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Vitafoam, Conoil lead gainers as index rises by 0.19%

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The Nigerian equities market continued on a positive note yesterday as the Nigerian Stock Exchange All Share Index (NSE ASI) appreciated by 0.19 percent to close at 27,574.09 basis points compared with 0.07 percent gained on Wednesday to close at 27,522.62 basis points.

Investors gained N17.7 billion as market capitalisation closed at N9.472 trillion from N9.454 trillion.

Investor’ sentiment turned positive as market breadth settled at 23 gainers against 11 losers.

Topping the gainers chart for the day were Conoil on account of its strong 2015 financial year result released at the market which came with a 300 kobo dividend declared to investors. The company’s stocks thus soared by 4.96 percent or N1.02 to close at N21.59 per share. Vitafoam followed with a gain of 4.91 percent or 14 kobo to close at N2.99 per share, while Transnationwide Express Plc appreciated 4.90 percent or 5 kobo to close at N1.07 per share.

On the flip side, Julius Berger led the day’s losers for equities with a decline of 9.73 percent or N4.25 to close at N39.44 per share, while Caverton followed with a loss of 9.02 percent or 12 kobo to close at N1.21 per share.

Wema Bank lost 4.17 percent or 3 kobo to close at 69 kobo per share, UBA declined 4.14 percent or 19 kobo to close at N4.40 per share and Flourmill Nigeria depreciated 3.59 percent or 71 kobo to close at N19.04 per share.

Market activity as measured by volume traded settled at 242.7 million units from 295.7 million units traded on Wednesday and value traded depreciated to N1.7 billion from previous day’s N3.6 billion.

The top three traded stocks were: UBA with the sale of 67 million shares worth N302.4 million, followed by Skye Bank that exchanged 33.3 million shares worth N21.9 million, and FBN Holdings traded 24 million stocks valued at N74.1 million.
Conoil profit grows by 176%
Conoil has announced a whopping 176 per cent increase over its last financial year profit despite the turbulence that rocked the nation’s economy and indeed, the downstream sector of the petroleum industry in 2015.

With this performance, the oil marketing giant has proposed a 200 per cent increase in dividend payout to its teeming shareholders.

The dividend of N2.08billion would be ratified by the shareholders of the Company at its annual general meeting soon.

If approved, shareholders will get N3 on every 50kobo ordinary share, compared to N1 paid last year.

The company’s 2015 financial results obtained from The Nigerian Stock Exchange website showed an increase in profit after tax from N834million in 2014 to N2.3billion in 2015. Its profit before tax increased from N1.5billion to N3.4billion representing an increase of 125 per cent.

The company’s earnings per share also rose sharply by 177 per cent to 333 kobo in 2015 from 120 kobo in 2014.

In a statement released on Thursday, the management of Conoil attributed the strong performance to efficient management of resources, effective cost control policy, as well as reaping from its huge investment in the expansion and upgrade of facilities.

“For us, the downstream sector remains fundamentally attractive and viable today and the future”, the statement declared.

“With our clarity of direction and focus, our company’s long-term success is assured. We will sustain this improved performance and vigorously pursue our aspiration to remain the nation’s leading petroleum products marketer and one of the most profitable quoted companies,” it added.

At the Company’s general meeting last year, it would be recalled, Dr. Mike Adenuga Jr., the Chairman of Conoil did promise the shareholders that notwithstanding the tough challenges in the country, and indeed in the downstream petroleum sector, the Company would explore to the fullest, new opportunities that abound in the industry to its advantage.

Adenuga also assured investors of the Company’s commitment to cost cutting measures in its operations, vast improvement in the quality of its products and services with a strong bottom-line as its focus.

“These measures”, the statement added, “have positively contributed to our successful outing to reward our loyal shareholders”.

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