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Vanguard Markets | Monday, September 15, 2014 | Issue 010

Vanguard Markets | Monday, September 15, 2014 | Issue 010 JAYWALKER Banks picking the macroeconomic agenda’s
Vanguard Markets | Monday, September 15, 2014 | Issue 010 JAYWALKER Banks picking the macroeconomic agenda’s
Vanguard Markets | Monday, September 15, 2014 | Issue 010 JAYWALKER Banks picking the macroeconomic agenda’s
Vanguard Markets | Monday, September 15, 2014 | Issue 010 JAYWALKER Banks picking the macroeconomic agenda’s

JAYWALKER

Banks picking the macroeconomic agenda’s tab

! page VM2

Segun Agbaje, GT Bank CEO, one of banks to have successfully adjusted to regulatory shifts

FOREIGN INVESTMENT INFLOWS

The high rollers come to town Inside This week Spotlight is on the Onyekachi Onubogu,
The high rollers come
to town
Inside
This week Spotlight
is on the Onyekachi
Onubogu, executive
director, Promasidor.
! Page VM6
to 60 MTA by 2018. It controls
62 per cent of domestic cement
production, and operates in 12
other countries with plans to
open plants in 4 others by the
end of the year. Furthermore,
‘its relatively new & efficient
plants coupled with pioneer
tax status in Nigeria, have ena-
bled Dangote Cement to post
net profit margins above 50%
for the past few years aided by
increasing sales volumes on
the back of additional capacity
and the rise in demand for ce-
ment in Nigeria,’ write analysts
at Imara Africa Securities.
There are analysts who in-
duce that the flood of Middle
Eastern cash is dumb money
taken in by the spiel about Ni-
geria’s potential in spite of the
Boko Haram insurgency in the
north-eastern part of the coun-
try, and a buffeted middle class
strained by the government’s
focus on 2015 elections. They
are mistaken.
The two companies are listed
on the NSE and enjoy a trans-
parency in valuation as seasoned
stocks. Ecobank is one of the
most researched banks on the
continent, bar none, with a long
record of savvy investors. QNB
was advised by Morgan Stanley,
a Wall Street bank reputed for its
painstaking diligence.
On its side, Dangote Ce-
ment’s register parades many
A-list shareholders including
Fidelity Management (16.3m
shares), Morgan Stanley In-
vestment Management (9.55m
shares), JPMorgan Asset
Management (UK) Ltd (6.68m
shares), Goldman Sachs As-
set Management Intl. Ltd.
FOREX RATES
$/N
155.24
155.4
155.3
155.2
155.1
155.0
Fr
Mo
Tu
We
Th
Fr
£/N
252.0011
254.0
253.0
252.0
251.0
250.0
Fr
Mo
Tu
We
Th
Fr
Euro/N
200.8495
202.0
201.5
201.0
‘See that over there on the horizon, Mr. President? Our dreams go further,’ Alhaji Aliko Dangote, chairman of Dangote Cement, says as he takes
President Goodluck Jonathan on a tour of the Obajana Cement Plant, Kogi state. The company attracted $300m from the Investment Corporation of
Dubai last week.
200.5
Source: Africawatchonline.com
200.0
Fr
Mo
Tu
We
Th
Fr
HE PAST TWO
one of the emirate’s sovereign
T
weeks have been
marked by firsts. The
market is hoping they will
not be the last. On September
4, Qatar National Bank
bought a 12.5 per cent stake
in Ecobank Transnational
Inc. (ETI) for $290 million
from the Asset Management
Company of Nigeria in a
move that caught many una-
wares. The deal is the first in-
vestment by the largest Arab
lender in sub-Saharan Africa.
It is already present in Egypt,
Libya, Mauritania, South Su-
dan, Sudan and Tunisia.
Before the market could
catch its breath, news filtered a
few days later that the Invest-
ment Company of Dubai,
wealth funds, had signed a
deal with Dangote Cement
to acquire 243.54m shares,
the equivalent of 2.6 per cent
in the country’s largest cement
producer, for $300 million. It
is the first deal on the conti-
nent for the fund since it was
founded in May 2006.
There are those who see the
deals as an indication that the
pre-crisis good times are here
again. They have raised hopes
that a spout of new money is
about to be uncorked. Scep-
tics, on the other hand, cau-
tion that two deals, no matter
the size, do not a boom make.
For the two investors, these
deals have strategic connota-
tions. QNB has an ambitious
Its relatively new & efficient plants
coupled with pioneer tax status
in Nigeria, have enabled Dangote
Cement to post net profit margins
above 50% for the past few years.
CNY/N
25.304
25.40
25.30
25.20
25.10
25.00
- Imara Africa
Fr
Mo
Tu
We
Th
Fr
plan to become the biggest
bank in Africa and the Mid-
dle East by 2017. The Ecobank
deal fits right into that strategy
by giving it exposure to 36 SSA
countries in one coup.
With ICD, it signals the emir-
ate’s intention to get a foothold
in Africa’s biggest economy.
Only a few days before the deal,
it signed a Memorandum of
Understanding with Arik Air ‘to
develop and expand their ex-
isting commercial relationship
and explore further areas of co-
operation.’ Where this cryptic
language will lead to is anyone’s
guess but an equity investment
in liquidity-challenged Arik is
not an outlandish thought.
Dangote Cement is targeting
to expand its Africa-wide ca-
pacity from its current 35 met-
ric tonnes per annum (MTA)
Currency
Central Rate
SWISS FRANC
166.0854
YEN
1.4472
WAUA
232.0247
DANISH
26.9771
KRONA
! Page VM2
FIXED INCOME & FOREX
FGN Bonds & TBills
FGN Bonds
NITTY
1M
3M
9M
NIBOR
O/N
3M
FX ($/N)
Bid
Treasury Bills
2M
6M
12M
1M
6M
As k
120B
12.00
15.00
163.0
96B
11.60
14.00
162.6
72B
11.20
13.00
162.2
48B
10.80
12.00
161.8
24B
10.40
11.00
161.4
0
10.00
10.00
161.0
29/08
03/09
08/09
11/09
29/08
03/09
08/09
11/09
29/08
03/09
08/09
11/09
29/08
03/09
08/09
11/09

Source: FMDQ

VM2

BUSINESS

VM | Monday, September 15, 2014 | Issue 010

JAYWALKER

Banks picking the tab for the CBN’s macroeconomic agenda

Banks picking the tab for the CBN’s macroeconomic agenda Obiora Onyeaso obiora.onyeaso@customsstreet.com W HEN

Obiora Onyeaso

obiora.onyeaso@customsstreet.com

W
W
agenda Obiora Onyeaso obiora.onyeaso@customsstreet.com W HEN ANALYSTS at Renaissance Capital , an invest - ment

HEN ANALYSTS

at Renaissance

Capital, an invest- ment bank, speak, the market listens. Last week they spoke. The firm has gained a wide fan base for the relevance of its research reports, and for want of a better word, speed at which its analysts churn them out. They excel in dicing up events and trends into eas- ily digestible and actionable chunks for readers. On Thurs- day, it published a report, Ni- gerian banks: The cost of macro stability that had this as its problem statement: ‘why have Nigerian banks struggled to deliver returns comparable with those of their sub-Saha- ran Africa banking peers over the past few years?’ The answer, in their view, is simple. Taking a sampling of key banking regulations such as capitalization ratios, net open position limits, cash reserve ratios, and liquidity ratios, it will be seen that Ni- gerian banks operate in what is, arguably, the toughest op-

Return on Average Equity (RoAE) for Sub-Saharan Africa banking systems

50% 47% 45% 44% 45% Nigeria 40% Kenya Ghana 35% 29% 30% 28% 26% 26%
50%
47%
45%
44%
45%
Nigeria
40%
Kenya
Ghana
35%
29%
30%
28%
26%
26%
25%
20%
20%
20%
18%
18%
15%
10%
4%
5%
0%
2011
2012
2013
1H14

Data visualisation by Publican Media

The paradox is that these measures, introduced during the governorship of Sanusi Lamido Sanusi at the Central Bank of Nigeria, to restore investor confidence, are now eating up returns.

erational and regulatory envi- ronment on the continent. The paradox is that these measures, introduced during the governorship of Sanusi Lamido Sanusi at the Central Bank of Nigeria, to restore investor confidence, are now eating up returns. This is a classic case of you cannot eat your cake and have it. Other than this, the CBN’s actions were driven by the dictates of its macroeconomic management mandate. Since the crash, the CBN has been singularly focused ‘on ex-

change rate stability and low inflation using a combination of measures, including hiking the MPR and CRR, tightening banks’ net open position limits and introducing multiple op- erational measures to keep the exchange rate in check,’ writes RenCap. This has been largely suc- cessful. In comparison with its continental peers, since 2009 the naira has depreci- ated by 9% against the dol- lar, while the Kenyan shilling fell 17 per cent, South African rand dropped 45 per cent, and

Source: Renaissance Capital

the Ghanaian cedi lost 166 per cent. On the inflation score, the country’s inflation fell from

14.3 per cent in January 2010

to 8.3 per cent in July 2014. In Ghana, inflation climbed from 10 per cent in January 2013 to

15.3 per cent in July 2014, and

in Kenya, it leapt from 4.5 per

cent in January 2010 to 8.4 per cent by August 2014. The CBN’s macroeconomic successes have come at a cost for Nigerian banks. Watching all these big and small regulatory mice nib- bling away at banks’ profits, the casual observer is tempted to agree with Ladi Balo- gun, group chief executive of FCMB that ‘banking will become a utility – very use- ful and helpful to people with stable but thin margins.’ His advice? ‘Non-bank financial services sector is where the

3 Years of Material Regulatory Adjustments

CRR on public sector deposits increased from 50% to 75%

In line with Pillar I of the Basel II Accords, CBN issues

guidance notes specifying how banks should quantify

the risk weighted assets for the purpose of determining

regulatory capital

Cashless Nigeria policy extended to Abia, Anambra,

Kano, Ogun and Rivers States, and Abuja FCT

Banks sign a Trust Fund Deed with CBN to contribute

0.5% of their total assets and a further 0.5% of 33% of

their off balance sheet items at the end of each year to

an AMCON sinking fund. Previously, they contributed

0.3% on total assets only

Imposition of 50% CRR on public sector deposits to

be applied on federal, states’, and local governments’

deposits as well as on those of ministries, departments,

and agencies

Gradual phase-out of cost of transfer (COT) applied to

customer-induced debit transactions from N3/N1,000 in

2013, N2/N1,000 in 2014, N1//N1,000 in 2015 and free

of charge from 2016

CRR increased from 8% to 12%

Introduction of service charges as part of the imple-

mentation of a Phase 1 of Cashless Nigeria policy with

Cashless Lagos

CRR raised from 4% to 8%

Cash reserve requirement (CRR) increased from 2% to 4%

24 banks sign MoU with CBN to contribute 0.3% of their

total assets annually into a Banking Sector Resolution

Cost Trust Fund. Each bank’s value of assets is calculated

as at the date of their audited financial statement for

the immediate preceding financial year

growth will be, although ini- tially at a much smaller scale in areas such as microfinance, asset management, broker-

Source: Central Bank of Nigeria

age, advisory services, capital markets, and insurance,’ he divined. He is not far from the truth. ;

FOREIGN INVESTMENT INFLOWS

The high rollers come to town

W Continued from Page VM1

(4.74m shares), and Black- Rock Fund Advisors (4.33m shares). If you can fool them, you can fool anyone. Other deals in the offing in- clude an option for Nedbank,

a South African lender, to take

a 20 per cent stake in ETI by

November 25. The potential deal is valued at more than $500 million. Nedbank has an option to convert a $285m loan made in 2011 to ETI into an 11 per cent stake. It can also take up a second subscription right that would give it an additional 9 per cent in the pan-African bank. This would catapult it to ETI’s biggest shareholder. There is speculation in some quarters that with QNB’s entry into Ecobank’s share register, Nedbank could be reluctant to proceed. This is unlikely. Ned- bank would be pressed to find another lender that would al-

Biggest single day trades on the NSE (N) DANGCEM 9B ASHAKACEM 41B MANSARD DANGCEM DANGFLOUR
Biggest single day trades on the NSE (N)
DANGCEM
9B
ASHAKACEM
41B
MANSARD
DANGCEM
DANGFLOUR
12B
UBN
49B
30B
16B
DANGCEM
46B
ETI
UBN
35B
9B
DANGCEM, 12B
2012
2013
2014

Source: Nigerian Stock Exchange

Data visualisation by Publican Media

low it grow its footprint on such a scale across Africa. A possible candidate is the United Bank for Africa. It has operations in 19 African countries. But this would be a costly, farfetched and lengthy process fraught with significant risks. Compared to its SA peers, Nedbank generates only 3 per cent of its income outside South Africa. Standard Bank, Barclays, and FirstRand make 30 per cent, 20 per cent, and 9 per cent of their earnings outside South Africa. ‘If we execute against our

equity with Ecobank that will leapfrog us into a whole new world,’ said Graeme Auret, managing executive of corpo- rate banking at Nedbank. Moreover, the QNB deal is a vote of confidence in the leadership of Albert Essien, the ETI chief executive, and in consequence, Nedbank’s wis- dom in exercising the option. It is almost impossible to see Nedbank walking away with all these considerations in mind. One likely entrant to the Ni- gerian deal space is Norges

Bank Investment Manage- ment, Norway’s $893b sov- ereign wealth fund. In June, Yngve Slyngstad, the fund’s chief executive, promised that NBIM will ratchet up its ex- posure to ‘frontier markets’ as it seeks to include ‘quite a few countries where we’re not in- vested in Africa.’ Presently, it has investments in South Af- rica, Egypt, Morocco, and Ken- ya. None is reported in Nigeria. A recurring presence in both ETI and Dangote Cement is Public Investment Cor-

poration, South Africa’s big- gest pension fund manager. In April 2012, it paid $250 million for 3.125m shares in ETI giving it a stake of 19.58 per cent. It is the bank’s largest shareholder. One year later, in June 2013, it paid $289.3m for 1.5 per cent of Dangote Cement. PIC says that it is ready to invest its war chest of $7 billion in more listed stocks in the consumer, infrastructure, telecommuni- cations and agribusiness sec- tors across the continent, and Nigeria is a prime destination. This is not to say that the money will keep rushing in. Only last month, Actis, a pan- emerging markets private eq- uity firm, exited its investment in Diamond Bank. The Lon- don-based firm acquired 19.1 per cent of the Nigerian lender for $134 million in 2007. In July, Emerging Capital Partners, a buyout firm that has raised more than $2 bil-

lion for investments on the continent, said that its Africa Fund II was actively ‘exploring’ the sale of C-Re Holding Ltd., which owns about 50.6 percent of the Continental Reinsur- ance, an NSE-listed insurance company. A month earlier, in June, reports surfaced that Mubadala Development Company, an Abu Dhabi sov- ereign wealth fund, is seeking a buyer for its 30 per cent stake in Etisalat Nigeria. Mubadala bought its GSM license for $400 million in 2008. There is the likelihood that other big rollers are watching on the side lines to see what happens with the Nigerian elec- tions in February next year. If the country gets its presidential election slated for Valentine’s Day next year right the love affair is sealed. The only differ- ence will be that the bride price, read valuations, would have gone way, way up. ;

VM | Monday, September 15, 2014 | Issue 010

MARKET DATA

VM3

TRADING UPDATE

MARKET REVIEW– SEPTEMBER 08-12, 2014

Analyst quote of the week: The Nigerian banking industry will be driven by a totally new set of dynamics as we proceed further into 2014 and beyond. The period of “easy money” may have finally come to an end, as banks are forced to design ingenious ways to ride the tide and remain competitive within the industry’ – Extract from Afrinvest 2014 Banking Sector Report: Navigating Growth in a Challenging Environment

Last week the All-Share Index 1.18% shed more weight than it had in the preceding two weeks aided in the drop by the Industrial index 1.61% and the Con- sumer Goods index 0.49%. On the plus side, the Oil & Gas index 1.8%, and the Banking index 1.92%, put up a good showing. In total, 23,679 deals 7.47% were done for the trading of 3,046,489,204 shares 7.10% for N106,701,101,825.97 102.06%. At the head of the table were Ikeja Hotel 42.00%, Premier Breweries 33.12%, Vono Products 20.69%, Union Bank of Nigeria 19.98%, FTN Cocoa Processing 9.62%, A.G. Leventis 8.57%, Ecobank Transnational Inc. 8.17%, Dangote Sugar Refinery 7.98%, Evans Medical 7.69%, and Forte Oil 7.58%. Companies relegated to the bottom of the league were Conoil 12.85%, R.T. Briscoe (Nig.) 11.00%, May & Baker (Nig.) 9.80%, Fidson Healthcare 9.49%, Red Star Express 9.39%, Costain (W.A.) 7.21%, UBA Capital 6.91%, P.Z. Industries 5.65%, Transnational Corp. of Nig. 5.47%, and N.E.M. Insurance 5.00%.

Declined Unchanged Advanced

SECTOR PRICE CHANGES - SEPTEMBER 08-12, 2014

Agriculture Conglomerates Construction/Real Estate Consumer Goods Financial Services Healthcare ICT Industrial Goods Natural Resources Oil & Gas Services

2

1

2

2

2

1

3

6

0

8

11

12

9

34

14

3

4

3

1

9

1

4

11

6

0

5

0

4

2

5

6

8

4

 

Friday

Ticker

Close

Change,

%

7UP

147.73

5.00%

ABCTRANS

0.70

-2.78%

ACCESS

9.59

-2.14%

AGLEVENT

1.45

0.00%

AIICO

0.83

2.47%

AIRSERVICE

2.10

0.00%

ASHAKACEM

32.14

-0.89%

BETAGLAS

18.85

4.72%

CADBURY

52.41

-2.37%

CAP

39.95

1.01%

CCNN

14.50

0.00%

CONOIL

55.00

3.46%

CONTINSURE

0.98

-2.00%

COURTVILLE

0.53

-3.64%

CUSTODYINS

3.95

0.00%

CUTIX

1.90

0.00%

DANGCEM

215.00

-0.98%

DANGFLOUR

6.80

2.56%

DANGSUGAR

8.50

-2.30%

DIAMONDBNK

6.30

1.61%

ETERNA

3.99

4.45%

ETI

19.32

4.94%

FBNH

14.52

0.00%

FCMB

4.15

-0.72%

FIDELITYBK

2.00

1.01%

FIDSON

3.50

1.16%

FLOURMILL

63.00

1.53%

FO

230.01

2.68%

GLAXOSMITH

63.17

-2.82%

GUARANTY

29.16

-2.15%

GUINNESS

170.00

1.43%

HONYFLOUR

4.06

0.50%

INTBREW

28.90

1.37%

JBERGER

61.01

-0.03%

LINKASSURE

0.50

0.00%

MANSARD

2.50

1.21%

MAYBAKER

1.38

-4.83%

MOBIL

180.10

0.06%

MRS

50.54

-4.95%

NAHCO

5.11

2.20%

NASCON

9.43

1.18%

NB

177.19

0.06%

NEIMETH

1.03

-4.63%

NEM

0.76

-3.80%

NESTLE

1,013.00

0.26%

NIGERINS

0.50

0.00%

NNFM

22.20

0.00%

OANDO

25.11

-0.36%

OKOMUOIL

33.50

0.09%

PAINTCOM

1.60

0.00%

PORTPAINT

5.00

-1.96%

PRESCO

37.00

3.93%

PRESTIGE

0.50

PZ

34.60

-1.14%

REDSTAREX

4.34

-4.82%

ROYALEX

0.58

-4.92%

RTBRISCOE

0.89

-7.29%

SEPLAT

655.26

-2.27%

SKYEBANK

2.87

-2.71%

SOVRENINS

0.50

0.00%

STANBIC

30.00

0.00%

STERLNBANK

2.30

2.22%

TOTAL

180.10

0.89%

TRANSCORP

6.05

-3.20%

UAC-PROP

15.18

0.53%

UACN

58.00

-0.89%

UBA

7.19

-0.14%

UBCAP

2.02

-1.46%

UBN

10.04

2.55%

UNILEVER

47.75

-0.54%

UNITYBNK

0.50

0.00%

VITAFOAM

4.30

0.23%

WAPCO

119.70

1.44%

WAPIC

0.73

0.00%

WEMABANK

0.91

-2.15%

ZENITHBANK

24.60

2.50%

Volume

1,627

3,860

299,916

200

6,777

30

4,723

268

980

874

1,348

2,164

30,883

2,750

1,854

457

1,986

726

29,287

30,840

5,144

26,620

61,636

1,468

28,911

4,423

4,563

8,214

12,148

72,341

2,524

8,013

186

421

506

2,040

8,903

134

352

10,163

6,847

9,241

1,817

21,739

408

30

0

65,897

1,765

1,000

3,002

5,222

0

8,720

80,306

20,011

1,145

109

27,136

0

3,982

48,882

317

293,452

2,038

10,395

59,323

588,385

8,793

919

3,662

3,814

986

15,565

7,813

269,768

Open

140.70

0.69

9.35

1.40

0.80

2.00

32.69

18.00

54.05

39.00

14.09

55.10

0.99

0.57

3.96

1.82

225.01

6.98

8.15

6.17

3.88

17.86

15.00

4.26

1.96

3.69

64.71

220.00

62.70

29.82

181.00

4.15

28.51

63.00

0.50

2.50

1.57

174.00

53.17

5.00

9.48

176.10

1.05

0.80

1,024.95

0.50

19.95

25.85

34.25

1.52

5.03

36.99

0.50

34.90

4.56

0.57

1.00

679.88

2.78

0.50

30.01

2.24

173.01

6.40

15.21

58.60

7.27

2.17

8.56

47.15

0.50

4.13

117.00

0.73

0.91

24.25

Week Hi

147.73

0.74

9.80

1.52

0.83

2.10

33.50

18.85

57.83

39.95

14.70

58.89

1.00

0.57

4.00

1.90

225.01

7.31

8.90

6.30

4.09

19.32

15.10

4.27

2.01

3.70

65.00

236.00

65.70

30.15

181.00

4.20

28.90

63.99

0.50

2.59

1.57

180.10

56.00

5.20

9.99

178.00

1.10

0.80

1,024.95

0.50

22.20

26.30

34.50

1.60

5.16

37.00

0.50

35.00

4.70

0.63

1.00

679.88

2.96

0.50

30.14

2.30

182.11

6.72

15.93

59.99

7.46

2.18

10.89

48.01

0.50

4.30

119.70

0.76

0.95

24.60

5-day

Week Lo Change,

%

5.00%

1.45%

2.57%

3.57%

3.75%

5.00%

-1.68%

4.72%

-3.03%

2.44%

2.91%

-0.18%

-1.01%

-7.02%

-0.25%

4.40%

-4.45%

-2.58%

4.29%

2.11%

2.84%

8.17%

-3.20%

-2.58%

2.04%

-5.15%

-2.64%

4.55%

0.75%

-2.21%

-6.08%

-2.17%

1.37%

-3.16%

0.00%

0.00%

-12.10%

3.51%

-4.95%

2.20%

-0.53%

0.62%

-1.90%

-5.00%

-1.17%

0.00%

11.28%

-2.86%

-2.19%

5.26%

-0.60%

0.03%

0.00%

-0.86%

-4.82%

1.75%

-11.00%

-3.62%

3.24%

0.00%

-0.03%

2.68%

4.10%

-5.47%

-0.20%

-1.02%

-1.10%

-6.91%

17.29%

1.27%

0.00%

4.12%

2.31%

0.00%

0.00%

1.44%

140.70

0.68

9.03

1.40

0.80

2.00

30.95

17.98

52.41

39.00

14.09

53.16

0.97

0.53

3.85

1.82

215.00

6.50

8.13

6.10

3.82

17.35

14.45

4.08

1.95

3.30

61.60

217.00

62.70

29.01

167.60

4.00

28.02

61.00

0.50

2.47

1.38

174.00

50.54

4.98

9.31

171.15

1.03

0.76

1,000.00

0.50

19.95

25.00

33.08

1.52

5.00

35.46

0.50

33.26

4.34

0.57

0.89

650.00

2.71

0.50

30.00

2.15

172.06

5.99

15.10

57.20

7.02

2.00

8.56

46.22

0.50

4.11

114.03

0.72

0.89

23.85

DASHBOARD

Volume

2,897

55,959

1,705,746

2,905

129,261

842

13,149,679

394

8,248

11,806

26,636

9,563

46,063

5,872

20,049

3,323

21,616

8,791

125,990

238,670

45,578

470,571

562,247

239,325

373,927

20,813

9,880

19,047

26,292

898,082

13,921

60,957

9,506

6,742

506

4,862

20,565

1,921

4,087

46,403

35,947

48,416

11,994

85,501

5,342

3,201

1,346

351,328

23,667

1,103

19,232

9,685

103

19,596

83,926

35,768

15,171

2,924

251,357

300

13,888

150,533

1,858

1,231,981

8,648

265,251

515,813

2,516,176

152,018

20,904

39,004

17,220

62,026

139,646

60,751

678,410

Open

126.78

0.69

9.63

1.33

0.81

2.13

33.94

17.90

63.67

39.53

14.33

64.80

1.00

0.55

3.85

1.94

226.00

7.50

8.91

6.28

3.80

17.19

14.79

4.25

2.00

3.14

69.87

222.10

64.00

28.90

189.50

4.01

26.66

64.00

0.50

2.54

1.60

176.76

53.79

5.00

9.86

172.01

1.12

0.80

1,062.01

0.50

22.48

26.43

35.00

1.61

5.09

36.00

0.52

36.00

4.31

0.60

0.92

680.00

3.10

0.50

29.10

2.14

182.00

5.60

16.40

60.21

7.31

2.15

8.20

49.00

0.50

4.18

118.60

0.78

0.97

23.88

4-Week

Change,

%

16.52%

1.45%

-0.42%

9.02%

2.47%

-1.41%

-5.30%

5.31%

-17.68%

1.06%

1.19%

-15.12%

-2.00%

-3.64%

2.60%

-2.06%

-4.87%

-9.33%

-4.60%

0.32%

5.00%

12.39%

-1.83%

-2.35%

0.00%

11.46%

-9.84%

3.56%

-1.30%

0.90%

-10.29%

1.25%

8.40%

-4.67%

0.00%

-1.57%

-13.75%

1.89%

-6.04%

2.20%

-4.36%

3.01%

-8.04%

-5.00%

-4.61%

0.00%

-1.25%

-4.99%

-4.29%

-0.62%

-1.77%

2.78%

-3.85%

-3.89%

0.70%

-3.33%

-3.26%

-3.64%

-7.42%

0.00%

3.09%

7.48%

-1.04%

8.04%

-7.44%

-3.67%

-1.64%

-6.05%

22.44%

-2.55%

0.00%

2.87%

0.93%

-6.41%

-6.19%

3.02%

Volume

15,753

692,478

6,210,386

12,709

988,818

15,121

13,262,075

26,015

40,388

22,645

116,033

49,376

315,340

52,751

273,817

35,445

191,923

369,614

486,043

1,424,838

552,397

18,862,904

2,033,624

1,110,192

3,213,825

294,945

38,688

70,855

31,545

2,366,012

41,103

277,250

208,118

26,803

617

268,427

96,396

15,016

13,746

202,665

166,289

324,253

73,817

993,473

29,185

6,825

17,199

1,127,971

57,481

46,639

67,195

41,506

40,338

61,386

132,875

236,699

81,005

9,837

1,192,599

21,527

218,818

2,404,977

19,059

6,132,780

56,041

418,044

1,504,947

3,769,237

238,006

150,189

622,073

66,203

127,985

685,842

347,912

2,104,092

5-Week

trading 1

52-Week price range

 

YtD

PE

EPS

Low

Close (

)

High

64.80

147.73

106.82%

30.05

4.46

0.65

0.97

-10.46%

3.33

0.21

7.22

10.70

-0.10%

6.10

1.57

1.25

1.86

-11.04%

6.75

0.23

0.74

1.00

-9.78%

5.46

0.15

2.00

4.23

-37.31%

4.00

0.50

13.87

34.20

46.89%

40.38

0.80

10.69

22.10

30.63%

5.58

3.38

52.41

110.00

-46.07%

35.04

1.57

35.96

51.66

-16.74%

23.53

1.67

8.00

15.98

20.93%

12.95

1.12

25.92

79.80

-10.31%

15.93

3.34

0.93

1.29

-18.33%

6.12

0.16

0.50

0.89

-18.46%

4.82

0.11

1.30

4.11

81.19%

16.46

0.24

1.59

2.27

-2.56%

9.58

0.19

185.00

250.02

-0.54%

18.24

11.80

6.32

10.76

-33.53%

8.02

12.49

-24.78%

10.86

0.81

5.86

8.20

-16.00%

3.81

1.65

2.48

5.73

-15.64%

6.34

0.61

12.40

19.32

17.88%

5.26

3.67

11.50

17.29

-10.92%

6.72

2.16

3.01

4.59

8.07%

4.75

0.88

1.85

2.95

-25.93%

2.94

0.68

1.80

3.70

27.27%

13.92

0.24

58.10

83.64

-23.00%

18.93

3.38

35.80

259.94

147.67%

50.86

4.63

62.28

74.97

-9.76%

21.68

3.00

22.67

31.80

5.08%

8.93

3.27

162.00

266.70

-27.97%

21.83

7.88

2.56

4.50

5.45%

11.94

0.34

17.98

31.50

2.05%

44.84

0.63

59.18

76.45

-3.27%

9.49

6.74

0.50

0.50

0.00%

12.57

0.04

1.95

2.73

0.00%

16.35

0.15

1.33

2.64

-45.88%

15.33

0.09

102.02

182.00

55.26%

17.24

10.44

32.53

70.00

-2.28%

53.85

1.04

4.56

6.46

-19.53%

15.98

0.32

9.31

15.10

-36.50%

8.98

1.05

140.00

189.00

7.38%

33.84

5.24

0.79

2.08

-6.36%

0.55

0.97

-6.17%

931.85

1,250.01

-14.30%

35.04

28.82

0.50

0.54

0.00%

25.00

0.02

18.00

25.65

0.86%

9.32

36.89

-6.06%

22.61

1.11

32.15

48.05

-25.27%

14.52

2.29

1.33

2.30

-17.95%

4.57

0.35

4.00

6.25

-4.76%

8.35

0.60

32.00

49.00

-5.13%

4.42

8.38

0.50

0.81

-20.63%

1.99

0.25

30.08

41.46

-6.48%

25.31

1.34

4.01

5.35

2.12%

7.10

0.61

0.50

0.69

7.41%

5.79

0.10

0.84

1.49

-36.88%

590.00

735.00

8.34%

2.70

4.67

-36.36%

3.44

0.84

0.50

0.50

0.00%

3.36

0.15

18.01

31.50

34.29%

15.61

1.92

2.09

2.74

-8.00%

3.65

0.63

146.26

195.50

3.92%

13.94

12.91

1.34

7.08

39.40%

68.95

0.09

12.05

21.31

-1.27%

6.90

2.20

42.58

67.85

3.59%

27.07

2.14

6.65

9.60

-21.42%

4.23

1.70

1.24

3.04

-11.01%

6.97

0.29

8.00

10.89

4.47%

54.94

0.19

42.50

64.00

-9.91%

35.03

1.37

0.50

0.72

0.00%

4.65

0.11

3.66

5.70

-10.60%

6.06

0.71

88.92

136.73

4.09%

14.62

8.10

0.66

1.48

-35.40%

10.43

0.07

0.89

1.40

-28.91%

19.30

27.40

-1.60%

7.11

3.46

Liquidity

Rating 2

LEGEND

1 5-week trading bar:

This bar shows the volume of the company’s 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.

2 Liquidity Rating:

This indicates the level of demand for a company’s 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.

VM4

MARKET DATA

VM | Monday, September 15, 2014 | Issue 010

MARKET SNAPSHOT

3-MONTH PRICE TREND OF BELLWETHER STOCKS

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

 

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

 

July

August

M

TWT

F

     

08/0

9

12/09

 

08/0

9

12/09

 

08/0

9

12/09

   

June

July

August

M

TWT

F

June

July

August

M

TWT

F

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09

June

July

August

M

TWT

F

 

08/0

9

12/09