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JOURNAL OF RESEARCH IN NATIONAL DEVELOPMENT VOLUME 8 NO 1, JUNE, 2010


AN EXAMINATION OF INVESTORS’ REACTION TO POLITICAL EVENTS IN NIGERIA

Francis Kehinde Emeni
Faculty of Management Sciences
University of Benin, Benin City,
and
                                                          Amos Ojo Arowoshegbe                                                         
Department of Accounting, Ambrose Alli University, Ekpoma,
E-mail: futona4christ @yahoo.com

Abstract
This paper attempts to find out if political events impact positively on investors’ reaction in terms of value of shares traded. Applying the cross-sectional survey research design as the blue print for data collection and the ordinary least square for estimation and analysis of the data, it was found that there is a positive relationship between political events and value of shares traded on the Nigerian Stock Exchange. This brings to the fore the need for fiscal responsibility and political stability in Nigeria in order to enhance capital market development and attract the much needed cross - border listing.  

Keywords:  Political event, investors reaction, value of shares traded, stock market movement.

Introduction
On Tuesday the 26th of February 2008, the Presidential Election Petition Tribunal (PEPT) in Nigeria ruled in favour of President Umaru Musa Yar’Adua. The PEPT is a special electoral court empowered to hear petitions against presidential elections in Nigeria. Six weeks preceding the PEPT verdict, State Election Tribunals had dislodged four State Governors, all from the ruling Peoples Democratic Party (PDP) over irregularities in the election that gave them their mandates. This has triggered rumors that the PEPT could do the same, thus making investors skeptical. However, the different types of investors behind the reaction remain unknown as in the case of Lakonishok and Lee (2001).

Nigeria, a country of about 140 million people with a history of botched elections and military coup, could fall into prolonged limbo with legal battles over how the re-run elections should be conducted and by whom; thus, adding political risk to the Nigeria picture which is factored in by investors (Bismarck, 2007). Chan and Wei (1996) studied the impact of political events on the Hong Kong stock market volatility and found that political events had a very significant effect on investors’ reaction and stock market volatility and also found that political events had a very significant effect on investors’ reaction and stock market movement. Therefore, investors can be said to be faced with political risk.   
           
 Political risk is the threat that politics or political players will have a negative impact on a firm’s asset, value, cost, or revenue. Perotti and Oijen (2002) opine that changes in political risk in general tend to have a strong effect on local stock market development and excess returns in emerging economies. Chan and Wei (1996) in their study on the impact of political news on the stock market volatility and investors reaction in Hong Kong, found that favorable (unfavorable) political news is correlated to positive (negative) returns for the Hong Kong index. Chan and Wei (1996), further opine that a central question to researchers and practitioners concerned with asset pricing is how precise new political events information is reflected in investors’ reaction in the volume of shares traded in the stock exchange.
New political event leads to revision of future fundamentals of stock. How fast this happens and whether individual investors process information as fast as other market participants are central questions to be addressed. To address this issue, a question to answer is, what is, an information or political event? A large body of literature presents specific political and corporate events, that are either self-selected by the company’s management or non-self selected. (Diamonte, Liew and Stevens, 1996; and Ike, Oso and Olawoye, 2008). Ikenberry and Ramnath (2002) point out that, researches might become errantly excited over spurious results, meaning that special events, that are likely to produce post predominate analyses get published. In this study, an event day is defined as an unusually high media coverage concerning political or financial event. Thus, it may include rumours, political and corporate news, that may be important in the investor’s expectation formation process. Therefore, to capture these fundamentals of stock, we took a look at short-term reaction to political events only that is, 6 months before and 6 months after PEPT verdict.

Following from the above, this study is prompted by the desire to find out whether value of shares traded on the NSE has a positive relationship with investors’ reaction to political events. The remainder of the paper proceeds as follows: in Section two, a review of literature on investors’ reaction to political events was done. In Section three the data collection procedures as well as the measures used to capture investors reaction to political events was expressed. Section four reports the primary results while, Section five concludes the paper and consider some recommendations. 

Literature review
According to Feinberg and Tokic (2002); and Grinblatt and Han (2002) stock market movement is a function of economic news. But economic news is not the only factor that influences the stock market (price and volume of shares traded). Political events are also responsible for stock price and volume of stocks traded. Chan, Chui, and Kwok (2001) using transaction data on 33 constituent stocks of the Hang Sang index in the Stock Exchange of the Hong Kong, found that political news had a distinct impact on market activity when compared with economic news. Of course, often times many economic factors are influenced by political factors. This relationship is observed in well-developed financial markets where political events take place on the basis of systematic rules such as democratic process.

Hooper (2002) investigated the relationship between political risk and stock returns within the context of emerging markets in the Pacific Basin. This study reveals that political risk is important in explaining stock return variation in individual emerging markets, particularly in relatively young democracy but not in developed countries. From answers to a survey and actual transactions from clients on an online broker, Chen, Bin and Chen (2005) derives that individual investors who follow an event more closely are likely to trade more on volatile stocks. Barber and Odean (2007) point out that individual investors face a search problem when they want to purchase the attention of those investors who are more likely to be bought by them, and that attention can be created by three proxies, that is high absolute returns, high trading volume and the media coverage of the event as well as stock movement. In contrast to institutional investors, individuals display attention based on buying behaviour for all of the three proxies of attention. Barber and Odean (2007) did not find differences for large and small stocks.

Seasholes and Wu (2006) examine stock from the Shanghai Market that hit daily upper price limits. These events are associated with high returns, high volumes, and political news coverage and thus create attention. However, Hirshleifer, Myers and Teoh (2003) find that individual investors are not buyers of stocks after positive and negative surprises and thus are not responsible for the post-event drift. Both studies confirm the result of Barber and Odean (2007) that political events attention generates net buying from individual investors. Dorn, Graham and Kumar (2006) document that individual investors have preferences for dividend yields. Older and lower-income investors tend to purchase stocks before ex-event days and following dividend announcements.

Odean (1998), and Seasholes and Wu (2006) show that the stocks individual investors buy (sell) underperform (outperform) the market, the investors are particularly bad stock pickers if the event asymmetry is high. Le Vu and Zak (2006) construct a portfolio choice model that relates capital flight to return differentials, risk aversion and three types of risk: economic risk, political risk and policy variability. Estimating the equilibrium capital flight equation for a panel of 45 developing countries over 16 years, their findings indicate that all three types of risk have a statistically significant impact on capital flight, and several political factors reduce capital flight ostensibly by signaling that market-oriented reforms are imminent.

Using estimates of political risk, Diamonte, Liew, and Stevens (1996) conclude that average return in emerging market experiencing decreasing political risk exceed those of emerging market experiencing increasing political risk by approximately 11%. This shows that the difference of the impact of political risk in emerging and developed markets is statistically significant. Bilson, Brialsford, and Hooper (2002) presented evidence that political risk may be able to explain some of the variation in emerging stock market returns at both country and aggregate portfolio levels. Their findings reveal that political risk is important in explaining return variation in individual emerging markets, particularly in Nigeria Stock Market and Pacific Basin, but not in well developed markets. Peng and Xiong (2006), and Kim and Verrecchia (1991) also investigated the possible impact of political events on Taiwan Stock Market prices. They found that volume of shares traded on the exchange reacts to most political events and this reaction is significant. It is therefore expected that:

Value of shares traded on the NSE is positively related to political event(s) in Nigeria.

Mehdian, Nas and Perry (2005) tested the prediction of two competing theories about stock markets reaction to unexpected political and economic event in Turkey, their findings show that Turkey stock prices and volume traded fall below their fundamental values in case of unexpected political events. According to Daniel, Hirshleifer, and Subrahmanyam (1998), majority of investors are biased towards increasing their holdings during the week after the disclosure of an announcement or event. Large investors on the other hand are biased towards decreasing their holdings in the same situation. This is an observation that could be explained by asymmetric information between different types of investors. It seems possible that large investors can access more detailed analysis, or even can anticipate future event better. These better informed investors would thus be less averse towards increasing their holdings before the disclosure of their uncertainty regarding the political event; more informed investors would capitalize their investment when the event or announcement is disclosed.

The findings of Lee (1992) that small-buy transaction increase after the announcement of the political event could thus be a function of asymmetric information in the stock market. Another feasible explanation for the biases in investor’s reaction is that investing in stocks increases during the investment time period. Consequently, if new investors enter the market by buying from the larger investors, biases similar to the observed ones could be generated. Interpretation of the biases in reaction to political events should hence, be made with due caution.

Methodology
The population of study is the 212 companies quoted on the Nigerian Stock Exchange (NSE) as at 31st December, 2007. The sample for the study is 114 companies. The simple random sampling (balloting) technique was used in this study to select the sample for which data was collected. This was achieved by writing the names of all the 212 companies on a piece of paper, which were then kept in a basket and later picked serially from which 114 companies were picked to form the sample. The data used in this study were collected from secondary source; specifically the data were from daily official report of the sampled companies The Ordinary Least Square (OLS) was used for the estimation of data for this study. The cross-sectional survey research design was adopted in this study. The reason for the choice of the cross-sectional survey research design as a blue print for data collection is that, the 114 companies sampled were studied at a particular point in time. Value of shares traded three months before (VSBA) and three months after (VSAA) the announcement of President Musa Yar’Adua’s victory at the PEPT were taken as the dependent variables for the first and second models respectively, while INVREAC (Reaction proxy for an investor) was taken as the explanatory variable. The choice of value of shares traded on the NSE is to enable the models capture the effects of price and volume of shares traded.

Model specification 
The structural equation estimate used in this study is as shown below:
VSBA = F (INVREAC )
VSAA = F (INVREAC )
In its linear form:
VSBA = b0 + b1 INVREAC + mt …………….(i)
VSAA = b0 + b2 INVREAC + mt …………….(ii)
Where:
         INVREAC     = Reaction proxy for an investor
            VSBA = Value of shares traded before announcement of President Musa Yar’Adua’s victory at the PEPT. 

VSAA  = Value of shares traded after announcement of President Musa Yar’Adua’s victory at the PEPT.

b0         = Estimated constant
b1, b2    = Parameter estimate for number of holding before and after announcement respectively
mt         = Error term
Given:
INVREAC = (VSAA – VSBA)/VSAA . . . If  VSAA – VSBA > 0
INVREAC = (VSAA – VSBA)/VSBA . . . If  VSAA – VSBA < 0
INVREAC = 0 . . .  If   VSAA – VSBA = 0
For the purpose of this paper, the hypothesis tested is:
H1: Value of shares traded on the NSE is positively related to announcement of political events.

Results and discussion
The Ordinary Least Square (OLS) technique is used to estimate the coefficients of the model specified by the study. The initial OLS result exhibited the presence of serial correlation in both results. The problems were solved after experimenting with the fourth auto-regression schemes by using the Cochrane-Orcutt Method. The result of the statistical estimate of the OLS is presented below.

Model 1:

Dependent variable

Independent variable

Coefficient

Standard error

t-ratio

VSBA

INVREAC

-6690225

2864867

-2.3353

Source: Research result compiled from the first regression result.
R2 = 0.18
F (5,104) = 4.4
DW – Stat = 1.95

VSBA = 837295 – 6,690,225 INVREAC
                    (2.68)            (-2.34)

The t-values are reported in parentheses below the coefficient. The R2 value of 0.18, shows that about 18% of the systematic variations in value of shares traded before a political event are attributable to other factors outside the political event. The parameter estimate of the relationship between investors’ reaction and value of shares traded on the NSE before announcement of a political event shows a negative relationship. The t-value of – 2.34 shows that before the announcement of a political event, there was a stable state in value of shares traded on the NSE given that absence of information on an event does not affect the market. This is consistent with the position in extant literature – See Feinberg and Tokic, 2002; and Grinblatt and Han, 2002 – who found that stock market movement, is a function of economic or political news, that is, if news is absent the market reaction follows a normal curve.
The F-value of 4.4 easily passes the significance test when compared with the critical value of 2.3. This suggests that, the model used in this study is appropriate; while the DW-statistic of 1.95 shows there is the absence of autocorrelation in the model, that is the error term does not affect each other. The implication of this result is that, investors in the Nigerian stock market do not react to insider or unofficial news on political events in Nigeria. Therefore, policy makers in the NSE should endevour to keep all unfounded political news away from the stock market; so as to ensure continuous stability and growth in the market.

Model 2:


Dependent variable

Independent variable

Coefficient

Standard error

t-ratio

VSAA

INVREAC

151888.2

2226871

0.0682

Source: research result compiled from the second regression result.
R2 = 0.22
F (5,104) = 5.7
DW – Stat = 2.14

VSAA = 6,869,884 + 151,888.2 INVREAC
            (1.78)             (0.07)

The R2 value of 0.22 shows that, about 22% of the systematic variations in value of shares traded after announcement of a political event is attributable to the political event. Also, the F-value (which is a measure of the overall goodness of fit of the regression) of 5.7 passes the significance test at the 5% level when compared with the critical value of 2.3. This suggests that there is significant linear relationship between value of share traded on the NSE and the announcement of a political event. The parameter estimate of the relationship between investors’ reaction and value of shares traded on the NSE after announcement of a political event shows a positive relationship. Thus, a one percent increase in INVREAC will lead to a growth in VSAA by about 151 percent. The DW-Statistic of 2.1 shows the absence of positive first – order serial correlation. This shows that the error terms do not affect one another and that th model has high explanatory and predictive power. The implication of this result is that, policy makers in Nigeria especially in the NSE and SEC should put in place built-in mechanism to check drastic fall in the volume of shares traded given a political event in the country.

Conclusion 
Nigeria, a country of about 140 million people with a history of botched elections and military coup leaves investors with the only option of creating room for political risk in their investment decisions: In this aspect, proposed models provide some reasonable basis for recognizing investors reaction to political events. Prominent amongst theses political events is President Umaru Musa Yar’Adua’s victory on 26th February, 2008 at the Presidential Election Tribunal in Nigeria. It was found that, there is a positive relationship between value of shares traded on the NSE and the announcement of a political event, that is, a unit increase in INVREAC will result to about 151,888 units increase in VSAA; this result is consistent with those of Chan and Wei (1996) who found that political events had a very significant effect on investors’ reaction and stock market movement.

Following from the conclusion reached the following recommendations were made.
1.         Companies should lay more emphasis on how to handle domestic political risk so as to minimize its effect on their share value, and
2.         Developing countries like Nigeria should determine and get rid of all major political risks to foreign investment development in order to attract more foreign direct investments.  
3.         Investors should base their investment decisions on informed judgment especially during political events.
4.    There should be concerted efforts on the part of the government to promote accountability, transparency and fiscal responsibility to enhance political stability.

 References
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 News”. Financial Review, Vol. 1 (2), 7 – 15.

Bismarck, R. (2007), Nigerian Guardian Editorial Review on Nigerian Economy in
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Chan, C.A., C.W. Chui, and C.C.Y. Kwok (2001), “The Impact of Salient Political
and Economic News on the Trading Activity”, Pacific-Basic Finance Journal, Volume 9, Issue 3, pp. 195-217.  

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Institutional Investors and Stock Returns; Emerging Market Evidence from Taiwan”, International Journal of Business, Vol. 10, No. 2.

Diamonte, R., J.M. Liew, Ross L. Stevens (1996), “Political Risk in Emerging and
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Daniel, K., D. Hirshleifer, and A. Subrahmanyam (1998), “Investor Psychology and
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Dorn, D. and G. Graham and A. Kumar (2006), “Do Dividend Clientless Exist?
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Investors, Drive Post-Earnings Announcement Drift? Direct Evidence from Personal Trades”, Working Paper

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Ike C., O. Oso and B. Olawoye (2008), “Nigerian Banking Sector”: Afrinvest (West
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Ikenberry, D. L. and S. Ramnath (2002), “Under-Reaction to Self-Selected News
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Kim, O. and R. E. Verrecchia (1991), Trading Volume and Price Reactions to Public Announcements. Journal of Accounting Research, 29: 302 – 321.

Lakonishok, J. and I. Lee (2001), “Are Insider Trades Informative?” Review of
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International Money and Finance, Vol. 25, Issue 2.

Mehdian, S., T. Nas and M. J. Perry (2005), “An Examination of Investors Reaction
to Unexpected Political and Economic Events in Turkey”, First International Conference on Business, Management and Economics, 16-19 June, Cesmelzmir, Turkey.

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Working  Paper.

Appendix 1
Data used to run the regression

S/N

COMPANIES

INVESTORS REACTION 

VSAS

VSBA

1

ADSWITCH PLC

-0.626

42,197

112,662

2

AFRIK PHARMACEUTICALS

-0.6

1,200

3,000

3

ANINO INTERNATIONAL PLC

0

750

750

4

CAPITAL OIL PLC

-9.523

255,727.5

5,265,101.25

5

CUTIX PLC

-0.656

141,418

411,461.5

6

FLEXIBLE PACKAGING PLC

0

7,500

7,500

7

JULI PLC

-0.832

589,314.5

3,512,500

8

KRABO NIGERIA PLC

0.375

240

150

9

NEWPAK PLC

0.182

2,750

2,250

10

RAK UNITY PET COMP. PLC

0.599

5,988

2,400

11

ROKANA INDUSTRIES PLC

-0.245

3,245

4,300

12

SMART PRODUCTS NIG. PLC

0.901

7,050

700

13

TROPICAL PET. PRODUCTS

0.873

14,725

1,875

14

UNDEOFSON GARMENT FACT

0

3,000

3,000

15

UNION VENTURES &PET PLC

0.8

7,500

1,500

16

W.A ALUM PRODUCTS PLC

0.155

600

507

17

AFRINT NIGERIA PLC

-0.563

686,751.5

1,572,753.5

18

ELLAH LAKES PLC

-0.919

2,500

30,750

19

GROMMAC INDS. PLC

0.080

91,685

84,330

20

LIVESTOCK FEEDS PLC

-0.691

3,498,100.5

11,311,115.5

21

OKITIPUPA OIL PALM PLC

-0.264

1,900

2,580

22

OKOMU OIL PALM PLC

-0971

15,915

556,377.5

23

PRESCO PLC

0.683

1,919,741

609,439.5

24

AIRLINE SEC & LOGISTICS

-0.381

1,024,805.5

1,656,553.5

25

NIG. AVIATION HANDING CO.

-0.558

871,650

1,970,694

26

DUNLOP NIGERIA PLC

-0.688

20,031,787

64,257,124

27

INCAR NIG. PLC

0.270

12,950

9,450

28

INTRA MOTORS PLC

0.428

2,707.5

1,549.5

29

RT BRISCOE PLC

-0.158

670,547.5

796,733.5

30

RIETZCOT NIGERIA CO. PLC

-0.113

60,950

68,700

31

ALBARKA AIR PLC

0

150

150

32

AVIATION DEV. COMPANY

0

15,000

15,000

33

ACCESS BANK PLC

-02254

26,521,446

35,573,285.5

34

AFRIBANK NIGERIA PLC

0.447

22,301,945.5

12,333.648

35

DIAMOND BANK PLC

-0.400

21,739,775

36,252,276

36

ECOBANK NIGERIA PLC

0.939

4,196,779.5

2,562,567

37

FIDELITY BANK PLC

0.196

26,738,456.5

21,485,964

38

FIRST BANK PLC

-0.044

19,931,174

25,405,109.5

39

FIRST CITY MONUMT. BANK

-0.567

8,477,669.5

 12,045,245.5

40

FIRST INLAND BANK PLC

0.167

84,182,288

70,093,898.5

41

GUARANTY TRUST BANK PLC

-0.369

19,345,507.5

30,659,996

42

IBTC CHARTERED BANK PLC

-0.777

4,968,351

22,237,667.5

43

INTERCONTINENTAL BANK

-0.619

44,647,952.5

117,050,130

44

OCEANIC BANK INTL .

0.161

46,343,777.5

38,899,423.5

45

PLATINUM HABIB BANK PLC

0.615

20,895,075

8,055,546

46

SKYE BANK PLC

-0.457

7,842,861.5

14,440,768.5

47

SPRING BANK PLC

0

5338,200

5,338,200

48

STERLING BANK PLC

0.337

23,417,256

15,522,379

49

UBA PLC

0.703

72,933.178

21,626,265

50

UNION BANK NIG. PLC

-0.567

6,215,849.5

14,361,122

51

UNITY BANK PLC

-0.348

19,835,359.5

30,407,414

52

UNIVERSAL TRUST BANK

0

22,500

22,500

53

WEMA BANK PLC

0.430

6,328,864.5

3,606,610

54

ZENITH BANK PLC

0.256

9,672,094

7,201,279

55

CHAMPION BREW PLC

0.115

12,825

11,350

56

GOLDEN GUINEA BREW PLC

0

750

750

57

GUINNESS NIG. PLC

-0.304

1,381,167

1,985,385

58

INTERNATIONAL BREW. PLC

0.593

2,219,64.5

902,334.5

59

JOS INT. BREWERIES PLC

-0.857

116,450

814,815.5

60

NIGERIAN BREW. PLC

-0.319

5,077,271

-7,457,859

61

PREMIER BREWERIES PLC

0986

297,600

4,170

62

ASHAKA CEMENT PLC

-0.019

830,301

846,376

63

BENUE CEMENT COM. PLC

 0.630

2,862,774.5

1,059,134.5

64

CEMENT CO. OF NORTH NIG.

0.275

1,350,368

978,972

65

CERAMIC MANUFACTURER 

0

7,500

7,500

66

NIGER CEM  PLIC

-0.121

1,450

1,650

67

NIGERIAN ROPES PLC

0.912

149,571

13,154

68

NIGERIAN WIRE IND. PLC

0.452

2,000

3,650

69

W.A PORTLAND COMP. PLC

0

0

1,984,435

70

AFRICAN PAINT (NIG) PLC

-0.179

11,700

14,250

71

BERGER PAINTS PLC

-0.603

490,469.5

1,236,092.5

72

CAP PLC

-0261

88,605.5

119,873

73

DN MEYER PLC

-0.522

373,316

781,382.5

74

IPWA PLC

-0.873

1,363,039.5

10,729,700.5

75

NIGERIA GERMAN CHEM. PLC

-0.474

84,207

160,143

76

PREMIER PAINTS PLC

0.387

134,607.5

82,462.5

77

NATIONAL SPORT LOTTERY

-0.329

7,568,225.5

11,283,250

78

REDSTAR  EXPRESS PLC

-0.028

1,844,573

1,897,433.5

79

TRANS-NATIONWIDE EXP.

0.371

1,987,966

1,250,127.5

80

ATLAS NIGERIA PLC

0

300

300

81

HALLMARK PAPER PROD.

0.732

8,400

2,250

82

NCR (NIGERIA) PLC

-0.697

5,874

19,352

83

THOMAS WYATT NIG. PLC

-0.609

142,302

364,128

84

TRIPPLE GEE & COMPANY

-0.605

303,440

768,768

85

WIGGINS TEAPE NIGERIA PLC

0.036

10,053.5

9,688.5

86

A.G LEWENTIS NIG. PLC

-0.089

467,494.5

513,389

87

CHELLARAMS PLC

0.242

8,272

6,269

88

JOHN HOLT PLC

-0.386

103,514.5

168,683

89

P.Z CUSSONS NIG. PLC

0.051

1,005,064

953,873.5

90

SCOA NIG. PLC

0.482

243,363

126,054

91

TRANSNATIONAL CORP.

-0.604

26,794,079.5

67,652,789

92

UACN PLC

0.230

1,885,626.5

1,451,463.5

93

UNILEVER NIGERIA PLC

-0.249

1,917,136

2,551,507.5

94

ARBRICO PLC

0.919

129,869.5

17,715

95

CAPPA & D’ ALBERTO PLC

0.701

29,684.5

8,886

96

COSTAIN (W.A) PLC

0.461

917,339.5

494,745

97

G. CAPPA PLC

0.525

18,610

8,835

98

JULIUS BERGER NI.G PLC

-0.213

66,875

85,013

99

ROADS NIG. PLC

0.89

11,599.5

1338

100

INTERLINKED TECH.

0.556

33,994.5

15,089

101

NIGERIAN WIRE & CABLE

-0.576

913,671

2,154,360

102

ONWUKA HI-TEK IND.

0

3,000

3,000

103

7-UP BOTTLING COMP. PLC

0.151

122,782

52,104

104

BEVERAGES (WEST AFRICA)

0

3,000

3,000

105

BIG TREATS PLC

-0.664

1.202,375.5

3,579,932

106

CADBURY NIG. PLC

0.008

712,714

707,016.5

107

DANGOTE SUGAR REFINERY

0.431

13,609,151

7,748,715

108

FERDINAND OIL MILLS PLC

0.994

152,000

975

109

FLOUR MILLS NIG. PLC

0.062

872,513

818,338.5

110

FOREMOST DAIRIES PLC

0.714

2,406

687.5

111

 N NIG. FLOUR MILLS PLC

-0.424

64,880

112,712.5

112

NATIONAL SALTS CO. NIG.

-0.175

1,196,009

1,449,663.5

113

NESTLE NIGERIA PLC

-0.703

131,831

443,729.5

114

NIG. BOTTLING CO. PLC

-0.040

432,532

450,652

Appendix 2
Workings for the investors’ reaction

  1. ADSWITCH PLC                                      8.        KRABO NIGERIA PLC

       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
       C42,197 – 112,662/112,662                                            = 240 - 150
       = - 0.626                                                                                  240
                                                                                                    = 0.375
2.    AFRIK PHARMACEUTICALS PLC                    9.         NEWPAK PLC
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
       (1,200 – 3,000)/3,000                                                      =2,750 – 2,250
       = - 0.6                                                                                       2,750
                                                                                                      = 0.182
3.    ANINO INTERNATIONAL                         
       R = (VSAA – VSBA) = 0                          10. RAK UNITY PET. COMPANY
       Since (750 – 750) = 0                                                       R = (VSAA – VSBA)/VSAA
                                                                                                  = 5,988 – 2,400
4.    CAPITAL OIL PLC                                                                       5,988
       R = (VSAA – VSBA)/VSBA                                                         = 0.599
       = 255,737.5 – 5,265,101.25                               
              5,265,101.25                                     11.  ROKANA INDUSTRIES
            = - 9.523                                                                      R = (VSAA – VSBA)/VSBA
                                                                                                            3,245 – 4,300
5.    CUTIX PLC                                                                                        4,300
       R = (VSAA – VSBA)/VSBA                                                         = - 0.245
       = 141,418 – 411,461.5
             411,461.5
            = -0.656
                                                                        12.  SMART PRODUCTION NIG
6.    FLEXIBLE PACKAGING                                                R = (VSAA – VSBA)/VSAA
       R= (VSAS – VSBA) = 0                                                   7.050 - 700
            (7,500 – 7,500) = 0                                                                     7,050
                                                                                                            = 0.901
7.    JULI PLC
       R = (VSAA – VSBA)/VSBA
       = 589,314.5 – 3,512,500
            3,512,500
             = - 0.832
13.  TROPICAL PET. PRODUCT                    20. LIVESSTOCK FEEDS PLC
       R = (VSAA – VSBA)/VSAA                                R = (VSAA – VSBA)/VSBA
       = 14,725 – 1,875                                        = 3,498,100.5 – 11,311,115.5          
                 14,725                                                                         11,311,115.5
            = 0.873                                                                                    = - 0.691

14. UDEOFSON VENTURES & PET             21.       OKITIPUPA OIL PALM
       R = (VSAA – VSBA) = 0                          R = (VSAA – VSBA)/VSBA
            = 3,000 – 3,000 = 0                                         = 1,900 – 2,580
                                                                                                2,580
15. UNION VENTURES & PET                                             = - 0.264
       R = (VSAA – VSBA)/VSAA                   
            = 7,500 – 1,500                                   22.       OKOMU OIL PALM PLC
                         7,500                                                    R= (VSAA – VSBA)/VSBA
                        = 0.8                                                                = 15,915 – 556,377.5  = 0.971
16.  W.A ALUM. PRODUCT PLC
       R = (VSAA – VSBA)/VSAA                    23.       PRESCO PLC
            = 600 – 507                                                     R = (VSAA – VSBA)
                    600                                                              1,919,741 – 609,439.5
                        = 0.155                                                              1,919,741     
                                                                                                = - 0.381
17. AFRINT NIGERIA PLC
       R = (VSAA – VSBA)/VSBA                     24.       AIRLINES SEV. LOCUSTICS
            = 686,751.5 – 1,572,735.5                              R = (VSAA – VSBA)/VSBA
                        1,572,735.5                                         = 1,024,805.5 – 1,656,553.5
                        = - 0.563                                                              1,656,553.5                          = - 0.381
18. ELLAH LAKES PLC
       R = (VSAA – VSBA)/VSBA                     25.       NIGERIA AVIATION HANDLING
            = 2,500 – 30,750                                             R = 871,650 – 1,970,694
                        = - 0.919                                                          1,979,694            = - 0.558
19.  GROMMAC INDUSTRIES
       R = (VSAA – VSBA)/VSAA                    26.       DUNLOP NIGERIA PLC
               = 91,685 – 84,330                                        R (VSAA – VSBA)/VSBA
                            91,685                                             = 20,031, 787 – 64,257,124
                        = 0.080                                                              64,257,124         = - 0.688
27.  INCAR NIG. PLC                                     35.       DIAMOND BANK PLC
       R = (VSAA – VSBA)/VSAA                                            R = (VSAA – VSBA)VSAA
            12,950 – 9,540                                                            = 21,739,775 – 36,252,567
                    12,950                                                                               36,252,567
                      = 0.270                                                                          = - 0.4
28. INTRA MOTORS PLC                                         36.       ECOBANK NIGERIA PLC
       R = (VSAA – VSBA)/VSAA                                            R = (VSAA – VSBA)/VSAA
         = 2,707.5 – 1,549.5                                                        = 4,196,77.5 – 2,562,567      
                        = 0.428                                                                       4,196,779.5                  = 0.939                                        
29. RT BRISCOE PLC                                                37.       FIDELITY BANK PLC
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
       = 670,545 – 796,735.5                                                         = 27,738,438,456.5
                   769,735.5                                                             26,738,456.5
                   = - 0.158                                                                           = 0.196
30. RIETZCOT NIG. COMPANY                              38.       FIRST BANK OF NIGERIA
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSBA
       = 60,950 – 68,700                                                        = 19,931,174 – 25,405,109.5
                   68,700                                                                           25,405,109.5
            = - 0.113                                                                                  = - 0.044
31.  ALBARKA AIR PLC                                           39.   FIRST CITY MONUMENT BANK
       R = (VSAA – VSBA) = 0                                      R = (VSAA – VSBA)/VSBA
        = 150 – 150 = 0                                                               8,47,669.5 – 12,045,245.5
                                                                                                    21,045,245.5
32. AVIATION DEV. COMPANY                                                     = - 0.597
       R = (VSAA – VSBA)                               
        = 15,000 – 15,000 = 0                                         40.       FIRST INLAND BANK
                                                                                                R = (VSAA – VSBA)/VSAA
33.  ACCESS BANK                                                          = 84,182,288 – 70,093,898.5
       R = VSAA – VSBA)/VSBA                                                          84,182,288
            = 26,512,446 – 35,573,285.5                                        0.167
                            35,573,285.5                                  
                              = - 0.254                                        41.       GUARANTY TRUS BANK
                                                                                                R = (VSAA – VSBA)/VSAA
34. AFRIBANK NIG. PLC                                                  = 19,345,5075 – 30,659,996
       R = (VSAA – VSBA)/VSAA                                                        30,659, 996
        = 22,301,945.5 – 12,333,648                                                      = - 0.369
                        22,301,945.5                                                  
                         = 0.447
42.  IBTC CHARTERED BANK                                 49.       UBA PLC
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)
       = 4,698,351 – 22,237,667.5                                             = 72,933,178 – 21,626,265
                    22,237,667.5                                                                   72,933,178
                    = - 0.777                                                                             = 0.703
43.  INTERCONTINENTAL BANK                            50.       UNION BANK PLC
       R= (VSAA – VSBA)/VSBA                                              R = (VSAA – VSBA)/VSBA
       = 44,647,952.5 – 117,050,130                                         = 6,215,849.5 – 14,361,122
                    117,050,130                                                                       14,361, 122
              = - 0.619                                                                                = - 0.567
44.  OCEANIC BANK INTERNATIONAL                 51.       UNITY BANK PLC
       R = (VSAA – VSBA)/VSAA                                            R = (VSAA – VSBA)/VSBA
        = 46,343,7775 – 38,899,423                                        = 19,835,359.5 – 30,407,414
                        46,343,777.5                                                               30,407,414
                         = 0.161                                                                       = -0.348
45.  PLATNUM HABIB BANK                                  52.       UNIVERSAL TRUST BANK
       R = (VSAA – VSBA)/VSAA                                            R = (VSAA – VSBA) = 0
       = 20,895,075 – 8,055,54                                      =  22,500 – 22,500 = 0
                   20,895,075               = 0.615                                                                               
46.  SYKE BANK PLC                                                53.       WEMA BANK PLC
R = (VSAA – VSBA)/VSBA                                                    R = (VSAA – VSBA)
       = 7,842,891.5 – 4,440,768.5                                            = 6,328,846.5 – 3,606,610
                    14,440,768.5                                                                   6,328,846.5
                      = - 0.457                                                                          = 0.430
47.  SPRING BANK PLC                                            54.       ZENTH BANK PLC
       R = (VSAA – VSBA) = 0                                      R = (VSAA – VSBA)/VSAA
       = 5,338,200 – 5,338,200 = 0                                            = 9,672,094 – 7,201,279
                                                                                                9,672,094
48.  STERLING BANK PLC                                                                               = 0.256
       R = (VSAA – VSBA)/VSAA                               
        = 23,417,256 – 15,522,379                                 55.    CHAMPION BREWERIES PLC
                        23,417,256                                                      R = (VSAA – VSBA)/VSAA
                         = 0.337                                                               = 12,825 – 11,350  
                                                                                                               12,825
                                                                                                            = 0.115
56.  GOLDEN GUINEA BREWERIES.                          63.   BENUE CEMENT COMPANY
       R = (VSAA – VSBA) = 0                                      R = (VSAA – VSBA)VSAA
            = 750 – 750 = 0                                                        = 2,862,774.5 – 1,059,134.5
                                                                                                            2,862,774.5
57.  GUINEA NIGERIA PLC                                                              = 0.630
       R = (VSAA – VSBA)/VSBA                                                                    
       = 1,381,167 – 1,985,385                          64.  CEMENT COMPANY OF NORTH NIG
                  1,985,385                                                              R = (VSAA – VSBA)/VSAA
                         = - 0.304                                                         = 1,350,368 – 978,972
                                                                                                            1,350,368                                                                                                                         = 0.275
58.  INTERNATIONAL BREWERIES
       R = (VSAA – VSBA)/VSAA                                65.    CERAMIC MANUFACTURERS
        = 2,219,164.5 – 902,334.5                                              R = (VSAA – VSBA) = 0
                     2,219,164.5                                                        = 7,500 – 7,500 = 0
                  = 0.593
59.  JOS INTER BREWERIES                         66.       NIGCEM PLC
        R = (VSAA – VSBA)/VSBA                                            R = (VSAA – VSBA)/VSBA
        = 116,450 – 814,815.5                                                    = 1,450 – 1,650
                     814,815.5                                                                     1,650
                     = - 0.857                                                    = - 0.121

60. NIGERIAN BREWERIES                         67.       NIGERIAN ROPES
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
            = 5,077,271 – 7,457,859                                             = 149,571 – 13,154
                        7,457,859                                                                    149,571
                         = 0.319                                                                       = 0.912
61.  PREMIER BREWERIES                           68.       NIGERIAN WIRE INDUSTRY
        R = (VSAA – VSBA)/VSAA                                           R = (VSAA – VSBA)/VSBA
         = 292,600 – 4,170                                                                  2,000 – 3,650
                    297,600                                                                                 3,650
                 = 0.986                                                                        = - 0.452
62.  ASHARA CEMENT                                             69.       W.A PORTLAND COMPANY
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSBA
       =  830,301 – 846,376                                                         =  0 - 1,984,435
                    846,376                                                                        1,984,435
                 = - 0.019                                                                             = 0
70.  AFRICAN PAINT (NIGERIA)                             77.       NATIONAL SPORT LOTTERY
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSBA
        = 11,700 – 14,250                                                         = 7,568,225.5 – 11,285,250
                    14,250                                                                             11,283,250
             = - 0179                                                                                  = - 0329
71.  BERGER PAINTS                                                78.       REDSTAR EXPRESS
       R = (VSAA – VSBA)/VSBA                                             R= (VSAA – VSBA)/VSBA
       = 490,469.5 – 1,236,092.5                                                 = 1,844,573 – 1,897,433.5
                  1,236,092.5                                                                       1,897,433.5
                = - 0.603                                                                              = - 0.028
72.  CAP PLC                                                              79.       TRANS-NATIONAL EXPRESS
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
            = 88,605.5 – 119,873                                      = 1,987,966 – 1,250,127.5
                        119,873                                                                       1,987,966
                        = - 0.26                                                                        = 0.371
73.  DN MEYOR PLC                                     80.       ATLAS NIGERIA PLC
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA) = 0
        = 373,316 – 781,382.5                                                         = 300 – 300 = 0
                   781,382.5
            = - 0.522
                                                                                    81.       HALLMARK PAPER PRODUCT
74.  IPWA PLC
       R= (VSAA – VSBA)/VSBA                                              R = (VSAA – VSBA)/VSAA
        = 1,363,039.5 – 10,729,700.5                                           = (VSAA – VSBA)
                        10,729,700.5                                                        = 8,400 – 2,250
                        = - 0.873                                                                      8,400
                                                                                                     = 0.732
75.  NIGERIA – GERMAN CHEMICAL                    
       R = (VSAA – VSBA)/VSBA                                 82.       NCR (NIGERIA) PLC
        = 84,207 – 160,143                                                           R = (VSAA – VSBA)/VSBA
                   160,143                                                                     =  5,874 – 19,352
              = - 0.414                                                                                    19,352
                                                                                                            = 0.697
76.  PREMIER PAINTS
       R = (VSAA – VSBA)VSAA                                 83.       THOMAS WYATT NIG.
        = 134,607.5 – 82,462.5                                                   142,302 – 364,128
                     134,607.5                                                                       364,128
                  = 0.387                                                                      = - 0.609

 

84.  TRIPPLE GEE & COMPANY                              91.       TRANSNATIONAL CORP
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSBA
        = 303,440 – 768,768                                                   = 26,794,079.5 – 67,652,789
                   768,768                                                                            26,794,079.5
            = - 0.605                                                                                  = - 0.607
85.  WIGGINS TEAPE NIG. PLC                                92.       U A C N PLC
       R = (VSAA – VSVBA)/VSAA                                          R = (VSAA – VSBA)/VSAA
            = 10,053.5 – 9,688.5                                                = 1,885,626.5 – 1,451,463.5
                        10,053.5                                                                      1,885,626.5
                  = 0.036                                                                              = - 0.249
86.  A.G LEVENTIS NIG. PLC                                   93.       UNILEVER NIGERIA
       R = (VSAA – VSBA)/VSBA                                        R =(VSAA – VSBA)/VSBA
         = 467,494.5 – 513,389                                                 = 1,917,136 – 2,551,507.5
                        513,389                                                                     2,551,507.5
             = - 0.089                                                                           = - 0.249
87.  CHELLARAMS PLC                                            94        ARIBO PLC
       R = (VSAA – VSBA)/VSAA                                            R = (VSAA – VSBA)/VSAA
         = 8,272 – 6,269                                                  = 219,869.5 – 17,715
                     8,272                                                                              219,869.5
             = 0.242                                                                                = 0 . 919
88.  JOHN HOLT PLC                                                95.       CAPPA & D’ ALBERTO PLC
        R = (VSAA – VSBA)/VSBA                                            R = (VSAA – VSBA)/VSAA
          = 103,514.5 – 168,683                                         = 29,684.5 – 8,886
                        168,683                                                                      29,684.5
             = - 0.386                                                                                 = 0. 701
89.  P.Z CUSSONS NIG. PLC                         96.       CONSTAIN (W.A) PLC
        R = (VSAA – VSBA)/VSAA                                           R = (VSAA – VSBA)/VSAA
        = 1,005,064 – 953,873.5                                       = 917,339.5 – 494,745
                      1,005,064                                                                      917,339.5
                  = 0.051                                                                              = 0.461
90.  SCOA NIG. PLC                                                  97.       G. CAPPA PLC
        R = (VSAA – VSBA)/VSAA                                           R = 18,610 – 8,855
        = 243,363 – 126,054                                                                   18,610
                   243,363                                                                            = 0.525
                   = 0.482
98.  JULIUS BERGER NIG.                                        106.     CADBURY NIG. PLC            
       R = (VSAA – VSBA)/VSBA                                             R = (VSAA – VSBA)/VSAA
         = 66,875 – 85,013                                                            = 1,202,375.5 – 3,579,932
                  85,013                                                                                  3,579,932
             = - 0.213                                                                                 = - 0.664
99.  ROADS NIGERIA PLC                                        107.   DANGOTE SUGAR REFINERY
       R = (VSAA – VSBA0/VSAA                                            R = (VSAA – VSBA)/VSBA
        = 11,599.5 – 1,338                                                          = 13,609,151 – 7,7,487,152
                   11,599.5                                                                           13,609,151
              = 0.89                                                                                    = 0.431
100.     INTERLINKED TECHNOLOGIES                  108.     FERDINAND OIL MILLS PLC
            R = (VSAA – VSBA)/VSAA                                        R = (VSAA – VSBA)/VSAA
             = 33,994.5 – 15,089                                                        152,000 - 975
                        33,994.5                                                                      152,000
                 = 0.556                                                                               = 0.994
101.     NIGERIAN WIRES & CABLE                                       109.  FLOUR MILLS NIGERIA
            R = (VSAA – VSBA)/VSBA                                        R = (VSAA – VSBA)/VSAA
        = 913,671 – 2,154,360                                                       = 872,513 – 818,338.5
                  2,154,360                                                                          872,513
            = -  0.576                                                                                 0.062
102      ONWUKA HI-TEK INDUSTRIES                   110.     FOREMOST DAIRIES PLC
             R= (VSAA – VSBA) = 0                                               R = (VSAA – VSBA)/VSAA
            = 3,000 – 3,000 = 0                                                                 = 2,406 – 689.5
                                                                                                              2,406
103.     7-UP BOTTLING COMPANY                                                                              = 0.714
            R=  (VSAA – VSBA)/VSAA                            111.     N  NIG. FLOUR MILLS PLC
               =122,782 – 52,104                                                   R = (VSAA – VSBA)/VSBA
                        122,782                                                                       64,880 – 112,712.5
                        = 0.151                                                                                 112,712.5
                                                                                                                         = - 0.424
104.     BEVERAGES (WEST AFRICA)                     
            R = (VSAA – VSBA) = 0                                 112.     NATIONAL SALT CO. NIG.
            = 3,000 – 3,000 =                                                         R = (VSAA – VSBA)/VSBA
                                                                                                  = 1,196,009 – 1,449,663.5
105.     BIG TREATS PLC                                                                                 1,449,663.5
       R = (VSAA – VSBA)VSBA                                                          = - 0.175
            = 1,202,375.5 – 3,579,932
                        3,579,932
                        = - 0.664
113.     NESTILE NIGERIA PLC                                 114.     NIG. BOTTLING COMPANY
            R = (VSAA – VSBA)/VSBA                                          R = (VSAA – VSBA)/VSBA
             = 131,831 – 443,729.5                                                           = 432,532 – 450,652
                       443,729.5                                                                                 450,652
                                        = - 0.703                                                                  = 0.040

Appendix 3

Summary of value of shares traded between Dec. 2007 and Feb. 2008 (VSBA)


S/N

COMPANIES

DEC. ‘08

JAN. ‘08

FEB. ‘08

TOTAL

1

ADSWITCH PLC

400

35,587

76,675

112,662

2

AFRIK PHARMACEUTICALS

1,000

1,000

1,000

3,000

3

ANINO INTERNATIONAL PLC

250

250

250

750

4

CAPITAL OIL PLC

3,512,000

1,346,264

406,837.25

5,265,101.25

5

CUTIX PLC

107,614

239,599

64,248.5

411,461.5

6

FLEXIBLE PACKAGING PLC

2,500

2,500

2,500

7,500

7

JULI PLC

5,000

7,500

3,500,000

3,512,500

8

KRABO NIGERIA PLC

110

20

20

150

9

NEWPAK PLC

1,000

1,000

250

2,250

10

RAK UNITY PET COMP. PLC

800

800

800

2,400

11

ROKANA INDUSTRIES PLC

500

1,250

2,550

4,300

12

SMART PRODUCTS NIG. PLC

500

100

100

700

13

TROPICAL PET. PRODUCTS PL

250

800

825

1,875

14

UNDEOFSON GARMENT FACT

1,000

1,000

1,000

3,000

15

UNION VENTURES &PET PLC

500

500

500

1,500

16

W.A ALUM PRODUCTS PLC

107

200

200

507

17

AFRINT NIGERIA PLC

41,064.5

132,739

1,398,950

1,572,753.5

18

ELLAH LAKES PLC

250

3,000

27,500

30,750

19

GROMMAC INDS. PLC

2,100

4,283

77,947

84,330

20

LIVESTOCK FEEDS PLC

629,894

3,759,660.5

6,921,561

11,311,115.5

21

OKITIPUPA OIL PALM PLC

1,850

630

100

2,580

22

OKOMU OIL PALM PLC

250,111

43,016.5

263.250

556,377.5

23

PRESCO PLC

370,170

135,240

104,029.5

609,439.5

24

AIRLINE SEC & LOGISTICS

315,290.5

547,435.5

793,908.5

1,656,553.5

25

NIG. AVIATION HANDING CO.

816,863

565,878

587,953

1,970,694

26

DUNLOP NIGERIA PLC

28,168,948

13,551,453.5

22,536,722.5

64,257,124

27

INCAR NIG. PLC

5,950

2,000

1,500

9,450

28

INTRA MOTORS PLC

999.5

50

500

1,549.5

29

RT BRISCOE PLC

614,862

94,723

87,148.5

796,733.5

30

RIETZCOT NIGERIA CO. PLC

1,000

1,000

66.700

68,700

31

ALBARKA AIR PLC

50

50

50

150

32

AVIATION DEV. COMPANY

5,000

5,000

5,000

15,000

33

ACCESS BANK PLC

18,988,781

10,573,216.5

6,011,288

35,573,285.5

34

AFRIBANK NIGERIA PLC

14,198

2,722,892.5

9,596,557.5

12,333.648

35

DIAMOND BANK PLC

7,726,664.5

9,208,890

19,316,721.5

36,252,276

36

ECOBANK NIGERIA PLC

1,796,606.5

456,330.5

309,630

2,562,567

37

FIDELITY BANK PLC

2,381,617.5

9,882,154.5

9,222,192

21,485,964

38

FIRST BANK PLC

6,389,955

8,054,124

10,961,030.5

25,405,109.5

39

FIRST CITY MOVEMENT BANK PLC

9,597,919

7,883,079.5

3,564,247

 12,045,245.5

40

FIRST INLAND BANK PLC

590,198.5

5,857,928.5

63,643,771.5

70,093,898.5

41

GUARANTY TRUST BANK PLC

16,395,687

6,238,252

8,026,057

30,659,996

42

IBTC CHARTERED BANK PLC

11,636,214

2,652,906.5

7,948,547

22,237,667.5

43

INTERCONTINENTAL BANK PLC

53,871,369

22,697,444

40,481,317

117,050,130

44

OCEANIC BANK INTERNTIONAL

7,037,698

18,169,532

13,692,193.5

38,899,423.5

45

PLATINUM HABIB BANK PLC

5,74.3.5

4,064,201.5

3,985,601

8,055,546

46

SKYE BANK PLC

380,673

1,074,531

12,985,564.5

14,440,768.5

47

SPRING BANK PLC

1,779,400

1,779,400

1,779,400

5,338,200

48

STERLING BANK PLC

1,506,363

4,762,422.5

9,253,593.5

15,522,379

49

UBA PLC

10,491,834

7,715,551.5

3,418,879.5

21,626,265

50

UNION BANK NIG. PLC

8,145,949.5

4,081,320

2,133,852.5

14,361,122

51

UNITY BANK PLC

15,581,631.5

8,035,290

6790,492.5

30,407,414

52

UNIVERSAL TRUST BANK PLC

7,500

7,500

7,500

22,500

53

WEMA BANK PLC

370,499.5

2,870,692

365,418.5

3,606,610

54

ZENITY BANK PLC

1,767,683

685,758

4,747,838

7,201,279

55

CHAMPION BREW PLC

5,600

4,250

1,500

11,350

56

GOLDEN GUINEA BREW PLC

250

250

250

750

57

GUINNESS NIG. PLC

1,190,161.5

613,854

181,369.5

1,985,385

58

INTERNATIONAL BREW. PLC

10,427.5

8,550

883,357

902,334.5

59

JOS INT. BREWERIES PLC

250

55,390

759,175.5

814,815.5

60

NIGERIAN BREW. PLC

1,581,500

3,104,094

2,772,265

-7,457,859

61

PREMIER BREWERIES PLC

100

500

3,570

4,170

62

ASHAKA CEMENT PLC

147,488

207,688.5

491,199.5

846,376

63

BENUE CEMENT COM. PLC

204,684.5

347,465.5

506,984.5

1,059,134.5

64

CEMENT CO. OF NORTH NIG. PLC

181,074.5

306,103.5

491,794

978,972

65

CERAMIC MANUFACTURER NIG. PLC

2,500

2,500

2,500

7,500

66

NIGER CEM  PLIC

550

550

550

1,650

67

NIGERIAN ROPES PLC

4,166.5

100

8,887.5

13,154

68

NIGERIAN WIRE IND. PLC

1,250

500

1,900

3,650

69

W.A PORTLAND COMP. PLC

1,386,146.5

598,288.5

0

1,984,435

70

AFRICAN PAINT (NIG) PLC

750

9,000

4,500

14,250

71

BERGER PAINTS PLC

42,577.5

119,491.5

1,074,023.5

1,236,092.5

72

CAP PLC

19,753.5

9,518

90,601.5

119,873

73

DN MEYER PLC

56,750

126,236

598,396.5

781,382.5

74

IPWA PLC

3,214

9,188,927.5

1,537,559

10,729,700.5

75

NIGERIA GERMAN CHEM. PLC

60,118.5

9,105

90,919.5

160,143

76

PREMIER PAINTS PLC

1,125

10,000

71,337.5

82,462.5

77

NATIONAL SPORT LOTTERY PLC

50,000

8,000

11,225,250

11,283,250

78

REDSTAR  EXPRESS PLC

120,500

678,965

1,097,968.5

1,897,433.5

79

TRANS-NATIONWIDE EXPRESS

125,500

192,677

931,950.5

1,250,127.5

80

ATLAS NIGERIA PLC

100

100

100

300

81

HALLMARK PAPER PROD. PLC

250

1,000

1,000

2,250

82

NCR (NIGERIA) PLC

183

11,050

8,119

19,352

83

THOMAS WYATT NIG. PLC

2,000

362,125.5

2.5

364,128

84

TRIPPLE GEE & COMPANY PLC

149,031.5

362,580

257,156.5

768,768

85

WIGGINS TEAPE NIGERIA PLC

770

5,718

3,200.5

9,688.5

86

A.G LEWENTIS NIG. PLC

155,390.5

314,063.5

43,935

513,389

87

CHELLARAMS PLC

1,000

569

4,700

6,269

88

JOHN HOLT PLC

38,182

25,610

104,891

168,683

89

P.Z CUSSONS NIG. PLC

302,323

302,343

349,207.5

953,873.5

90

SCOA NIG. PLC

24,070

26,490

75,494

126,054

91

TRANSNATIONAL CORPORATION

8,250,991

40,916,916.5

18,484,881.5

67,652,789

92

UACN PLC

437,620

389,933.5

623,910

1,451,463.5

93

UNILEVER NIGERIA PLC

457,526

836,883

1,257,004.5

2,551,507.5

94

ARBRICO PLC

200

15

17,500

17,715

95

CAPPA & D’ ALBERTO PLC

667.5

590.5

7,628

8,886

96

COSTAIN (W.A) PLC

137.5

34,990

459,617.5

494,745

97

G. CAPPA PLC

1,224

5,000

2,611

8,835

98

JULIUS BERGER NI.G PLC

25,375

8,766

50,872

85,013

99

ROADS NIG. PLC

666.5

5

666.5

1338

100

INTERLINKED TECHNOLOGIES PLC

1,589

1,000

12,500

15,089

101

NIGERIAN WIRE & CABLE PLC

312,555

880,518.5

961,286.5

2,154,360

102

ONWUKA HI-TEK INDUSTRIES

1,000

1,000

1,000

3,000

103

7-UP BOTTLING COMP. PLC

27,079

4,286

20,739

52,104

104

BEVERAGES (WEST AFRICA) PLC

1,000

1,000

1,000

3,000

105

BIG TREATS PLC

39,250

117,417

3,423,265

3,579,932

106

CADBURY NIG. PLC

465,958.5

120,880.5

120,177.5

707,016.5

107

DANGOTE SUGAR REFINERY

1,559,886

1,913,570.5

4,275,258.5

7,748,715

108

FERDINAND OIL MILLS PLC

300

300

375

975

109

FLOUR MILLS NIG. PLC

161,608.5

181,287

475,443

818,338.5

110

FOREMOST DAIRIES PLC

312.5

312.5

62.5

687.5

111

 N NIG. FLOUR MILLS PLC

1,000

166.5

111,546

112,712.5

112

NATIONAL SALTS CO. NIG. PLC

798,679.5

178,469

472,515

1,449,663.5

113

NESTLE NIGERIA PLC

114,759.5

40,253

288,717

443,729.5

114

NIG. BOTTLING CO. PLC

166,039

196,198.5

88,414.5

450,652

Appendix 4

SUMMARY OF VALUE OF SHARES TRADED BETWEEN MARCH – MAY 2008 (VSAA)


S/N

COMPANIES

MAR. ‘08

APR. ‘08

MAY ‘08

TOTAL

1

ADSWITCH PLC

16,287

23,910

2,000

42,197

2

AFRIK PHARMACEUTICALS PLC

1,000

100

100

1,200

3

ANINO INTERNATIONAL PLC

250

250

250

750

4

CAPITAL OIL PLC

85,242.5

85,242.5

85,242.5

255,727.5

5

CUTIX PLC

110,998

27,950

2,470

141,418

6

FLEXIBLE PACKAGING PLC

2,500

2,500

2,500

7,500

7

JULI PLC

355,856

195,024

38,434.5

589,314.5

8

KRABO NIGERIA PLC

20

110

110

240

9

NEWPAK PLC

1,750

500

500

2,750

10

RAK UNITY PET COMP. PLC

1,996

1,996

1,996

5,988

11

ROKANA INDUSTRIES PLC

250

2,750

245

3,245

12

SMART PRODUCTS NIG. PLC

6,000

550

500

7,050

13

TROPICAL PET. PRODUCTS PLC

600

1,000

13,125

14,725

14

UDEOFSON GARMENT FACT.

1,000

1,000

1,000

3,000

15

UNION VENTURES &PET PLC

2,500

2,500

2,500

7,500

16

W.A ALUM PRODUCTS PLC

200

200

200

600

17

AFRINT NIGERIA PLC

660,122

13,744.5

12,885

686,751.5

18

ELLAH LAKES PLC

1,750

500

250

2,500

19

GROMMAC INDS. PLC

85,000

3,650

3,035

91,685

20

LIVESTOCK FEEDS PLC

1,725,054

953,174.5

819,872

3,498,100.5

21

OKITIPUPA OIL PALM PLC

840

160

900

1,900

22

OKOMU OIL PALM PLC

8,515

6,850

550

15,915

23

PRESCO PLC

62,225

131,107.5

1,726,408.5

1,919,741

24

AIRLINE SEC & LOGISTICS

768,848

141,307.5

114,650

1,024,805.5

25

NIG. AVIATION HANDING CO.

435,549.5

226,906.5

290,194

871,650

26

DUNLOP NIGERIA PLC

5,737,637

12,517,115.5

1,767,034.5

20,031,787

27

INCAR NIG. PLC

10,400

150

2,500

12,950

28

INTRA MOTORS PLC

133

399.5

2,175

2,707.5

29

RT BRISCOE PLC

597,979

36,231.5

36,337

670,547.5

30

RIETZCOT NIGERIA CO. PLC

13,500

3,950

43,500

60,950

31

ALBARKA AIR PLC

50

50

50

150

32

AVIATION DEV. COMPANY PLC

5,000

5,000

5,000

15,000

33

ACCESS BANK PLC

1,560,616

20,753,957.5

4,206,872.5

26,521,446

34

AFRIBANK NIGERIA PLC

5,760,572

11,915,323

4,626,050.5

22,301,945.5

35

DIAMOND BANK PLC

14,341,790.5

4,812,460.5

2,585,542

21,739,775

36

ECOBANK NIGERIA PLC

809,367

1,299,313

2,088,099.5

4,196,779.5

37

FIDELITY BANK PLC

5,645,348.5

9,241,760

11,851,348

26,738,456.5

38

FIRST BANK PLC

10,479,527.5

`5,647,786

3,803,860.5

19,931,174

39

FIRST CITY MOVEMENT BANK

3,621,464

3,747,047.5

1,109,158

8,477,669.5

40

FIRST INLAND BANK PLC

3,238,236

80,057,490.5

886,561.5

84,182,288

41

GUARANTY TRUST BANK PLC

8,837,697

7,412,165

3,095,645.5

19,345,507.5

42

IBTC CHARTERED BANK PLC

3,867,801.5

1,100,549.5

0

4,968,351

43

INTERCONTINENTAL BANK

34,346,997.5

8,653,987

1,646,968

44,647,952.5

44

OCEANIC BANK NTERNTIONAL

22,523,143.5

14,621,546.5

9,199,087.5

46,343,777.5

45

PLATINUM HABIB BANK PLC

2,184,169.5

6,131,889

12,579,016.5

20,895,075

46

SKYE BANK PLC

4,319,835.5

2,073,470.5

1,449,555.5

7,842,861.5

47

SPRING BANK PLC

1,779,400

1,779,400

1,779,400

5338,200

48

STERLING BANK PLC

11,126,813.5

7,642,657

4,647,785.5

23,417,256

49

UBA PLC

9,258,443.5

29,830,127.51

33,844,607

72,933.178

50

UNION BANK NIG. PLC

2,501,522.5

1,827,000

1,887,327

6,215,849.5

51

UNITY BANK PLC

3,499,988

14,297,731

2,037,640.5

19,835,359.5

52

UNIVERSAL TRUST BANK PLC

7,500

7.500

7,500

22,500

53

WEMA BANK PLC

5,083,566.5

1,221,638.5

23,659.5

6,328,864.5

54

ZENITHY BANK PLC

1,709,056

5,898,165.5

2,064,872.5

9,672,094

55

CHAMPION BREW PLC

175

2,650

10,000

12,825

56

GOLDEN GUINEA BREW PLC

250

250

250

750

57

GUINNESS NIG. PLC

59,774

489,832

831,561

1,381,167

58

INTERNATIONAL BREW. PLC

417,266

1,555,800

246,098.5

2,219,64.5

59

JOS INT. BREWERIES PLC

15,050

39,000

62,400

116,450

60

NIGERIAN BREW. PLC

2,169,301.5

2,177,886.5

730,083

5,077,271

61

PREMIER BREWERIES PLC

2,100

1,000

294,500

297,600

62

ASHAKA CEMENT PLC

242,568

310,355.5

277,377.5

830,301

63

BENUE CEMENT COM. PLC

1,829,654.5

481,021

552,099

2,862,774.5

64

CEMENT CO. OF NORTH NIG.

539,671.5

784,176

26,520.5

1,350,368

65

CERAMIC MANUFACTURER NIG

2,500

2,500

2,500

7,500

66

NIGER CEM  PLIC

350

550

550

1,450

67

NIGERIAN ROPES PLC

13,623

128,506

7,442

149,571

68

NIGERIAN WIRE IND. PLC

900

900

200

2,000

69

W.A PORTLAND COMP. PLC

0

0

0

0

70

AFRICAN PAINT (NIG) PLC

2,700

8,750

250

11,700

71

BERGER PAINTS PLC

360,832

105,581

24,056.5

490,469.5

72

CAP PLC

29,221.5

8,427.5

50,956.5

88,605.5

73

DN MEYER PLC

336,048.5

16,267.5

1,000

373,316

74

IPWA PLC

1,073,769

227,420

61,850.5

1,363,039.5

75

NIGERIA GERMAN CHEM. PLC

6,408

20,366

57,433

84,207

76

PREMIER PAINTS PLC

18,837.5

105,770

10,000

134,607.5

77

NATIONAL SPORT LOTTERY

7,555,025.5

7,700

7,500

7,568,225.5

78

REDSTAR  EXPRESS PLC

703,553

955,200

185,820

1,844,573

79

TRANS-NATIONWIDE EXPRESS

1,935,341

50,000

2,625

1,987,966

80

ATLAS NIGERIA PLC

100

100

100

300

81

HALLMARK PAPER PROD. PLC

4,000

4,000

400

8,400

82

NCR (NIGERIA) PLC

2,251.5

1,923.5

1,699

5,874

83

THOMAS WYATT NIG. PLC

18,000

121,295.5

3,006.5

142,302

84

TRIPPLE GEE & COMPANY PLC

154,277.5

55,924

93,238.5

303,440

85

WIGGINS TEAPE NIGERIA PLC

518.5

2,285

7,250

10,053.5

86

A.G LEWENTIS NIG. PLC

340,510

115,636.5

11,348

467,494.5

87

CHELLARAMS PLC

6,725

500

1,047

8,272

88

JOHN HOLT PLC

48,275.5

10,317.5

44,921.5

103,514.5

89

P.Z CUSSONS NIG. PLC

598,469

271,861

134,734

1,005,064

90

SCOA NIG. PLC

205,514.5

8,648.5

29,200

243,363

91

TRANSNATIONAL CORPORATN.

5,458,359.5

15,195,233.5

6,140,486.5

26,794,079.5

92

UACN PLC

637,509.5

680,311.5

567,805.5

1,885,626.5

93

UNILEVER NIGERIA PLC

614,766

747,155.5

555,214.5

1,917,136

94

ARBRICO PLC

14,200.5

205,509

160

129,869.5

95

CAPPA & D’ ALBERTO PLC

1,400

28,184.5

100

29,684.5

96

COSTAIN (W.A) PLC

35,104

39,600

842,635.5

917,339.5

97

G. CAPPA PLC

106

10,824.5

7,679.5

18,610

98

JULIUS BERGER NIG. PLC

1,966.5

29,680

35,228.5

66,875

99

ROADS NIG. PLC

10,866.5

250

483

11,599.5

100

INTERLINKED TECHNOLOGIES

22,500

10,869.5

625

33,994.5

101

NIGERIAN WIRE & CABLE PLC

694,472

76,642.5

142,556.5

913,671

102

ONWUKA HI-TEK INDUSTRIES

1,000

1,000

1,000

3,000

103

7-UP BOTTLING COMP. PLC

91,732

15,587

15,463

122,782

104

BEVERAGES (WEST AFRICA)

1,000

1,000

1,000

3,000

105

BIG TREATS PLC

956,514

165,514

80,347.5

1.202,375.5

106

CADBURY NIG. PLC

250,240

145,154.5

317,319.5

712,714

107

DANGOTE SUGAR REFINERY

8,315,999

2,329,168.5

2,963,983.5

13,609,151

108

FERDINAND OIL MILLS PLC

500

1,500

150,000

152,000

109

FLOUR MILLS NIG. PLC

665,923

67,441.5

139,148.5

872,513

110

FOREMOST DAIRIES PLC

1,125

1,125

156

2,406

111

 N NIG. FLOUR MILLS PLC

13,186

1,694

50,000

64,880

112

NATIONAL SALTS CO. NIG. PLC

530,083

438,880

227,046

1,196,009

113

NESTLE NIGERIA PLC

57,752

36,887

37,192

131,831

114

NIG. BOTTLING CO. PLC

147,313

153,963

131,256

432,532