By Michael Eboh & Providence Obuh
Beco Petroleum Plc has recorded significant decline in its key financial indices, with its profit before tax dropping by 39.06 per cent to N86.89 million. This is in comparison with a profit after tax of N142.58 million recorded in the comparable period of 2009.

In its third quarter unaudited financial statement for the period ended, April 30, 2010, its turnover dropped by 26.74 per cent to N2.2 billion from N2.99 billion in 2009, while it recorded a profit before tax of N103.58 million compared to N162.54 million in 2009.

Also, Afribank Nigeria Plc has bounced back to profitability, announcing a profit after tax of N1.92 billion in its first quarter financial performance.

This, according to its first quarter unaudited account for the period ended, March 31, 2010, presented to the Nigerian Stock Exchange (NSE), Monday, represented a significant improvement from its loss after tax of N230.14 billion recorded in the comparable period of 2009.

The improvement in its bottom line was in spite of a 73.18 per cent drop in its turnover from N93.6 billion in first quarter 2009 to N25.1 billion in 2010. It posted a profit before tax of N1.99 billion from a loss before tax of N230.42 billion in 2009.

Meanwhile, trading resumed,  Monday, on a declining note, as the value of listed equities on the Nigerian Stock Exchange (NSE) dropped by N19.29 billion.

In particular, the key performance indices — the market capitalisation and All shares index both dipped by 0.31 per cent each.  The capitalisation closed at N6.271 trillion from N6.290 trillion at which it opened, while the index shed 79.32 basis points to close at 25,782.61 point from 25,861.93 point at which it opened.

The decline started last Friday, when the market capitalisation and All-share index both dipped by 0.2 per cent each.
Nestle Nigeria Plc recorded the most share price loss, dropping by N7.50 to close at N360.00 per share, followed by Benue Cement Company Plc with a loss of N1.55 to close at N64.50 per share and Guinness Nigeria Plc dipped by N1.09 to close at N158.51 per share.

Conversely, Oando Oil Plc recorded the most share price gain, rising by N1.99 to close at N79.99 per share, followed by Cadbury Nigeria Plc with a gain of N1.12 to close at N29.89 per share and Glaxo Smithkline Consumer Plc rose by N0.70 to close at N28.70 per share.

Equities’ trading plunged by 35 per cent, as a turnover of 329.04 million shares valued at N3.76 billion was recorded in 5,245 deals, in contrast to Friday’s turnover of 506.16 million shares valued at N5.42 billion in 6,330 deals.

Banking stocks were the most sought after on the sectorial analysis, accounting for 45.84 per cent of the market turnover with 150.84 million shares valued at N1.26 billion in 2,987 deals.  United Bank for Africa Plc emerged as the most active in the sub-sector, trading 29.31 million shares valued at N324.05  million in 218 deals, Oceanic Bank International followed with the exchange of 26.98 million shares valued at N46.38 million in 306 deals and Zenith Bank Plc recorded 23.22 million shares valued at N320.51 million in 385 deals.
The Second-tier securities segment, followed on the sectorial analysis, accounting for 26.16 per cent of the market turnover, with 86.08 million shares valued at N43.05 million in seven deals. Capital Oil Plc solely accounted for 99.98 per cent of the market turnover, with 86.07 million shares valued at N43.03 million in six deals.