By CHINEDU IBEABUCHI

The shares of United Bank for Africa Plc and Total Nigeria Plc reacted positively to their first quarter result released during the week, just as profit taking depreciated the share value of Cadbury Nigeria plc.

United Bank for Africa (UBA) reported 18.4 percent growth in its profit after tax for its first quarter ended March 31st, 2013 filed at the Nigerian Stock Exchange.

The bank recorded N15.56 billion profit after tax, as against N13.15 billion in the corresponding period of 2012.

Its gross earnings rose to N62.7 billion during the first three months of 2013, as against N52.4 billion in the same period last year.

This prompted increased investors patronage for its shares, hence it t rose to its highest in six weeks on Tuesday.

The shares climbed as much as 1.8 percent and traded 0.4 percent higher to close at N8.23 per share on Tuesday, the highest since April 3rd. More than 33 million shares were traded, or 1.1 times the three-month daily average. The stock has risen 88 percent this year.

Net income for the three months through March increased to N16.3 billion from N12.3 billion a year earlier.

Total Nigeria Plc recorded a five percent drop in profitability due to huge administrative expenses in its 1st quarter, 2013. The company reported N1.15 billion profit after tax in its Q1 unaudited result in contrast to N1.21 billion recorded in preceding period of 2012. Its revenue grew by 20 percent, to N61.05 billion in 2013 Q1 from N51.02 billion in corresponding period of 2012.

The company’s share rose by 8.86 percent or N14 to close at N172 per share on Wednesday after it released its Q1 result to the investing public. Its year-to-date return has climbed to 42.66 percent.

Cadbury recorded significant appreciation in its 2013 first quarter profit margin, with a 185 percent growth in its profit after tax.

The company recorded N1.14 billion profit after tax, as against N400.66 million in its corresponding period of 2012. Its revenue rose to N8.36 billion during the first three months of 2013, as against N7.2 billion in the same period last year.

The company’s share price has risen by 44.86 percent year-to-date. The company’s shares, however, experienced profit taking by investors who cashed in on the company’s Q1 positive result declared on Wednesday. The volume of shares traded on Wednesday rose by 84.2 percent, recording 799.28 million shares when compared to the previous day’s trading of 433.89 million shares.

This led its share price to depreciate by N1.50 or 3.4 percent to close at N42.01 percent from N43.51 it opened. Share price of Cement Company of Northern Nigeria, CCNN, Plc also reacted negatively to its Q1 2013 results. Its price value fell by 0.85 percent or N0.08 as at Wednesday. Its year-to-date return has, however, grown by 101.2 percent. Its shares witnessed low investors’ appetite as it traded 155.57 million shares in contrast to 519.2 million shares traded the previous day.

CCNN recorded a 40.53 per cent rise in profitability in its 1st quarter, 2013.