV Radio Out-of-home/

OutdoorPrint Total

10B

20B

30B

40B

70B

50B

60B

80B

90B

100B

110B

Data visualisation by Publican Media

2010201120122013

-4.86%

-4.32%31.07%

105.56%

12.95%

Source: EFINa Enhancing Financial Innovation and Access

LEGEND

15-week trading bar:This bar shows the volume of the companys shares traded during the 5 most recent weeks. Each alternate colour bar represents a consecutive week. The bar is to be read from left to right. The first bar on the left (light blue) represents the traded volume five weeks ago. The next bar (grey) represents the volume 4 weeks ago. The 5th and last bar (light blue) signifies the volume of shares exchanged last week. The purpose of the Weekly Trading bar is to give readers an instant view of trading volumes as they compare on a week-by-week basis.

2Liquidity Rating: This indicates the level of demand for a companys shares based on the number of deals rather than volume done over the past week. Stocks are graded accord-ing 5 categories. Blue spheres are used to represent liquidity. Category 5: This is the highest liquidity rating shown by 5 blue spheres.

Stocks that have traded more than 20 deals per day on at least 4 days in the past week are awarded this score

Category 4: This is shown by 4 blue spheres. It indicates that the stock has

traded between 12 to 19 deals per day on at least 4 days in the past week Category 3: Shown with 3 spheres, this liquidity classification represents

those stocks that have traded 8 to 11 deals per day on at least 4 days in the past week

Category 2: Shown with 2 spheres it identifies those stocks that traded 4 to 7 deals per day on at least 4 days in the past week

Category 1: This is shown by one blue sphere to represent stocks on which 3 deals and/or below were traded per day on at least 4 days in the week.

SECTOR PRICE CHANGES - SEP 05, 2014MARKET REVIEW SEPTEMBER 01-05, 2014

TRADING UPDATE

DASHBOARD

TickerFriday 5-day 4-Week

5-Week trading1

52-Week price rangeYtD PE EPS Liquidity Rating2Close Change, % Volume Open Week Hi Week Lo

Change, % Volume Open

Change, % Volume Low Close ( ) High

7UP 140.70 -4.76% 83 139.31 147.73 137.60 1.00% 4,959 126.78 10.98% 14,294 64.80 147.73 96.98% 30.05 4.46 ABCTRANS 0.69 -4.17% 12,476 0.70 0.75 0.68 -1.43% 31,704 0.77 -10.70% 667,362 0.65 0.97 -11.74% 3.29 0.21

ACCESS 9.35 0.54% 216,082 9.90 9.90 9.22 -5.56% 931,062 9.8 -4.59% 12,281,046 7.22 10.70 -2.60% 5.94 1.57 AGLEVENT 1.40 0.00% 774 1.47 1.54 1.40 -4.76% 3,784 1.45 -3.45% 10,277 1.25 1.86 -14.11% 6.22 0.23

AIICO 0.80 0.00% 77,433 0.80 0.84 0.80 0.00% 149,877 0.8 0.00% 973,848 0.74 1.00 -13.04% 5.26 0.15 AIRSERVICE 2.00 -4.76% 100 2.09 2.10 2.00 -4.31% 1,524 2.12 -5.66% 18,809 2.00 4.23 -40.30% 4.00 0.50ASHAKACEM 32.69 1.02% 3,616 33.50 33.50 32.05 -2.42% 31,392 34.2 -4.42% 174,754 13.87 34.20 49.41% 40.62 0.80 BETAGLAS 18.00 -4.51% 50 19.00 19.00 18.00 -5.26% 1,155 17.7 1.69% 26,098 10.69 22.10 24.74% 5.58 3.38CADBURY 54.05 -1.87% 2,107 57.55 62.84 54.05 -6.08% 14,287 70.54 -23.38% 44,295 54.05 110.00 -44.38% 35.08 1.57

CAP 39.00 0.00% 248 39.02 39.11 39.00 -0.05% 2,912 39.91 -2.28% 14,130 35.96 51.66 -18.72% 23.32 1.67 CCNN 14.09 -1.81% 1,597 14.31 14.84 14.09 -1.54% 20,028 15 -6.07% 139,578 8.00 15.98 17.51% 12.86 1.12

CONOIL 55.10 -4.92% 1,247 65.01 65.05 55.10 -15.24% 8,357 75.73 -27.24% 103,770 25.92 79.80 -10.14% 18.28 3.34 CONTINSURE 0.99 0.00% 2,000 1.00 1.00 0.97 -1.00% 27,915 1 -1.00% 3,159,612 0.93 1.32 -17.50% 6.06 0.16COURTVILLE 0.57 7.55% 100 0.55 0.57 0.53 3.64% 18,562 0.55 3.64% 66,126 0.50 0.89 -12.31% 5.00 0.11CUSTODYINS 3.96 -1.00% 13,087 3.95 4.00 3.85 0.25% 65,927 3.94 0.51% 359,302 1.30 4.11 81.65% 16.46 0.24

CUTIX 1.82 -1.62% 341 1.83 1.95 1.82 -0.55% 9,439 2 -9.00% 38,730 1.59 2.27 -6.67% 9.58 0.19CWG 4.75 0 0 4.75 0.00% 83 4.75 5.83 -18.52%

DANGCEM 225.01 0.00% 1,190 225.00 226.50 220.00 0.00% 154,879 230 -2.17% 182,130 185.00 250.02 4.09% 19.07 11.80 DANGFLOUR 6.98 10.44% 10,236 7.00 7.00 6.32 -0.29% 14,351 7.7 -9.35% 370,940 6.32 10.76 -31.77% DANGSUGAR 8.15 0.00% 41,826 8.74 8.80 8.02 -6.75% 115,250 9 -9.44% 516,257 8.02 12.49 -27.88% 0.81 DIAMONDBNK 6.17 0.98% 7,937 6.10 6.20 5.98 1.15% 270,893 6.33 -2.53% 1,861,359 5.86 8.20 -17.73% 3.72 1.65

ETERNA 3.88 -3.96% 4,533 3.71 4.50 3.71 4.58% 443,186 3.89 -0.26% 540,543 2.48 5.73 -17.97% 6.39 0.61 ETI 17.86 5.00% 27,445 16.90 17.86 16.50 5.68% 17,964,603 18.49 -3.41% 18,627,077 12.40 18.60 8.97% 4.87 3.67

FBNH 15.00 3.45% 63,194 15.19 15.48 14.38 -1.25% 507,808 15.48 -3.10% 2,210,407 11.50 17.29 -7.98% 6.95 2.16 FCMB 4.26 0.47% 29,161 4.25 4.27 4.16 0.24% 228,138 4.25 0.24% 966,953 3.01 4.59 10.94% 4.84 0.88

FIDELITYBK 1.96 0.51% 125,943 1.98 2.00 1.95 -1.01% 2,248,960 2.02 -2.97% 3,246,599 1.85 2.95 -27.41% 2.88 0.68 FIDSON 3.69 2.79% 6,513 3.33 3.70 3.30 10.81% 35,426 3.13 17.89% 338,662 1.80 3.70 34.18% 15.38 0.24

FLOURMILL 64.71 -1.95% 1,904 66.66 67.00 64.71 -2.93% 6,700 71.82 -9.90% 53,942 58.10 83.64 -20.91% 19.16 3.38 FO 220.00 -0.45% 1,132 226.55 236.85 218.50 -2.89% 14,792 240 -8.33% 69,484 35.00 259.94 136.89% 47.27 4.63

FORTISMFB 5.68 0 0 6 -5.33% 160,937 5.15 6.66 -9.41% 4.59 1.18GLAXOSMITH 62.70 0.00% 27 64.80 64.80 62.70 -3.24% 574 62.41 0.46% 7,208 62.05 74.97 -10.43% 22.01 3.00 GUARANTY 29.82 1.60% 120,672 29.90 30.98 29.00 -0.27% 394,657 30.44 -2.04% 1,925,798 22.67 31.80 7.46% 9.13 3.27 GUINNESS 181.00 0.00% 2,798 181.99 185.00 180.00 -0.54% 15,637 196.2 -7.75% 32,403 162.00 266.70 -23.31% 22.97 7.88

HONYFLOUR 4.15 0.24% 11,607 4.17 4.18 4.08 -0.48% 55,655 4.14 0.24% 311,047 2.56 4.50 7.79% 12.21 0.34 INTBREW 28.51 -1.69% 2,949 28.00 29.00 28.00 1.82% 133,854 27.12 5.13% 205,864 17.98 31.50 0.67% 45.22 0.63 JBERGER 63.00 0.46% 197 63.00 65.00 62.60 0.00% 10,950 66.65 -5.48% 23,659 59.18 76.45 -0.12% 9.64 6.74

LINKASSURE 0.50 0.00% 15 0.50 0.50 0.50 0.00% 66 0.5 0.00% 321 0.50 0.50 0.00% 12.57 0.04MANSARD 2.50 -0.79% 2,243 2.50 2.59 2.49 0.00% 8,939 2.54 -1.57% 268,203 1.95 2.73 0.00% 16.35 0.15MAYBAKER 1.57 -1.26% 2,117 1.43 1.59 1.33 9.79% 16,584 1.62 -3.09% 80,603 1.33 2.64 -38.43% 17.00 0.09

MOBIL 174.00 0.00% 390 177.00 177.00 174.00 -1.69% 2,560 173 0.58% 33,863 102.02 182.00 50.00% 16.67 10.44 MRS 53.17 0.00% 50 57.85 58.69 53.17 -8.09% 569 57 -6.72% 18,828 32.53 70.00 2.80% 53.81 1.04

NAHCO 5.00 1.42% 17,923 4.94 5.03 4.90 1.21% 61,607 5.02 -0.40% 189,700 4.56 6.46 -21.26% 15.39 0.32 NASCON 9.48 0.32% 5,608 9.80 9.97 9.45 -3.27% 21,984 10.36 -8.49% 211,708 9.45 15.10 -36.16% 9.23 1.05

NB 176.10 0.05% 15,090 178.00 179.00 171.15 -1.07% 71,381 185 -4.81% 317,011 140.00 189.00 6.72% 33.62 5.24 NEIMETH 1.05 0.00% 3,686 1.09 1.10 1.03 -3.67% 30,396 1.08 -2.78% 82,151 0.79 2.08 -4.55%

NEM 0.80 2.56% 40,528 0.81 0.82 0.77 -1.23% 183,355 0.8 0.00% 1,094,615 0.55 0.97 -1.23% 0.41 1.96 NESTLE 1,024.95 -0.49% 2,045 1,026.00 1,089.99 1,009.05 -0.10% 6,541 1110 -7.66% 603,548 926.10 1,250.01 -13.29% 35.36 28.82

NIGERINS 0.50 0.00% 100 0.50 0.50 0.50 0.00% 1,798 0.5 0.00% 6,529 0.50 0.54 0.00% 25.00 0.02NNFM 19.95 -4.73% 3,508 20.94 22.05 19.95 -4.73% 5,655 21.68 -7.98% 25,454 18.00 25.65 -9.36%OANDO 25.85 1.37% 44,483 27.40 27.95 25.00 -5.66% 253,473 27.3 -5.31% 1,006,263 9.32 36.89 -3.29% 23.19 1.11

OKOMUOIL 34.25 -3.49% 1,692 34.08 35.49 34.08 0.50% 8,538 35.98 -4.81% 50,176 32.15 48.05 -23.60% 15.07 2.29 PAINTCOM 1.60 0 1.60 1.60 1.60 0.00% 55 1.54 3.90% 49,336 1.33 2.30 -17.95% 4.57 0.35PORTPAINT 5.10 0.00% 0 5.35 5.35 5.00 -4.67% 20,557 5.5 -7.27% 60,998 4.00 6.25 -2.86% 8.52 0.60

PREMPAINTS 10.39 0 0 10.39 0.00% 102 10.39 10.39 0.00%PRESCO 36.99 4.79% 1,488 36.30 36.99 35.30 1.90% 5,950 36.01 2.72% 32,827 32.00 49.00 -5.15% 4.30 8.38

PRESTIGE 0.50 0.00% 0 0.50 0.50 0.50 0.00% 529 0.51 -1.96% 64,746 0.50 0.81 -20.63% 1.99 0.25PZ 34.90 -2.92% 614 33.25 35.95 33.25 4.96% 14,905 37.12 -5.98% 70,907 30.08 42.29 -5.67% 26.83 1.34

ROYALEX 0.57 0.00% 3,058 0.60 0.61 0.57 -5.00% 44,258 0.57 0.00% 233,627 0.50 0.69 5.56% 5.69 0.10 RTBRISCOE 1.00 8.70% 7,941 0.87 1.00 0.87 14.94% 26,497 0.95 5.26% 92,256 0.84 1.49 -29.08%

SEPLAT 679.88 -0.02% 13 690.00 700.00 675.04 -1.47% 1,787 699.47 -2.80% 8,488 590.00 735.00 12.41%SKYEBANK 2.78 2.96% 176,445 2.90 2.96 2.70 -4.14% 560,761 3.17 -12.30% 1,227,649 2.70 4.67 -38.36% 3.32 0.84 STANBIC 30.01 0.03% 1,959 30.00 30.50 30.00 0.03% 109,615 30.01 0.00% 269,871 17.48 31.50 34.33% 15.82 1.92

STERLNBANK 2.24 2.75% 212,922 2.26 2.30 2.13 -0.88% 1,306,462 2.2 1.82% 2,516,995 2.09 2.74 -10.40% 3.56 0.63 TOTAL 173.01 -1.14% 8,641 180.00 180.00 172.06 -3.88% 11,221 180 -3.88% 18,895 146.26 195.50 -0.17% 13.33 12.91

TRANSCORP 6.40 0.00% 131,804 6.10 7.08 5.99 4.92% 2,327,449 5.59 14.49% 6,260,169 1.34 7.08 47.47% 72.94 0.09 UAC-PROP 15.21 0.66% 1,748 15.16 15.95 15.11 0.33% 8,092 16.7 -8.92% 58,093 12.00 21.31 -1.08% 6.97 2.20

UACN 58.60 0.84% 16,082 59.00 60.00 57.20 -0.68% 56,666 62 -5.48% 183,649 42.58 67.85 4.66% 27.35 2.14 UBA 7.27 0.28% 31,941 7.44 7.70 7.02 -2.28% 343,036 7.9 -7.97% 1,675,668 6.65 9.60 -20.55% 4.28 1.70

UBCAP 2.17 0.00% 513,148 2.24 2.25 2.15 -3.13% 901,562 2.16 0.46% 1,418,007 1.23 3.04 -4.41% 7.48 0.29 UBN 8.56 4.39% 7,958 8.10 8.56 8.00 5.68% 26,695 8.94 -4.25% 137,797 8.00 10.80 -10.93% 45.79 0.19

UNILEVER 47.15 -2.38% 2,201 48.10 49.00 47.15 -1.98% 52,906 49.85 -5.42% 144,089 42.50 64.00 -11.04% 35.03 1.37 UNITYBNK 0.50 0.00% 13,934 0.50 0.50 0.50 0.00% 46,096 0.5 0.00% 1,367,118 0.50 0.72 0.00% 4.65 0.11VITAFOAM 4.13 -3.95% 3,362 4.15 4.30 4.10 -0.48% 17,940 4.25 -2.82% 61,704 3.66 5.70 -14.14% 6.06 0.71

WAPCO 117.00 1.39% 4,242 117.01 118.49 110.00 -0.01% 27,937 119.94 -2.45% 102,167 88.92 136.73 1.74% 14.44 8.10 WAPIC 0.73 -3.95% 25,902 0.79 0.79 0.73 -7.59% 202,925 0.82 -10.98% 663,450 0.66 1.48 -35.40% 14.44 0.07

WEMABANK 0.91 0.00% 15,259 0.95 0.97 0.90 -4.21% 83,477 1 -9.00% 395,782 0.89 1.40 -28.91% ZENITHBANK 24.25 0.17% 185,322 24.60 24.90 24.01 -1.42% 473,980 25 -3.00% 1,920,798 19.30 27.40 -3.00% 7.01 3.46

Blinding analyst insight of the week: The Qatar National Bank Ecobank Transnational Inc. deal is much much bigger than a Qatar bank taking a stake in a Nigerian bank. Now that Qatar is in, you have to think other Middle East money wont want to be left behind. So we could see a wave of Middle East money coming into African banks and once theyre there it will spread to other assets as well and all over the continent. I believe the significance of this deal shouldnt be underesti-mated on a much bigger scale. Akinbamidele Akintola, VP, Africa Equity Sales, Renaissance CapitalLast week the All-Share Index 0.89% continued its slow motion slide downward. All other indices took a cue from it and did same. The Oil & Gas index 4.51% and Consumer Goods index 2.44% shed the most. In total, 25,592 deals 13.8% were closed on 3,279,506,357 shares traded 144.4% at a value of N52,807,757,631.74 228.3% last week.Firing up in front were Premier Breweries 52.4%, Ikeja Hotel 29.87%, R.T Briscoe 14.9%, Fidson Healthcare 10.8%, Northern Nig. Flour Mills 10.53%, May & Baker Nig. 7.75%, Ecobank Transnational Inc. 5.68%, Union Bank 5.68%, McNichols 4.96%, and UPDC Real Estate Investment Trust 4.94%. The loss leaders were Vono Products 17.1% leading the losers for 2 weeks in a row, Cornerstone Insurance 10.5%, Cadbury 7.9% in the same declining position as last week, WAPIC 7.6%, Dangote Sugar Refinery 6.6%, Conoil 6.2%, Wema Bank 6.2%, Caverton OSG 6%, Oando 5.8%, and Access Bank 5.8%.

Agriculture 0 3 2Conglomerates 2 2 1

Construction/Real Estate 1 7 1Consumer Goods 5 18 6

Financial Services 3 42 15Healthcare 0 7 3

ICT 0 11 0Industrial Goods 0 20 1

Natural Resources 0 5 0Oil & Gas 4 6 1Services 1 13 5

MARKET DATA VM3VM | Monday, September 8, 2014 | Issue 009

Declined Unchanged Advanced

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

LEGEND

ACCESS 9.3510.707.22

YtD -0.25-2.60%-0.43

-4.40%-0.55

-5.56%3M 1W

PE 5.940.55

June July August01/09

M T W T F

05/09

ASHAKACEM 32.6934.2013.87

YtD 10.8149.41%3.74

12.92%-0.81

-2.42%3M 1W

PE 40.630.81


M T W T F

05/09

CADBURY 54.05110.0054.05

YtD -43.13-44.38%-21.95

-28.88%-3.50

-6.08%3M 1W

PE 35.083.50


M T W T F

05/09

CAP 39.0051.6635.96

YtD -8.98-18.72%1.00

2.63%-0.02

-0.05%3M 1W

PE 23.330.02


M T W T F

05/09

CCNN 14.0915.988.00

YtD 2.1017.51%3.62

34.57%-0.22

-1.54%3M 1W

PE 12.860.22


M T W T F

05/09

CONTINSURE 0.991.320.93

YtD -0.21-17.50%-0.09

-8.33%-0.01

-1.00%3M 1W

PE 6.060.01


M T W T F

05/09

FCMB 4.264.593.01

YtD 0.4210.94%0.09

2.16%0.01

0.24%3M 1W

PE 4.850.01


M T W T F

05/09

GUARANTY 29.8231.8022.67

YtD 2.077.46%-0.24

-0.80%-0.08

-0.27%3M 1W

PE 9.130.08


M T W T F

05/09

MANSARD 2.502.731.95

YtD 0.000.00%0.08

3.31%0.00

0.00%3M 1W

PE 16.350.00


M T W T F

05/09

OANDO 25.8536.899.32

YtD -0.88-3.29%6.85

36.05%-1.55

-5.66%3M 1W

PE 23.191.55


M T W T F

05/09

STANBIC 30.0131.5017.48

YtD 7.6734.33%5.21

21.01%0.01

0.03%3M 1W

PE 15.820.01


M T W T F

05/09

UBA 7.279.606.65

YtD -1.88-20.55%-0.24

-3.20%-0.17

-2.28%3M 1W

PE 4.280.17


M T W T F

05/09

DANGCEM 225.01250.02185.00

YtD 8.854.09%-4.21

-1.84%0.01

0.00%3M 1W

PE 19.080.01


M T W T F

05/09

FIDELITYBK 1.962.951.85

YtD -0.74-27.41%-0.04

-2.00%-0.02

-1.01%3M 1W

PE 2.880.02


M T W T F

05/09

GUINNESS 181.00266.70162.00

YtD -55.01-23.31%2.50

1.40%-0.99

-0.54%3M 1W

PE 22.970.99


M T W T F

05/09

MOBIL 174.00182.00102.02

YtD 58.0050.00%48.99

39.19%-3.00

-1.69%3M 1W

PE 16.673.00


M T W T F

05/09

OKOMUOIL 34.2548.0532.15

YtD -10.58-23.60%1.25

3.79%0.17

0.50%3M 1W

PE 15.070.17


M T W T F

05/09

TOTAL 173.01195.50146.26

YtD -0.29-0.17%3.01

1.77%-6.99

-3.88%3M 1W

PE 13.336.99


M T W T F

05/09

UNILEVER 47.1564.0042.50

YtD -5.85-11.04%-1.46

-3.00%-0.95

-1.98%3M 1W

PE 35.030.95


M T W T F

05/09

DIAMONDBNK 6.178.205.86

YtD -1.33-17.73%-0.53

-7.91%0.07

1.15%3M 1W

PE 3.720.07


M T W T F

05/09

FLOURMILL 64.7183.6458.10

YtD -17.11-20.91%-6.06

-8.57%-1.95

-2.93%3M 1W

PE 19.161.95


M T W T F

05/09

HONYFLOUR 4.154.502.56

YtD 0.307.79%0.15

3.75%-0.02????3M 1W

PE 12.210.02


M T W T F

05/09

NASCON 9.4815.109.45

YtD -5.37-36.16%-3.29

-25.76%-0.32

-3.27%3M 1W

PE 9.230.32


M T W T F

05/09

PRESCO 36.9949.0032.00

YtD -2.01-5.15%0.97

2.69%0.69

1.90%3M 1W

PE 4.300.69


M T W T F

05/09

UACN 58.6067.8542.58

YtD 2.614.66%0.38

0.65%-0.40

-0.68%3M 1W

PE 27.350.40


M T W T F

05/09

WAPCO 117.00136.7388.92

YtD 2.001.74%-6.71

-5.42%-0.01

-0.01%3M 1W

PE 14.440.01


M T W T F

05/09

ETI 17.8618.6012.40

YtD 1.478.97%1.01

5.99%0.96

5.68%3M 1W

PE 4.870.96


M T W T F

05/09

FO 220.00259.9435.00

YtD 127.13136.89%-30.00

-12.00%-6.55

-2.89%3M 1W

PE 47.286.55


M T W T F

05/09

INTBREW 28.5131.5017.98

YtD 0.190.67%2.62

10.12%0.51

1.82%3M 1W

PE 45.220.51


M T W T F

05/09

NB 176.10189.00140.00

YtD 11.096.72%-7.10

-3.88%-1.90

-1.07%3M 1W

PE 33.621.90


M T W T F

05/09

PZ 34.9042.2930.08

YtD -2.10-5.67%-0.12

-0.34%1.65

4.96%3M 1W

PE 26.831.65


M T W T F

05/09

UAC-PROP 15.2121.3112.00

YtD -0.17-1.08%-2.32

-13.23%0.05

0.33%3M 1W

PE 6.970.05


M T W T F

05/09

ZENITHBANK 24.2527.4019.30

YtD -0.75-3.00%-0.76

-3.04%-0.35

-1.42%3M 1W

PE 7.010.35


M T W T F

05/09

TICKER 25.2327.4019.23

1YtD 0.230.92%2.90

12.99%0.01

0.04%3M 1W

PE 7.290.01

May June July21/07

M T W T F

25/07

FBNH 15.0017.2911.50

YtD -1.30-7.98%-0.20

-1.32%-0.19

-1.25%3M 1W

PE 6.950.19


M T W T F

05/09

GLAXOSMITH 62.7074.9762.05

YtD -7.30-10.43%-5.31

-7.81%-2.10

-3.24%3M 1W

PE 22.012.10


M T W T F

05/09

JBERGER 63.0076.4559.18

YtD -0.07-0.12%-5.00

-7.35%0.00

0.00%3M 1W

PE 9.640.00


M T W T F

05/09

NESTLE 1024.951250.01926.10

YtD -157.05-13.29%-47.06-4.39%

-1.05-0.10%3M 1W

PE 35.361.05


M T W T F

05/09

SEPLAT 679.88735.00590.00

YtD 75.0812.41%4.88

0.72%-10.12-1.47%3M 1W

PE --10.12


M T W T F

05/09

3 4 5

9

13

10 11

12

6

8

14

7

21

1. 52-week low price2. Year low price3. Current price4. Year high price5. 52-week high price6. Current price7. 5-day price change8. PE ratio9. 1-year price change10. 3-months price change11. 1-week price change12. Daily price movement over 3 months.13. 30-day moving average14. Daily price movement over last week

MARKET DATAVM4 VM | Monday, September 8, 2014 | Issue 009

MARKET DATA VM5VM | Monday, September 8, 2014 | Issue 009

MARKET SNAPSHOT

# TICKER WTD YTD

1 DANGCEM -2.16 4.09

2 NB 1.41 7.87

3 GUARANTY 4.84 7.75

4 NESTLE -3.66 -13.20

5 ZENITHBANK 0.37 -1.60

6 FBNH 3.97 -6.81

7 WAPCO -1.67 1.75

8 STANBIC 1.90 34.29

9 GUINNESS -4.17 -22.89

10 ETI 2.42 3.11

11 UBA 3.19 -18.69

12 FO -1.50 143.94

13 OANDO 3.59 2.51

14 TRANSCORP 6.64 40.55

15 ACCESS 2.70 3.13

16 UNILEVER -1.82 -9.25

17 FLOURMILL -0.04 -18.53

18 UBN -0.86 -15.71

19 PZ -5.38 -10.13

20 UACN 0.22 5.37

21 CADBURY -9.18 -40.78

22 DANGSUGAR 0.46 -22.65

23 INTBREW 5.26 -1.13

24 7UP 8.40 95.03

25 DIAMONDBNK -1.61 -18.67

26 FCMB -1.16 10.68

27 JBERGER -3.08 -0.12

28 ASHAKACEM -1.09 53.11

29 MOBIL 0.71 52.59

30 GLAXOSMITH 1.93 -7.43

31 TOTAL -1.13 3.87

32 FIDELITYBK 0.51 -26.67

33 STERLNBANK -0.88 -9.60

34 CONOIL -5.03 6.02

35 SKYEBANK -1.69 -35.70

36 PRESCO 0.25 -6.92

37 OKOMUOIL -2.21 -23.98

38 CAP -0.08 -18.67

39 NEIMETH -9.17 -0.91

40 MAYBAKER -10.63 -43.92

WEEK-TO-DATE RETURN-20%

-50%

-20%

-30%

-40%

-10%

0%

+10%

+20%

+30%

+40%

+50%

+60%

+70%

+80%

+100%

+90%

+120%

+130%

+110%

+140%

0%-10%-15% -5% 5% 10%

YEA

R-TO

-DAT

E RE

TURN

LAGGING

SLIPPING LEADING

IMPROVING

12 3

4

56

7

8

9

10

11

12

13

1415

16

17

1819

20

21

22

23

24

25

26

27

28 29

30

31

32

333435

36

3738

39

40

Bubble size = Market Cap

TRADING BREAKDOWN BY SECTOR

Sector %

Financial Services 84 \ 65

Conglomerates 7 \ 14

Oil & Gas 3

Others 6 \ 16

01/09 05/0903/0913.8

13.9

14.0

14.1

14.2

2990

2995

3000

3005

3010

FGN Bond Index Market Value YTD Return

INDEX PERFORMANCE

Index Week OpeningWeek Close Change WtD MtD QtD YtD

1 All Shares Index 41,532.31 41,160.62 -371.69 -0.89 -2.23 -3.11 -0.41

2 NSE 30 Index 1,890.50 1,870.68 -19.82 -1.05 -2.64 -3.16 -1.91

3 NSE Banking Index 428.67 426.18 -2.49 -0.58 -1.67 -1.55 -4.84

4 NSE Insurance Index 144.56 142.31 -2.25 -1.56 -3.70 -3.08 -6.91

5 NSE Consumer Goods Index 1,027.86 1,002.81 -25.05 -2.44 -5.22 -5.24 -8.86

6 NSE Oil/Gas Index 480.48 458.82 -21.66 -4.51 -2.34 -2.01 34.99

7 NSE Lotus Islamic Index 2,725.59 2,678.96 -46.63 -1.71 -4.28 -6.81 -6.43

8 NSE Industrial Index 2,679.33 2,672.58 -6.75 -0.25 -1.50 0.22 4.95

MARKET SNAPSHOT

Date Deals Turnover Volume Turnover Value Traded StocksAdvanced

StocksDeclined Stocks

Unchanged Stocks

All Shares Index Value

1 01.09.2014 4,455 222,428,264 2,268,818,441.66 111 \ 130 25 \ 21 30 \ 24 56 \ 85 41,398.05

2 02.09.2014 6,034 296,097,762 6,488,172,003.56 114 \ 114 20 \ 19 33 \ 33 61 \ 62 41,264.65

3 03.09.2014 5,392 201,067,115 2,443,398,113.59 105 \ 110 20 \ 16 33 \ 27 52 \ 67 41,207.79

4 04.09.2014 5,304 2,253,228,903 38,878,125,591.14 109 \ 118 17 \ 31 38 \ 20 54 \ 67 41,017.49

5 05.09.2014 4,407 306,684,313 2,729,243,481.79 111 \ 106 36 \ 29 16 \ 19 59 \ 58 41,160.62

The \ arrow signifies week-on-week change in value. This weeks value is shown on the left of the \ sign, and last weeks value on the right.

GLOBAL INTEREST RATES & INFLATION TARGETSCentral Bank Rate

Last Date Change

% Change

Inflation Target

China 6.00% 05.07.2012 -0.31 4.00%Japan 0-0.10% 05.10.2010 -0.20 2.00%

UK 0.50% 05.03.2009 -0.50 2.00%USA 0-0.25% 16.12.2008 -0.75 2.00%

Eurozone 0.15% 05.06.2014 -0.10

ART AS AN ALTERNATIVE INVESTMENT

EDITOR: MIDENO BAYAGBON

GROUP BUSINESS EDITOR: OMOH GABRIEL

CONTENT DIRECTION: OBIORA TABANSI ONYEASO

DESIGN & ILLUSTRATION: PUBLICAN MEDIA

Vanguard Markets features unbiased, in-depth coverage of corporate and market developments across a wide range of business sectors.Every week, Vanguard Markets delivers essential business analysis and commentary on Nigerian companies, regional economies, and global markets. Vanguard Markets is published by Vanguard Media Limited in associa-tion with Customs Street Advisors Limited, a specialist communications consultancy.

Vanguard Media Limited, Vanguard Avenue, Kirikiri Canal, P.M.B.1007, Apapa.

Website: www.vanguardngr.com

ISSN 0794-652X

Published by

In Association With

ARENAVM6 VM | Monday, September 8, 2014 | Issue 009

WELVE YEARS after Alima Atta started Sesema PR she has

not slowed down. This scion of the Igbirra royal house has an enviable roster of clients and the recognition of her peers. Instead of pausing the acco-lades drive her further. Sesema PR has come a long way from

being one determined lady armed with a phone and lap-top. Back then, her fledging firm squatted in a spare room at her mothers office. Today, the company employs 13 grad-uates in an office befitting one of Nigerias most innovative agencies.

Under her watch, Sesema, whose first client was Cisco has grown to win Etihad, British American Tobacco, Hennessy Cognac, Visa and De United Foods, makers of Indomie noodles.

The University of London-trained graduate jokes that she can be taskmaster with an OCD for attention to detail, perfection, and professional-ism. Her pet peeve is when prospects fail to appreciate the value of her craft and propose to pay based on the lowest quotations they receive. Other

things she deplores are the perception that PR requires only rudimentary training and the institutionalized expecta-tion for gratification in PR. She is an advocate for an abiding ethical for PR practitioners.

Her entry to PR was un-planned. After stints in mar-keting and conference pro-duction in the UK and US, she went to see a recruitment consultant who advised her, based on her skill set, to enter PR. Looking back, she says that she knew next to noth-ing about the amount of hard work it takes to succeed in the field because it looked like so much fun and glamour from outside looking in.

Ms. Atta is often amused when she goes into meetings and people assume that she is younger than she is. It would be a compliment except that

people go on to address the accompanying male member of her team as her boss in-stead. On a few occasions, she has come face-to-face with unspoken chauvinism in her male-dominated industry. What she believes is that tal-ent, diligence, and integrity will carry the day irrespective of gender. Each setback has been an opportunity to learn, and relaunch.

The principal of Sesema PR has a passion for youth. Her concern at the level of decay in Nigerian educa-tion inspired her to start a scholarship program for two bright indigent students and sponsor them through their course. On their graduation they receive automatic em-ployment at Sesema PR.

Aside that she invests a good amount of her time

transmitting the right values to younger professionals. In a way, she considers her firm to be a leadership training school for the next generation of stars in the communica-tions industry. Her endear-ing quality is a commitment to helping people become the best they can be.

On Ms. Attas Twitter feed is a childhood photograph of her mom helping her put on earrings. Mrs. Iyabo Atta raised her and her 3 siblings after the death of their father, Alhaji Abdul-Aziz Atta in 1972. He served as a perma-nent secretary in the Eastern Nigeria Civil Service under Nnamdi Azikiwe, and later as Secretary to the Federal Government under General Gowon. He had to overcome racial prejudice to rise in the colonial civil service. A 1947

memo by a British superior approving his appointment to a minor post stated that Attas Oxford University education has enabled him overcome the typical Igbirra defects of character, namely excitability and vindictive-ness that are prominent in his father, the Atta of Igbirra-land. Other distinguished relatives include her sister, the writer Sefi Atta, her uncle, Abdul Malik Atta, Nigerias first high commissioner to the Court of St. James, and her aunt, Ambassador Sefi Judith Attah, widow of the poet Christopher Okigbo, and Nigerias first minister of Womens Affairs.

When asked her advice for successful living she pauses for a moment and says live your life and not someone elses. Authenticity defines her. ;

SPOTLIGHT

Alima Atta, MD, Sesema PR

T

WO WEEKS AGO we talked about the 7th FNB Joburg Art

Fair, which had a strong fo-cus on Nigeria. Two galleries from Lagos, Omenka and Red Door, and two art plat-forms, Art Twenty One and LagosPhoto, were included in the program.

This week, we will be look-ing at the fast-rising 1:54 Contemporary African Art Fair initiated by Moroccan-born Touria El Glaoui. It takes place from October 16 to 19 in London.

The 1:54 fair, which gets its name from the 54 coun-tries on the African continent,

hopes to expand the scope of appreciation of African art by providing a platform amongst an international audience for galleries, artists, curators, art centres and museums in-volved in African and Africa-related projects. The fair will also be a unique opportunity to draw further attention to established and emerging talents from the African con-tinent.

This years 1:54 will show-case over 85 artists represent-ed by 24 carefully selected galleries from countries in-cluding Kenya, South Africa, France, Italy, Germany, UK and USA. Last year, only five of the commercial spaces at the fair were occupied by gal-leries with bases on the con-tinent: ARTLabAfrica from Nairobi, Carpe Diem from Sgou, First Floor Gallery Harare from Harare, Galerie Ccile Fakhoury from Abid-jan, and Omenka Gallery from Lagos. The presence of South African and north Afri-can galleries at this years fair shows its rising reputation.

The art fair runs concur-rently with the well estab-lished Frieze fair in London. Frieze attracts more than 170 galleries each year and visitors can view and buy art

from over 1,000 of the worlds leading artists. According to El Glaoui, running the event during Frieze is a strategic decision to ensure that the artists and galleries get the best visibility and leverage on the over 70,000 visitors in London, and benefit from the presence of major private and institutional collectors in London at that time.

The first edition of 1:54 held last year attracted 6,000 visitors. This year the organ-izers are expecting 12,000 visitors. Going by the turnout last year, the idea of holding the fair during Frieze was a good one.

A number of African and Africa-related galleries will feature at 1:54 for the first time. Expected are the WHATIFTHEWORLD/GAL-LERY and SMAC Art Gallery from Cape Town, Afronova from Johannesburg, Knight Webb Gallery, Purdy Hicks Gallery, and Selma Feriani Gallery from London, Primo Marella Gallery from Milan, Art Twenty One from La-gos, Taymour Grahne from New York, Galerie Anne de Villepoix and (S)ITOR/ Sitor Senghor from Paris, and VOICE Gallery from Mar-rakech.

Following the huge suc-cess of last years educational programme, this edition of 1:54 will be accompanied by a critical conversations series, curated by Cameroonian-born Koyo Kouoh of Raw Material Company, a mobile site for art practice and criti-cal exchange in Dakar. She has served as curatorial advi-sor for the globally influential dOCUMENTA 12 (2007) and

13 (2012). The series will aim to stim-

ulate discussion and debate with some of the most inspi-rational thinkers in the art world. It will feature lectures, artist talks, film screenings and panel discussions pre-sented by international cura-tors, artists and key experts. Themes will center on the current trajectory of contem-porary African art production

and practice in a global con-text, while exploring modes of existing, retrospective and theoretical artistic practice. Previous participants include Hans Ulrich Obrist, Chris Dercon, Olafur Eliasson, Bisi Silva, Elvira Dyangani Ose, Edson Chagas and Otobong Nkanga.

This years fair will take place in the East and West Wings of Somerset House. ;

Contemporary African art takes centre stage in London

Oliver Enwonwuis the director of leading Lagos gallery, Omenka and president of the Society of Nigerian [email protected]

T

ARTCO Gallery Booth at the 2013 edition of 1:54 art fair, London

Alima Atta

Vanguard Markets - September 8, 2014 Edition

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