11 August 2011

Nigeria: Longman Profit Dips by N6.742 Million, NSE Index Rebounds

Lagos — The Nigerian Stock Exchange (NSE) on Thursday released the unaudited second quarter financial result of Longman Nigeria which ended June 31, 2011.

In the result, the company reported a turnover of N1.148 billion from N1.027 billion reported in the corresponding period of 2010; profit before tax and profit after tax both stood at a negative of N6.742 million from N370.182 million, representing an appreciation of N363.444 million.

In the balance sheet information, the company's fixed assets stood at N260.470 million from N314.472 million; stock rose to N1.640 billion from N1.578 billion; trade debtors dropped to N753.400 million from N1.702 billion; while cash and bank balances rose to N1.476 billion from N1.375 billion.

Other debit balances rose to N518.168 million from N225.152 million; trade creditors dropped to N104.638 million from N232.410 million; other credit balances stood at N1.183 billion from N1.574 billion; working capital rose to N3.296 billion from N3.097 billion; while net assets dropped to N3.361 billion from N3.389 billion.

Meanwhile, NSE indicators rebounded on Thursday when equities capitalisation closed higher at N7.162 trillion after dropping N17.497 billion; while the All -Share Index appreciated by 54.7 basis points or .24 per cent to close at 22,335.75 points.

A total of 334.419 million shares; valued at N2.872 billion were traded in 5,336 transactions as against a total of 408.775 million shares; valued at N2.6908 billion; traded in 5,379 transactions recorded on Wednesday with the banking sub-sector accounting for a total of 225.075 million shares; valued at N1.595 billion in 3,414 deals as against 165.906 million shares; valued at N1.358 billion in 3,374 deals recorded on Wednesday.

Flour Mills of Nigeria and construction giant, Julius Berger Nigeria both led the gainers' table when they added 247 kobo to close trading at N86.47 and N51.97 per share respectively; followed by building materials' major, Ashaka Cement, which nicked 100 kobo to close at N21.00 per share; Ecobank Transnational Incorporated notched 65 kobo to close at N13.74 per share; while Zenith Bank added 61 kobo to bring its share price to N12.91 per share.

Guaranty Trust Bank gained 58 kobo to close at N12.22 per share; Dangote Sugar Refinery chalked 52 kobo to close at N11.30 per share; Nigerian Breweries added 51 kobo to close at N83.00 per share; Nigerian Aviation Handling Company and Capital Hotel appreciated by 32 kobo each to close at N6.82 and N6.83 per share; among others.

Breweries major, Guinness Nigeria led the decliners when it went down by 800 kobo to close at N220.00 per share; followed by building materials' Dangote Cement which lost 300 kobo to close at N117.00 per share; petroleum marketer, Oando, recorded a loss of 160 kobo to close at N30.46 per share; UACN Property Development Company shed 80 kobo to close at N17.35 p[er share; while Cadbury Nigeria depreciated by 50 kobo to close at N16.50 per share.

Building materials' Cement Company of Northern Nigeria shed 38 kobo to close at N7.22 per share; Unilever Nigeria and Access Bank lost 16 kobo each to close at N27.34 and N5.84 per share; Red Star Express went down by 15 kobo to close at N2.98 per share; while Nigerian Bags Company lost 10 kobo to close at N1.99 per share; among others.

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