A turnover of 5.8 billion shares worth N42.12 billion in 88,146 deals was recorded this week, in contrast to a total of 4.8 billion shares valued at N41.96 billion exchanged last week in 77,288 deals.

Transactions during the week included a total of 1,000 units of Access Bank Plc N13.5 billion Redeemable Bond 2010 valued at N1 million.

There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.

The Insurance subsector was the most active during the week (measured by turnover volume), with 3.83 billion shares worth N4.6 billion exchanged by investors in 16,880 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance Company accounted for 3.31 billion shares, representing 86.35% of the subsector’s turnover.

The Banking subsector, boosted by activity in the shares of Fidelity Bank Plc, Intercontinental Bank Plc and FirstInland Bank Plc, followed on the week’s activity chart with a turnover of 1.5 billion shares valued at N30.25 billion in 40,848 deals.

Last week, the Insurance subsector led on the activity chart and was followed by the Banking subsector.

Price Movement:
The All-Share Index dropped by 1.43% to close on Friday at 54,662.06. The market capitalization of the 208 First -Tier equities closed lower at N10.85 trillion.

Thirty - Two (32) stocks appreciated in price during the week, lower than the seventy-four (74) in the preceding week. Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N20.17 to close at N217.04 per share while Chevron Oil Nigeria Plc followed with N16.51 to close at N372.00 per share. Other price gainers in the Top 10 category include:

• Guinness Nigeria Plc - N4.99

• Oando Plc - N3.99

• BOC Gases Plc - N2.91

• First Bank of Nigeria Plc - N1.91

• First City Monument Bank Plc - N1.85

• Ecobank Transnational Inc. - N1.72

• Eterna Oil & Gas Plc - N1.49

• PZ Cussons Nigeria Plc - N1.41

Eighty - One (81) stocks depreciated in price during the week, higher than the thirty-eight (38) in the preceding week. Dangote Sugar Refinery Plc led on the price losers’ table, dropping by
N4.01 to close at N29.99 per share while Presco Plc followed with a loss of N73.59 to close at N12.39 per share. Other price losers in the Top 10 category include:

• Cadbury Nigeria Plc - N2.30

• United Bank for Africa Plc. - N2.20

• Dangote Flour Mills Plc - N2.18

• Japaul Oil & Maritime Services Plc - N2.05

• Oceanic Bank International Plc - N1.78

• DN Meyer Plc - N1.68

• May & Baker Nigeria Plc - N1.58

• Prestige Assurance Co. Plc - N1.46

Four equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Big Treat Plc was adjusted for dividend of N0.10 per share. Prestige Assurance Plc was adjusted for dividend of N0.20 per share and bonus of 1 for 4. International Energy Insurance Plc was adjusted for dividend of N0.09 per share. Longman Nigeria Plc was adjusted for dividend of N1.00 per share.

…Supplementary Listings
A total of 429,996,932 shares were added to the shares outstanding in the name of Prestige Assurance Plc following the bonus of 1 for 4. Also, a total of 223,000,834 shares were added to the shares outstanding in the name of Access Bank Plc on Tuesday, July 8, 2008 following the conversion of part of the bank’s N13.5 billion Redeemable Bond 2010. Similarly, a total of 12,499,487,995 shares were added to the shares outstanding in the name of Fidelity Bank Plc on Tuesday, July 8, 2008 following the conclusion of hybrid offer made up of public offering of 5,501,100,421 shares, Rights offering of 498,899,579 shares and supplementary allotment of 6,498,899,579 shares.

Change of Name and Sector Reclassification
The name of Crusader Insurance (Nig) Plc was changed to Crusader (Nig) Plc following business restructuring. Also, the company was moved from the Insurance sector and listed in the “Other Financial Institutions” sector.

Delisting
The N2.46 billion Special FGB Bond 2012 for Local Contractors Debt was delisted from the Daily Official List. By this action, the number of FGN Bonds and securities dropped to 41 and 316 respectively.

Technical Suspension
This was imposed on Eterna Oil & Gas Plc on Thursday, July 10, 2008 on receiving the Company’s application to undertake supplementary share offering. Also, it was imposed on First Aluminium Nigeria Plc on Friday, July 11, 2008 on receiving the Company’s application to undertake supplementary share offering.
COMPANY NEWS
INTERCONTINENTAL BANK PLC: Unaudited result for the first quarter ended 31st May 2008 shows Gross Earnings of N60.9 billion, as against N28.75 billion in the comparable period of 2007. Profit after tax stood at N7.82 billion compared with N4.7 billion in 2007.

C & I LEASING PLC: Audited result for the year ended 31st January 2008. The Directors had earlier recommended a final dividend of N0.06 per share. The date of closure of register of members is August 4, 2008 while payment date is August 28, 2008.

SOVEREIGN TRUST INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.5 billion as against N1.42 billion in 2006. Profit after tax stood at N357.8 million compared with N233.8 million in 2006. The Directors are recommending a dividend of N0.06 per share and bonus of 1 for 5. The date of closure of register of members is July 23, 2008 while payment date is September 7, 2008. The Annual General Meeting (AGM) of shareholders is scheduled to hold at Diamond Hall, Golden Gate Restaurant, 25B Glover Road, Ikoyi, Lagos on Tuesday, August 12, 2008.

STACO INSURANCE PLC: Audited result for the year ended 31st December 2007. The Directors earlier recommended a dividend of N0.12 per share. The date of closure of register of members is July 21, 2008 while payment date is August 4, 2008.

MAY & BAKER NIGERIA PLC: Audited result for the year ended 31st December 2007. The Directors are recommending a dividend of N0.40 per share. The date of closure of register of members is September 4, 2008 while payment date would be advised later.

ASSOCIATED BUS CO. PLC: Audited result for the year ended 31st December 2007 shows Turnover of N3.13 billion as against N2.71 billion in 2006. Profit after tax stood at N141.25 million compared with N143.01 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 7, 2008 while payment date is September 3, 2008.

ASSOCIATED BUS CO. PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N830.3 million, as against N716.3 million in the comparable period of 2007. Profit after tax stood at N62.9 million compared with N50.2 million in 2007.

CONSOLIDATED HALLMARK INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N1.51 billion as against N508.4 million in 2006. Profit after tax and deferred tax stood at N230.01 million compared with N56.9 million in 2006.

RED STAR EXPRESS PLC: Audited result for the year ended 31st March 2008 shows Turnover of N3.1 billion as against N2.7 billion in 2007. Profit after tax stood at N195.7 million compared with N118.5 million in 2007. The Directors earlier recommended a dividend of N0.25 per share. The date of closure of register of members is July 24, 2008 while payment date is July 29, 2008.

EKOCORP PLC: Audited result for the year ended 31st December 2007 shows Turnover of N532.75 million as against N457.7 million in 2006. Profit after tax stood at N72.2 million compared with N65.61 million in 2006. The Directors are recommending a dividend of N0.15 per share. The date of closure of register of members is August 25, 2008 while payment date is September 8, 2008.
STOKVIS NIGERIA PLC: Audited result for the year ended 31st December 2007 shows Turnover of N2.31 million as against N1.22 million in 2006. Loss before tax stood at N0.714 million compared with N4.3 million in 2006.

NAMPAK NIGERIA PLC: Audited result for the year ended 30th September 2007. The date of closure of register of members is July 21, 2008

CHEVRON OIL NIGERIA PLC: Unaudited result for the first quarter ended 31st March 2008 shows Turnover of N8.6 billion, as against N18.34 billion in the comparable period of 2007. Loss after tax stood at N190.63 million compared with profit after tax of N531.24 million in 2007. The company’s result was affected by the strike action embarked upon by the Transport union that lasted for about two months. The company is back into full operations and efforts are being made to recover lost volume.

REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 206.9 million units worth N210.65 billion in 1505 deals was recorded this week, in contrast to a total of 280.3 million units valued at N281.2 billion exchanged in 2120 deals during the week ended July 3, 2008. The most active bond (measured by turnover volume) was the 3rd FGN Bond 2009 Series 11 with a traded volume of 38.7 million units valued at N42.73 billion in 387 deals.


Source: Nigerian Stock Exchange


more news at www.nigerianstock.tk

United Bank for Africa Plc (UBA)’s third quarter unaudited results for its 2008 financial year, shows that the Bank is well on track to meeting and surpassing the expectations of its numerous stakeholders.

Drawing inference from the disclosed figures, stakeholders of the bank can be certain of another rewarding year for their investments in the financial institution.

The unaudited results, recently released to the Nigerian Stock Exchange, show a 59.8 per cent increase in the bank’s earnings and growth in its market share. Gross Earnings for the 6 months under review was N120.25 billion, a N45 billion appreciation over the N75.25 billion recorded for the corresponding period last year. This significant increase in earnings, can be attributed to increased customer-patronage resulting from the quality of service and products offered by the bank.

Profit before tax appreciated by 68.31 per cent, with the bank reporting a N33.14 billion PBT in comparison with the N19.69 billion reported last year. The bank’s N28.85 billion profit after tax for the 6 months under review, is also a 6668.42 per cent appreciation over the figure reported last year.

According to financial analysts and industry watchers, the bank’s first quarter results are an indication of good times for its shareholders, if dividend payout for the last financial year are anything to go by.

Bank’s results with that of its peers, shows that it had emerged as the fastest growing in the country.

Nigerian-German Chemicals Plc has declared a dividend of 45 kobo, amounting to N69m for shareholders in its 2007 financial results.

This represents an increase by 29 per cent over the 35 kobo paid in 2006.

The company recorded a turnover of N2.63bn, representing an increase by 5.6 per cent over N2.49bn recorded the previous year. Its profit after tax, however, fell by 22 per cent to N56.9m from N73.3bn in 2006.

Speaking at the company’s annual general meeting on Tuesday, The National Chairman, Dynamic Shareholders Association of Nigeria, Mr. Alex Adio, congratulated the board of the company for its results, and hoped that by the next financial year, the company would perform better.

“Shareholders are impressed that although the profit you recorded this year was lower than that of last year, you still declared a higher dividend,” he said.

Also speaking, the President, Shareholders Solidarity Association, Chief Timothy Adesiyan, stated that the company should ensure the utilisation of its infrastructure in order to enhance productivity.

He urged the management to look into the amount spent on energy, stating that it was on the high side.

The company should look for a solution to the problem, he said.

The Chairman, NGC, Alhaji Shehu Idris, in his response, stated that the company had strategies in place for the next financial year to ensure profitability.

Idris, who was represented by the company’s Vice Chairman, Mr. Adeboye Shonekan, said , owing to this, the company would be seeking to raise fresh capital through a hybrid of rights and bond issues.

International Energy Insurance Plc (IEI) is to approach the Nigerian Capital Market to raise fresh funds of N10 billion. Jacob Erhabor, Managing Director/ Chief Executive Officer (MD/CEO) of the company made this affirmation to Proshare NI in Lagos Nigeria.

“IEI is proposing to raise additional funds of N10 billion, it is on the table and we are trying to conclude with the plans” Erhabor said.

He affirmed that the offer would likely open before the end of the current quarter. “Before the end of this quarter, we should actualise it” he said.

As at the time of filling in this report, Erhabor confirmed to Proshare NI that the offer price has not yet been fixed; as it is a function of a number of issues.

“I would not want to make a guess as regards the offer price; it has to be based on certain fundamentals” he affirmed.

He however, confirmed to Proshare NI that IEI has not gone to the Quotations Committee of the Nigerian Stock Exchange (NSE) to present its proposal of raising fresh funds. “There are so many things to be put in place” Erhabor said.

“Today, I can assure you that IEI has about N12 billion to do its business successfully” he affirmed.

The company was subsequently recapitalised to N500 million to meet with the challenges of its new business focus. IEI has since increased its authorised share capital to N6, 000,000,000 comprising of 12,000,000,000 ordinary shares of 50 kobo”

In the same vein, the insurance company has proposed to give its investors a 0.9 Kobo dividend payout in its current Financial Year End (FYE).

Erhabor further confirmed to Proshare NI, that the 0.9 Kobo dividend payout being proposed to investors; is the beginning of good returns to their investment in the company.

However, the 0.9 Kobo dividend is subject to the approval of the company’s Board at its forthcoming Annual General Meeting (AGM).

Also, as at the time of filling in this report, Proshare NI could not gather further details concerning the proposed N10 billion Public Offer (PO) of IEI.

-set to reissue certificates within 7 days
First Registrars Nigeria Limited had notified investors who took part in 17 different offers of its client companies; on the non-receipt of their share certificates, return money and interest warrants; as it is set to reissue certificates within seven days.

Niran Adetunji, Head, Finance & Accounts of the company affirmed this to Proshare NI today in Lagos Nigeria.

Adetunji affirmed that First Registrars is ready to package an indemnity to investors who had not yet received their share certificates from the recent offers handled by it for their various client companies.

“For those who have not yet received their share certificates for the various companies we have handled their offers as Registrars, they should send a formal letter and we would package an indemnity for them within seven days and issue them the duplicate” he said.

A list of the companies as published in First Registrars notice to investors in about 10 dailies; Adetunji affirmed include ARM Aggressive Growth Fund, Platinum Habib Bank Plc (Bank PHB) Costain West Africa Plc, DEAP Capital Management and FBN Heritage Fund offers of 2007 respectively.

Others are Fidelity Bank Plc’s 2005 offer and 2007 Rights/offer respectively, First Bank of Nigeria Plc’s (FBN’s) 2003 Rights and 2007 Rights/offers respectively.

On the list is also StanbicIBTC Ethical Fund offer of 2005, StanbicIBTC Bank offer 2005, Kakawa Guaranteed Income Fund offer 2007, Oando Plc’s Rights/offer of 2004.

There are also the Oasis Insurance Plc’s Rights/offer of 2007, Prestige Assurance Plc’s and Standard Alliance Insurance Plc’s offers of 2006 respectively and the IBTC Guaranteed Investment Fund offer of 2007.

The above is a total of 17 offers from different companies. Adetunji further affirmed to Proshare NI that First Registrars would reissue physical share certificates or direct crediting to the investors Central Security Clearing System Limited (CSCS) accounts; if furnished and indicated while filling the indemnity form.

He also confirmed to Proshare NI that the Committee set up by Securities & Exchange Commission (SEC) on the issue of Infrastructure upgrade and monitoring of Registrars to ensure market transparency; visited First Registrars unnoticed.

Adetunji further confirmed to Proshare NI that the Committee was satisfied with the infrastructure put in place by First Registrar to run its operations.

Some of the facilities on ground, Adetunji affirmed include three Data Capturing Machines, Scanner for converting forms to data and a Call Centre