Markets

NIGERIA: NSE Index Rises 0.34 % as Market Rebounds

The Nigerian equities market recouped part of losses recorded the previous day as blue-chip stocks such as Dangote Cement Plc, Guinness Nigeria Plc, Lafarge Cement WAPCO Nigeria Plc and Forte Oil Plc appreciated in value.
 
Contrary to a decline of 0.50 per cent the previous day, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 0.34 per cent to close at 37,728.50. Similarly, market capitalisation added N41 billion to close at N12.119 trillion.
 
A total of   31 stocks recorded price gains while 24 depreciated. Guinness Nigeria Plc led the price gainers with N6.99 to close at N175.99, trailed by Dangote Cement Plc with N2 to be at N230 per share. Forte Oil Plc chalked up N1.50, just as Lafarge Cement WAPCO garnered N1.48 to be at N110 per share.
 
Lafarge  had last Thursday declared a dividend of N3.30 per share for the year ended December 31, 2013, showing  a jump of 175 per cent above the  N1.20 paid the previous year.
 
The company  grew  its revenue by 12 per cent from N87.9 billion in  2012 toN98.79 billion in 2013, while profit after tax jumped from N14.7 billion to N28.26 billion.
 
Commenting on the results, the Chairman, of Lafarge WAPCO, Board of Directors, Chief Olusegun Osunkeye said “the results shows a steady growth and demonstrates the strength of the company in delivering value to shareholders and to other stakeholders.”
 
In his comments, the Managing Director and Chief Executive Officer of the company, Mr Joe Hudson, linked the results to a strong focus on performance culture.
 
“The effective implementation of innovative and value adding solutions for customers had continued to differentiate Lafarge WAPCO from competition,” he said.
Meanwhile, Seven-Up Bottling Company Plc led the price losers with N1.00, followed by Beta Glass Plc with N0.90.
 
Investors traded 273.256 million shares valued at N3.563 billion in 4,939 deals, up from 253.335 million shares worth N3.358 billion in 4.459 deals the previous day.
 

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