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Guaranty Assurance‘s shares boost capitalisation




The entire 10billion shares of Guaranty Trust Assurance Plc were listed by introduction on the Nigerian Stock Exchange on Thursday at N3 per share, thus increasing the market capitalisation of the exchange by N30bn.



The listing increased the number of quoted insurance companies to 30, and the company‘s share price rose by 14k to close at N3.14 on Thursday.



By the results presented to stockbrokers at the listing ceremony, the company‘s profit before tax increased by N900.9m or 82 per cent from N1.1bn in 2007, to N2.001bn in 2008, on a gross premium which rose by N2.1bn or 101per cent from N2.1bn to N4.14bn. The shareholders‘ funds shot up by 99 per cent or N6.23bn from N6.29bn to N12.53bn. Dividend proposed also increased by N1.01bn or 338 per cent from N300m to N1.3bn.



Meanwhile, the NSE‘s All Share Index rose by 0.5 per cent or 101.02 basis points to close at 21,568.28 from 21,467.26 on Wednesday.



The market capitalisation also appreciated by 1.1 per cent or N54bn from N5.064tn to close at N5.118tn on Thursday.



The NSE-30 rose slightly by 0.4 per cent or 3.64 basis points to close at 838.42 as against 834.78 recorded the previous day.



The banking index increased by one per cent or 3.45 basis points to close at 357.12 from 353.67. On the other hand, the insurance index decreased by 1.7 per cent or 4.77 basis points to close at 270.50 as against 275.27 recorded on Wednesday.



PZ Cussons Nigeria Plc led the gainers‘ chart with an increase of 2.2 per cent or 50 kobo to close at N23.00 per share. Zenith Bank Plc followed with an increase of 3.5 per cent or 49 kobo to close at N14.50 per share. United Bank for Africa also gained 3.7 per cent or 45 kobo to close at N12.50 per share.



Conoil Plc depreciated by five per cent or N1.75 to close at N33.32 per share. Mobil Oil Nigeria Plc also lost 1.6 per cent or N1.50 to close at N95.00 per share. FlourMills followed with a loss of 2.6 per cent or 87 kobo to close at N32.13 per share.



(Source: Punch)

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