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FCMB posts N7bn loss

*Share value drops by N25bn

By Michael Eboh & Chinedu Ibeabuchi

First City Monument  Bank (FCMB) Plc has 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.

However, both banks kept mute on their margin-related loans and other toxic assets.

The bearish run on the NSE continued Wednesday, as the value of listed equities plunged by N25 billion, notwithstanding the share price appreciation recorded by majority of the  listed equities.

The key market gauges represented by the market capitalisation and the All-share index both dipped by 0.49 per cent each.

Specifically, the capitalisation which opened at N5.072 trillion dipped by N25 billion to close at N5.047 trillion, while the index dropped by 104.89 basis points to close at 21,217.77 points from 21,322.66 points at which it opened.

Twenty-five stocks recorded share price loss led by UAC Nigeria Plc, with a loss of N2.00 to close at N38.00 per share, Conoil Plc followed with a loss of N1.66 to close at N31.66 per share and United Bank for Africa Plc dipped by N0.61 to close at N11.63 per share.

Other share price losers include: Nigerian Breweries Plc N0.50, Zenith Bank Plc N0.32, Access Bank Plc N0.31, Diamond Bank Plc N0.25, Skye Bank Plc N0.22, Ashaka Cement Plc N0.21, Guaranty Trust Assurance Plc N0.14 among others.


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