By NKIRUKA NNOROM
E-TRANSACT led the top 10 performers last week with 13.17 per cent or N0.32 increase, closing at N2.75 from N2.43 at the beginning of the week. NEM Insurance followed with 7.69 per cent or N0.05 appreciation, closing at N0.70 from N0.65.
Seplat Petroleum Development Company Plc emerged third on the list, rising by 6.25 per cent or N15.00 to close at N255.00 from N240.00; Axamansard closed as the fourth most active stock, rising by five per cent or N0.13 to close at N2.73 from N2.60 per share, while UACN Property Development Co. Plc emerged fifth on the list with 4.99 per cent or N0.37 price increase, closing at N7.79 from N7.42 per share.
The rest were Forte Oil, which rose by 4.89 per cent or N11.19 to close at N239.99 from N228.80; Portland Paints and Products Plc advanced by 4.87 per cent or N0.20 to close at N4.31 from N4.11; Paints and Coatings Manufacturers Plc went up by 4.84 per cent or N0.06 to close at N1.30 from N1.24; Custodain and Allied Plc appreciated by 4.68 per cent or N0.19 to close at N4.25 from N4.06, while Cutix plc closed as the last on the list with 4.38 per cent or N0.07 price appreciation to close at N1.67 from N1.60 per share.
E-transact, which topped the list, recently entered into partnership with Abuja Electricity Distribution Company for the sale of electricity and revenue collection through electronic power purchase option. The partnership will allow consumers to buy electricity units using payment channels like inter-switch, credit-cards, ATMs, PoS Machines or mobile money platforms via electronic wallets on mobile phones. Last year, the Nigerian Stock Exchange (NSE) slammed N2.7 million on the company for late filling of its 2013 full year financial result.
For the first quarter ended March 31, 2015, the company recorded 107.1 per cent increase in profit before tax to N280.22 million compared to N135.31 million posted in the same quarter in 2014. Its profit after tax grew by 91 per cent to N168.13 million as against N88.01 million in the previous quarter, while the company’s revenue at N2.08 billion was 29.3 per cent increase over N1.61 billion recorded in 2014. E-transact had assured investors of its desire to consolidate on profitability with new relationships, enhancing and deepening existing ones and exploring new partnerships locally and internationally.
eTranzact is the first online real-time payment system that allows account holders to pay for goods and services purchased from merchants, transfer funds to any bank account, cell phone, any card, pay bills and order products.
Like eTransact, N.E.M Insurance, which closed as the second most active stock within the week, got N300,000 (Three hundred thousand) as fine from the Exchange for late filing of its 2014 full year financial result. For the first quarter ended March 31, 2015, NEM grew gross premium written by 10.73 per cent from N5.81 million in 2014 to N6.43 million. Its profit before taxation rose to N1.87 million from N1.38 million, representing 35.72 per cent increase, while profit after tax at N1.58 million was 54.14 per cent growth over N1.09 million recorded in the same period in 2014. The net assets stood at N7.48 million as against N5.90 million posted in the first quarter in 2014, indicating 26.81 per cent growth.
Seplat announced an increase in investment in natural gas and crude oil processing and development. Specifically, the company said it has so far invested 300 million dollars in gas business, noting that the investment would boost its revenue and increase shareholders value in 2015 financial year.
The company has been recording decline in earnings. Its 2015 first quarter (Q1) pretax profit declined by 33.4 per cent to N4.83 billion from N7.25 billion posted a year earlier. Profit after tax (PAT) also dipped by 32.8 per cent to N4.87 billion from N7.25 billion recorded in the corresponding period in 2014. However, its revenue grew from N22.72 billion in the Q1 2014 to N25.56 billion in the review period, indicating a growth of 12.5 percent. Seplat was the first oil and gas upstream firm to be listed on the Nigerian Stock Exchange.