Daily Independent (Lagos)
Kingsley Ighomwenghian
5 December 2008
Six months after the listing of its 1.5 billion shares on the Nigerian Stock Exchange (NSE) by introduction, the board of Fidson Healthcare Plc, on Thursday, submitted its first audited performance score card indicating a sharp drop in profit attributable to shareholders. The drop was occasioned by the N337.079 million paid as tax from the profit before tax of N526.379 million, which was better than previous N505.304 million by about N21.075 million or 4.17 per cent. The company also reported a turnover of about N4.503 billion in the year ended June 30, 2008, which is an improvement of about N1.201 billion or 36.31 per cent over previous year's N3.307 billion.
Net profit stood at N189.3 million as against the N505.379 million of last year when the company did not make provision for tax. A breakdown of the figure shows that this year's net profit represents earnings per share of 12.62 kobo, but the directors are proposing a dividend of 20 kobo per share for the approval of shareholders during the first post listing annual general meeting scheduled for January 23, 2009. However, only those whose names appear in the register of members between December 17 and 19 qualify for the dividend that would be paid on January 27, 2009.
The health gauges of the NSE fell further on Thursday, as several stocks hit new 52-week low, while gains by a few others like Union Bank of Nigeria, Afribank Nigeria, Vitafoam Nigeria, Lafarge Cement WAPCO, Benue Cement Company and Oceanic Bank International were to lean and insignificant to be of much help to both the All-Share-Index and equities capitalisation. While the cumulative value of listed stocks fell by N118.455 billion to N6.806 trillion, the index was down to 30,768.19 basis points after sliding 535.47 points or 1.71 per cent.
Guinness Nigeria clung to the top of Thursday's decliners' side after adding 402 kobo to mid-week's 423 kobo; just as petroleum conglomerate, Oando added 338 kobo to previous day's 356 kobo; while carbonated soft drink bottler, 7-Up showed up in the red with a loss of 204 kobo. Nigerian Breweries remained in the red territories, after falling 157 kobo down; UACN Property Development Company closed 124 kobo shy; Zenith Bank lost 109 kobo on a day when its shareholders gathered in Abuja to review its performance for the year; building materials' giant Ashaka Cement lost 93 kobo; followed by United Bank for Africa receded to the red, losing 88 kobo, which wiped off its entire 55 kobo gain on Wednesday and more. Northern Nigerian Flour Mills lost 74 kobo; Costain (WA), 67 kobo; PZ Cussons Nigeria, 56 kobo; ahead of Nigerian Aviation Handling Company and Dangote Flour Mills, both of which lost 54 kobo apiece; Unilever Nigeria, 51 kobo; Stanbic IBTC Bank, 47 kobo; Diamond Bank, 38 kobo; Intercontinental Bank, 37 kobo; Skye Bank, 36 kobo; while Dangote Sugar Refinery lost 35 kobo, just like International Breweries.
Union Bank retained its premier position on the gainers' side, adding 81 kobo to its 77 kobo gain a day earlier; Afribank Nigeria moved up the ladder, grabbing 29 kobo, a day after closing 51 kobo firmer; Vitafoam closed 26 kobo better; and Lafarge Cement WAPCO, 19 kobo; among others.
Transaction volume rose slightly however, as stockbrokers crossed 361.754 million units valued at N2.215 billion in 7,876 trades, as against previous day's 352.463 million units exchanged for N2.494 billion in 7,865 deals.
The banking sub-sector took the led with 128.751 million units worth N1.395 billion in 4,831 deals, with Spring Bank's 25.411 million shares, which changed hands for N142.047 million making it the most sought after in 200 deals, ahead of Guaranty Trust Bank's 25.27 million units exchanged for N349.433 million in 390 deals.
Chams Plc was however the most actively traded stocks in the market on Thursday, after investors exchanged its 142.333 million units for N211.721 million in 131 deals. This brought its sub-sector volume to 143.55 million shares worth N217.338 million in 178 deals.
This was followed by the insurance sub-sector 34.571 million units changed hands for N50.315 million, in 824 deals.
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