THE market last week took a quick correctional steps after the lull due mainly from the profit-taking of the previous two weeks. After that correction, it adjusted to moving upwards again. This upswing will continue into the weeks ahead as corporate results outside the banking sector continue to impress the investing public. The market will continue to ride on the wings of these corporate performances this quarter. Profit-taking will always set in; no doubt, to temporarily slow down the upward swing but after every profit-taking there is always a resurgence. The trend of the last four months of northward movement will be sustained.
The month of May and most probably the rest of the year has a progressive market outlook. Both operators and regulators are happier now than they were at about the same period last year. Operators and regulators believe that this is a normal market because investors are responding positively to both the bonus and dividend rewards given.
These rewards have, in addition to the good performances, been attracting both the aficionados and gurus back to the market. They are also optimistic that with the N200bn small and medium Enterprises (SME) fund already approved to banks by the CBN will go a long way to providing liquidity in the market.
Further more, the AMC bill is almost ready to be signed into law which will free all the banks from any loan encumbrance. This will therefore leave money in the coffers of the banks to lend out to businesses.
In this month of May, more audited reports are going to be released and operators believe they will be as impressive as the previously released ones.
The following companies are among those whose audited results are eagerly expected. Investors are advised to buy into them before their prices move up.


Crusader Nigeria Plc
This company which was reclassified from the insurance sector into the financial institutions sub-sector of the market is into insurance, property development and other businesses. A cursory look at its historical data shows that it is grossly inconsistent in making its reports available to the public. Its annual earnings as well has not been consistent. It moves up and down. The heart-warming story is that it has been paying dividend within the last four years. This was crowned in year 2008 with a bonus of one new share for every ten previously held.
On the average, it has been paying 50 percent of its earnings as dividend. Operators believe that this is not very good as it restricts further increase in dividend payment. But operators also believe that with the expansion of its businesses, it can still maintain its level of payment. Its working capital was increased in year 2008  by way of rights issue but results have not started showing that.
Its number of outstanding shares, three billion units is too large for its kind of business and this has been causing the decline in its earnings. This share is good for long term players.

National Salt Company Plc
This company is listed in the food, beverage and tobacco sub sector of the stock market. It processes raw salt into edible salt. It also imports tomato paste with an aim to establishing its own paste factory. Before it was taken over by Dangote group, this company was laggard. But with funds and managerial know-how of the Dangote group injected into it, it came back to life.
Before Dangote group stepped in, the release of results was irregular, dividend payment was non-existent, though it puts forward one of the most essential ingredients in cooking - edible salt. When the group took over in 2007 with a special offer of N22, it paid a dividend of four kobo and a bonus of one for four at the end of the 2007 financial year.
The entrance of the group has engendered positive earnings, enlarged market share and profitability. Two things are going very well for National Salt - small outstanding units of shares - 2.9billion units and the inelastic nature of its products. The products are in constant demand. They are not seasonal.
As the investing public and operators look forward to its audited report, income hunters should take position for either a dividend, bonus or price appreciation.
The earnings forecast by operators is in the region of 60-65 kobo out of which 45 – 50kobo could be given out as dividend.

Mutual Benefit Assurance Plc
This is one of the leading insurance companies in Nigeria with interests in general insurance, life insurance and pensions funds management. It is a friend of the regulatory bodies because as and when due, it release its quarterly and annual reports. By this, investors have been able to access its performance. Its  performance until 2008 has been commendable.
The harsh economic conditions of recent, from 2008, has caused a dwindling in the fortunes of the company.
By this, it has not been paying dividend to the shareholders. But the audited report due to be released anytime from now shows an impressive improvement in the earnings of the company.
There is a strong positive feeling that the company will reward its shareholders this time as earnings has hit 14 kobo out of which 7-8kobo could be paid as dividend.
The earnings could have been higher were it not for the addition of more outstanding shares resulting from its public offer of late 2008. For those who intend to take home some money here, look towards Mutual for short, medium or long term.

Stanbic IBTC Bank Plc
This front line bank has long been a very good friend of both operators and regulators as it continues to present both its quarterly and yearly reports regularly and timely too.
This bank has long released its audited result but the first quarter result released is fantastic and points to what is ahead. In this first quarter, turnover has already increased by an impressive 11.33 percent from N13.01billion to N14.5billion and first quarter earnings has also reached an impressive 14kobo. Thus the possibility of an interim dividend is very high going by the trend shown by this first quarter result.
Investors should keep a keen eye on Stanbic  for a possible interim dividend and price appreciation.