Stocks Slide by N14bn, Mutual Benefits Posts N1.07bn Loss

• Stocks Slide by N14bn, Mutual Benefits Posts N1.07bn Loss

The Nigerian equities market recorded a marginal decline of N14bn (0.12 per cent) at the close of trading on Monday as the Acting President, Prof. Yemi Osinbajo, passed the budget into law.

The year-to-date return settled at 23.67 per cent with 20 gainers and 30 losers.

The Nigerian Stock Exchange’s market capitalisation slid to N11.489tn from N11.503tn, as the All-Share Index closed at 33,235.28 basis points from 33,276.68 basis points.

A total of 501.081 million shares worth N6.111bn were traded in 6,635 deals.

Ashaka Cement Plc topped the gainers’ list, advancing by 10.09 per cent to close at a year high of N12.77. This was followed by May & Baker Nigeria Plc, Honeywell Flour Mill Plc, Sterling Bank Plc and PZ Cussons Nigeria Plc, which appreciated by 9.86 per cent, 9.60 per cent, 9.43 per cent and 9.34 per cent, respectively.

However, International Breweries Plc closed the day as the top loser, declining by 8.63 per cent to close at N29.45. UACN Plc, AIICO Insurance Plc, Fidelity Bank Plc and University Press Plc followed, depreciating by 5.84 per cent, 5.36 per cent, 4.93 per cent and 4.91 per cent, accordingly.

At the close of trading, the oil/gas and food/beverage indices were the only indices that declined, while the insurance, banking and industry indices recorded respective advancements of 1.10 per cent, 0.46 per cent and 0.14 per cent.

“While we observed that the positive sentiments towards a number of counters were still maintained, we attribute the day’s marginal decline to profit-taking activities on counters that had rallied in recent weeks,” Meristem Securities’ analysts said.

Meanwhile, Mutual Benefits Assurance Plc posted a 2016 full-year group pre-tax loss of N1.07bn, according to its filings with the NSE.

Its full-year group net premium income stood at N10.27bn compared to N7.73bn recorded a year ago.

The full-year group loss before income tax of N1.07bn was a significant drop compared to profit of N1.20bn posted a year ago

Its firstquarter 2017 net premium income stood at N3.72bn versus N2.96bn posted a year ago.

The Q1 profit before tax of the insurer stood at N875.5m compared to N408.4m recorded a year ago.