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Exchange lists Union Homes, Crusader, UACN

Category: Daily & Weekly Market Updates

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Exchange lists Union Homes, Crusader, UACN

May 01, 2006




Companies listed in the equities sector of the Nigerian Stock Exchange (NSE) swelled last week to 207 with the listing of two billion shares of Union Homes Savings and Loans Plc by way of introduction of N3 per share.

Besides, the Exchange\'s market capitalisation surged from N2.606 trillion to N2.611 trillion following another supplement listing of 205.3 million shares outstanding in the name of Crusader Insurance Plc, as a result of the conversion of 399.8 million cumulative convertible redeemable preference stock into equity.

Also, another 138.23 million shares at a price of N12.50 were added to the shares outstanding in the name of UAC of Nigeria Plc following the approval for the placing of the shares.

Consequent upon the listing of conversion of Crusader Insurance\'s shares, the company\'s 3999,820,844 cumulative convertible redeemable reference stock was delisted from the daily official list of the Exchange.

Meanwhile, five companies UACN Plc, NFI Insurance Company Plc, Standard Alliance Insurance Plc, Nestle Nigeria Plc and Cutix Plc presented their scorecards to the Exchange and stockbrokers last week.

By the results, the after tax profit of UACN for the year ended December 31, 2005 stood at N1.63 billion over N1.6 billion in 2004 on a turnover, which rose from N25.12 billion to N27.12 billion.

The directors have recommended a dividend of 100 kobo per share, and the register of members would close on May 10, 2006.

For NFI Insurance Company Plc, for its audited result for the financial year ended December 31, 2005, the directors have recommended a bonus of one new share for every five already held by shareholders.

Standard Alliance Insurance Plc also presented its results, which indicated that its directors recommended a bonus of one new share for every two already held.

In the interim result of Nestle Nigeria Plc for the first quarter ended March 31, 2006, the company posted an after tax profit of N1.3 billion over N995.3 million in the same period in 2005, on a turnover which rose from N6.8 billion to N8.5 billion.

Cutix Plc in its third quarter ended January 31, 2006, recorded an after tax profit of N36.7 million over N9.7 million in 2005, on a turnover which rose from N390.6 million to N543 million.

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