Equity Assurance reports N1.51bn half-year loss

Equity Assurance reports N1.51bn half-year loss

Equity Assurance reports N1.51bn half-year loss

Equity Assurance Plc has recorded a loss of N1.51bn for the half year ended June 2016. This represents the group’s loss before tax, which is higher when compared to the loss of N200.8m recorded a year ago.

This figure was contained in the group’s financial report presented to the Nigerian Stock Exchange on Wednesday.

It also reported a net premium income of N1.86bn when compared to N1.66bn recorded a year ago

In a related development, sell pressure persisted on the Nigerian bourse on Wednesday as all key sectors remained underperforming for the third consecutive session.

On the global scene, Asian markets closed lower amidst smaller than expected stimulus package approved by the Bank of Japan. European markets slipped amid a slew of mixed earnings and a slump in oil prices while the United States markets also opened lower as recently released private sector job data revealed loss of jobs in the construction and goods-producing sector.

The oil and gas sector remained at the heart of market declines following persistent pressure on Seplat Petroleum Development Company Limited (9.75 per cent loss) and a reversal in Oando Plc (0.56 per cent loss).

Next in line were industrial goods and financial services, which were down by 1.04 per cent and 1.45 per cent, respectively amid declines in Lafarge Africa Plc (3.90 per cent loss), Zenith Bank Plc (2.08 per cent loss) and United Bank for Africa Plc (4.82 per cent loss).

The consumer goods sector also weighed on the All-Share Index, although marginally at 0.23 per cent, on the back of losses in Honey Well Flour Mill Plc (five per cent loss) and Flour Mills Nigeria Plc (five per cent loss).

Market breadth remained negative with 17 advances and 29 declines.

On what will shape the next trading session, the analysts at Vetiva Capital Management Limited said, “A look at Wednesday’s intraday performance reveals a choppy trading amid a relatively quiet session.

“With no major catalyst for the market to ride on at the moment, we think the lukewarm sentiment would probably persist in the session ahead, with chances of another negative close.”

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