Okomu Oil Declares N4.734bn Turnover

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For the year ended December 31, 2009, Okomu Oil Plc, yesterday, declared N4.734 billion from N4.74 billion in 2008.

Profit after tax however, dropped from N1.24 billion in 2008 to N549.5 million in 2009.

Investors said with a marginal rise in the company’s turnover, every company is expected to record more profit rather than declaring loss, noting that the company need to be prudent in their overhead cost.

The company, which last year declared a dividend of 25 kobo had proposed a dividend payment of 30 kobo to its members in the year under review.

Transactions in the shares of the company on the NSE yesterday, showed that a total of only 1,722 shares worth N35,369.88 was traded in three deals.

Meanwhile, profit taking has continued to depress equity transactions at the stock market, as major blue-chip companies continued to record price losses, resulting in market capitalisation dipping further yesterday by N27 billion.

A review of the market, at the close of business yesterday, showed that 52 stocks recorded a drop in price, while 42 others constituted the gainers’ chart.

Particularly, Nigerian Bottling Company topped the losers’ chart with 200 kobo to close at N38.00 per share, while African Petroleum Plc followed with 142 kobo, to close at N42.00 per share. Dangote Flourmill Plc, Cement Company of Northern Nigeria, Ashaka Cement Plc dropped N1.29, N1.16 and N1.13 to close the day at N24.53, N22.07 and N21.48 respectively.

Nigeria Aviation Handling Company Plc, UAC-Properties Plc, Dangote Sugar Refining Plc, Flourmill Plc lost 129 kobo, 116 kobo, 113 kobo, 74 kobo, 65 kobo, 63 kobo and 52 kobo, to close at N24.53, N22.07, N21.48, N14.11, N24.53, N22.07, 21.48, N14.11, 25.00, N18.97 and N72.00.

West African Portland Company Plc, National Salt Company of Nigeria Plc, Nigerian Breweries Plc, Eternal Oil Plc, Diamond Bank Plc, First Bank Plc, Ecobank Transnational Plc, Vita Foam Plc, AG Leventis Plc And Fidelity Bank Plc also lost 50 kobo, 49 kobo, 44 kobo, 40 kobo, 35 kobo, 35 kobo, 27 kobo, 26 kobo, 25 kobo, 20 kobo and 16 kobo to close at N44.50, N9.36, N68.26, N8.15, N8.50, N9.00, N15.80, N19.00, N10.55, N8.50, N9.00, N15.80, N19.00, 10.55, N6.90, N3.99 and N3.08 per share respectively.

On the other hand, Guinness Nigeria Plc led others on the gainers’ chart with 300 kobo, to close at N165.00 per share. Julius Berger Plc followed, adding 294 kobo to close at N61.88 per share

Conoil Plc, Seven Up Nigeria Plc, Guaranty Trust Bank Plc, May & Baker Plc, Presco Plc, United Bank For Africa Plc, International Breweries Plc, R T Briscoe Plc, Unilever Nigeria Plc and Air Service Plc added 254 kobo, 23 kobo and 21 kobo, to close at N53.47, N43.02, N56.00, N23.89, N18.88, N8.67, N8.21, N16.00, N9.79, N5.19, N6.40, N27.89 and N4.47 per share.

Consequently, market capitalisation fell by N27 billion or 0.4 per cent from N6,682 trillion recorded on Wednesday to N6,655, while the All-Share Index decreased by 113.78 points or 0.4 per cent from 27,628.80 to 27,515.02.

With transaction exchanged in 5,541deals, the banking sub-sector remained the most active stock in volume terms with 280.5 million shares worth N3.4 billion, followed by the insurance sub-sector which traded 154.2 million units valued at N184.8 million in 1,06 deals.

The food/beverages and tobacco subsector featured with 28.5 million shares worth N441.8 million in 1,108 deals.

Transactions in the shares of First Bank of Nigeria Plc buoyed activities in the banking sub-sector with 51.1 million shares worth N802.1 million, followed by Guaranty Trust Bank Plc with 50.4 million units valued at N952 million in 879 deals.

International Energy Insurance Plc’s 28.8 million shares worth N19.9 million boosted activities in the insurance sub-sector, while Continental Reinsurance Plc’s 25 million units, valued at N26.5 million followed in 39 deals.

In all, 590.1 million shares worth N5.7 billion were exchanged by investors in 11,345 deals.