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GTBank Plc release results, declares 70 kobo.

Posted: 02 Jun 2008 03:14 PM CDT

One of Nigeria’s profitable financial institutions Guaranty Trust bank plc has released its audited results for the year ended February 29, 2008. The banks financials which was made available to dealing members on the floor of the Nigerian Stock Exchange showed that the bank surpassed projections made by its management during its US$750 million Global Depositary Receipts (GDR).

Gross earnings during the period grew by 62.26 percent from N48.578 billion in 2007 to N78.825 billion in 2008. Its profit before tax leaped from N15.716 billion in 2007 to N27.368 billion in 2008 indicating a growth of 74.14 percent. After tax profit for the period increased by 60.46 percent from N13.193 billion in 2007 to N21.169 billion in 2008.

The Bank is recommending the payment of a gross dividend of 95 kobo per share, comprising 70 kobo per share final dividend and 25 kobo per share interim dividend, which was paid out in December 2007. It has proposed a bonus issue of 1 for 11, closure date is June 10, 2008 and payment date is June 26, 2008.

Nigerian Stock Exchange today.

Posted: 02 Jun 2008 01:04 PM CDT

The Market price indicator, All Share Index closed at 58,928.84 base points indicating a bearish starting of the new week. There was a total of 15,609 deals (transactions) involving a volume of 567,371,386 unit shares worth N7,150,188,183.86, recorded on the market today. The Market Capitalisation closed at N11,631,860,238,636.43 below the normal N12 trillion mark, indicating a week valuation of the entire stocks.
The top traded stocks in ascending order includes: (1) MBENEFIT an insurance company which traded with a volume of 198,287,627 unit shares worth N853,094,678.83; (2) INTENEGINS another insurancce company stocks traded with 20,861,363 unit shares, worth N89,315,355.98; (3) SKYBANK traded with a volume of 20,549,122 unit shares worth N331,235,524.21; (4) FIDELITYBK traded with a volume of 18,680,641 worth N191,145,083.87; while (5) ACCESS traded with 17,784,338 unit shares worth N337,180,581.24.
The top price gainers in descending order includes: (1) Mobil gained N9.97 to close at N199.50;
(2) ETI gained N7.76 to close at N46.00; (3) JBERGER gained N5.45 to close at N109.15;
while (4) CAPALBETO gained N5.36 to close at N107.37.
On the other hand, the top price losing stocks in a descending order includes: CHEVRON which lost N9.99 to close at N300.00; (2) TOTAL lost N8.98 to close at N238.98; (3) OKOMUOIL lost N1.50 to close at N29.95; while GCAPPA lost N1.48 to close at N N29.56.
(Data source: Nigerian Stock Exchange, [2nd May 2008])

Omatek Ventures and Tantalizers set for listing

Posted: 02 Jun 2008 01:58 AM CDT

The management of the Nigerian Stock Exchange at a recent Quotation Committee Council Meeting (QCCM), held at the exchange, gave a nod to Omatek Ventures and Tantalizers Plc’s bid to list on the Exchange. Omatek Ventures Plc would be listing by way of introduction, 2,941,789,472 units ordinary share of 50 kobo each at N4.90 per share. In the same vein, Tantalizers would be introducing a total of 2,950,000,000 ordinary shares of 50 kobo each at N3.50 per share.

It would be recalled that Omatek Ventures recently floated a private placement of 750,000,000 ordinary shares of 50 kobo each at N2.70 per share, the estimated proceeds of which stood at N1.942 billion. The funds, it was said, would be used in refinancing outstanding debts, investment in its main subsidiary – Omatek Computers, and for working capital requirements. Also, Tantalizers Plc offered potential investors in a private placement, 404,000,000 ordinary shares of 50 kobo each at N5 per share. The company appropriated the funds to extend and consolidate its business generating capacity, deployment of information technology and settling existing loan facilities.

Analysts have greeted this development with great optimism and expectation on the possibility of increased market activities on the Nigerian Stock Exchange. This is because apart from the brand reputation of these companies as unquoted companies, the new rules on the Exchange, which affords a level playing field and fairness, gives impetus to investor confidence. Moreover, prospective investors who could not participate in the private placement (particularly those with the long term purpose) now have an opportunity to share in the future of these companies.

Ecobank Transnational Incorporated to raise $3 billion as shareholders approve a 1:5 share split

Posted: 02 Jun 2008 01:55 AM CDT

In a move geared towards creating liquidity for its high priced shares, the shareholders of Ecobank Transnational Incorporated (ETI) have approved a share split that would have in issue, five (5) new shares for every one held. This approval was granted at the Annual General Meeting of the company held recently in Accra Ghana, where its shareholders also gave a nod to a proposed public offer, meant to raise a total of $3 billion in debt and equity.

The purpose of the offer, the company management said, is to further strengthen its network expansion across the continent for its pan-African banking drive. The management stated that it had become necessary for the bank to reinforce the capital base of ETI to be able to finance the growth of the institution. Speaking on the 1:5 share split, the Chief Executive Officer of ETI, Mr. Arnold Ikpe, noted that the move would, amongst other things, make the share less heavy. The share price of the only company under the foreign listings sector of the Nigerian Stock Exchange, has oscillated between the N268.85 and N198.90 marks this year so far.

While addressing shareholders at the company’s AGM in which, two cents as dividend per share was approved, Mr. Ikpe noted that the dividend of the company could be higher, but for the conservative policy of the group on dividend, which has provided on the alternative a credible history of capital appreciation that has seen the fortunes of the group grow from $300 million to about $2.9 billion in ten years. The CEO hinted that the main key areas the group hopes to make the difference and add value are to improve efficiency, growth and value to shareholders.

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