Tuesday, June 19, 2012 / The Analyst / Proshare Research
 

Companies in the NEWS Today – Dangote Cement Plc, Law Union & Rock Plc, Forte Oil and Diamond Bank Plc 

Dangote Cement Plc’s Construction of $115 million new plant in the Cameroonian economic hub of Douala has restarted after a land dispute was resolved, local officials said yesterday. Work on the 1.5 million tonnes-a-year plant, according to Reuters, began last September and was due to last 18 months. But it was halted earlier this year after the ethnic Sawa people filed an injunction against the project, complaining it violated their sacred site on the banks of the Wouri River.

The stock share price closed negative in 2010 and 2011 with -11.11% and -7.69% in that order while it also recorded -6.11% losses in 2012 so far. The company also recorded positive growth performance in its Q1 2012 financials while the Construction of cement giant Dangote’s $115 million new plant in the Cameroonian economic hub of Douala will help position the company as the world single largest producer of cement.

Law Union and Rock Plc’s acquisition can now be vent as successful.  An ACAP led consortium emerged the preferred bidder for the Skye Bank’s stake of 51.95% after the crossing of over 1.7 billion shares on the floor of the Nigerian Stock Exchange, last week (Friday, 15th June 2012). The event indicates a divestment of Skye Bank’s operations from the non-banking financial activities under the new banking regulation by the CBN.

The insurance outfit recorded -33.11% and -82.71% in 2008 and 2009 while the recouped some gains with +7.84% price appreciations recorded in 2010. It resumed downtrend in 2011 with -9.09% loss recorded. The stock has so far observed +14% in 2012. In its Q3 2011 financials, the stock recorded positive gross premium growth and negative PAT growth.

Forte Oil Plc’s (former African Petroleum Plc) shareholders yesterday, opposed reported plans by an industrialist, Alhaji Aliko Dangote, to resume office today as the President of the Nigerian Stock Exchange (NSE), based on Court of Appeal’s judgment delivered last Friday. The shareholders, through their lawyer, Onyebuchi Aniakor, also vowed yesterday to apply for a stay of execution on the judgment before taking their case to the Supreme Court.

The oil marketing firm recorded +34.92% price appreciations in 2008 while the gain was erased in 2009 as it recorded -88% losses. It further went down in 2010 and 2011 by -34.65% and -47.03% respectively. The firm recorded negative turnover growth and positive PAT growth in its Q1 2012 results

Diamond Bank Plc at the weekend advised all stakeholders in the banking sector  to embrace technological innovations also identified as  “e-business”. Specifically, Diamond Bank, according to a statement,   has appealed to its numerous customers and other stakeholders to adopt e-business as part of measures to move the Nigeria’s economy forward, adding that “e-business is fast becoming the new normal”.

The financial institution recorded -61.39% loss in 2008 and a marginal -0.80% loss in 2009. It resumed uptrend in 2010 with +1.35% price appreciations witnessed while a whopping -74.40% loss was recorded in 2011. Currently, the stock has recorded +9.38% gains in 2012. The bank witnessed positive gross earnings and PAT in its Q1 2012 financials.
 

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