Stocks: Benue Cement, 14 others declared results

Inspite of two public holidays Monday and Thursday declared to mark Workers’ Day and mourn the demise of President Umaru Musa Yar’Adua, 15 companies posted their results in the market. The stock market opened for business only three days.

Specifically, Benue Cement, a member of Dangote group of companies declared a gross earnings of N35.012 billion at the end of December 2009 against N16.453 billion recorded in 2008. The company’s profit after tax also rose to N14.372 billion against N4.144 billion in the previous year. Its shareholders’ fund also risen to N24.208 billion against N13.7 billion recorded in 2008.

The company chairman, Alhaji Aliko Dangote attributed the growth in the operation to the company’s improved cement production. He said Benue Cement in 2009 alone dispatched 1,370,000 metric tones, approximately 109 per cent above the volume achieved in 2008.

He said as a result, turnover grew by 112 per cent on 2008 together with an improvement in operating margin to 46 per cent, up from 35 per cent achieved in 2008. With this, the company has proposed payment of N3.9 billion  at N1.00 per share, aside from interim dividend of N1.00 per share paid in July 2009.  

Other companies that presented their results were BOC Gases Plc,  Abbey Building Society Plc,  Tantalizers Plc,  Stanbic IBTC Bank Plc, Mobil Oil Nigeria Plc, Julius Berger Nigeria Plc

However, a  turnover of 1.75 billion shares worth N17.11 billion in 25,710 deals was recorded this week, in contrast to a total of 2.55 billion shares valued at N21.9 billion exchanged last week in 41,577 deals. The Banking subsector was the most active during the week (measured by turnover volume), with 836.6 million shares worth N9.42 billion exchanged by investors in 11,033 deals. Volume in the Banking subsector was largely driven by activity in the shares of UBA Plc, Zenith Bank Plc, First Bank of Nigeria Plc and Guaranty Trust Bank Plc. Trading in the shares of the four Banks accounted for 513.9 million shares, representing 61.43 per cent and 29.4 per cent of the subsector’s turnover and total volume traded during the week, respectively.

The Insurance subsector, boosted by activity in the shares of Equity Assurance Plc and NEM Insurance Plc, followed on the week’s activity chart with a turnover of 389.6 million shares valued at N349.4 million in 1,802 deals. Last week, the Banking subsector led on the activity chart and was followed by the Insurance subsector.

The NSE All-Share Index appreciated by 1050.16 points or 3.92 per cent to close on Friday at 27,503.36 while the market capitalization of the 198 First -Tier equities closed higher at N6.65 trillion. Also, The NSE-30 Index appreciated by 41.18 points to close at 1,125.12. Last week, ASI and NSE-30 Index depreciated by 3.5 per cent and 2.83 per cent, respectively. Three of the four sectoral indices appreciated by the end of the week, a reversal of the preceding week when all the four indices depreciated.

The NSE Food/Beverages Index appreciated by 25.75 points or 3.2 per cent to close at 834.95, the NSE Banking Index appreciated by 19.97 points or 4.7 per cent to close at 438.95, the NSE Insurance Index appreciated by 4.36 points or 2.13 per cent to close at 209.33. However, the NSE Oil/Gas Index depreciated by 17.88 points or 4.45 per cent to close at 386.58.

Also, 76 stocks appreciated in price during the week, higher than the 21 of the preceding week. Total Nigeria Plc led on the gainers’ table with a gain of N9.75 to close at N204.75 per share while Guinness Nigeria Plc followed with N6.91to close at N158.99 per share. Other price gainers include Cadbury Nigeria Plc with N3.71, UAC of Nigeria Plc N3.19, Benue Cement Company Plc N2.95, Cement Company. of Northern Nig. Plc N2.92, Nigerian Breweries Plc N2.86, Glaxo Smithkline Consumer (Nig) Plc N2.13, 7-Up Bottling Company Plc N2.12 and Nigerian Aviation Handling Co. Plc with N1.89

Also, 33 stocks depreciated in price during the week, lower than the 94 of the preceding week. Mobil Oil Nigeria Plc led on the price losers’ table, dropping by N17.15 to close at N158.84 per share while Conoil Plc followed with a loss of N6.13 to close at N50.00 per share. Other price losers include Oando Plc with N5.45, African Petroleum Plc N2.50, Nig. Enamelware Plc N2.38, Northern Nig. Flour Mills Plc N1.95, The Okomu Oil Palm Plc N1.71, Flour Mills Nigeria Plc N1.69, University Press Plc N0.89 and First Bank of Nigeria Plc  withN0.72

Two equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. First Bank of Nigeria Plc was adjusted for dividend of N0.10 per share and bonus of 1 for 8. Skye Bank Plc was adjusted for dividend of N0.05 per share.