55 Stocks Trading at N0 50k Today - What Next

ISSN 1597- - 8842 Vol. 1 No.
92
55 Stocks
at N0.50
Today: What
Next?
Two Trading
Years After
TheKobo
Restoration
of the
NCM
Issued on June 03, 2012

Issued on January 15, 2012
55 Stocks Trading t N0.50k Today What Next?
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Page 1
Contents
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Page 2
55 Stocks Trading at N0.50 Kobo Today: What Next?

June 03, 2012
1. Introduction
Introduction
The extended bearish market sentiments and unrelenting down trend makes it
imperative for a cursory review of penny stocks, most especially those stocks currently
trading at their nominal value of 50kobo.
Recall that the NSE All-Share Index as at 3rd March 2008 was at 65,901.97 basis
points, yet
within the space of four (4) years; it shed 43,678.61 basis points
representing -66.27% to close at 22,232.36 basis points as at 25th May, 2012.
3-Mar-08
65,910.97
NSE ASI
25-May-12 Diff in Basis Point
22,232.36
-43,678.61
% Change
-66.27%
Source: Proshare Research/NSE
Consequently, the NSE Market Cap within the same period depreciated by N5.46 trillion
to stand at N7.09 trillion as at 25th May 2012 representing a -43.52 loss.
3-Mar-08
12.55
NSE MARKET CAP (Trillion)

25-May-12
CAP Loss
7.09
-5.46
% Change
-43.52%
Observations/Highlights
As at May 25, 2012, we have a total of fifty-five (55) stocks trading at 50kobo (floor)
and of these, twenty seven (27) are insurance stocks, three (3) Oil & Gas stocks while
Wema Bank Plc is the only banking stock in the category.
One major point that stood out was the fact that half of the companies listed on the
bourse between 2008 and 2010 are currently trading at 50k while four (4) stocks
have recorded no price movement in the last three years.
A review on the affected companies financial results (where available) sheds some
insight into how the bourse is performing/managed Eighteen (18) out of the fifty-five
(55) stocks declared negative results in their most recent results, three (3) companies
have no results at all while twenty-seven (27) have not declared their 2011 Audited
results.
There are some peculiarities that helps put the financial figures in context. Here are a
few:
DN Tyre & Rubber Plc (formerly Dunlop) was a tyre manufacturing giants in the
Nigerian market became a victim of governments policy(ies) which made it
uncompetitive in its primary market. The company had to convert some assets to cash
for use in other areas. (http://www.proshareng.com/news/9571). As the company could not produce any
longer it had to resort to importation of goods. The Group Managing Director of DN Tyre
and Rubber Plc, Mohammed Yinusa, explained in an interview with The Guardian that the
decision to import was a last resort, adding that the company was still optimistic that a
bail-out may come from the Federal Government. (http://www.proshareng.com/news/6772)
www.proshareng.com
Page 3
Union Diagnostics & Clinical Services Plc had in 2009 proposed N0.08kobo dividend
and later informed the Exchange of its inability to meet up with the payment date of the
dividend prior to the AGM at which the dividend was declared. Not much has been heard
from/about this company since. (http://www.proshareng.com/news/11674)
Investment & Allied Insurance Plc had its management suspended by the National
Insurance Commission in 2010, two years after its successful public offering. The
suspension was sequel to reports of findings from routine inspection of the company by
the commission and the failure of the management of the company to satisfactorily
correct material lapses observed and brought to its attention by the commission.
(http://www.proshareng.com/news/13136)
Daar Communication Plc recently lost in its bid to address the payment of a N7.5bn
judgment sum handed against it in favour of Fidelity Bank Plc and the implication of such
for shareholders is onerous. (http://www.proshareng.com/news/17228)
Starcomms Plc which was listed on the Exchange in 2008 after a public offering has
remained a sore experience and the industry poster for the excesses that occurred
during the boom years. (http://www.proshareng.com/news/17281).
Wema Bank Plc has been trying to recover after its many corporate governance
challenges. (http://www.proshareng.com/news/10568)
55 Stocks Trading @ 50kobo
Stock Price Analysis
No of Insurance Stock(s)
No of Banking Stock(s)
No of Oil & Gas Stock (s)
Newly Listed Stocks (2008-2010)
Stocks Trading below 50kobo
Stocks Trading at 50kobo in the last 2Yrs
Stocks that records no price movement in the last 3Yrs
Result Analysis
Companies that declared negative results (Latest Available Results)
Companies that have not declared results at all
Companies that have not complied with listing rules (Latest Audited Results Not Available)
www.proshareng.com
No
27
1
3
20
2
20
4
18
3
27
Page 4
2. Individual Stock Analysis

As at the report date, fifty-five (55) equities are trading at their nominal value of
N0.50kobo. To properly understand why this is so and the expectations going forward,
we undertook a critical examination/analysis of the equities covering the period from
2008 to 2012.
ABCTRANS
The share price of ABC Transport Plc, listed in the services sector, recorded a 4.51%
appreciation in 2008 to close at 2.78k from the Opening price of 2.66k. The stock closed
flat in 2009 while price depreciation of -3.95% was recorded in 2010. The stock resumed
positive movement in 2012 with 3.77% price appreciation recorded while it opened the
year 2012 at 50k and later traded above its nominal value before it eventually hit 50k on
the 16th Feb, 2012.
Opening
Price
Year
ABCTRANS
Closing
Price
% Change Stock Hits 50k
2008
2.66
2.78
4.51%
2009
1.96
1.96
0.00%
2010
0.76
0.73
-3.95%
2011
0.53
0.55
3.77%
2012
0.5
0.5
0.00%
16th Feb, 2012
Note: 2012 Closing Price is as at 25th May, 2012

Financial Review In its latest result for Q4 2011, ABC Plc posted a -N68.18m loss as
against N57.51 million in the previous quarter representing a -218.55% negative
growth. The company recorded losses also in Q2 and Q1 2011 while it declared profit in
Q3 2011 and Q4 2010 respectively, also a negative growth.
ABCTRANS
Turnover N'm
Period
PAT N'm
Current
Previous
% Change
Current
Previous
% Change
Q4 2011
5849
4612
26.82%
-68.18
57.51
-218.55%
Q3 2011
4290
3350
28.06%
31.5
70.42
-55.27%
Q2 2011
2658
2098
26.69%
-101.16
-52.32
-93.35%
Q1 2011
1216
1011
20.28%
-70.42
23.35
-401.58%
Q4 2010
4612
4051
13.85%
57.51
85.67
-32.87%
AFRINSURE
The share price of African Alliance Insurance Plc, listed in the Financial Services
sector on 17th Sept, 2009 recorded -76.29% price depreciation in 2009 while the stock
closed flat in 2010, 2011 until it hit its nominal price of 50k on 1st Feb, 2012.
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Page 5
AFRINSURE
Closing
Price
Opening
Price
Year
2008
NA
NA
0.00%
2009
3.67
0.87
-76.29%
2010
0.87
0.87
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
1st Feb, 2012

Financial Review the companys latest financial accounts shows that the insurance
outfit has been declaring losses all through the periods reviewed below. The company
declared N229million loss in Q2 2011 while a similar outcome was also recorded in Q4
2012 and Q4 2009 with N3.09 billion and N5.45 billion losses recorded respectively.
AFRINSURE
Turnover N'm
Period
PAT N'm
Current
Previous
% Change
Current
Previous
% Change
Q2 2011
991.89
775.2
27.95%
-229.91
-1456
-84.21%
Q4 2010
1368
1106
23.69%
-3090
-5111
-39.54%
Q4 2009
1430
1229
16.35%
-5450
-7962
-31.55%
AFROMEDIA
Afromedia Plc listed in the services sector on the 18th of May, 2009 closed flat in the
year it was listed with a similar posture retained in 2010, and in 2011 recorded -3.57%
price depreciation. The stock hit its nominal value of 50k in Jan 4th, 2012.
AFROMEDIA
Closing
Price
Opening
Price
Year
2008
NA
NA
0.00%
2009
2.51
2.51
0.00%
2010
0.8
0.8
0.00%
2011
0.56
0.54
-3.57%
2012
0.5
0.5
0.00%
4th Jan, 2012

Financial Review In the companys latest result for Q1 2012, a profit of

N54.14million was reported, declared a loss of N-301.18million in Q4 2011 and declared
N174 million, N261 million and N134 million profits in Q3, Q2 and Q1 2011 respectively.
AFROMEDIA
Turnover N'm
Period
PAT N'm
Current
Previous
% Change
Q1 2012
704.59
969.41
Q4 2011
3240
3733
Q3 2011
2619
2688
-2.57%
Current
Previous
-27.32%
54.14
134.67
-59.80%
-13.21%
-301.18
440.13
-168.43%
174.11
461.72
-62.29%
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% Change
Page 6
Q2 2011
1671
1550
7.81%
261.62
342.69
-23.66%
Q1 2011
969.41
661.67
46.51%
134.67
161.09
-16.40%
AIICO
The share price AIICO Plc, listed in the financial services sector, closed flat in 2008,
recorded a price appreciation of 0.54% and 3.80% respectively in 2009 and 2010;
closed flat in 2011 and posted a -3.85% price depreciation in 2012. The stock hit its
nominal value of 05k on 16th May, 2012
AIICO
Closing
Price
Opening
Price
Year
2008
3.43
3.43
0.00%
2009
1.86
1.87
0.54%
2010
0.79
0.82
3.80%
2011
0.9
0.9
0.00%
2012
0.5
0.52
4.00%
16th May, 2012

Financial Review The insurance outfit financials represents that it made profit
throughout the periods under review with N1.33 billion PAT in Q4 2011 while N1.32
billion, N1.49 billion and N1.11 billion was declared in Q3 2011, Q2 2011 and Q4 2010 in
that order recording positive growth in majority of the periods.
AIICO
Turnover N'm
Period
PAT N'm
Current
Previous
% Change
Current
Previous
% Change
Q4 2011
18444
14952
23.35%
1332
1117
19.25%
Q3 2011
13507
11101
21.67%
1329
1641
-19.01%
Q2 2011
8674
7376
17.60%
1496
968
54.60%
Q4 2010
14952
8799
69.93%
1117
1002.00
11.48%
ASOSAVINGS
Aso Savings & Loans Plc listed in the financial services sector on 25th April, 2008 only
recorded price appreciation of 3.51% in 2009 while it closed flat in all other years under
review.
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Page 7
ASOSAVINGS
Closing
Price
Opening
Price
Year
2008
3.67
3.67
0.00%
2009
1.71
1.77
3.51%
2010
0.56
0.56
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
4th Jan, 2012

Financial Review Companys available latest results show that the financial services
outfit declared N243 million loss in Q3 2011 while other results available shows the firm
made profits of N1.21 billion, N551 million and N211 million in Q4 2010, Q3 2009 and
Q1 2009 respectively.
ASOSAVINGS
Turnover N'm
Period
Current
Previous
Q3 2011
4,876
5,551
Q4 2010
11,007
Q3 2009
Q12009
PAT N'm
%
Change
%
Change
Current
Previous
-12.16%
-243.35
101.94
-338.72%
10,012
9.94%
1,212
-3,247
-137.33%
7,906
8,021
-1.43%
551.96
1,214
-54.53%
2,329
2,419
-3.72%
211.67
674.58
-68.62%
BECOPETRO
The petroleum marketing firm which was listed in the Oil & Gas sector on the Nigerian
bourse only recorded a +4.80% price appreciations in 2009 while it closed flat in other
periods.
Opening
Price
Year
2008
BECOPETRO
Closing
Price
NA
NA
0.00%
2009
2.5
2.62
4.80%
2010
2.53
2.53
0.00%
2011
0.6
0.6
0.00%
2012
0.5
0.5
0.00%
3rd Jan, 2012

Financial Review The review of the firms financials between Q4 2011 to Q3 2010 shows that
declared N-168 million loss but returned to profitability in other periods under review.
BECOPETRO
Turnover N'm
Period
Current
Previous
Q4 2011
2,686
2,780
Q3 2011
2,150
2,195
Q4 2010
2,780
3,995
PAT N'm
%
Change
%
Change
Current
Previous
-3.38%
-168.66
-316.45
-46.70%
-2.05%
68.37
86.89
-21.31%
-30.41%
316.45
176.81
78.98%
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Page 8
Q3 2010
2,195
2,996
-26.74%
86.89
142.58
-39.06%
BIGTREAT
The Consumer Goods firm recorded +4.76% price appreciation in the year 2010 after
closing flat in 2009.
Opening
Price
Year
BIGTREAT
Closing
Price
2008
5.89
5.89
0.00%
2009
3.06
3.06
0.00%
2010
0.63
0.66
4.76%
2011
NA
NA
0.00%
2012
NA
NA
0.00%
21st Sept, 2012

Financial Review The company declared N440 million, N175 million and N184 million
losses in Q4, Q3 and Q2 2009 in that order while it declared N406 million profit in Q4
2008.
BIGTREAT
Turnover N'm
Period
Current
Previous
Q4 2009
4,214
3,932
Q3 2009
2,692.17
Q2 2009
Q4 2008
PAT N'm
%
Change
%
Change
Current
Previous
7.17%
-440.51
406.34
-208.41%
2,391.36
12.58%
-175.54
275.35
-163.75%
1,801.13
1,501.34
19.97%
-184.92
-5.53
3243.94%
3,900
3,000
30.00%
406.3
245.9
65.23%
CAPOIL
The Oil & Gas firm recorded no price appreciations in any of the years reviewed as it
closed flat from 2008 to 2012 as confirmed below.
Year
Opening
Price
CAPOIL
Closing
Price
2008
5.69
5.69
0.00%
2009
13.83
13.83
0.00%
2010
0.59
0.59
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
5th Jan, 2012

Financial Review None available.
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Page 9
CHAMS
The ICT Company recorded -0.81% loss in 2009 with an improved positive situation of
+3.51% price appreciation recorded in the following year of 2010 while it returned flat in
other periods..
CHAMS
Closing
Price
Opening
Price
Year
2008
2.62
2.62
0.00%
2009
2.47
2.45
-0.81%
2010
0.57
0.59
3.51%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
3rd Jan, 2012

Financial Review Between the Q1 2012 to Q4 2010, the firm recorded a PAT of N207
million in Q1 2012 while the ICT firm recorded loses in other periods mentioned in the
table below.
CHAMS
Turnover N'm
Period
Current
Previous
Q1 2012
197,303
988,962
Q4 2011
1,777
Q2 2011
PAT N'm
%
Change
%
Change
Current
Previous
-80.05%
-201.95
207.02
-197.55%
1,484
19.74%
-1,236
-1,382
-10.56%
1,788
293.52
509.16%
195.46
-137.36
-242.30%
Q1 2011
1,090
293.52
271.35%
265.33
-137.36
-293.16%
Q4 2010
1,484
988.62
50.11%
-1,382
-2,873
-51.90%
CILEASING
The equipment leasing company was listed in the services sector on the Nigerian bourse
in 1997. During the periods reviewed, the stock closed flat in 2008 and 2009 while it
recorded +1.92% price appreciations in 2010. It went down in 2011 by -0.65% and has
so far recorded +4.76% price appreciation as at 25th May, 2012.
Year
Opening
Price
CILEASING
Closing
Price
2008
8.5
8.5
0.00%
2009
11.1
11.1
0.00%
2010
2.6
2.65
1.92%
2011
1.53
1.52
-0.65%
2012
0.63
0.5
-20.63%
30th Jan, 2012

www.proshareng.com
Page 10
Financial Review The latest Q3 2011 financials represents that it made a profit of N337m while
subsequent quarters, Q2 and Q1 2011, also recorded positive results with N152m and N104m profit
declared respectively. However, it recorded N47m and N65m losses in Q4 and Q3 2010.
CILEASING
Turnover N'm
Period
Current
Previous
Q3 2011
7,412
6,088
Q2 2011
4,830
Q1 2011
PAT N'm
%
Change
Current
Previous
% Change
21.75%
337.58
-65.47
-615.63%
4,124
17.12%
152.06
-1.20
-12771.67%
2,458
2,145
14.59%
104.05
-51.99
-300.13%
Q4 2010
8,600
8,200
4.88%
-47.40
-118.10
-59.86%
Q3 2010
6,008
5,771
4.11%
-65.47
-236.09
-72.27%
CORNERST
The insurance outfit showed some sign of brightness in 2008 with a +1.26% price appreciation but the
capital gain was erased in 2009 with -6.13% price depreciation witnessed. The stock closed flat in
subsequent periods of review.
Opening
Price
Year
CORNERST
Closing
Price
2008
4.77
4.83
1.26%
2009
1.63
1.53
-6.13%
2010
0.52
0.52
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
6th Jan, 2012

Financial Review Firm declared N 24m, N124m and N442m profit in Q3, Q2 2011
and Q4 2010 respectively. It recorded N-442m and N-297m losses in Q4 and Q3 2009
respectively.
CORNERST
Turnover N'm
Period
Current
Previous
Q3 2011
2,414
2,807
Q2 2011
2,831
Q4 2010
4,021
Q4 2009
Q3 2009
PAT N'm
%
Change
%
Change
Current
Previous
-14.00%
24.24
-377.93
-106.41%
2,780
1.83%
142.43
910.61
-84.36%
3,766
6.77%
399.45
442.97
-9.82%
3,766
3,812
-1.21%
-442.97
-419.46
5.60%
3,131
2,765
13.24%
-297.31
-43.1
589.81%
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Page 11
COURTVILLE
Courtville Business Solutions Plc which was listed in the ICT sector in April 2009 closed
flat throughout the years reviewed.
COURTVILLE
Closing
Price
Opening
Price
Year
2008
Listed in April 2009
2009
2.62
2.62
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
3rd Jan, 2012

Financial Review The firm declared profits all through in Q4, Q2 2011, Q4 Q2 2009
and Q4 2009 with the first quarters recording positive PAT growth while the other
remaining quarter(s) recorded negative PAT growth.
COURTVILLE
Turnover N'm
Period
Current
Previous
Q4 2011
855.6
627.7
Q2 2011
810.17
Q4 2010
PAT N'm
%
Change
%
Change
Current
Previous
36.31%
245.35
179.43
36.74%
648.85
24.86%
198.27
161.54
22.74%
869.04
776.83
11.87%
124.76
181.44
-31.24%
Q2 2010
443.88
433.57
2.38%
124.76
182.52
-31.65%
Q4 2009
776.83
515.79
50.61%
181.44
273.35
-33.62%
CRUSADER
The financial services and property development firm was listed in 1990. It recorded
2.12% price appreciation in 2008 and closed flat in the subsequent year. In 2010, it lost
in share price by -4.46% but recorded an improvement in 2011 with 3.77% price
appreciation before it eventually hit its nominal value of 50k in Jan 4th, 2012.
Year
Opening
Price
CRUSADER
Closing
Price
2008
6.61
6.75
2009
7.35
7.35
2.12%
0.00%
2010
1.57
1.5
-4.46%
2011
0.53
0.55
3.77%
2012
0.5
0.5
0.00%
4th Jan, 2012

www.proshareng.com
Page 12
Financial Review The Q3 2011 financials of the outfit shows that a loss of N185mln
was declared after a profit of N14mln in Q2 2011. Subsequent quarters, Q1 2011, Q4
and Q3 2011, witnessed losses of N96mln, N204mln and N16mln respectively.
CRUSADER
Turnover N'm
Period
Current
Previous
Q3 2011
2,989
3,099
Q2 2011
2,102
Q1 2011
Q4 2010
Q3 2010
PAT N'm
%
Change
%
Change
Current
Previous
-3.55%
-185.2
-16.18
1044.62%
2,447
-14.10%
14.46
-97.6
-114.82%
1,013
1,606
-36.92%
-96.68
-38.06
154.02%
5,227
5,031
3.90%
-204.13
-623.02
-67.24%
3,418
3,515
-2.76%
-16,985
-29,307
-42.04%
DAARCOMM
The Media Company which was listed in September 2008 recorded price appreciation of
0.29% and 3.57% in 2009 and 2010 respectively while the stock closed flat in 2011 and
2012. It hit its nominal value of 50k on 5th Jan, 2012 and still trading at that price till
date.
Opening
Price
Year
DAARCOMM
Closing
Price
2008
5.25
5.25
0.00%
2009
3.46
3.47
0.29%
2010
0.56
0.58
3.57%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
5th Jan, 2012

Financial Review The media firm declared N1.56bln loss in Q4 2010 while it also declared
losses of N727mln and N3.53bln in Q2 2010 and Q4 2009. It declared profits of N1.94bln in Q3 2010
and N195mln in Q3 2009.
DAARCOMM
Turnover N'm
Period
PAT N'm
%
Change
Current
Previous
%
Change
Current
Previous
Q4 2010
4,824
7,359
-34.45%
-1,568
-2,625
-40.27%
Q3 2010
2,886
2,988
-3.41%
1,949
195.09
899.03%
Q2 2010
1,875
1,885
-0.53%
-727.36
98.85
-835.82%
Q4 2009
3,841
3,678
4.43%
-3,538
-381.49
827.42%
Q3 2009
2,988
2,526
18.29%
195.09
429.06
-54.53%
www.proshareng.com
Page 13
DUNLOP
The Auto parts firm was listed in 1961 in the Consumer Goods sector. It recorded
2.80% price appreciation in 2008 while it closed flat in other periods under review. It
eventually hit its current share price of 50k on 4th Jan, 2012.
DUNLOP
Closing
Price
Opening
Price
Year
2008
3.21
3.3
2.80%
2009
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
4th Jan, 2012

Financial Review The Auto Parts firm declared N575mln PAT in its latest result of Q4
2011 while it recorded losses in its preceding quarterly results of Q2 2011, Q4 2010, Q4
2009 and Q2 2008 presented below.
DUNLOP
Turnover N'm
Period
Current
Previous
Q4 2011
2,331
1,758
Q2 2011
146.17
Q4 2010
PAT N'm
%
Change
%
Change
Current
Previous
32.59%
575.75
-388.13
-248.34%
147.09
-0.63%
-321.07
196.7
-263.23%
1,758
4,350
-59.59%
-388.13
-11,143
-96.52%
Q4 2009
4,350
6,041
-27.99%
-11,143
-2,093
432.39%
Q2 2008
1,250
3,592
-65.20%
-1,501
-500.71
199.77%
EQUITYASUR
Equity Assurance Plc listed in the financial services sector closed flat as no price gain or
loss was witnessed throughout the years reviewed.
Year
Opening
Price
EQUITYASUR
Closing
Price
2008
2.46
2.46
0.00%
2009
5.06
5.06
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
5th Jan, 2012

Financial Review The insurance outfit in its latest result of Q3 2011 declared a
N200m loss after recording profit in preceding periods reviewed.
EQUITYASUR
www.proshareng.com
Page 14
Turnover N'm
Period
Current
Previous
Q3 2011
1,574
1,952
Q4 2010
2,104
Q3 2010
Q2 2010
Q1 2010
PAT N'm
%
Change
%
Change
Current
Previous
-19.36%
-200.83
187.07
-207.36%
2,467
-14.71%
28.8
-895.84
-103.21%
1,952
2,024
-3.56%
187.07
236.81
-21.00%
1,600
1,630
-1.84%
262.69
299.79
-12.38%
1,095
1,053
3.99%
331.94
244.32
35.86%
EVANSMED
The Pharmaceutical & Foods Manufacturing Company was listed in 1979 in the
healthcare sector. The stock recorded price depreciations of -2.45%, -4.67% and 4.55% in 2008, 2010 and 2011 respectively while it closed flat in 2009 and 2012.
EVANSMED
Closing
Price
Opening
Price
Year
2008
6.94
6.77
2009
3.12
3.12
-2.45%
0.00%
2010
1.07
1.02
-4.67%
2011
1.1
1.05
-4.55%
2012
0.67
0.67
0.00%
28th Mar, 2012

Financial Review The latest result of the company, Q4 2011, represents that it
returned N94mln profit with 979% positive growth rate while the profits declared in Q2,
Q1 2011 and Q4 2010 came with negative PAT growth (with the firm also recording
N25mln loss in Q3 2011).
EVANSMED
Turnover N'm
Period
Current
Previous
Q4 2011
4,572
3,942
Q3 2011
1,092
PAT N'm
%
Change
%
Change
Current
Previous
15.98%
94.52
8.76
979.00%
1,071
1.96%
-25.25
8.22
-407.18%
Q2 2011
1,220
1,056
15.53%
13.55
-8.08
-267.70%
Q1 2011
1,100
775.66
41.81%
3.66
-111.55
-103.28%
Q4 2010
3,942
3,523
11.89%
8.76
-889.56
-100.98%
FIRSTALUM
The building materials firms listed in Industrial Goods
appreciations in 2008 while it closed flat in preceding years.
www.proshareng.com
recorded
0.42%
price
Page 15
FIRSTALUM
Closing
Price
Opening
Price
Year
2008
2.38
2.39
0.42%
2009
4.3
4.3
0.00%
2010
0.5
0.5
0.00%
2011
0.73
0.73
0.00%
2012
0.5
0.5
0.00%
2nd Feb, 2012

Financial Review The financials of the company reviewed from indicates that the outfit
declared losses throughout the periods examined.

FIRSTALUM
Turnover N'm
Period
Current
Previous
Q1 2012
2,261
2,026
Q4 2011
8,790
8,760
Q3 2011
6,305
Q2 2011
Q4 2010
PAT N'm
%
Change
%
Change
Current
Previous
11.60%
-116.68
-131.34
-11.16%
0.34%
-325.04
-334.59
-2.85%
6,774
-6.92%
-124.79
-133.73
-6.69%
4,051
4,550
-10.97%
-133.98
-71.07
88.52%
8,760
8,289
5.68%
-334.59
48.32
-792.45%
FTNCOCOA
The crop production/Cocoa processing firm recorded price appreciation of +1.55%, +1.95% and
+3.85% in 2008, 2009 and 2010 while it lost by -3.28% in 2011 until it hit its nominal value of 50k on
3rd Jan, 2012.
FTNCOCOA
Closing
Price
Opening
Price
Year
2008
2.58
2.62
1.55%
2009
1.54
1.57
1.95%
2010
0.52
0.54
3.85%
2011
0.61
0.59
-3.28%
2012
0.5
0.5
0.00%
3rd Jan, 2012

Financial Review The cocoa processing firm declared losses of N221mln in Q4 2011 while
similar outlook was recorded in Q3, Q2 and Q1 2011 with PAT of N63mln recorded in Q4 2010.
FTNCOCOA
Turnover N'm
Period
Current
Previous
Q4 2011
836.94
1,196
Q3 2011
60.06
150.28
PAT N'm
%
Change
%
Change
Current
Previous
-30.02%
-221.03
63.65
-447.26%
-60.03%
-35.89
-17.85
101.06%
www.proshareng.com
Page 16
Q2 2011
466.21
530.68
-12.15%
-93.7
-30.45
207.72%
Q1 2011
250.14
298.62
-16.23%
-24.81
33.87
-173.25%
Q4 2010
1,196
1,361
-12.12%
63.65
259.66
-75.49%
GNI
Great Nigeria Plc listed in the financial services sector closed flat throughout the years reviewed.
GNI
Closing
Price
Opening
Price
Year
2008
3.8
3.8
0.00%
2009
1.43
1.43
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
8th Feb, 2012

Financial Review The insurance outfit in its latest result of Q3 2011 declared profit of N60mln
while Q3 2010 and Q1 2009 financials also carried profit of N29mln and N50mln in that order.
GNI
Turnover N'm
Period
Current
Previous
Q3 2011
2,010
1,471
Q4 2010
1,062
Q3 2010
PAT N'm
%
Change
%
Change
Current
Previous
36.64%
60.73
23.21
161.65%
990.97
7.17%
-187.26
-1,818.00
-89.70%
1,471
1,305
12.72%
29.07
-1,973
-101.47%
Q42009
580.52
392.29
47.98%
-470.61
139.6
-437.11%
Q1 2009
324.24
228.75
41.74%
50.25
36.05
39.39%
GUINEAINS
Guinea Insurance Plc which was listed in financial services sector in 1990 recorded price depreciation
of -1.04% in 2009 while it closed flat in 2008, 2010 and 2011.
Year
Opening
Price
GUINEAINS
Closing
Price
2008
3.67
3.67
0.00%
2009
0.96
0.95
-1.04%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
30th Jan, 2012

www.proshareng.com
Page 17
Financial Review The insurance outfit witnessed N70mln profit in Q3 2011 with negative
growth while N93mln and N253mln profits were also recorded in Q2 2011 and Q3 2009 respectively.
Losses, however, were declared in Q4 2010 and Q4 2009.
GUINEAINS
Turnover N'm
Period
Current
Previous
Q3 2011
960.5
846.9
Q2 2011
441.44
Q4 2010
1,012
Q4 2009
Q3 2009
PAT N'm
%
Change
%
Change
Current
Previous
13.41%
70.6
222.8
490.62
-10.02%
93.19
64.81
43.79%
1,016
-0.39%
-106
-13.39
691.64%
1,169
935.47
24.96%
-13.39
75.35
-117.77%
949.74
711.38
33.51%
253.48
183.03
38.49%
-68.31%
HMARKINS
Consolidated Hallmark Insurance Plc which was listed in financial services sector in 2008 recorded
price depreciation of -6.25% in 2009 while it closed flat in 2008, 2010 and 2011. The stock eventually
hits its current price of 50k on 4th Jan, 2012.
Opening
Price
Year
HMARKINS
Closing
Price
2008
1.94
1.94
0.00%
2009
1.12
1.05
-6.25%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
4th Jan, 2012

Financial Review In all the periods reviewed, the insurance firm declared profit throughout
with N115mln PAT in its Q1 2012 latest results.
HMARKINS
Turnover N'm
Period
Current
Previous
Q1 2012
1,097
1,739
Q4 2011
3,882
Q3 2011
PAT N'm
%
Change
%
Change
Current
Previous
-36.92%
115.14
401.07
-71.29%
2,853
36.07%
258.76
196.62
31.60%
4,248
2,126
99.81%
310.97
181.37
71.46%
Q2 2011
2,519
1,394
80.70%
276
82.27
235.48%
Q1 2011
1,739
821.42
111.71%
401.07
248.4
61.46%
IAINSURE
www.proshareng.com
Page 18
Investment & Allied Assurance Plc listed in the financial services sector in the year 2008 closed flat
as no price gain or loss was witnessed throughout the years reviewed. In Feb 2011, the National
Insurance Commission suspended the companys management due to failure to correct identified
lapses in the operations and financial position of the company after the expiration of the time given it
to effect these corrections. (http://www.proshareng.com/news/13136). Also on 27th Jan, 2012, The
Exchange placed the company on full suspension for non-submission of their 2010 Audited Accounts.
(http://www.proshareng.com/news/16152).
IAINSURE
Closing
Price
Opening
Price
Year
2008
1.36
1.36
0.00%
2009
0.5
0.5
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
4th Jan, 2010

Financial Review
IAINSURE
Turnover N'm
Period
Current
Previous
Q3 2008
1,209
531.34
Q2 2008
611.93
Q4 2007
675.66
PAT N'm
%
Change
%
Change
Current
Previous
127.54%
496.65
205.14
142.10%
354.16
72.78%
252.89
136.76
84.92%
159.19
324.44%
304.65
54.63
457.66%
INTENEGINS
The general insurance business firm was listed in the 1969. The stock lost -4.76% price depreciation
in 2010 while it closed flat in the two years before and after 2010 as it eventually hit its nominal value
on 9th Jan, 2012.
Opening
Price
Year
INTENEGINS
Closing
Price
2008
6.07
6.07
0.00%
2009
2.15
2.15
0.00%
2010
0.63
0.6
-4.76%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
9th Jan, 2012

Financial Review
INTENEGINS
Turnover N'm
Period
Current
Previous
PAT N'm
%
Change
Current
Previous
www.proshareng.com
%
Change
Page 19
Q2 2011
2,717
3,022
-10.09%
274.32
621.79
-55.88%
Q4 2010
5,341
4,150
28.70%
-255.02
-3,878
-93.42%
Q3 2010
3,419
3,551
-3.72%
122.51
496.91
-75.35%
Q4 2009
4,150
2,836
46.33%
-3,878
-427.72
806.67%
Q3 2009
4,178
2,408
73.50%
496.9
1,600
-68.94%
LASACO
The Lagos State Government owned insurance outfit was listed in June 1991. It recorded 1.76% price
appreciation in 2008 and a further improvement of 4.52% was also recorded in 2009. In 2010, the
stock price dipped by 3.39% while it closed flat in 2011 before eventually hitting its current price of
50k on 5th Jan, 2012.
Opening
Price
Year
LASACO
Closing
Price
2008
4.55
4.63
1.76%
2009
1.77
1.85
4.52%
2010
0.59
0.57
-3.39%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
5th Jan, 2012

Financial Review
LASACO
Turnover N'm
Period
PAT N'm
%
Change
Current
Previous
%
Change
Current
Previous
Q4 2011
2,704
2,044
32.29%
128.22
249.66
-48.64%
Q3 2011
2,344
1,734
35.18%
352.3
164.58
114.06%
Q2 2011
1,887
1,720
9.71%
265.46
107.65
146.60%
Q4 2009
3,302
2,334
41.47%
498.23
457.6
8.88%
Q2 2009
3,364
2,334
44.13%
547.02
457.01
19.70%
LAWUNION
The financial services firm which was listed in 1990 recorded price appreciation of 0.87% in 2008 and
3.64% in 2011. It closed flat in 2009 and 2010 the stock hits its current nominal price of 50k on 8th
Feb, 2012.
www.proshareng.com
Page 20
LAWUNION
Closing
Price
Opening
Price
Year
2008
4.59
4.63
0.87%
2009
2.81
2.81
0.00%
2010
0.51
0.51
0.00%
2011
0.55
0.57
3.64%
2012
0.5
0.52
4.00%
8th Feb, 2012

Financial Review
LAWUNION
Turnover N'm
Period
Current
Previous
Q3 2011
3,643
3,083
Q2 2011
2,825
Q1 2011
PAT N'm
%
Change
%
Change
Current
Previous
18.16%
248.51
264.41
-6.01%
2,293
23.20%
150.96
123.83
21.91%
1,642
1,239
32.53%
139.33
123.97
12.39%
Q3 2010
3,083
2,867
7.53%
264.41
293.59
-9.94%
Q2 2010
2,293
2,174
5.47%
123.83
187.81
-34.07%
LINKASSURE
The firm was listed on the Exchange in 2003. It witnessed price appreciation of +1.49% in 2009 while
it closed flat in all other periods of review. The stock price hit 50k on 6th Jan, 2012.
LINKASSURE
Closing
Price
Opening
Price
Year
2008
4.06
4.06
0.00%
2009
0.67
0.68
1.49%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
6th Jan, 2012

LINKASSURE
Turnover N'm
Period
Q3 2011
Current
Previous
1,964
1,596
PAT N'm
%
Change
23.06%
%
Change
Current
Previous
35.75
142.87
-74.98%
Q2 2011
1,063
1,069
-0.56%
44.07
35.83
23.00%
Q1 2011
437.81
573.95
-23.72%
201.87
179.19
12.66%
Q3 2010
1,596
1,880
-15.11%
75.04
216.37
-65.32%
Q3 2009
1,973
1,893
4.23%
24.96
352.83
-92.93%

www.proshareng.com
Page 21
MBENEFIT
Mutual Benefits was listed in the 2002. It recorded -0.22% price depreciation while the stock
witnessed an improvement with 1.38% price appreciation recorded in 2009. The stocks share price
closed flat in 2010 and 2011 while it hit 50k on 3rd Jan 2012.
Opening
Price
Year
MBENEFIT
Closing
Price
2008
4.61
4.6
-0.22%
2009
1.45
1.47
1.38%
2010
0.64
0.64
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
3rd Jan, 2012

Financial Review
MBENEFIT
Turnover N'm
Period
Current
Previous
Q3 2011
3,066
2,523
Q4 2010
3,367
Q3 2010
PAT N'm
%
Change
%
Change
Current
Previous
21.52%
796.58
770.01
3.45%
2,655
26.82%
804.98
277.02
190.59%
4,306
3,259
32.13%
779.98
379.15
105.72%
Q4 2009
5,283
3,631
45.50%
354.65
-1,525
-123.26%
Q1 2009
925.9
625
48.14%
326.33
259.3
25.85%
MTI
The ICT firm which was listed on the Exchange in 2008 recorded -29.76% and -82.21% losses
respectively in 2008 and 2009 while the stock hit its current price of 50k in 14th Aug, 2009 and closed
flat in 2010 and 2011.
Year
Opening
Price
2008
4.2
2009
2010
MTI
Closing
Price
2.95
-29.76%
2.81
0.5
-82.21%
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
14th Aug, 2009

Financial Review
www.proshareng.com
Page 22
MTI
Turnover N'm
Period
Current
PAT N'm
%
Change
Previous
Current
Previous
%
Change
Q3 2010
650.05
706.45
-7.98%
-873.23
-281.14
210.60%
Q1 2009
549.98
430.58
27.73%
35.5
22.92
54.89%
Q4 2008
1,206.52
1,120.74
7.65%
33.5
20.25
65.43%
Q3 2008
941.71
840.55
12.03%
19.69
12.96
51.93%
MULTIVERSE
The exploring company is listed in the Natural Resources sector of the Exchange on 8th October,
2008. The stock share price recorded -63.49% and -31.51 price depreciation in 2008 and 2009
respectively while it closed flat in 2010 and 2011. It hit its current share price of 50k on 19th Aug,
2009.
MULTIVERSE
Closing
Price
Opening
Price
Year
2008
1.89
0.69
-63.49%
2009
2010
0.73
0.5
-31.51%
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
19th Aug,2009

Financial Review
MULTIVERSE
Turnover N'm
Period
PAT N'm
%
Change
Current
Previous
Q1 2012
176.81
260.53
-32.13%
Q4 2011
660.06
564.91
16.84%
Q3 2011
560.69
500.62
12.00%
Q2 2011
361.88
392.75
-7.86%
Q1 2011
260.53
191.98
35.71%
%
Change
Current
Previous
13.76
34.76
-60.41%
25.57
43.1
-40.67%
-38.11
-58.33
-34.66%
29.01
54.45
-46.72%
34.76
29.59
17.47%
NEM
The insurance outfit was listed in the year 1989. The stock share price experienced depreciations in
2008 and 2009, closing negative with -67.40% and -60.87% losses while in 2011 it also recorded -
www.proshareng.com
Page 23
8.77% price decline. In 2012, stock returned a -7.41% decline and eventualy hit its current price of
50k on 14th March, 2012.
Opening
Price
Year
NEM
Closing
Price
2008
4.11
1.34
-67.40%
2009
1.38
0.54
-60.87%
2010
0.52
0.55
5.77%
2011
0.57
0.52
-8.77%
2012
0.54
0.5
-7.41%
14th Mar,2012

Financial Review
NEM
Turnover N'm
Period
Current
Previous
Q4 2011
8,381
6,386
Q3 2011
7,030
Q2 2011
PAT N'm
%
Change
%
Change
Current
Previous
31.24%
1,343
833.85
61.06%
5,330
31.89%
1,150
1,030
11.65%
5,274
3,750
40.64%
949.53
808.7
17.41%
Q4 2010
5,978
4,966
20.38%
833.85
844.14
-1.22%
Q3 2010
5,328
4,005
33.03%
1,038
812.95
27.68%
NIGERINS
The Life and General Insurance firm was listed on the Exchnage in 1993. The stock recorded price
decline from 2008 to 2011 while it hit 50k on 30th Jan, 2012.
Opening
Price
Year
NIGERINS
Closing
Price
2008
6.42
3.25
-49.38%
2009
3.09
0.93
-69.90%
2010
0.97
0.6
-38.14%
2011
0.6
0.5
-16.67%
2012
0.5
0.5
0.00%
30th Jan,2012

Financial Review
NIGERINS
Turnover N'm
Period
PAT N'm
%
Change
Previous
Q3 2011
5,605
4,243
32.10%
190.37
191.54
-0.61%
Q2 2011
3,938.00
2,752
43.10%
255.63
253.14
0.98%
Current
Previous
%
Change
Current
www.proshareng.com
Page 24
Q1 2011
2,037
1,426
42.85%
101.63
146.2
-30.49%
Q4 2010
7,043
7,196
-2.13%
-123.66
-2,285
-94.59%
Q4 2009
7,196.00
5,177.00
39.00%
-2,285.00
-124.75
1731.66%
NIGSEWING
The company had no price history and no latest financials that can be analyzed and presented here.
Opening
Price
Year
NIGSEWING
Closing
Price
2008
NIL
NIL
0.00%
2009
NIL
NIL
0.00%
2010
NIL
NIL
0.00%
2011
NIL
NIL
0.00%
2012
NIL
NIL
0.00%

NIWICABLE
The manufacturing and sales company was listed on the Exchange in 1995. The stock recorded price
decline from 2008 to 2011 while it hit 50k on 24th Oct, 2011.
Opening
Price
Year
NIWICABLE
Closing
Price
2008
5.96
2.6
-56.38%
2009
2.47
0.93
-62.35%
2010
0.97
0.58
-40.21%
2011
0.57
0.5
-12.28%
2012
0.5
0.5
0.00%
24th Oct,2011

NIWICABLE
Turnover N'm
Period
Current
Previous
Q4 2009
1,018
980.23
Q4 2008
980.23
Q4 2007
PAT N'm
%
Change
%
Change
Current
Previous
3.85%
-349.07
-272.81
27.95%
0.00
0.00%
-272.81
-234.35
16.41%
0.00
90.19
-100.00%
-234.35
-446.89
-47.56%
Q4 2006
90.19
240.72
-62.53%
-446.89
-298.25
49.84%
Q4 2005
240.72
64.96
270.57%
-298.25
-183.24
62.76%
www.proshareng.com
Page 25
OASISINS
Oasis Insurance Plc was listed on the Nigerian bourse on 9th Nov, 1992. It recorded price appreciation
of 119.84% in 2008 while it declined by 71.27% and 66.44% in 2009 and 2010. The stock closed flat
in 2011 while it hit its current price of 50k on 16th Sept, 2010.
Opening
Price
Year
OASISINS
Closing
Price
2008
2.47
5.43
119.84%
2009
5.43
1.56
-71.27%
2010
1.49
0.5
-66.44%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
16th Sep,2010

Financial Review
OASISINS
Turnover N'm
Period
Current
Previous
Q1 2012
840.75
749.44
Q4 2011
1,471
Q3 2011
PAT N'm
%
Change
%
Change
Current
Previous
12.18%
252.91
202.97
24.60%
1,226
19.98%
106.39
85.21
24.86%
1,280
1,095
16.89%
97.1
74.69
30.00%
Q2 2011
1,065
889.04
19.79%
193.05
101.4
90.38%
Q4 2010
1,226
895.08
36.97%
97.91
-95.95
-202.04%
OMATEK
The ICT company which was listed on 18th June, 2008 recorded price depreciation in 2008 and 209 as
it dropped by -69.84% and 66.67% while flat position was witnessed in 2010 and 2011 as it hit 50k 0n
12th Aug, 2010.
Year
Opening
Price
OMATEK
Closing
Price
2008
5.14
1.55
-69.84%
2009
1.62
0.54
-66.67%
2010
0.52
0.52
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
12th Aug,2010

Financial Review
www.proshareng.com
Page 26
OMATEK
Turnover N'm
Period
Current
Previous
Q4 2011
348.97
1,048
Q3 2011
771.68
1,724
Q2 2011
665
6,900
Q1 2011
503.29
1,724
Q4 2010
1,048
1,724
PAT N'm
%
Change
%
Change
Current
Previous
-414.59
109.84
-477.45%
-55.24%
86.68
314.42
-72.43%
-90.36%
134.78
132.8
1.49%
-70.81%
132.63
314.42
-57.82%
-39.21%
109.84
314.42
-65.07%
-66.70%
PRESTIGE
Prestige Assurance Plc was listed in the insurance sub-sector on 3rd Dec, 1990. The stock share
declined throughout the periods reviewed while it hit 50k on 16th April, 2012.
PRESTIGE
Closing
Price
Opening
Price
Year
2008
8.65
5.94
-31.33%
2009
5.94
4.2
-29.29%
2010
2.2
-45.00%
2011
2.09
0.94
-55.02%
2012
0.94
0.5
-46.81%
16th Apr,2012

Financial Review
PRESTIGE
Turnover N'm
Period
Current
Previous
Q4 2011
4,173
3,860
Q3 2011
3,248
Q2 2011
PAT N'm
%
Change
%
Change
Current
Previous
8.11%
255.99
487.7
-47.51%
3,157
2.88%
360.14
573.06
-37.15%
2,061
2,457
-16.12%
464.4
589.77
-21.26%
Q1 2011
1,109
1,215
-8.72%
164.76
331.8
-50.34%
Q4 2010
3,874
3,445
12.45%
487.7
593.03
-17.76%
RAKUNITY
The petroleum marketing company was listed in the Oil & Gas sector in 1989. It recorded price
depreciation of -3.23% in 2008 while it closed flat from 2009 to 2011.
www.proshareng.com
Page 27
RAKUNITY
Closing
Price
Opening
Price
Year
2008
0.31
0.3
-3.23%
2009
0.30
0.30
0.00%
2010
0.30
0.30
0.00%
2011
0.31
0.31
0.00%
2012
0.31
0.31
0.00%
Trading Below

REGALINS
Regency Alliance Insurance Plc was listed in May, 2008 and closed negative with -60.11% and 34.21% price decline in 2008 and 2009 while it closed flat in 2010 and 2011 as it hit 50k on 11th Aug,
2009.
REGALINS
Closing
Price
Opening
Price
Year
2008
1.83
0.73
-60.11%
2009
0.76
0.5
-34.21%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
11th Aug,2009

REGALINS
Turnover N'm
Period
Current
Previous
Q3 2011
1,696
1,521
Q2 2011
1,319
Q3 2010
PAT N'm
%
Change
%
Change
Current
Previous
11.51%
234.98
269.39
-12.77%
917.71
43.73%
124.39
67.88
83.25%
1,521
1,452
4.75%
269.39
208.99
28.90%
Q2 2010
956.49
919.11
4.07%
67.88
198.01
-65.72%
Q1 2010
644.62
585.55
10.09%
76.23
150.17
-49.24%
RESORTSAL
The financial Services firm was listed in the year 2009. It witnessed -48.48% price depreciations in
2009 and recorded flat position in 2010 and 2011. The stock price hit 50k on 4th Jan, 2010.
www.proshareng.com
Page 28
RESORTSAL
Closing
Price
Opening
Price
Year
Listed in 2009
2008
2009
0.99
0.51
-48.48%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
4th Jan,2010

RESORTSAL
Turnover N'm
Period
Current
Previous
Q3 2011
945.93
757.33
Q2 2011
608.54
Q4 2010
PAT N'm
%
Change
Current
Previous
% Change
24.90%
148.06
-2.02
-7429.70%
545.12
11.63%
151.4
133.26
13.61%
1,095
1,174
-6.73%
-2,036
308.33
-760.33%
Q3 2010
859.4
854.72
0.55%
208.77
330.52
-36.84%
Q2 2010
505.12
543.47
-7.06%
133.26
204.64
-34.88%
ROYALEX
The financial services outfit was listed in Dec, 1990. The stock recorded price losses from 2008 to
2010 as it dropped by -37.06%, -80.47% and -24.24% in 2008, 2009 and 2010 while it closed flat in
2011 as it hit 50k on 28th July, 2011.
ROYALEX
Closing
Price
Opening
Price
Year
2008
5.37
3.38
-37.06%
2009
3.38
0.66
-80.47%
2010
0.66
0.5
-24.24%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
28th Jul,2011

ROYALEX
Turnover N'm
Period
PAT N'm
%
Change
Current
Previous
Q3 2011
4,137
1,743
Q2 2011
2,324
1,743
Q1 2011
1,133
753.68
Q4 2010
3,267
3,645
Q3 2010
2,379
2,433
-2.22%
%
Change
Current
Previous
137.35%
193.67
196.58
-1.48%
33.33%
239.58
231.17
3.64%
50.33%
86.35
207.61
-58.41%
-10.37%
273.41
160.07
70.81%
196.58
602.41
-67.37%
www.proshareng.com
Page 29
SOVRENINS
The insurance outfit listed in 2006 recorded -73.65% and -55.36% price depreciation in 2008 and
2009 while flat position was recorded in 2010 and 2011. The stock price dropped to nominal value on
20th May, 2011.
Opening
Price
Year
SOVRENINS
Closing
Price
2008
4.44
1.17
-73.65%
2009
1.12
0.5
-55.36%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
20th May,2011

SOVRENINS
Turnover N'm
Period
Current
Previous
Q4 2011
6,407
4,761
Q3 2011
5,714
Q2 2011
PAT N'm
%
Change
%
Change
Current
Previous
34.57%
704.11
308.76
128.04%
4,051
41.05%
886.12
715.95
23.77%
4,495
2,901
54.95%
810.75
603.64
34.31%
Q4 2010
4,761
4,440
7.23%
308.76
4.2
7251.43%
Q2 2010
2,901
2,826
2.65%
603.64
501.68
20.32%
STACO
The general life and special risk insurance outfit was listed on 25th June, 2007. The stock recorded
65.43% price appreciation in 2008 but the gain was erased with -80.45% and -60% losses in 2009 and
2010 respectively. The stock hit 50k on 18th May, 2010 and has remained there ever since.
Opening
Price
Year
2008
STACO
Closing
Price
4.05
6.7
65.43%
2009
6.7
1.31
-80.45%
2010
1.25
0.5
-60.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
18th May,2010

STACO
Turnover N'm
Period
Q3 2011
Current
Previous
5,004
4,293
PAT N'm
%
Change
16.56%
Current
Previous
592.02
634.51
www.proshareng.com
%
Change
-6.70%
Page 30
Q2 2011
3,770
3,010
25.25%
360.07
704.26
-48.87%
Q1 2011
2,469
1,568
57.46%
616.3
488.16
26.25%
Q4 2010
5,248
5,058
3.76%
43.05
433.16
-90.06%
Q3 2010
4,394
4,081
7.67%
634.51
550.73
15.21%
STARCOMMS
The ICT company was listed on 14th July, 2008 after its public offering. It recorded price
depreciation of -71.95%, -53.49%, -21.14% and -65.28% in 2008, 2009, 2010 and
2011 rspectively while the stock price hit 50k on 23rd Aug, 2011.
STARCOMMS
Closing
Price
Opening
Price
Year
2008
14.33
4.02
-71.95%
2009
3.87
1.8
-53.49%
2010
1.75
1.38
-21.14%
2011
1.44
0.5
-65.28%
2012
0.5
0.5
0.00%
23rd Aug,2011

STARCOMMS
Turnover N'm
Period
Current
Previous
Q4 2011
20,162
29,031
Q3 2011
16,078
Q2 2011
11,366
PAT N'm
%
Change
%
Change
Current
Previous
-30.55%
-17,564
7,660
-329.30%
23,966
-32.91%
-6,755
-5,042
33.97%
16,045
-29.16%
-4,017
-3,179
26.36%
Q1 2011
6,051
7,936
-23.75%
-2,061
-1,530
34.71%
Q4 2010
29,031
34,304
-15.37%
-7,660
-7,787
-1.63%
STDINSURE
The Life and Non-life Insurance business company was listed in 2003. The stock recorded price
losses in 2008, 2009, 2010 and hit 0.50k on 25th May, 2010 where it has remained since...
Year
Opening
Price
STDINSURE
Closing
Price
2008
4.23
1.51
-64.30%
2009
1.48
0.51
-65.54%
2010
0.55
0.5
-9.09%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
25th May,2010

www.proshareng.com
Page 31
STDINSURE
Turnover N'm
Period
Current
Previous
Q3 2011
3,990
2,974
Q4 2010
3,782
Q3 2010
Q4 2009
Q3 2009
PAT N'm
%
Change
%
Change
Current
Previous
34.16%
552.97
733.17
-24.58%
3,158
19.76%
-8,551
-5,858
45.97%
3,058
1,397
118.90%
923.28
-1,673
-155.19%
1,795
1,481
21.20%
-5,956
690.49
-962.58%
2,455
2,371
3.54%
1,673
921.29
81.59%
STOKVIS
The equipment leasing and ancillary services firm was listed in the Industrial Goods
sector in 1978. The stock recorded no price movement as it closed flat thruought the
review period.
Opening
Price
Year
STOKVIS
Closing
Price
2008
Nil
Nil
0.00%
2009
0.14
0.14
0.00%
2010
0.14
0.14
0.00%
2011
0.14
0.14
0.00%
2012
0.14
0.14
0.00%
Trading below

STOKVIS
Turnover N'm
Period
Current
Previous
Q4 2010
0.21
0.43
Q4 2009
0.43
Q4 2008
Q4 2007
PAT N'm
%
Change
%
Change
Current
Previous
-51.16%
23.72
49.74
-52.31%
2.52
-82.94%
-49.74
22.81
-318.06%
3.52
2.31
52.38%
22.81
0.71
3112.68%
2,310
1,220
89.34%
-710
-428
65.89%
TANTALIZER
The manufacturing and food sales outfit was listed in 2008 in the hospitality sub-sector.
The stock witnessed price depreciation of -52.86%, -57.69%, -31.17% and -3.85% in
2008, 2009, 2010 and 2011 respectively; and hit 50k on 8th June, 2011.
www.proshareng.com
Page 32
Opening
Price
Year
TANTALIZERS
Closing
Price
2008
3.67
1.73
-52.86%
2009
1.82
0.77
-57.69%
2010
0.77
0.53
-31.17%
2011
0.52
0.5
-3.85%
2012
0.5
0.5
0.00%
8th June,2011

TANTALIZER
Turnover N'm
Period
Current
Previous
Q4 2011
4,604
4,889
Q3 2011
3,419
Q2 2011
PAT N'm
%
Change
%
Change
Current
Previous
-5.83%
101.87
61.35
66.05%
3,686
-7.24%
28.63
53.41
-46.40%
1,120
1,200
-6.67%
3.57
33.23
-89.26%
Q1 2011
1,150
1,267
-9.23%
23.63
36.27
-34.85%
Q4 2010
4,889
5,390
-9.29%
61.35
56.62
8.35%
UNHOMES
The mortgage banking outfit was listed in 2006 in the financial services sector. The stock
witnessed price depreciation of -55.13%, -73.77%, -3.37% and -43.18% in 2008, 2009,
2010 and 2011 in that order. The stock hit 50k on 1st Sept, 2011.
Opening
Price
Year
UNHOMES
Closing
Price
2008
7.6
3.41
-55.13%
2009
3.24
0.85
-73.77%
2010
0.89
0.86
-3.37%
2011
0.88
0.5
-43.18%
2012
0.5
0.5
0.00%
1st Sept, 2011

UNHOMES
Turnover N'm
Period
Current
Previous
Q3 2010
6,798
4,573
Q2 2010
4,800
Q4 2008
PAT N'm
%
Change
%
Change
Current
Previous
48.66%
1,309
259
405.41%
4,573
4.96%
1,160
259
347.88%
4,402
6,510
-32.38%
-1,669
-2,245
-25.66%
Q1 2008
2,279
1,740
30.98%
223
179
24.58%
Q3 2008
4,803
4,099
17.17%
535
427
25.29%
www.proshareng.com
Page 33
UNIC
Unic Insurance Plc was listed in 1990 in the financial services sector. The stock
witnessed a decline in share price in 2008 and 2009 while it clolsed flat in 2010. It
declined in 2011 as the share price hit it current price of 50k on 1st Sept, 2011.
UNIC
Closing
Price
Opening
Price
Year
2008
7.49
3.38
-54.87%
2009
3.4
0.81
-76.18%
2010
0.85
0.85
0.00%
2011
0.86
0.5
-41.86%
2012
0.5
0.5
0.00%
1st Sep,2011

UNIC
Turnover N'm
Period
Current
Previous
Q3 2011
882.3
1,342
Q2 2011
1,056
Q1 2011
PAT N'm
%
Change
%
Change
Current
Previous
-34.25%
168.66
357.85
-52.87%
1,495
-29.36%
-102.65
-60.24
70.40%
82.9
235.58
-64.81%
-40.04
65.36
-161.26%
Q4 2010
1,709
2,740
-37.63%
-1,025
-538.77
90.25%
Q3 2010
1,342
2,242
-40.14%
357.85
372.33
-3.89%
UNIONDAC
The medical equipment company was listed on 11th sept, 2008 in the healthcare sector.
The stock recorded straight losses in the three consecutive years while it closed flat in
2011 after hitting 50k on 3rd Sept, 2010.
Opening
Price
Year
UNIONDAC
Closing
Price
2008
3.02
1.29
-57.28%
2009
1.23
0.59
-52.03%
2010
0.61
0.5
-18.03%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
3rd Sep,2010

UNIONDAC
Turnover N'm
Period
Current
Previous
PAT N'm
%
Current
Previous
www.proshareng.com
Page 34
Change
Q4 2011
702.62
Q4 2010
550.11
Q4 2009
684.8
Q4 2008
1,033
Q3 2008
918.5
550.11
Change
27.72%
-223.52
-158.91
40.66%
684.8
-19.67%
-158.91
110.35
-244.01%
1,033
-33.71%
110.35
370.09
-70.18%
545.78
89.27%
370.09
255.08
45.09%
545.78
68.29%
386.7
255.07
51.61%
UNITYKAP
The Insurance firm was listed in December 2009. Its share price closed negative by 78.99% in 2010 and recorded a flat position in all other periods. It hit 50k on 10th Aug,
2010.
UNITYKAP
Closing
Price
Opening
Price
Year
Listed in Sept 2009
2008
2009
2.5
2.5
0.00%
2010
2.38
0.5
-78.99%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
10th Aug,2010

UNITYKAP
Turnover N'm
Period
Current
Previous
Q3 2011
1,582
715.56
Q2 2011
1,193
Q4 2010
PAT N'm
%
Change
%
Change
Current
Previous
121.09%
376.04
-79.26
-574.44%
617.07
93.33%
301.8
40.66
642.25%
868.7
1,300
-33.18%
-190.2
112
-269.82%
Q3 2010
715.56
899.32
-20.43%
73.07
518.05
-85.90%
Q2 2010
949.85
1,158
-17.97%
40.66
481.78
-91.56%
UNIVINSURE
The general insurance outfit was listed on the Exchange on 11th February, 2008. It
recorded -63.92% and -29.58% in 2008 and 2009 respectively before closing flat from
2010 till date. The stock share price hit 50k on 10th Aug, 2009.
www.proshareng.com
Page 35
UNIVINSURE
Closing
Price
Opening
Price
Year
2008
1.94
0.7
-63.92%
2009
2010
0.71
0.5
-29.58%
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
10th Aug 2009

UNIVINSURE
Turnover N'm
Period
Current
Previous
Q4 2010
310.9
578.95
Q4 2009
578.95
Q4 2008
PAT N'm
%
Change
Current
Previous
% Change
-46.30%
-186.57
-2,167
-91.39%
743.98
-22.18%
-2,167
206.66
-1148.58%
826.18
428.57
92.78%
336.81
209.44
60.81%
Q1 2008
104.63
94
11.31%
34.43
28.17
22.22%
Q4 2007
498.83
494.2
0.94%
209.43
330.22
-36.58%
UTC
The food processing firm was listed on 31st January, 1972 in the Consumer Goods sector.
The stock recorded price appreciations in 2008 only for this to be erased by drops of 80.85%, -20.93% and -26.47% in 2009, 2010 and 2011 respectively.
UTC
Closing
Price
Opening
Price
Year
2008
3.93
4.49
14.25%
2009
4.49
0.86
-80.85%
2010
0.86
0.68
-20.93%
2011
0.68
0.5
-26.47%
2012
0.5
0.5
0.00%
13th Sep,2011

UTC
Turnover N'm
Period
Current
Previous
Q1 2012
584.53
791.28
Q4 2011
2,798
Q4 2010
PAT N'm
%
Change
%
Change
Current
Previous
-26.13%
10.5
29.9
-64.88%
2,823
-0.89%
1,399
79.8
1653.13%
2,823
2,574
9.67%
79.8
74.77
6.73%
Q2 2010
1,370
1,153
18.82%
30.05
15.68
91.65%
Q4 2009
2,579
2,153
19.79%
74.77
93.25
-19.82%
www.proshareng.com
Page 36
WAAP
The Aluminium products firm was listed in the natural resources sector on 6th Sept,
1989. The stock share price closed flat in the five year review period, and has been at
nominal value since 22nd Jan, 2008.
Opening
Price
Year
WAAP
Closing
Price
2008
0.5
0.5
0.00%
2009
0.5
0.5
0.00%
2010
0.5
0.5
0.00%
2011
0.5
0.5
0.00%
2012
0.5
0.5
0.00%
22-Jan-08

WAAP
Turnover N'm
Period
Current
Previous
Q4 2009
20.01
67.9
Q4 2008
67.9
Q4 2007
67.3
Q4 2006
55.21
40.32
PAT N'm
%
Change
Current
Previous
% Change
-70.53%
-227.83
-21.1
979.76%
67.3
0.89%
-21.1
-11.2
88.39%
55.21
21.90%
-11.2
-4.65
140.86%
36.93%
-4.65
0.28
-1760.71%
WEMABANK
Wema Bank Plc was listed in the banking sub-sector on 13th Feb, 1991. The stock share
price recorded 4.73% loss in 2008 while it further dropped by -93.77% in 2009. The
share price recorded appreciation in 2010 by +43.01% but resumed southwards in 2011
by -55.81%. So far in 2012, it has recorded -12.28% as it hit 50k on 4th April, 2012.
Opening
Price
Year
WEMABANK
Closing
Price
2008
15
14.29
-4.73%
2009
14.29
0.89
-93.77%
2010
0.93
1.33
43.01%
2011
1.29
0.57
-55.81%
2012
0.57
0.5
-12.28%
4th April,2012

WEMABANK
Turnover N'm
Period
Current
Previous
PAT N'm
%
Change
Current
Previous
www.proshareng.com
%
Change
Page 37
Q3 2011
20,328
24,085
-15.60%
1,540
1,791
-14.01%
Q2 2011
13,677
16,302
-16.10%
1,606
1,207
33.06%
Q1 2011
6,835
8,432
-18.94%
887.37
675.76
31.31%
Q4 2010
21,796
18,994
14.75%
17,455
-7,530
-331.81%
Q3 2010
24,085
25,286
-4.75%
1,635
-29,727
-105.50%
www.proshareng.com
Page 38
3. What Next?
In stock investing, there are twoand only twoways to make money:
Capital appreciation
Dividends
Indeed, the equation for total performance is Total Returns = Capital Gains (or Losses) +
Dividends Received. Notice that the dividends are always positive, while capital gains can
in reality be capital losses. We have come to believe that these two goals are very
different and that each requires its own strategy.
In answering the what next question therefore, you must be clear as to which type of
investor you are. Investors are of two kinds namely Hot and Cold Investors.
Hot Investors are very involved in the market. They track their investments; they
focus on what people are saying. They are totally up to date on the latest news. They
make investment decisions based on a lot of input. They follow expert views, sometimes
becoming experts themselves. They live and breathe the markets.
If you fit this category, we encourage you to track the sentiments that drive the market
published weekly here - http://proshareng.com/news/Cap%20Mkt%20Sentiments.
Investing for capital appreciation is buy low, sell high. It is what most investors think
of first when they think about stock investing.
Cold Investors are the type that is not very involved in the markets. They dont often
look at benchmark indices. They invest and keep investing not worrying about timing the
market. As a result they sometimes miss out on opportune investment moments. They
are not always aware of what analysts are recommending. They rarely become experts.
They follow very basic investments rules.
We understand that Cold investors dont really care about the markets, but they do care
about returns. For this category of investors, we encourage to follow our Special reports
on dividends http://www.proshareng.com/news/17275, http://www.proshareng.com/news/16841.
Investing for dividends is about the accumulation of wealth by collecting dividends from
stocks that kick out healthy, reliable, and growing cash streams to their shareholders.
The dividends can be re-invested to accelerate the wealth accumulation process, or they
can be cashed out immediately and used as current income.
For specific firm analysis and investment decision options, kindly contact your fund
managers.
For insights into analysis and detailed information on the stocks listed here, kindly
contact analyst@proshareng.com
www.proshareng.com
Page 39
4. Appendix
S/
No
Company
Sector
Listing Date
Opening
Price
Closing
Price
2008
May-12
Stock Hits 50K
Latest
Result
Comment
ABCTRANS
Services
20th December, 2006
2.66
0.50
16th Feb, 2012
Q4 2011
Negative PAT and growth
AFRINSURE
Financial Services
17th September 2009
3.67
0.50
1st Feb, 2012
Q2 201
Prices closed flat most periods
AFROMEDIA
Services
18th May 2009
2.51
0.50
4th Jan, 2012
Q1 2012
AIICO
Financial Services
3rd December, 1990
3.43
0.50
16th May, 2012
Q4 2011
Closed positive and flat twice each
ASOSAVINGS
Financial Services
25th APRIL 2008
3.67
0.50
4th Jan, 2012
Q3 2011
BECOPETRO
Oil & Gas
7th October 2009
2.50
0.50
3rd Jan, 2012
Q4 2011
BIGTREAT
Consumer Goods
06th December 2007
5.89
0.50
21st Sept, 2012
Q4 2009
prices closed flat most periods with negative PAT
CAPOIL
Oil & Gas
May, 1990
5.69
0.50
5th Jan, 2012
Q4 2009
CHAMS
ICT
24th September 2008
2.62
0.50
3rd Jan, 2012
Q1 2012
Prices closed flat throughout

Closed both positive and negative with negative
PAT
10
CILEASING
Services
10th December, 1997
8.50
0.50
30th Jan, 2012
Q3 2011
Closed negative twice with positive PAT
11
CORNERST
Financial Services
13th August, 1997
4.77
0.50
6th Jan, 2012
Q3 2011
12
COURTVILLE
ICT
01st April 2009
2.62
0.50
3rd Jan, 2012
Q4 2011
13
CRUSADER
Financial Services
1990
6.61
0.50
4th Jan, 2012
Q3 2011

PAT
14
DAARCOMM
Services
26th September 2008
5.25
0.50
5th Jan, 2012
Q4 2010
Closed positive twice with negative PAT
15
DUNLOP
Consumer Goods
1961
3.21
0.50
4th Jan, 2012
Q4 2011
16
17
EQUITYASUR
EVANSMED
Financial Services
Healthcare
1984
1979
2.46
0.50
0.50
5th Jan, 2012

28th Mar, 2012
Q3 2011
Q4 2011

Closed negative thrice with positive PAT
www.proshareng.com
Page 40
6.94
18
FIRSTALUM
Industrial Goods
5th November, 1992
2.38
0.50
2nd Feb, 2012
Q1 2012
19
FTNCOCOA
Services
20th December, 2006
2.66
0.50
16th Feb, 2012
Q4 2011

PAT
20
GNI
Financial Services
17th September 2009
3.67
0.50
1st Feb, 2012
Q2 201
21
GUINEAINS
Financial Services
1990
3.67
0.50
30th Jan, 2012
Q3 2011
22
HMARKINS
Financial Services
22nd February 2008
1.94
0.50
4th Jan, 2012
Q1 2012
23
IAINSURE
Financial Services
09th May 2008
1.36
0.50
4th Jan, 2010
Q3 2008
24
INTENEGINS
Financial Services
13th July, 1969
6.07
0.50
9th Jan, 2012
Q2 2011
25
LASACO
Financial Services
14th June, 1991
4.55
0.50
5th Jan, 2012
Q4 2011
Closed both positive and negative with positive PAT
26
LAWUNION
Financial Services
9th July, 1990
4.59
0.50
8th Feb, 2012
Q3 2011
27
LINKASSURE
Financial Services
18th November, 2003
4.06
0.50
6th Jan, 2012
Q3 2011
28
MBENEFIT
Financial Services
3rd June, 2002
4.61
0.50
3rd Jan, 2012
Q3 2011
29
MTI
ICT
28th November 2008
4.20
0.50
14th Aug, 2009
Q3 2010
30
MULTIVERSE
Natural Resources
8th October 2008
1.89
0.50
19th Aug,2009
Q1 2012
31
NEM
Financial Services
1989
4.11
0.50
14th Mar,2012
Q4 2011
Prices closed negative most periods
32
33
NIGERINS
NIGSEWING
Financial Services
Financial Services
1st September, 1993

1978
6.42
0.50
0.50
30th Jan,2012
Q3 2011

No Price History and Financials
34
NIWICABLE
Industrial Goods
5th July, 1995
5.96
0.50
24th Oct,2011
Q3 2011
35
OASISINS
Financial Services
9th November, 1992
2.47
0.50
16th Sep,2010
Q1 2012
36
OMATEK
ICT
18th June 2008
5.14
0.50
12th Aug,2010
Q4 2011
37
PRESTIGE
Financial Services
3rd December, 1990
8.65
0.50
16th Apr,2012
Q4 2011
38
RAKUNITY
Oil & Gas
21st March, 1989
0.31
0.50
Trading Below
Q4 2011
www.proshareng.com
Page 41
39
REGALINS
Financial Services
27th May 2008
1.83
0.50
11th Aug,2009
Q3 2011
40
RESORTSAL
Financial Services
23rd November, 2009
0.99
0.50
4th Jan,2010
Q3 2011
41
ROYALEX
Financial Services
3rd December, 1990
5.37
0.50
28th Jul,2011
Q3 2011
42
SOVRENINS
Financial Services
29th November 2006
4.44
0.50
20th May,2011
Q4 2011
43
STACO
Financial Services
25th June 2007
4.05
0.50
18th May,2010
Q3 2011
44
STARCOMMS
ICT
14th July 2008
14.33
0.50
23rd Aug,2011
Q4 2011
45
STDINSURE
Financial Services
19th December, 2003
4.23
0.50
25th May,2010
Q3 2011
46
STOKVIS
Industrial Goods
1978
0.14
0.50
Trading Below
Q4 2010
47
TANTALIZER
Services
23rd June 2008
3.67
0.50
8th June,2011
Q4 2011
48
UNHOMES
Financial Services
24th April, 2006
7.60
0.50
1st Sept, 2011
Q3 2010
49
UNIC
Financial Services
27th February, 1990
7.49
0.50
1st Sep,2011
Q3 2011
50
UNIONDAC
Healthcare
11th September 2008
3.02
0.50
3rd Sep,2010
Q4 2011
51
UNITYKAP
Financial Services
17th December 2009
2.50
0.50
10th Aug,2010
Q3 2011
52
UNIVINSURE
Financial Services
11th February 2008
1.94
0.50
10th Aug 2009
Q4 2010
53
UTC
Consumer Goods
31st January, 1972
3.93
0.50
13th Sep,2011
Q1 2012
54
WAAP
Natural Resources
6th September, 1989
0.50
0.50
Q4 2009
55
WEMABANK
Financial Services
13th February, 1991
15.00
0.50
Q3 2011
22-Jan-08
4th April,2012
Source: Proshare Research
www.proshareng.com
Page 42
DISCLAIMER/ADVICE TO READERS:
While the contents of Proshare Limiteds communications are checked for accuracy, we are not liable for any
incorrect information included. The details of this mail should not be construed as an opinion or an investment
advice by Proshare Limited or/and its employees. We therefore accept no liability for any loss arising from the
use of the information contained therein. All opinions in this mail constitute the staffs best estimate and
judgment as of this date and are subject to change without notice. Investors should see the content of this
mail as no more than a non-legally binding exchange on the subject of discourse. We recommend that you
make enquiries based on your own circumstances and, if necessary, take professional advice before entering
into this or any transactions. This email and any files transmitted with it are confidential and intended solely for
the use of the individual or entity to which they are addressed. If you have received this email in error please
notify the sender and delete immediately. Any use, dissemination, distribution, or reproduction of this message
by unintended recipients is not authorized and may be unlawful. Proshare Nigeria Limited will accept no liability
whatsoever for any loss, direct, indirect or consequential, arising from information contained or/and actions
resulting there from.
For further enquiries, contact Proshare by e-mail vide analyst@proshareng.com or Call

01-762 4131
Plot 590b, Pat Ojebuoboh Close, Omole Phase II,

Isheri LGA, P.O.Box 18782, Ikeja, Lagos, NG
DL: +234 1 7624131 E-mail: info@proshareng.com
Website: www.proshareng.com
www.proshareng.com
Page 43

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ISSN 1597- - 8842 Vol. 1 No.

Issued on June 03, 2012

55 Stocks Trading t N0.50k Today What Next?

55 Stocks Trading t N0.50k Today What Next?

55 Stocks Trading at N0.50 Kobo Today: What Next?

Source: Proshare Research/NSE

NSE MARKET CAP (Trillion)

Source: Proshare Research/NSE

55 Stocks Trading t N0.50k Today What Next?

2. Individual Stock Analysis

16th Feb, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

55 Stocks Trading t N0.50k Today What Next?

1st Feb, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

4th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Financial Review In the companys latest result for Q1 2012, a profit of

55 Stocks Trading t N0.50k Today What Next?

Source: Proshare Research/NSE

16th May, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

55 Stocks Trading t N0.50k Today What Next?

4th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

3rd Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

55 Stocks Trading t N0.50k Today What Next?

Source: Proshare Research/NSE

21st Sept, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

5th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Financial Review None available.

55 Stocks Trading t N0.50k Today What Next?

3rd Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

30th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

55 Stocks Trading t N0.50k Today What Next?

Source: Proshare Research/NSE

6th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

55 Stocks Trading t N0.50k Today What Next?

Listed in April 2009

3rd Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

4th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

55 Stocks Trading t N0.50k Today What Next?

Source: Proshare Research/NSE

5th Jan, 2012

Note: 2012 Closing Price is as at 25th May, 2012

Source: Proshare Research/NSE

55 Stocks Trading t N0.50k Today What Next?

4th Jan, 2012