Market Looking Up Thursday, Apr 30 2009

Investors are now falling for the good earnings report that were reported on the floor of the Exchange in the past few weeks! This surge in market confidence has caused a week-long rally, resulting in price levels making new highs.

Contrary to last last year of deep bearish trends, investors are taking positions in selected companies in order to take advantage of their dividend and bonus declaration were applicable. With prices hitting bottom, it is quite hard to resist the tempting offer

Below are some of the Audited Results of companies made available on the floor of the Exchange last week.

GUARRANTY TRUST BANK PLC

Audited result for the 10 months ended 31st Dec 2008 shows gross earnings of =N= 104.120 billion as against =N= 81.496 billion in the 12 month ending Feb 29 2008.

Profit After Tax (PAT) stood at =N= 28.316 billion compared with =N= 21.169 billion in 2008.

The Bank changed its accounting period from Feb 28 to Dec 31 in 2008 to conform with the common year-end policy of the Central Bank of Nigeria (CBN) for financial institutions and International best practices.

The Board is recommending a dividend of =N= 1.00 per share and a bonus issue of 1 for 4.

The register for members closes on the 6th of May 2009 while payment will be made on the 20 of May 2009.

The 9th AGM is scheduled to hold at Shell Hall, Muson Center Marina, Lagos on Wednesday 20th may, 2009.

 PREMIER PAINTS PLC

Audited result for the year ended 31st Dec 2008 shows turnover of =N= 234.92 million as against =N= 186.02 million in 2007.

PAT stood at =N= 8.7 million compared to =N= 6.11 million in 2007.

The board is recommending a bonus issue of 1 for 5.

The date of closure of register has elapsed while the AGM is scheduled for the company’s Head Office/Factory situated at Km 2 Ifo-Ibogun Road, Ifo Ogun State.

Date: Thurs May 28th 2009.

BETA GLASS PLC

Audited result for the year end 31st Dec 2008 shows turnover of =N= 9.076 billion as against =N= 7.032 billion in 2007.

PAT stood at =N= 1.193 billion as against =N= 866.25 million in 2007.

The board is recommending a dividend of =N= 0.30 per share with date for the closure of register of members set for, 1st June, 2009 while payment date is July 1, 2009.

The 35th AGM is scheduled to hold at the Mainland Hotel Ebute-Metta Lagos on Tues 30th June, 2009.

MULTIVERSE RESOURCES PLC

Audited reslt for the year end 31 Dec 2008 shows turnover of =N= 417.03 million as against =N= 303.32 million in 2007.

PAT stood at =N= 87million compared with =N= 64.7 million in 2007.

The board is recommending a dividend of =N= 0.04 per share. Date for the closure of register will be advised later.

AG LEVENTIS PLC

Audited result for the year ended 31st Dec 2008 shows turnover of =N= 11.221 billion as against =N= 7.238 billion in 2007.

PAT is at =N= 1.129 billion compared with loss Loss After Tax of =N= 286.75 million in 2007.

The board is recommending a final dividend of =N= 0.07 per share.

The date of closure of register of members is May 18 2009 while payment date is June 19 2009. The stock price was earlier adjusted for an interim dividend of =N= 0.10 per share thus, bringing the total dividend payout to =N= 0.17 per share.

The 50th AGM is scheduled to hold at the Main Hotel, Ebute-Metta Lagos on Thurs June 18th 2009.

COURTEVILLE INVESTMENT PLC

Audited result for the year end 31st Dec 2008 shows income of =N= 600.62 million as against =N= 268.45 million in 2007.

PAT stood at =N= 273.35 million compared with =N= 1.8 million in 2007.

The board is recommending a dividend of =N= 0.04 per share with the date for the closure of register of members set for May 5, 2009 while payment date is June 2, 2009.

The 4th AGM of the company will come up on the 26th of May 2009 at the Lagoon Resturant Ozumba Mbadiwe Street, VI Lagos.

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New Issues Thursday, Apr 30 2009

The council of the Nigerian Stock Exchange (NSE) yesterday, approved new issues valued N19.705 billion.
Mrs. Yinka Idowu, general manager, corporate affairs of the NSE, confirmed that the approval came on the heels of recent renewed investors’ confidence in the Nigerian capital market.
A breakdown of the new issues approved showed a supplementary allotment of 1.064 billion ordinary shares of 50 kobo each at N9.50 per share for First Inland Bank Plc;  
Interlinked Technologies Plc got the council’s approval for placing of 200 million ordinary shares of 50 kobo each at N2.50 per share and rights issue of 141.6 million ordinary shares of 50 kobo each at N3.50 per share. Eterna Plc’s offer for subscription of 287 million ordinary shares of 50 kobo each at N11.50 per share and rights issue of 533 million ordinary shares of 50 kobo each at N9.95 per share were as well approved.
Yesterday’s approvals were an indication that operators in the market are considerably confident that investors are beginning to rekindle hope in the market. Market observers are optimistic that the new issues will boost activity in the market that has for many months running been bogged down by global recession that culminated in a loss of more than N76 trillion by investors.
Also yesterday, the market capitalisation of equities which opened at N4.871 trillion rose by N2 billion to close at N4.873 trillion while the NSE all-share index also appreciated by 10.06 points to close at 21,460.98 points.
About 34 stocks appreciated in value with Nestle Nigeria Plc gaining N7.70 to close at N161.72. It was followed by Nigerian Breweries which chalked a gain of N2.06 to trade at M43.28. UACN added N1.10 to close at N31.70; Total Nigeria rose by 97 kobo to close at N144.00; UACN-Property Development Company rose by 93 kobo to trade at N19.67 and Benue Cement Company appreciated by 62 kobo to close at N23.50.
Other gainers included GTBank which appreciated by 60 kobo to close at N12.75; Flour Mills rose by 54 kobo to close at N16.74 while First Bank of Nigeria Plc rose by 51 kobo to close at N15.43.
However, the losers’ outweighed the gainers’ with about 41 stocks depreciating in prices. African Petroleum led with a loss of N3.99 to close at N75.99. Guinness Nigeria Plc followed with N1.46 to close at N95.15; Union Bank shed 63 kobo to close at N12.06; Zenith Bank fell by 54 kobo to close at N15.00; Julius Berger depreciated by 49 kobo to trade at N24.49 and Intercontinental Bank dropped by 34 kobo to close at N7.85, among others.
Analysis of activities in the market showed that the banking sub-sector was the most active with a turnover of 277.58 million shares worth N2.81 billion traded in 4,708 deals. Insurance sub-sector came second with a turnover of 25.58 million shares valued at N23.87 million exchanged in 517 deals. Conglomerates sub-sector recorded a turnover of 8.52 million shares worth N24.32 million exchanged in 162 deals. Breweries had a turnover of 6.46 million shares worth N278.80 million traded in 237 deals while food/beverages and tobacco sub-sector recorded a turnover of 6.31 million shares valued at N90.87 million traded in 491 deals

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Saturday, Apr 25 2009

GlaxoSmithKline Consumer Nigeria (GSK) Plc witnessed a major rebound in 2008 with strong growths in sales and net earnings, prompting the board of the healthcare company to increase cash payouts by 33 per cent to N574 million.
The board at the weekend said it has recommended a dividend per share of 60 kobo for the 2008 business year, representing an increase of 33 per cent on a rate of 45 kobo paid in the previous two years.
Audited report and accounts of GSK for the year ended December 31, 2008 showed that sales rose by 23.5 per cent while net earnings grew by 53 per cent, showing an upwardly trend that surpassed earlier projections.
The report showed a major recovery in the operations of GSK, which had suffered a major reversal in 2007. Turnover rose to N12.55 billion in 2008 as against N9.92 billion in 2007. Profit after tax increased from N836.9 million in 2007 to N1.28 billion in 2008.
The board has fixed April 27, 2009 as closure date for the register of members for the current dividend while the dividend becomes payable on May 21, 2009.
The actual performance for 2008 surpassed earlier projections. The board of GSK in its latest profit forecasts said turnover and profit after tax could rise by 25 per cent and 31 per cent respectively tin 2008.
The actual earnings per share of N1.34 represents an increase of about 17 per cent on projected net per share of N1.15. Actual earnings per share stood at 87.5 kobo in 2007.
Directors of the healthcare company had projected net earnings of N1.1 billion and sales of N12.35 billion for 2008.
The performance vindicated market analysts and directors of GSK, who had been upbeat on the performance outlook of the company.
GSK’s sales had dropped by 4.7 per cent while net earnings dropped by about 24 per cent in 2007, which stagnated the company’s cash payout.
The full-year report for 2007 had showed that sales dropped from N10.4 billion in 2006 to N9.91 billion in 2007 while profit after tax dropped to N836.9 million in 2007 as against N1.1 billion in 2006.
Chief Olusegun Osunkeye, chairman, GlaxoSmithKline Consumer Nigeria (GSK) Plc, had assured shareholders of improved returns in the years ahead as the company draws on new investments and products to keep ahead of competition and macroeconomic challenges.
Addressing shareholders at the 2008 yearly general meeting, Osunkeye said the company has been implementing key growth initiatives that would drive performance in the years ahead.
According to him, there have been on-going investments to upgrade the facilities at the Agbara Factory of the company to ensure timely production of quality products and in required quality.
He said there was also plan to launch new products in the market in order to enlarge the company’s product portfolio.
He added that adequate resources will also be put behind the existing brands in terms of advertisement and product promotions.
“The board and management of the company will continue to manage the company’s human and material resources efficiently and effectively to keep us ahead of competition and bring desirable results to the delight of all our stakeholders,” Osunkeye said.
He noted that the company launched a high performance behaviour programme with a view to drive performance across its businesses and to evolve a contemporary organizational thinking that could help the company meet its future challenges.
Osunkeye had attributed the decline in performance in 2007 to the 2006 ban on importation of essential medicines and the adoption of double combination therapy by the World Health Organisation (WHO).

Market capitalisation drops by N16bn

By Chris Ugwu
Trading activities on the floor of Nigerian Stock Exchange yesterday close on a negative note as the two main market performance indices, the market capitalisation and All-share index, continued on the decline.
The market capitalisation of equities depreciated by N16 billion or 0.35 per cent to close at N4.5 trillion while the All-share index equally shed 73.39 points or 0.36 per cent to close at 20,296.67 as against 20,370.06 as against its opening index.
The market capitalisation of equities had on Friday closed on a bullish note appreciating by N25 billion to what market watchers thought might sustain for some days going by an anticipation that the confidence is trickling back in the market.
On the whole, 36 stocks appreciated in value with Mobil Nigeria leading the losers’ chart with N4.81 to close at N92.09. African Petroluem followed with a loss of N2.70 to close at N51.48 RT Briscoe Nigeria shed 77 kobo to close at N14.67. Oando depreciated by 60 kobo to close art N66.00. Dangote Sugar Refinery dropped by 42 kobo to close at N14.07. Deap Capital lost N31 kobo to close at N6.01. First Bank depreciated by 30 kobo to close at N15.70. Capital Hotel shed 27 kobo to close at N5.32. Wema Bank dropped by 25 kobo to close at N4.94 while Guaranty Trust Bank shed 24 kobo to close at N10.26 among other losers’.
On the upward side, 37 stocks appreciated in price with Nestle Nigeria leading the gainers table with a gain of N1.00 to close at N141. Flour Mills Nigeria followed with a gain of 67 kobo to close at N14.17. Cadbury Nigeria appreciated by 41 kobo to close at N8.96. Ashaka Cement gained 35 kobo to close at N8.00. Afribank added 30 kobo to close at N6.46. Unilever gained 29 kobo to close at N6.44. Union Bank of Africa appreciated by 27 kobo to close at N8.00. Presco gained 24 kobo to close at N5.04.
Nigerian Breweries appreciated by 23 kobo to close at N37.60 while Zenith Bank added 17 kobo to close at N13.04 among other gainers. Investors exchanged a total of 492.1 million shares worth N2.8 billion in 5,851 deals.
Analysis of transactions showed the banking sub-sector as the most active with a turnover of 423.83 million shares valued at N2.54 billion in 2,924 transactions.
Insurance sub-sector followed with a turnover of 39.54 million shares worth N58.13 million in 548 deals.
Conglomerates recorded 5.97 million shares valued at N11.91 million in 108 transactions.
Information and communication came fourth with a turnover of 4.38 million shares worth N6.95 million in 71 deals while automobile and tyre recorded a turnover of 2.77 million shares valued at N2.82 million in 25 deals.

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