By Michael Eboh and Providence Obuh
INvestors of Union  Homes Savings and Loans Plc will have to wait a bit longer before they start reaping the fruit of their investments, as the company posted an unimpressive performance in its 2009 financial year, announcing a loss after tax of N1.66 billion compared to a loss after tax of N2.245 billion recorded in 2008.

According to its audited financial statement for the year ended, December 31, 2009 released to the Nigerian Stock Exchange (NSE), the mortgage company recorded a 32.38 per cent drop in its gross earnings to N4.402 billion in 2009 from N6.510 billion in 2008, while it posted a loss before tax of N1.315 billion from N1.916 billion recorded in 2008.

Its net assets dropped by 20.89 per cent to N5.708 billion from N7.215 billion in 2008, its cash and bank balances which stood at N325.53 million in 2008 dropped by 42.88 per cent to N185.95 million while its fixed assets appreciated by 40.54 per cent to N3.87 billion from N2.753 billion recorded in 2008.

On the other hand, Mutual Benefits Assurance Plc bounced back to profitability in its year 2009 audited financial performance, announcing a profit after tax of N354.65 million compared to a loss after tax of N1.53 billion recorded in 2008.

Its gross earnings shot up by 45.50 per cent to N5.283 billion from N3.631 billion recorded in 2008 while its profit before tax and extra-ordinary items stood at N480.24 million compared to N602.84 million in 2008.
Meanwhile, the fluctuating trend on the Nigerian Stock Exchange (NSE) continued, Wednesday, as the value of listed equities dropped by N23.45 billion.
In particular, the key performance indices, the market capitalisation and All-share index both declined by 0.38 per cent each, forcing the capitalisation to close at N6.105 trillion from N6.129 trillion at which it opened while the index shed 95.46 baies points to close at 25,074.85 points from 25,170.31 points.

This was after an improvement of N5.62 billion in the value of listed equities on the NSE, Tuesday.
The decline was as a result of losses on the share prices of major blue chip companies, led by Benue Cement Company Plc, with the loss of  N1.01 to close at N61.00 per share, followed by Ashaka Cement Plc with a loss of N0.97 to close at N18.43 per share and First Bank of Nigeria Plc dipped by N0.44 to close at N12.75 per share. 

Other share price losers include: May and Baker Nigeria Plc N0.34, Vitafoam Nigeria Plc N0.33, Honeywell Flour Mill Plc N0.31, Ecobank Nigeria Plc N0.19, National Salt Company Nigeria Plc N0.19, A.G Leventis Nigeria Plc N0.18, Dangote Sugar Refinery Plc N0.12, among others. 

However, Guinness Nigeria Plc led 24 other stocks on the gainers’ table, rising by N1.51 to close at N160.02 per share, followed by Nigerian Breweries Plc with a gain of N1.45 to close at N31.45 per share and University Press Plc garnered N0.38 to close at N8.15 per share. 

Other share price gainers include: C& I Leasing Plc N0.14, Access Bank Plc N0.14, Berger Paint Plc N0.13, Custodian and Allied Insurance Plc N0.11, Ecobank Transnational Incorporation N0.10, Guaranty Trust Assurance Plc N0.09, Intercontinental Bank Plc N0.06.
 
However, a significant improvement was recorded in equities’ trading as a turnover appreciated by 107.10 per cent, 527.46 million shares valued at N3.64 billion in 5,204 deals, in contrast to Tuesday’s turnover of 254.68 million shares valued at N2.10 billion in 6,417 deals.

The Banking sub-sector recorded the highest patronage on the sectorial analysis accounting for 63.62 per cent of the market turnover with 335.56 million shares valued at N2.55 billion in 2,785 deals.  Union Bank Nigeria Plc led transaction in the sub-sector trading 153.30 million shares valued at N754.18 million in131 deals, First Bank of Nigeria Plc followed with the exchange of 51.90 million shares valued at N663.98 million in 692 deals and Guaranty Trust Assurance Plc recorded 32.84 million shares valued at N551.75 million in 486 deals.
 
The Construction sub-sector followed on the sectorial analysis accounting for 9.52 per cent of the market turnover with 50.22 million shares valued at N34.14 million in 39 deals.  Multiverse Resources Plc was the most active in the sub-sector trading 50.03 million shares valued at N25.01 million in 3 deals, Julius Berger Nigeria Plc followed with the exchange of 161.5 thousand shares valued at N8.91 million in 27 deals and Costain West Africa Plc recorded 30.9 thousand  shares valued at N212.7 thousand in seven deals.