Investors stake N260bn on government bonds
By Michael Eboh
Investors staked N260.94 billion in Federal Government of Nigeria (FGN) bonds, last week, in the Over-the-Counter (OTC) Bond Market.
This represents a decline of 47.79 per cent from N499.77 billion wagered on the bonds in the previous week.
Also, transactions in the sector dropped by 58.13 per cent, as a turnover of 174.9 million units valued at N260.94 billion was recorded in 2,356 deals, in contrast to the previous week’s turnover of 417.71 million units valued at N499.77 million in 3,859 deals.
The Fifth FGN Bond 2028 Series 5 was the most active in the sub-sector, accounting for 48. 2 per cent of the total turnover, with 84.3 million units valued at N153.72 billion in 1,510 deals, its was followed by the Sixth FGN Bond 2029 Series Three, with the exchange of 28.5 million units valued at N38.8 billion in 275 deals.
Of the 37 FGN Bonds available, 19 enjoyed investors patronage in the week under review, compared to 25 in the preceding week.
Meanwhile, a number of companies released their financial statements to the NSE and the investing community, last week.
Fidelity Bank Plc declared a dividend of N0.05 for its shareholders for its 2009 financial year.
According to its audited financial statements for the year ended, June 30, 2009, released to the NSE, it posted a gross earnings of N72.27 billion, appreciating by 69.41 per cent from N42.66 billion recorded in 2008. It recorded a provision for doubtful advances and provision for doubtful assets of N18.55 billion and N1.25 billion respectively.
Its profit before tax dipped by 76.89 per cent, from N16.31 billion recorded in 2008 to N3.77 billion in the current financial year, while its profit after tax depreciated by 89.3 per cent to N1.43 billion from N13.36 billion recorded in 2008.
Union Homes Savings and Loans Plc posted a loss after tax of N2.25 billion in its 2009 financial year.
According to its audited financial report for the year ended, March 31, 2009, released to the investing community, it recorded a decline in its Mortgage and other interest, from N6.75 billion in 2008 to N6.51 billion, it recorded exceptional items of N2.86 billion, loss before tax and after exceptional items of N1.92 billion compared with a profit before tax of N2.35 billion in 2008 and a loss after tax of N2.25 billion from a profit after tax of N1.99 billion recorded in 2008.
First City Monument Bank (FCMB) Plc announced a loss of N6.9 billion in its five months financial statement, for the period ended, September 30, 2009.
According to the result released to the Nigerian Stock Exchange (NSE), Wednesday, its gross earnings dipped by 7.42 per cent to N30.09 billion from N32.5 billion recorded in similar period of 2008.
It posted a loss before tax of N6.94 billion compared with a profit before tax of N9.33 billion in 2008, while its loss after tax stood at N6.94 billion compared with a profit after tax of N7.46 billion in the comparable period of 2008.
The presentation was in line with the Central Bank of Nigeria’s (CBN) directive in its circular dated October 26, 2009 that all banks unaudited accounts as at September 30, 2009 must be published before the end of November 2009.
Also, Diamond Bank Plc, in its second quarter results for the period ended, October 31, 2009, announced a 98.99 per cent drop in its bottom line.
Its gross earnings appreciated by 7.85 per cent to N53.18 billion from N49.33 billion recorded in the comparable period of 2008, it posted a profit before tax of N1.12 billion compared to N13.15 billion in 2008, while its profit after tax stood at N114.37 million compared with N10.32 billion in 2008.
