Denis Opudo
Africa Prudential Company got its financial results from Nigerian Stock Exchange (NSE) on 27th February 2018. The results were for the year ended December 2017. The NSE results showed that the company’s profit had gone high after taxation by 68% to N1.7 billion in 2017. This was in comparison to N1.0 billion in 20116. It also suggested 40 kobos per 50 kobos ordinary share dividend. Moreover, it had a turnover of N3.37 billion and this was an increase of 38% over N2.4 billion in 2016. It also recorded a profit before taxation of n2.07 billion. The digits represented 43% over N1.4 billion in 2015.
However, there was a massive sellout of Africa Prudential shares by investors. It led to 9.44% reduction on the price of a share to almost N4.70. African Prudential was not the only company to be dumped by investors in the NSE. There were many of such companies that included Uni Diversified Holdings Plc. The company went down by 7.41% to close at N0.52 compared to N0.27. Multiverse Mining and Exploration Plc also realized a decline by 6.06%. This made it close at N0.31 compared to N0.33.
The other company was United Capital Plc which went down by 5.87%. It, therefore, closed at N3.85 compared to the previous figures of N4.09. Union Bank of Nigeria (UBN) Plc also had a reduction. It went down by 5%, therefore, closing at N6.65 compared to N7.00 for every share. By the end of 27th February 2018, the market capitalization also went down. It fell by N100 billion to N15.120 trillion from N15.280 trillion.
There were several companies that had positive returns. One of the companies that led those who gained was Unity Bank Plc. it rose by 9.82% to finish at N1.79 compared to N1.63. Conoil Plc came at the second place it went up by 9.81% to finish at N35.25 compared to the previous closure of N32.10. The third one was May & baker Plc which went high by 8.86% closing at n2.95 compared to N2.71. Japaul Oil and Maritime Service Plc came fourth. It rose by 8.705 closing at N0.50 compared to N0.46. Cement Company of Northern Nigeria CCNN closed the list of top five gainers. It rose by 8.01% to finish at N18.20 compared to N16.85 for every share.
