Thursday, September 20, 2012 / The Analyst / Proshare Research

Companies in the NEWS Today – First Bank Plc, Fidelity Bank Plc and Flour Mills Plc



First Bank Nigeria Plc has unveiled mobile money service, ‘Firstmonie’ to boost local money transfer services. At the launching of the service in Lagos said the stage is now set for the bank’s customers and anyone in Nigeria with a mobile phone to enjoy financial services without the need to visit the branch of any bank by simply dialling *894# to register.



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 +63.15% in 2012 so far. The company recorded positive growths in gross earnings and PAT in its Q2 2012 financials. 



Flour Mills Nigeria (FMN) has said it is set to increase Nigeria’s domestic production of refined edible oils and associated products with its recent acquisition of ROM OIL. Company Chairman, George Coumantaros, revealed that Flour mills intend to enhance sustained profitability in this regard by acquiring the 90% shareholding in ROM Oil, a mid-sized edible oil extraction and refining company based in Ibadan.



The stock share price went down by -61.27% in 2008 while the losses were erased in 2009 and 2010 with +12.54% and +91.67% price appreciation respectively. The stock closed 2011 with -5.14% losses while it has recorded -1.15% YTD losses so far in 2012. In its latest Q1 12 result, the firm records positive figures in both turnover and PAT.



Fidelity Bank Plc, Access Bank Plc and First Bank Nigeria Plc, including two foreign institutions, Citi Bank and Standard Chartered Bank have signed a Memorandum of Understanding (MOU) with Shell Exploration and Production Companies in Nigeria. The initiative is aimed at placing Nigerian contractors at the fore-front of service delivery to the Oil and Gas industry.



The bank recorded -60.36% and -48.83% losses in 2008 and 2009 respectively while the stock closed 2010 with positive figure of +12.08% gains. It resumed downtrend in 2011 with -45.72% losses witnessed while it has so far recorded +18.49% YTD gains in 2012.

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