Archives December 2017

Guinea Insurance Grows Profit by 135 per cent

Guinea Insurance plc, said it grew its profit after tax (PAT) by 134.87 percent from N7.2million loss experienced in 2015 to N2.5millon profit recorded in 2016.

The company, also said its profit before tax (PBT) grew by 194.64 percent from N46.9million in 2015 to N138million in 2016.
The company’s Chairman Godson Ugochukwu, who disclosed this at the 59th annual general meeting of the company held in Kano, said Shareholders’ Funds in 2016 was N2.897billion and N2.899billion in 2015, representing a marginal drop of 0.08 percent.

He said that the company grew its Gross Written Premium by 4.18 percent from N870million in 2015 to N907million achieved in 2016.
He reaffirmed the commitment and resolve of the board to grow the company through strategic deployment of its distinctive competencies to gain competitive edge in the market place.

Ugochukwu underlined as modest, the remarkable operational and financial successes the board and management of the company were able to achieve in less than a year despite the prevailing harsh economic realities on ground within the period.
“As pledged in year 2015, we positioned ourselves for the future and initiated rigorous actions to get Guinea Insurance out of the woods and guided to a path of profitability. Therefore, the company was able to grow its Gross Written Premium by 4.18 percent from N870million in 2015 to N907million achieved in 2016.

Given this performance, the Guinea Insurance Chairman said: “Our company successfully overcame the challenge of solvency margin during the year as its solvency margin stood at N3,014,791,000 in 2016 as against year 2015, when the solvency margin was N2,981,596,000 (
“Given what could be described as a sweeping pass as regards the remarkable feat of courage that was displayed by its board, shareholders were overtly hopeful that the trend would endure and the company will continue to consolidate its footing in the industry.”

He pledged to continually focus on building capacity, repositioning the brand, building a tribe of loyal customers who will become the company’s brand ambassadors and ultimately transform the company to a world class enterprise.
Speaking, acting Managing Director of the company, Mrs. IsiomaOmoshie-Okokuku charged stakeholders of the company to look on the bright side of new things to come as the board was raring to go with its continuous growth and development initiatives.

“Today, I can stand before you and make bold that the newly constituted board and present-day management team of our company, have come together as a formidable force to pull out all the stops on our path to success.

“We believe we are competing to win, our strength lies in our passion for high standards and determination to become a world class enterprise with the scope and economies of scale necessary to serve the financial and risk management requirements of our numerous customers; many of whom trade not just in domestic markets, but regionally and throughout sub-Saharan Africa.” As we move into the future,we will definitely be at the vanguard of positive changes”, she pledged.

Source:© Copyright Thisday Online

FG Set to Issue Debut Green Bond in Domestic Market

The Debt Management Office (DMO) has announced that as part of the preparations towards the issuance of the first Sovereign Green Bond, it would sensitise prospective investors in the Bond through a Roadshow in Abuja and Lagos on December 14 and 15, 2017.

The offer, which is for N10.69 billion is expected to be advertised in various media including newspapers and the DMO’s website to enable the public subscribe to the Bonds.

The Green Bond is being issued following Nigeria’s endorsement of the Paris Agreement on Climate Change on September 21, 2016.

The Paris Agreement aims to strengthen the global response to the threat of Climate Change. Since the signing of the Agreement, various countries who are parties to the Agreement have initiated several steps aimed at making the environment better.

The Green Bond proceeds will be used to finance projects in the 2017 Appropriation Act that have been certified as Green because of their positive effects on the environment. Amongst the projects to be financed with the proceeds of the Green Bond Issuance are the Renewable Energy Micro Utilities and Afforestation Programmes.

With the Green Bond Issuance, Nigeria would become one of the few countries in the world and indeed the first African country to issue a Green Bond.

Moody’s Investors Service had assigned a GB1 (Excellent) Green Bond Assessment to the Issuance.

The DMO stated that it was working with the Federal Ministry of Environment towards the Issuance, while Chapel Hill Denham is the Financial Advisers to the Transaction.

Source:© Copyright Thisday Online

Nigerian Breweries Gets Substantive MD/CEO, Two New Executive Directors

Nigerian Breweries Plc on Tuesday notified the Nigerian Stock Exchange (NSE) of the appointment of the new managing director/chief executive officer, Mr. Jordi Borrut Bel. The appointment takes effect on January 22, 2018 and he will succeed Mr. Johan Doyer, who has served as MD/CEO on an interim basis since June 16, 2017.

Mr. Borrut Bel is currently the MD of Heineken’s subsidiary in Burundi, Brarudi S.A. and a Board member of Bralirwa Limited, Rwanda, also a Heineken’s subsidiary in Rwanda.

The company explained that Borrut Bel joined Heineken Spain in 1997 as Sales Representative and subsequently held increasingly senior management positions in different countries, first as Distribution Project Manager in Slovakia, Brand Manager in France and Trade Marketing Manager at the Head Office in The Netherlands. In 2006, he returned to Heineken Spain where he evolved in the organisation and eventually became the On-Premise and Distribution Director and a member of the Management Team.

“Mr. Borrut Bel was appointed the MD of Brarudi S.A. in 2015 and has successfully led the company through a very turbulent period, strengthening the company’s route-to-market and launching successful innovations. The Board is confident that Bel’s track record and broad experience stand him in a very good position to drive Nigerian Breweries Plc’ strategy and consolidate its leadership position in the Nigerian market,” the company said.

In a related development, the company has also announced the resignations of Mr. Victor Famuyibo (Human Resource Director) and Mr. Hubert Eze (Sales Director) from the board with effect from January 27, 2018 and January 31, 2018 respectively. While Mr. Famuyibo’s resignation follows from his attaining the company’s mandatory retirement age of 60 years, Eze’s resignation is preparatory to his taking up a higher role in the Heineken organisation.

Mrs. Grace Omo-Lamai will replace Famuyibo, while Mr. Uche Unigwe will replace Eze. Omo-Lamai joined the company on October 23, 2017 from Nigerian Bottling Company Ltd, where she was the Director of Human Resources. Mr. Unigwe, on the other hand, joined the company in 1989 as a Trainee Brewer. He is currently the General Manager, Heineken East Africa, based in Nairobi.

Meanwhile, the stock market resumed for the week on negative note on profit taking. The NSE All-Share Index fell 0.88 per cent to close at 38,913.99, while market capitalisation shed 119.6 billion to close at N13.6 trillion.

Source:© Copyright Thisday Online

NSE Restated Commitment to Bridging Information Gap

The Nigerian Stock Exchange (NSE) yesterday restated its commitment to bridging the information gap between the exchange and market participants, knowing the high correlation between market information such as stock market prices, market data, corporate actions and news and decision making.

Head, Corporate Communications, NSE, Mr. Olumide Orojimi restated this commitment while commenting on the ranking of the exchange website as the best among the stock exchanges in Africa.

The latest Alexa rankings placed NSE website among the top 100,000 most popular websites in the world, ahead of 26 other African exchanges’ websites.

Alexa, an Amazon company, is regarded as one of the most authoritative benchmarks of web traffic in the world. It tracks and reports the detailed website analytics of an unfixed number of domains amongst millions of Internet users. According to Alexa, NSE’s global traffic ranking stood at 78,552 as at December 6, 2017, which represents a 50 per cent increase from its 156,610 position as at December 31, 2016. Closely following NSE in the ranking are Egyptian Exchange, JSE, BRVM and Nairobi Securities Exchange with ranking of 130,301, 155,653, 242,657 and 260,293 respectively.

Commenting on the development, Orojimi said: “We are delighted to see this increase in traffic to our website as it means that we are making the Nigerian capital market easily accessible to investors who are increasingly residing online.”

According to him, “At the NSE, we are committed to bridging the information gap between the Exchange and market participants, knowing the high correlation between market information (stock market prices, market data, corporate actions and news) and decision making. We are glad our website is also helping us to achieve this.”

He said the NSE recently upgraded its website to be mobile friendly, with robust content and a cleaner layout and navigation.

“The revamp was fuelled by feedback from users that wanted certain high demand pages easier to navigate and some key changes implemented. For example, using analytics from visits and usage of our website, we added filter functionality to the corporate disclosure page to enable users browse through results filed by listed companies easily. Our online visitors can now experience a more vibrant and seamless view of our offerings,” he said.

Source:© Copyright Thisday Online

NSE All-Share Index Gains 1.2% as Equities Market Extends Bullish Run

The Nigerian equities market extended its bullish run for the fourth consecutive day this week as investors’ positive sentiments continued. As a result, the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) appreciated by 1.17 per cent to close higher at 39,534.14. Similarly, market capitalisation added N159.8 billion to close at N13.77 trillion.

The positive performance thursday could be linked to gains recorded by Nigerian Breweries Plc, Nestle Nigeria Plc, Zenith Bank Plc, Ecobank Transnational Incorporated and FBN Holdings Plc.

However, Union Bank of Nigeria Plc led the price gainers with 10.1 per cent trailed BY Fidelity Bank Plc with 7.5 per cent, while NAHCO Plc chalked up 7.2 per cent. Okomu Oil Palm Plc and FBN Holdings Plc garnered 7.1 per cent and 6.1 per cent respectively.

Conversely, Total Nigeria Plc led the price losers with 5.0 per cent, trailed by AXA Mansard Insurance Plc with 4.6 per cent. NEM Insurance Plc shed 4.6 per cent, while Livestock Feeds Plc closed 4.1 per cent lower.

According to analysts at FSDH Research, the bullish momentum was sustained and largely driven by high demand for banking, consumer goods and insurance stocks

“There was profit taking on a number of stocks as expected, leaving of Dangote Flour, Transcorp, Diamond, FCMB and Stanbic IBTC closing on offer. Bargain hunting continued and was sustained in FBNH, Zenith, Fidelity Bank, ETI and Okomu and leaving Sterling Bank, UBN, Aiico and Continental Insurance and they all closed on bid,” they said.

The analysts noted that although profit taking is expected to continue in the coming sessions, the market will remain positive and active as we approach year-end.

A further analysis of the trading activities shows that three sectors closed in the negative while two appreciated. The two gainers were the NSE Consumer Goods Index and the NSE Banking Index that appreciated by 2.7 per cent and 1.8 per cent respectively as a result of sustained buying interest in Nigerian Breweries Plc (+2.2%), Nestle (+6.0 per cent) Zenith Bank (+5.6 per cent) and Access Bank (+3.3 per cent).

On the other hand, the NSE Industrial Goods Index shed 0.8 per cent following profit taking in Dangote Cement (-0.4 per cent). In a similar vein, the NSE Insurance Index fell 0.5 per cent following losses in AXA Mansard (-4.7 per cent) and NEM Insurance (-4.6 per cent) while the NSE Oil & Gas Index shed 0.4 per cent as a result of to selloffs in Total Nigeria (-5.0 per cent).

Source:© Copyright Thisday Online

 

SEC: We Are Committed to Conducting Forensic Probe into Oando

The Securities and Exchange Commission (SEC) on Tuesday restated its decision to conduct a forensic exercise into the activities of Oando Plc. The commission’s commitment to continue with the forensic audit was contained in a letter dated December 5, 2017 addressed to Oando Plc.

Although SEC did not disclose full content of the letter, it assured “the general public of its zero tolerance to infractions in the Nigerian capital market.

The suspension of the Director General of SEC, Mounir Gwarzo last week by the Minister of Finance, Mrs. Kemi Adeosun, had been linked to the commission’s decision to probe Oando Plc’s activities.

The minister however denied the allegation, saying Gwarzo’s suspension was to make way for an unhindered investigations into allegations of financial impropriety levelled against him.

SEC had last October directed the NSE to place Oando’s shares on full suspension for two days and place them on a technical suspension afterwards , following its probe into two petitions received from two shareholders of the company – Alhaji Dahiru Barau Mangal and Ansbury Inc.

The suspension, according to SEC, was to enable it to conduct a forensic audit into the affairs of Oando, which has dual listing on the NSE and JSE.

SEC had explained that it carried out a comprehensive review of the petitions from Mangal and Ansbury and found a breach of the provisions of the Investments & Securities Act (ISA) 2007; breach of the SEC Code of Corporate Governance for Public Companies; suspected insider dealing; suspected related party transactions not conducted at arm’s length; and discrepancies in the shareholding structure of Oando Plc, among others. SEC said these findings were weighty and needed further investigation. Deloitte and the other firms were brought in to validate the probe already done by SEC for the past three months, adding that it is only after the audit by external experts that the commission would take a final decision on Oando.

Other experts appointed by SEC are registrar, United Securities Limited; the law firm, SPA Ajibade & Co; Tjadap Consulting and Associates; and Nasiru Muhammad & Co.

Meanwhile, the stock market sustained its rally, hitting a 37-month high. The NSE All-Share Index appreciated by 1.37 per cent to close at 38,494.43, bringing the year-to-date (YTD) gain to 43.2 per cent.

Analysts at Afrinvest West Africa said although the rally was broad-based, they attributed the positive performance mainly to gains in bellwethers –Dangote Cement (+1.7 per cent), Nigerian Breweries Plc (+3.4 per cent) GTBank (+0.7 per cent) and Zenith (+0.6 per cent).

Source:© Copyright Thisday Online

Q3: Foreign Portfolio Investments Jump 259% on Renewed Demand for Equities

Foreign Portfolio Investment (FPI) jumped by 259.2 per cent in the third quarter(Q3) ended September 30, 2017 to $2.77 billion, which is a consolidation on the increase recorded in second quarter of 2017 (Q2-17). The figures are the highest since the $5.13 billion recorded in Q3 of 2014. However, the sizable increase in FPI was mostly driven by a monumental 860.7 per cent year on year(y/y) surge in equities (214.6 per cent q/q) to $1.93 billion, accounting for 70 per cent of total FPI, and a grand leap (105.6 per cent y/y and 630.2 q/q to $719 million in capital investments in the form of money market instruments.

Corroborating the significant inflows into equities, the Nigerian Stock Exchange (NSE) latest report on FPI reveals that foreign inflows surged 205.7 per cent y/y and 64.3 per cent q/q to N252.33 billion in the three months to September, from N82.54 billion and N153.62 billion in Q3-16 and Q2-17 respectively.

Analysts at Cordros Capital Limited said the improved FPI and inflow into equities market stem from improving foreign exchange liquidity, boosting transparency in FX transactions, and increasing dollar inflows from autonomous sources) of the Central Bank of Nigeria (CBN)’s “Investors & Exporter’s” FX window, established towards the tail end of April.
The policy is attracting offshore inflows amid appealing valuation – supported by positively changing macroeconomic fundamentals.

“Still supportive of the potency of the I&E FX window is the sizable increase in the total turnover in the window by 171 per cent q/q to $10.16 billion in the three months to September, compared to $3.74 billion in Q2-17, and by extension, the 52.76 per cent q/q increase in total turnover in the domestic bourse to N360.73 billion in Q3-17, from N236.14 billion in the previous quarter. Equally reflective of investor confidence in the I&E window is the 15.8 per cent q/q growth (to $114.65 billion, from $99.0 billion) in the total OTC market turnover in Q3-17, as reported by the FMDQ OTC Securities Exchange,” the analysts said.

According to data released by the National Bureau of Statistics (NBS), capital inflows into the domestic economy expectedly recorded a notable improvement in the three months to September 2017, expanding by 127.5% y/y and 131.3% q/q to USD4.15 billion (highest since Q4-14), from USD1.82 billion and USD1.79 billion respectively.

As was the case in Q2-17, in terms of contribution, Portfolio Investment (259.2 per cent q/q and 200.7 per cent y/y to $2.77 billion) accounted for the most (67 per cent ) capital importation of $4.15 billion, from $1.82 billion.

“In line with our earlier guidance, the surge in capital imported into the country was driven by progressing improvement in the foreign exchange market, which, by extension, sustained the rally in the equities market, in addition to an attractive interest rate environment – attracting higher inflows into the fixed income space,” analysts said.

Source:© Copyright Thisday Online

 

SEC to Proceed with Forensic Probe into Oando Activities

The Securities and Exchange Commission (SEC) On Tuesday restated its decision to proceed with a forensic audit into the activities of Oando Plc. The commission stated this a letter dated December 5, 2017 addressed to Oando Plc and signed the acting Director General, Dr. Abdul Zubair.

In the letter, obtained by THISDAY, SEC said: “Further to our letter to you dated November 27, 2017 and another letter to your lawyers dated November 28, 2017, wherein the commission had notified Oando Plc of its decision to go ahead with the forensic audit, the commission is in the light of recent development wishes to reiterate the following: That the commission is aware that Suit No: FHC/L/CS?160/17:Oando Plc v. SEC &Anor was struck out on November 23, 2017 by his lordship Hon, Justice Aikawa of the Lagos Division of the Federal High Court.”

The commission added it is not aware of the existence of any valid or subsisting order of court restraining it from proceeding with the forensic audit.

“While we acknowledge that a Notice of Appeal has been filed to challenge the judgment of the Federal High Court, this notice does not serve as an Order of Court restraining the Commission from conducting the exercise. We wish to restate that our forensic auditors had been directed to commence work since November 27, 2017 and as a result shall be at your premises on any date from Wednesday, December 6, 2017,” SEC said.

It assured the general public of its zero tolerance to infractions in the Nigerian capital market.

SEC had in October directed a forensic audit into the affairs of Oando following a probe into two petitions received from two shareholders of the company – Alhaji Dahiru Barau Mangal and Ansbury Inc.

SEC had explained that it had carried out a comprehensive review of the petitions from Mangal and Ansbury and found a breach of the provisions of the Investments & Securities Act (ISA) 2007; breach of the SEC Code of Corporate Governance for Public Companies; suspected insider dealing; suspected related party transactions not conducted at arm’s length; and discrepancies in the shareholding structure of Oando Plc, among others.

The suspension of the Director General of SEC, Mounir Gwarzo last week by the Minister of Finance, Mrs. Kemi Adeosun, had been linked to the commission’s decision to probe Oando Plc’s activities.

This allegation has since been denied by the ministry, saying Gwarzo’s suspension was to make way for an unhindered investigation into allegations of financial impropriety levelled against him.

Source:© Copyright Thisday Online

Stock Market’s Year-to-date Growth Hits 41%

The Nigerian stock market rose further last week to close 1.55 per cent higher as investors reacted positively to development in the economy especially in the area of capital flow that showed improvement.

According to data released by the National Bureau of Statistics (NBS), capital inflows into the domestic economy recorded a notable improvement in the three months to September 2017, expanding by 127.5 per cent year on year(y/y) and 131.3per cent quarter on quarter(q/q) to $4.15 billion (highest since Q4-14), from $1.82 billion and $1.79 billion respectively. Portfolio Investment (259.2 per cent q/q and 200.7 y/y to $2.77 billion) accounted for the most (67 per cent) inflows into the country in the review period, followed by other investments (30 per cent) in the form of loans and other claims (68.6 per cent q/q and 124.5 per cent y/y to $1.26 billion), and three per cent from foreign direct Investment.

The development, which showed improved investor confidence in the economy, led to a consolidation of the growth recorded in the market the previous week with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rising to 1.55 per cent to close at 37,944.60.

Consequently, the year-to-date (YTD) growth climbed to 41.2 per cent. Apart from the NSE ASI that rose by 1.55 per cent last week, other sectoral indicators closed northwards as well.

For instance, the NSE Insurance Index led with 1.54 per cent, followed by the NSE Banking Index (1.43 per cent, while the NSE Oil & Gas Index appreciated by 1.43 per cent. The NSE Consumer Index added 1.34 per cent, just as the NSE Industrial Goods Index gained 1.15 per cent.

Market analysts at Cordros Capital Limited said: “Whilst noting possibility of momentum profit taking given the two consecutive weeks of gains, the outlook for equities remains broadly positive as market fundamentals (amid improving macroeconomic conditions) remain strong.”

On the economic front, the Central Bank of Nigeria (CBN) released the Purchasing Managers’ Index (PMI) report for the month of November, showing that manufacturing and non-manufacturing activities during the month of November expanded for the eighth and seventh months, respectively at 55.9 and 57.6, indicating positive response to improvement in the macroeconomic landscape.

“With festivity- related demand expected, amid sustained improvement in the FX space and strengthening consumer and business confidence, it is safe to expect continued expansion in the coming month,” analysts said.

Daily Market Performance
On the first day of the week when the market resumed, it was a bearish performance with the NSE ASI declining by 0.31 per cent as investors took profit following the previous week’s gains. The depreciation recorded in the share prices of Stanbic IBTC, FCMB Group, ETI, Flour Mills, and Unilever was mainly responsible for the loss recorded in the Index.

Sector performance was mixed as three of five indices closed in the green, one trended southwards and the other flat. The NSE Banking Index emerged the lone loser, down 0.6 per cent owing to price depreciation in Ecobank Transnational Incorporated ( -3.0 per cent), Zenith Bank (-1.0 per cent) and Access Bank(-0.6 per cent). On the positive side , the Consumer Goods Index led gainers, up 0.3 per cent due to upticks in Nigerian Breweries (+0.9 per cent), Dangote Sugar Refinery (+3.3 per cent) and PZ (+3.4 per cent). The NSE Insurance Index trailed, up 0.2 per cent on account of gains in Continental Insurance (+2.9 per cent) and Law Union (+4.9 per cent). Similarly, buying interest in Forte Oil (+2.5 per cent) pushed the NSE Oil & Gas Index 0.1 per cent higher.

The market rebounded on Tuesday as the NSE ASI appreciated by 0.68 per cent to close at 37,503.73 points compared with the depreciation of 0.31 recorded the previous day. The appreciation recorded in the share prices of Nigerian Breweries, Stanbic IBTC, Access Bank, UBA and Dangote Cement buoyed the growth recorded in the index.
In a similar vein, the market rose further on Wednesday to sustain the growth as most stocks appreciated. Subsequently, the NSE ASI appreciated by 0.55 per cent to close at 37,709.20.

On Thursday, which was the last trading day of the week , saw the market gain 0.62 per cent to bring the weekly growth to 1.55 per cent of the NSE ASI to 37,944.60.

Market Turnover
It was a four-day trading week as the Federal Government of Nigeria declared Friday, 1 December, 2017 as a Public Holiday to mark Eid-el-Maulud celebration.

However, the volume and value of trading surged to 14.257 billion shares worth N35.056 billion in 17,379 deals compared to 2.182 billion shares valued at N22.795 billion that exchanged hands last week in 17,019 deals.
The Conglomerates Industry led the activity chart with 11.396 billion shares valued at N14.534 billion traded in 890 deals, thus contributing 79.94 per cent and 41.46 per cent to the total equity turnover volume and value respectively. The Financial Services Industry followed with 2.484 billion shares worth N9.797 billion in 9,205 deals. The third place was occupied by Consumer Goods Industry with a turnover of 164.156 million shares worth N8.127 million in 4,405 deals.

Trading in the top three equities namely – Transnational Corporation of Nigeria Plc, Wapic Insurance Plc and Fidelity Bank Plc (measured by volume) accounted for 12.998 billion shares worth N15.494 billion in 1,813 deals, contributing 91.17 per cent and 44.20 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 1,090 units of Exchange Traded Products (ETPs) valued at N14,708.50 executed in 10 deals, compared with a total of 127 units valued at N13,837.30 that was transacted previous week in five deals.

A total of 21,670 units of Federal Government Bonds valued at N23.125 million were traded this week in 17 deals, compared with a total of 9,024 units valued at N9.485 million transacted two weeks ago in 15 days.

Price Gainers and Losers
Meanwhile, 39 equities appreciated in price during the week, higher than 36 of the previous week, while 23 equities depreciated in price, lower than 24 equities of the previous week. Fidelity Bank Plc led the price gainers with 21.1 per cent, trailed by Forte Oil Plc with 14.9 per cent, just as Law Union & Rock Insurance Plc appreciated by 14.7 per cent.

Caverton Offshore Support Group Plc rose by 14.4 per cent, while Dangote Flour Mills Plc, Nigerian Aviation Handling Company Plc and Cement Company of Northern Nigeria Plc chalked up 10.2 per cent and 10.0 per cent respectively.
Cadbury Nigeria Plc, Diamond Bank Plc and Champion Breweries Plc garnered 9.7 per cent, 8.6 per cent and 6.8 per cent in that order.

Conversely, Double One Plc led the price losers with 6.0 per cent, followed by University Press Plc with 5.5 per cent, just as Neimeth International Pharmaceuticals Plc shed 4.9 per cent. Livestock Feeds Plc went down by 4.5 per cent, while Guinness Nigeria Plc traded 4.4 per cent lower.

Other top price losers are: Flour Mills of Nigeria Plc (4.2 per cent); PZ Cussons Nigeria Plc (4.2 per cent); Learn Africa Plc (4.1 per cent); Morison Industries Plc and N.E.M Insurance Plc (3.4 per cent).

Source:© Copyright Thisday Online