Archives June 2018

All-share Index Slides Further as Negative Sentiments Persist

The negative mood at the stock market continued Thursday with the Nigerian Stock Exchange (NSE) All-Share Index (ASI) shedding 0.61 per cent to close at 37,733.44. Similarly, market capitalisation shed N88.5 billion to close lower at 13.7 trillion.This has brought the year-to-date decline to 1.3 per cent. The bearish performance stemmed from depreciation suffered by bellwether counters such as Dangote Cement Plc and some banking stocks as negative sentiments persisted.

According to analysts at Meristem Securities Limited, “the mood in the market was largely downbeat, despite the modest gains recorded on counters in the consumer goods sector. Profit taking on Dangote Cement Plc and bellwether stocks in the banking sector dragged the day’s results.”

In all, 21 stocks depreciated while 17 appreciated. Equity Assurance Plc recorded the highest loss, shedding 4.5 per cent. Wema Bank Plc trailed with 4.1 per cent. Diamond Bank Plc, Prestige Assurance Plc and Transcorp Plc went down by 3.5 per cent apiece.

Other top price losers include: University Press Plc(3.0 per cent); Royal Exchange Plc (2.9 per cent); LASACO Assurance Plc, Okomu Oil Palm Plc (2.7 per cent each). Japaul Oil & Maritime Services Plc (2.6 per cent) and Dangote Flour Mills Plc (2.4 per cent); Dangote Cement Plc (2.1 per cent).

However, the 17 stocks that escaped from the bears were led by Honeywell Flours Mills Plc with 9.5 per cent, trailed by Law Union & Rock Insurance Plc with 9.3 per cent. Lafarge Africa Plc and AIICO Insurance Plc chalked up 5.0 per cent apiece.

Other top gainers were: Regency Alliance Assurance Plc (4.1 per cent); Niger Insurance Plc, Cadbury Nigeria Plc (4.0 per cent each); Linkage Assurance Plc(3.9 per cent) and Flour Mills of Nigeria Plc (3.7 per cent).

But in terms of sectoral performance, three indicators closed higher, one depreciated, while one closed flat. The NSE Industrial Goods Index led with 1.4 per cent, followed by the NSE Consumer Goods Index that appreciated by 0.5 per cent, while the NSE Insurance Index appreciated by 0.2 per cent.

Conversely, the NSE Banking Index was the sole loser, shedding 0.7 per cent on the back of sell-offs in GTBank, Zenith Bank and Diamond Bank Plc. The NSE Oil & Gas Index closed flat.

Meanwhile, activity level improved as volume and value traded rose 11.5 per cent and 40.0 per cent to 414.9 million shares and N4.5 billion respectively.

Source:© Copyright Thisday Online 

Transcorp appoints Omogiafo as executive director

Corporation of Nigeria Plc, one of Nigeria’s leading conglomerates, has appointed Mrs Owen Omogiafo as an executive director with effect from July 1, 2018.

In her new role, she will support in driving and delivering on Transcorp’s strategic ambitions as the conglomerate continues to fulfill its special mission of lighting homes, schools and hospitals in Nigeria, powering the country’s industrialization process, and hosting local and foreign investors in Transcorp hotels across Nigeria, the firm said in a statement on Tuesday.

According to the statement, Omogiafo has a BSc in Sociology and Anthropology from the University of Benin and M.Sc. in Human Resource Management from the London School of Economics.

It said, “She brings on board over 18 years’ corporate experience and is currently the Chief Operating Officer of the Tony Elumelu Foundation, Africa’s leading philanthropic organisation. She has held senior leadership positions, including Director of Resources at Heirs Holdings, a family owned investment company with a portfolio spanning the power, oil and gas, financial services, hospitality, real estate and health care sectors, operating in 23 countries worldwide.

“She has also served as HR advisor to the GMD/CEO at leading pan-African financial services group, United Bank for Africa, and as an organisation and change management consultant at Accenture.”

Source:© Copyright Thisday Online 

Dangote Flour Mills promises shareholders improved performance

Dangote Flour Mills Plc has said it will improve its customer engagement strategies and strengthen supply chain capability to surpass its 2017 performance.

The shareholders of the company, at the Annual General Meeting in Lagos, approved a final dividend of 20 kobo for every ordinary share of 50 kobo each held in the company for the year ended December 31, 2017.

The company’s annual report and account presented at the AGM showed an 18.6 per cent increase in its turnover to N125.4bn from N105.7bn in 2016.

Its profit before tax increased to N22.44bn from N11.82bn in 2016, while the profit after tax rose by 43.1 per cent to N15.13bn from N10.57bn in 2016.

The Chairman, Board of Directors, Dangote Flour Mills, Mr Asue Ighodalo, said despite the headwinds and extremely challenging business environment in 2017, the company “delivered impressive results for the 12 months under review, continuing with the growth trajectory and company turnaround that started in 2016.”

He said as a result of the improved business performance of the company in the financial year under review, the accumulated loss position in the balance sheet had been fully extinguished.

Ighodalo said the board and management of the company would continue to develop strategies to harness opportunities occasioned by improvements in economic indices while mitigating the adverse effects of continued and emerging threats to the performance and growth of the business.

He stated, “Our key focus areas in the year 2018 include improving our customer engagement strategies, strengthening our supply chain capabilities, assuring best-in-class product quality and managing our costs.

“Our customers remain our key partners in the business. Their patronage, continued support and unflinching loyalty contributed immensely to our performance in the year. I assure you that we will strive to serve you better and employ processes that make your interactions and engagement with us hitch-free and pleasurable.”

The chairman said the company would continue to place high priority on the training and development of its employees, and seek and retain the best talents available in the continued pursuit of operational and service excellence.

He added, “Our greatest strength lies in our committed, hard working and resourceful team of employees.

“I look forward to greater performance from our teams to ensure that we become the number one flour milling company in West Africa by the quality of our products, market share and performance ratios.”

Source:© Copyright Thisday Online

Vetiva Cuts Economic Growth Forecast, Remains Positive on Equities

Vetiva Research has said the Nigerian economy has underperformed initial expectations following a slowdown in agriculture and persistent weakness in services.

The research firm, which is a part of Vetiva Capital, an investment banking firm, therefore cut its economic growth forecast for the 2018 to 1.9 per cent, from 2.4 per cent. Vetiva stated this in its ‘Second Half 2018 Outlook Report on the Nigerian Economy, Key sectors and Capital Markets.’

Head of Vetiva Research, Olalekan Olabode said: “The dimmer picture begins with the oil sector as infrastructure integrity issues prevent Nigeria from producing at capacity whilst oil prices are expected to trend slightly lower in H2’18 on the back of rising global output.”

Vetiva Research expects pre-election activities to steer the economic environment for the rest of the year, with election spending boosting the economy but also inducing greater inflationary pressure.

Chief Economist of Vetiva Capital, Michael Famoroti noted that there are uncertain times ahead.

“Impending elections are also likely to induce greater economic uncertainty and distract policy and governance at the tail-end of the year, neither of which is positive for confidence or investment,” Famoroti said.

Speaking on the fixed income market, he said that the late budget passage, pre-election spending, and food price pressure could induce higher inflation at year-end.

“Despite an improving macroeconomic environment and a semblance of policy stability, Nigeria’s financial markets would likely be steered by the fallout of electoral activities and rising global interest rates,” he said.

However, the firm projected a positive outlook for the Nigerian equities market despite the various pronounced impact the coming general elections would have on the economy.

“Comparable multiples with peers suggest the Nigerian equity market remains undervalued. We maintain a strongly positive post-election outlook on Nigerian equities,” it said.

Vetiva Research also revisited its top “10 High Conviction Stocks” presented at the beginning of the year, which represent key stocks on the Nigerian Stock Exchange (NSE) that are expected to outperform the market by year-end.

Olabode said: “These high conviction stocks have so far outperformed the broad market index by 1.5 per cent on a market cap-weighted basis and 7.0 per cent in simple average returns, and maintain these stocks as key picks for 2018.”

Meanwhile, the equities market opened on positive note yesterday with the NSE ASI, appreciating by 0.34 per cent to close at 37,992.12.

Source:© Copyright Thisday Online

Stocks fall further, NSE reviews market indices’ composition

The market capitalisation of equities listed on the Nigerian Stock Exchange continued its downward trend last week, falling by 2.74 per cent at the end of trading.

The NSE All-Share Index declined to 37,862.53 basis points from 38,928.02 at the close of trading the previous week while the market capitalisation dipped to N13.716tn from N14.101tn week-on-week.

Similarly, all other indices finished lower with the exception of the NSE Insurance Index that appreciated by 3.55 per cent, while the NSE ASeM Index closed flat.

A total turnover of 1.097 billion shares worth N15.471bn in 16,288 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.738 billion shares valued at N18.462bn that exchanged hands in 14,790 deals the previous week.

The financial services industry (measured by volume) led the activity chart with 816.547 million shares valued at N9.425bn traded in 9,263 deals, thus contributing 74.44 per cent and 60.92 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 76.361 million shares worth N2.992bn in 2,545 deals, while the third place was occupied by the oil and gas industry with a turnover of 51.600 million shares worth N594.590m in 1,744 deals.

Trading in the top three equities namely – United Bank for Africa Plc, Zenith International Bank Plc and FBN Holdings Plc (measured by volume) – accounted for 325.580 million shares worth N4.854bn in 3,381 deals, contributing 29.68 per cent and 31.37 per cent to the total equity turnover volume and value respectively.

Meanwhile, the NSE has announced a review of the NSE 30, and the six sectoral indices of the Exchange, namely NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and NSE Lotus Islamic Indices.

It said the composition of the indices after the review would be effective on July 1, 2018, adding, “With the review, we will witness the entry/re-entry as well as exit of some major companies.”

The bourse began publishing the NSE 30 Index in February 2009 with index values available from January 1, 2007.

According to a statement, on July 1, 2008, the NSE developed four sectoral indices with a base value of 1,000 points, designed to provide investable benchmarks to capture the performance of specific sectors.

It said, “The sectoral indices comprise the top 15 most capitalised and liquid companies in the insurance and consumer goods sectors, top 10 most capitalised and liquid companies in the banking and industrial goods sector and the top seven most capitalised and liquid companies in the oil and gas sector.

“In July 2012, the Nigerian bourse launched the NSE Lotus Islamic index, which consists of companies whose business practices are in conformity with Shari’ah investment principles, with the aim of increasing the breadth of the market and creating an important benchmark for investments as the alternative ethical and non-interest investment space widened.”

The NSE said the companies on the Islamic Index had been thoroughly screened by Lotus Capital Halal Investment, in accordance with a methodology approved by an internationally recognised Shari’ah Advisory Board, comprising of renowned Islamic scholars.

The price indices, which were developed using the market capitalisation methodology, are reviewed and rebalanced on a bi-annual basis – on the first business day in January and in July, according to the statement.

Dangote Sugar Refinery Increases Dividend Payout by 192% to N21bn

In line with its resolve to reward shareholders with improved returns, Dangote Sugar Refinery(DSR)  Plc has increased dividend paid  for  the  2017 by 192 per cent to N21 billion from N7.2 billion  in 2016. The dividend is 175 kobo per share, up from  60 kobo per share in 2016 and would be paid from today.

 Speaking at the annual general meeting (AGM) held in Lagos yesterday,  Chairman of DSR, Alhaji Aliko Dangote said the company recorded an impressive performance despite the challenging environment.

According  to him, revenue rose by 20.4 per cent  from N169.72 billion to N204.42 billion in 2017.  Profit before tax jumped by 173.3 per cent to N53.6 billion, from N19.61 billion, while profit after tax grew fast by 176 per cent to N39.78 billion as against N14.4 billion in 2016.

“The board has recommended to shareholders for approval, at this meeting, the payment of a final dividend of N15 billion, being 125 kobo for the year ended December 31,2017. The board had earlier approved the payment  of an interim dividend of N6 billion, being 50 kobo per share. This brings the total dividends for the year under review to N21 billion,” he said.

Dangote disclosed that the company had invested N121 billion  on equipment, land acquisition, compensation to land owners, consultancy and related  services  in its  backward integration

He said despite the major setbacks like flood, community relations issues and most recently  clashes between host community and Fulani herdsmen that hampered  progress, Savannah Sugar  remained  the only company producing  sugar from own grown sugarcane in the country with over N30 billion spent to date.

“Negotiations with the government and local communities in Kwara and Niger on land acquisition processes are ongoing, in line with the backward integration sites plan. Project   activities will resume in Taraba State when the rain assuages,” he said.

In his comments, the Acting Managing Director/CEO of Dangote Sugar Refinery Plc, Abdullahi Sule said the company   would continue to pursue its target to achieve 1.08 metric tonnes of refined sugar annually in six years and eventually 1.5 million metric tonnes in 10 years.

 “Though the business terrain remains very challenging, we remain resilient in the face of the situation and are focused on increasing our market share and customer base as well as the creation of sustainable value for our stakeholders. Our priority in the current year is the achievement of our Sugar for Nigeria Project goals and sustenance of our leadership position by improving efficiency and growing our markets,” the Sule said.

Source:© Copyright Thisday Online 

Seplat, 19 others push market cap below N14tn

The stock market extended its decline on Wednesday as 20 companies led by Seplat Petroleum Development Company Plc recorded losses at the close of trading on the Nigerian Stock Exchange.

The market capitalisation of equities listed on the NSE dropped to N13.984tn from N14.006tn on Tuesday, while the NSE All-Share Index fell by 0.15 per cent to close at 38,605.07 basis points.

Seplat saw its share price declined by 4.99 per cent to close at N717.20. It was followed by Custodian and Allied Insurance Plc, which fell by 4.93 per cent to N5.01 per share.

Livestock Feeds Plc shed 4.60 per cent to close at N0.83 per share; Unity Bank Plc depreciated by 4.35 per cent to N0.88 per share, while Unity Bank of Nigeria Plc lost 4.20 per cent to close at N5.70 per share.

Twenty-three stocks recorded price appreciation on Wednesday, with Prestige Assurance Plc leading the pack as its share price gained 10 per cent to close at N0.66.

C&I Leasing Plc appreciated by 9.34 per cent to close at N1.99 per share, while Eterna Plc increased by 8.93 per cent to  N7.20 per share.

Japaul Oil & Maritime Service Plc was up by 7.50 per cent to close at N0.43 per share while Mutual Benefit Assurance Plc appreciated by 6.25 per cent to N0.34 per share.

Source:© Copyright Punch Online 

Dangote Cement’s N179 Billion Dividend Excites Shareholders

Shareholders of Dangote Cement Plc (DCP) yesterday approved the N178.9 billion dividend recommended for the year ended December 31, 2017 and commended the board and management for the impressive performance despite the challenging operating environment.

The cement company, which is the biggest firm listed on the Nigerian Stock Exchange (NSE) ended 2017 with a profit after tax of N204.2 billion, up by 43 per cent from N142.9 billion in 2016. Based on that improved bottom-line, the board recommended a dividend of N178.9 billion, which translated to N10.50 per share, up from N8.70 the previous year.

Speaking at the 7th annual general meeting (AGM) of the company in Lagos, the excited shareholders said DCP had continued to create value for them, urging the board and management to maintain that leading performance going forward.

Specifically, DCP recorded a revenue of N805.6 billion, up by 31 per cent from N615.1 billion in 2016. Profit before tax rose by 60.1 per cent from N180.9 billion to N298.6 billion, while profit after tax grew by43 per cent to N204.2 billion, from N142.9 billion in 2016.

In his address to shareholders, Chairman of DCP, Alhaji Aliko Dangote said the board believed that the recommended dividend is at an appropriate level and was consistent with the company’s aim of delivering superior returns to shareholders, while at the same time balancing the company’s need to invest in growth.

He said as a company, DCP was accorded international credit ratings that were actually higher on a standalone basis than the sovereign country of Nigeria.

“This recognition should assure you, our shareholders, that our long-term view and prudent management are serving us well at a time when others in our industry are facing difficulties that challenge their independence and only serve to erode shareholder value,” he said.

Also speaking, the Acting Chief Executive Officer of DCP, Joseph Makoju said he was pleased with the way the company adapted to marketing efforts to the challenges in the Nigerian economy in 2017.

Looking ahead, Makoju said the company would return to volume growth, particularly in Nigeria as the economy recovers and the higher oil price brings more cash into the country.

“We will continue to focus on improving sales and logistic so we are well prepared for when the market picks up, which we are confident it will in 2018 as infrastructure investment begins to accelerate,” Makoju said.

Source:© Copyright Thisday Online

Stock market finishes lower as 34 firms lose

The equities market of the Nigerian Stock Exchange finished lower at the close of trading on Tuesday, after a two-day public holiday.

The market capitalisation of listed equities dropped to N14.006tn from N14.101tn on Thursday, while the NSE All-Share Index fell by 0.68 per cent to close at 38.664.15 basis points.

Thirty-four stocks recorded losses on Tuesday, with Prestige Assurance Plc leading the pack as its share price declined by 6.25 per cent to close at N0.60.

Union Diagnostic and Clinical Services Plc shed five per cent to close at N0.38 per share, while Flour Mills of Nigeria Plc depreciated by 4.89 per cent to close at N31.15 per share.

Forte Oil Plc eased by 4.87 per cent to close at N35.15 per share, while Fidelity Bank Plc dropped by 4.85 per cent to N2.16 per share.

Other losers were NASCON Allied Industries Plc, FCMB Group Plc, Equity Assurance Plc, Wapic Insurance Plc, Union Bank of Nigeria Plc, Unilever Nigeria Plc, United Bank for Africa Plc, Honeywell Flour Mill Plc, and Sterling Bank Plc, among others.

Twelve stocks recorded gains on Tuesday, with International Breweries Plc, Japaul Oil & Maritime Service Plc, C&I Leasing Plc, Eterna Plc and Ikeja Hotel Plc emerging the top gainers.

International Breweries appreciated by 6.54 per cent to close at N44 per share. It was followed by Japaul, which was up by 5.26 per cent to N0.40 per share.

C&I Leasing saw its share price appreciate by 5.20 per cent to N1.82, while Eterna and Ikeja Hotel gained 4.92 per cent and 4.91 per cent respectively to close at N6.61 and N2.99 per share.

Source:© Copyright Thisday Online

Equities Market Sustains Bullish Trading on Positive Sentiments

The stock market sustained its positive performance last week as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.76 per cent, to close higher at 38,928.02, while market capitalisation chalked up N150.9 billion to end the week at N14.102 trillion.

The market had recovered from a bearish trading the preceding week, by gaining N700 billion in terms of market capitalisation.

Although trading was for only four days last week due to public holiday last Friday and today, declared by the federal government to mark the end of Ramadan and commemorate the Eid-al-Fitr celebrations, the bulls were able to repel advances by the bears twice.

Consequently, the market closed higher, for the second week running. While  the NSE ASI and other indicators appreciated the NSE Corporate Governance, NSE Consumer Goods and NSE Industrial Goods Indices depreciated by 0.08 per cent, 0.85 per cent and 0.12 per cent respectively.

 Daily Performance

Trading   resumed on  Monday on a positive note  with  the  index rising by 0.45 per cent, to close at 38,844.32.  A total of 30 stocks appreciated  while   20 others depreciated.  Consequently, the month-to-date and year-to-date growth improved to 1.94 per cent and 1.57 per cent in that order.

According analysts at Meristem Securities Limited, trading recovered from the losses recorded on the final trading session the preceding week.

“The gains on counters in the banking and consumer goods sectors drove the performance of the market. We expect this to continue for the remainder of the week, even with bouts of profit taking on some of the counters,” they had said.

Bellwethers such as Nigerian Breweries Plc, FBN Holdings Plc, Guaranty Trust Bank Plc and Zenith Bank Plc were among the advancers. But NASCON Allied Industries Plc led the overall gainers’ table with 7.1 per cent on that day.

Diamond Bank Plc trailed with 6.5 per cent, while Japaul Oil & Maritime Services Plc gained 6.4 per cent. NAHCO Plc and Equity Assurance Plc chalked up 5.0 per cent each. AIICO Insurance Plc and Presco Plc gained 4.8 per cent and 4.7 per cent respectively last Monday.

Conversely, Berger Paints Nigeria Plc led the price losers with 5.0 per cent, followed by BOC Gases Plc with 4.9 per cent. Eterna Plc shed 4.7 per cent just as Prestige Assurance Plc and Wema Bank Plc went down by 4.4 per cent and 3.9 per cent respectively.

Meanwhile, activity level was mixed on the first trading day last week, as volume traded improved by 187.2 per cent to 603.2 million shares while value traded remained flat at N3.9 billion. The most traded stocks by volume were Ikeja Hotel Plc (279.6 million shares), United Capital Plc (79.1 million shares) and African Prudential Plc (56.8 million shares) while Ikeja Hotel Plc (N705.0 million shares), Dangote Sugar Refinery Plc (N641.9 million) and GTBank (N437.7 million) were the top traded stocks by value.

Nevertheless, the bullish trend was sustained on Tuesday as the index rose further by 0.84 per cent to close at 39,167.39.

Similarly, the market capitalisation added N117 billion to close last Tuesday at N14.2 trillion.

As a result, the year-to-date (YTD) growth improved to 2.4 per cent.

The performance was influenced by gains in Dangote Cement Plc, Nestle Nigeria Plc and Seplat Petroleum Company Development Plc. In all, 27 stocks appreciated while 21 depreciated.

Seplat led the price gainers with 8.1 per cent on as investors increased their stake ahead of improved returns. The company had last year returned to profitability last year and consolidated on the performance in the first quarter ended March 31, 2018.

The Managing Director of Seplat, Mr. Austin Avuru last week told investors at the company’s annual general meeting that the company was well equipped to deliver long-term value for shareholders.

“I am pleased to report that Seplat made a return to full-year profitability in 2017, registered strong cash flow performance and significantly strengthened the balance sheet.

“In a year of contrast, we were plagued throughout most of the first half by force majeure at the Forcados terminal. Our proactive and decisive management coupled with the strong underlying fundamentals of the business have seen us emerge from an exceptionally challenging period a much fitter and stronger business that is well equipped to deliver long-term value for our shareholders,” he had said.

Double 11 Plc closed as the second highest price gainer with 4.9 per cent, NEM Insurance Plc and Equity Assurance Plc garnered 4.8 per cent and 4.7 per cent in that order.

Conversely, last Tuesday, Prestige Assurance Plc led the price losers with 4.6 per cent, followed by Eterna Plc with 4.4 per cent. FCMB Group Plc shed 4.1 per cent, just as Niger Insurance Plc and A.G Leventis Plc went down 3.7 per cent.

In terms of sectors, four of them appreciated while only one declined.  The loser was the NSE Banking Index that shed 0.04 per cent.  The NSE Oil & Gas Index led with 4.9 per cent on the back of gains by Seplat and Double 11.

The NSE Insurance Index rose 0.9 per cent, while the NSE Industrial Goods Index and NSE Consumer Goods Index depreciated by 0.5 per cent and 0.4 per cent.

However, on Wednesday the positive trend was halted as some investors moved in to take profit.  This led to the index declining by 0.35 per cent to close at 39,031.72.

Similarly, on that day, the market capitalisation shed  0.35 per cent  to close at N14.14 trillion. The depreciation recorded in the share prices of FBN Holdings, Dangote Sugar, Nigerian Breweries, Zenith Bank, and UBA were mainly responsible for the negative close.

The three most actively traded stocks on that day, were UBA (90.61 million shares), United Capital (78.68 million shares), and African Prudential (72.10 million shares).

But the stock market closed lower on Thursday, which was the last trading day of the week. While the index fell from 39,031.72 to close at 38,928.02,  market capitalisation declined from N14.139 trillion to N14.102 trillion.

Although 28 stocks appreciated as against 17 that depreciated, heavy weight such as  Zenith Bank Plc, FBN Holdings Plc and Nigerian Breweries Plc that were among the losers led to the bearish close.

 Market Turnover

In  the   four trading sessions last week , a total turnover of 1.738 billion shares worth N18.462 billion in 14,790 deals was recorded compared with  1.749 billion shares valued at N31.183 billion that exchanged hands in 24,604 deals the previous week.

However, the   Financial Services Industry was the most active with  1.170 billion shares valued at N9.695 billion exchanged in  7,809 deals, thus contributing 67.3 per cent and 52.5 per cent  to the total equity turnover volume and value respectively. The Services Industry followed with 293.492 million shares worth N733.407 million in 531 deals. The third place was occupied by Consumer Goods with a turnover of 154.093 million shares worth N4.997 billion in 3,002 deals.

Trading in the top three equities namely – United Capital Plc, Ikeja Hotel Plc and United Bank For Africa Plc accounted for 811.747 million shares worth N3.887 billion in 986 deals.

 Price Gainers and Losers

Meanwhile, 40 equities appreciated in price during the review week, lower than 49) in the previous week, while 28 equities depreciated in price, lower than 29 equities of the previous week.

Japaul Oil & Maritime Services Plc led the price gainers with 22.5 per cent, trailed by Equity Assurance Plc with 20 per cent. Union Bank of Nigeria Plc appreciated by 10.7 per cent just as Okomu Oil Palm Plc and Learn Africa Plc chalked up 10.2 per cent and 9.7 per cent in that order.

Other top gainers were: LASACO Assurance Plc (8.5 per cent); NPF Microfinance Bank Plc (8.5 per cent); Ikeja Hotel Plc (8.3 per cent); Honeywell Flour Mills Plc (8.2 per cent) and C & I Leasing Plc (7.4 per cent).

Conversely,  Mutual Benefits Assurance Plc led the price losers, shedding 13.8 per cent, followed by A.G Leventis Nigeria Plc (7.5 per cent). Nigerian Breweries Plc went down by 5.9 per cent, just as  Berger Paints Nigeria Plc declined 5.0 per cent.

Other top losers included: B.O.C Gases Plc (4.9 per cent); Union Diagnostic & Clinical Services Plc ; Neimeth International Pharmaceuticals Plc(4.7 per cent apiece); Law Union & Rock Insurance Plc (4.6 per cent); Prestige Assurance Plc (4.4 per cent) and Newrest ASL Nigeria Plc (4.2 per cent).

Source:© Copyright Thisday Online