Thursday, August 16, 2012 / The Analyst / Proshare Research

Companies in the NEWS Today – First Bank of Nigeria Plc and Nacho Aviance Plc.

 
First Bank Nigeria Plc has responded to an online publication saying it stopped lending due to liquidity challenges. In the company’s reaction it says “At no time did First Bank stop lending. The primary responsibility of a bank is to stimulate the economic growth of the society and ensure better standard of living of the citizenry”. It adds that the Bank’s loan book has grown by 10% in the current financial year.

The bank’s stock closed negative throughout  the periods of review as it records -52.77%, -33.44%, -2.28% and -35.18% in 2008, 2009, 2010 and 2011 while it has recorded positive YTD performance of +26.52% gains in 2012 so far. The company recorded positive growths in gross earnings and PAT in its Q2 2012 financials.

Nahco Aviance Plc said it has put strategies in place to ensure increased income base by the end of 2012. The company noted that it had invested a lot in facilities and equipments in the last 2 years adding that $40 million has been spent on its ultramodern warehouse and fleets of ground support system.

 
Nacho Aviance share price recorded a whopping -57.85% loss in 2008 while it also went down in 2009 by -38.05%. The stock resumed uptrend in 2010 with +42.06% gains while the gain was erased completely in 2011 with -49.61% loss recorded. In 2012 so far, the stock has recorded +11.87 YTD gains.

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