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Costain, Etranzact record dip in PAT

Michael Eboh
Costain (West Africa) Plc has recorded significant decline in its bottom line in its third quarter financial performance, as its profit after tax dropped by 45.28 per cent to N164.31 million.

According to its third quarter, ended, September 30, 2009, financial statement released to the Nigerian Stock Exchange, Tuesday, its turnover grew by 46.78 per cent to N4.223 billion from N2.877 recorded in the comparable period of 2008, its profit before tax dipped by 46.28 per cent to N167.66 million from N312.12 million recorded in 2008, while its profit after tax stood at N164.31 million from N300.3 million recorded in 2008.

Also, Nestle Nigeria Plc posted significant improvement in all its major financial indicators in its 2009 results, as its profit after tax appreciated by 17.43 per cent to N9.783 billion from N8.331 billion recorded in 2008.

According to its financial statement for the year ended, December 31, 2009, released to the investing community, Nestle’s turnover grew by 32.03 per cent to N68.32 billion from N51.74 billion recorded in 2008, while its profit before tax stood at N13.78 billion compared to a profit before tax of N11.86 billion recorded in 2008.

The company had earlier declared a final dividend of N10.60 per share to be approved by its shareholders at its forthcoming annual general meeting.

Etranzact Plc, in its financial statement for the third quarter ended, September 30, 2009, recorded a 50 per cent drop in its profit after tax, from N48.39 million recorded in the comparable period of 2008 to N24.24 million in 2009.

Its turnover dropped by 5.68 per cent to N567.32 million from N601.51 million recorded in 2008 while its profit before tax stood at N38.78 million from N69.12 million recorded in 2008.

Meanwhile, the bullish run on the Nigerian Stock Exchange (NSE) continued , Tuesday, as the value of listed equities appreciated marginally by N5.64 billion.

In particular, equities’ value, represented by the market capitalisation and All-share index appreciated by 0.1 per cent. The capitalisation rose by N5.64 billion to close at N5.543 trillion from N5.538 trillion at which it opened while the All-share index rose by 23.41 basis points to close at 23,019.16 points from 22,995.75 points.

Conoil Plc recorded the most share price gain, rising by N1.79 to close at N37.66 per share, Dangote Flour Mills Plc followed with a gain of N0.39 to close at N12.92 per share and Honeywell Flour Mills Plc garnered N0.36 to close at N8.13 per share.

Other share price gainers include: Cadbury Nigeria Plc N0.32, United Bank for Africa Plc N0.29, Nigerian Breweries Plc N0.26, Dangote Sugar Refinery Plc N0.24, GTBank Plc N0.21, Unilever Nigeria Plc N0.19, Costain (West Africa) Plc N0.18 among others.

On the contrary, African Petroleum Plc recorded the most share price loss, dropping by N2.28 to close at N43.42 per share, UAC Nigeria Plc followed with a loss of N0.94 to close at N43.00 per share and Cement Company of Northern Nigeria Plc dipped by N0.36 to close at N16.20 per share.

Other share price losers include: Eterna Oil and Gas Plc N0.29, National Salt Company Plc N0.29, Skye Bank Plc N0.25, Zenith Bank Plc N0.21, Ecobank Nigeria Plc N0.20, DN Meyer Nigeria Plc N0.14, Airline Services and Logistics Plc N0.13 among others.

Banks’ stocks enjoyed the most patronage, as trading in the sub-sector accounted for 43.56 per cent of the total market transactions. A turnover of 129.46 million shares valued at N1.31 billion was recorded in the sub-sector in 3,890 deals.

GTBank Plc recorded the highest transaction in the sub-sector, trading 20.88 million shares valued at 377.56 million in 533 deals, First Bank of Nigeria Plc followed with the exchange of 19.21 million shares valued at N279.4 million in 920 deals and Zenith Bank Plc recorded 17.08 million shares valued at N280.2 million in 332 deals.

The Insurance sub-sector followed on the sectorial analysis, accounting for 21.62 per cent of the market turnover, with 64.24 million shares valued at N57.13 million in 664 deals. Continental Reinsurance Plc enjoyed the most patronage in the sub-sector, trading 23.68 million shares valued at N23.38 million in 29 deals, AIICO Insurance Plc followed with the exchange of 6.16 million shares valued at N6.46 million in 268 deals and Lasaco Assurance Plc recorded 5.93 million shares valued at N2.97 million in 60 deals.

In all, investors exchanged 297.17 million shares valued at N2.05 billion in 7,349 deals, dropping slightly by 0.99 per cent, from the previous day’s turnover of 300.16 million shares valued at N2.18 billion in 6,586 deals.


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