By Nkiruka Nnorom
Investors in the Nigerian Stock Exchange, NSE, Monday dumped the shares of Cadbury Nigeria Plc after the issuer reported 200 percent growth in profit after tax, PAT, for the year ended December 31, 2017 and recommended16 kobo dividends for the year.
Consequently, the company’s shares fell by 9.65 percent, leading 35 other losers during the day..
Meanwhile, the company’s financial result released today on the floor of the Exchange showed 10 percent increase in revenue to N33.08 billion against N29.98 billion in 2016, while its post tax profit rose to N350.32 million as against N296.40 million loss after tax in the preceding year.
However, like other issuers that had suffered the same fate, Cadbury’s shares nose-dived by 9.65 percent to N15.45 from N17.10. Niger Insurance Plc trailed by 9.52 percent decline to close at N0.38 from N0.42.
Unity Bank Plc ranked third, dropping by 8.89 percent to close at N1.23 from N1.35; FTN Cocoa Processors Plc fell by 7.14 percent to close at N0.26 from N0.28, while Lasaco Assurance Plc declined by 5.56 percent to close at N0.34 from N0.36 per share.
Consequently, the All Share Index, ASI, declined by 0.25 percent to settle at 41,832.63 points from 41,935.93 points.
Similarly, the market capitalisation depreciated by N37 billion to N14.965 trillion from N15.002 trillion, representing 0.25 percent decrease.
On the other hand, C&I Leasing plc led the gainers, rising by 9.94 percent to close at N1.99 from N1.81, followed by Chemical and Allied Products, CAP Plc, with 5.64 percent decline to close at N3.37 from N3.19.
NEM Insurance Plc was up 4.81 percent to close at N2.83 from N2.70; Cutix Plc rose by 4.46 percent to close at N2.81 from N2.69, while PZ Cusson Nigeria Plc closed the list of top five gainers with 2.39 percent increase to close at N23.55 from N23.00 per share.