News Column

Nigeria : NIGERIAN equities erode from from N38 billion

August 30, 2014

As bargain appetite for equities remained low, no fewer than N38 billion was eroded from the value of Nigerian equities.

At the Nigerian Stock Exchange, All Share Index depreciated by a 0.28% or 114.13 points to close at 41,121.12 points from 41,235.25 points.

Market capitalisation decreased to N13.578 trillion from N13.616 trillion the preceding. At the close of transactions, 16 equities prices gained while 27 equities prices lost.

At the top is Forte Oil plc who lost N11.56 from its share price; its share price dropped from a high of N232.11 to N220.55. Forte Oil plc interim statement of comprehensive income for the half-year (H1). Forte grew its revenue by 33% to N79.606 billion, against the corresponding H1 13 period when it stood at N59.960 billion.

Forte reported profit before income tax growth of 152% to N4.191 billion against N1.663 billion in H1 2013.

The company s Profit After Tax rose by 125% to N3.134 billion from N1.391 billion in H1 13. Basic earnings per share rose by 48% to N1.91 from N1.29. The company did not propose interim dividend.

Conoil plc was on the top of losers after its share price declined by N3.5, from a high of N71.5 to N68. Conoil plc statement of comprehensive income for the period shows that its revenue dropped to N78.507 billion in H1 14 against N79.629 billion in H1 13.

Conoil plc reported profit before tax decline to N1.488 billion against N1.983 billion; while its profit after income tax for the H1 14 period declined to N1.011 billion from a high of N1.599 billion. Conoil plc basic earnings per share dropped to 146kobo from 230kobo.

Dangote Cement plc joined the league of big losers after its shares declined by N3.5, from N228.5 to N225.

MRS Oil Nigeria plc lost N2.94 from its share price, after moving down from N58.9 to N55.96. Total Nigeria plc share price was down from N182 to N180.02, losing N1.98.

Volume of equities increased by 117.25%, from 178.412 million to 387.602 million, while the total value of stock traded increased by 94.16% from N2.028 billion to N3.937 billion in 4,795 deals.

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Source: TendersInfo (India)

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