The bulls had another positive day as the All Share Index closed upward by 46,312.27 base points as against yesterday’s. A total of 7,187 deals, involving a volume 484,975,918 of unit shares valued at N5,152,414,346.24 were traded today; as against yesterday’s total of 8,672 deals involving a total of 1,054,205,586 unit shares, valued at N14,870,507,827.02. The Market Capitalisation also appreciated to N9,443 trillion as against yesterday’s N9.088 trillion.
The top traded shares of the day included: (1) IANSURE traded with a volume of 84,274,173 unit shares valued at N62,362,888.02; (2) ACCESS traded 69,179,403 unit shares valued at N876,503,036.01; (3) WEMABANK traded 46,456,410 unit shares valued at N696,846,150.00; (4) FTNCOCOA traded 42,400,000 unit shares valued at N93,306,000.00; while (5) FIDELITYBK traded 29,757,832 unit shares valued at N229,027,242.57.
The top price gainers of the day included: (1) CHEVRON which gained N21.00 to close at N441.00; (2) OANDO gained N6.06 to close at N127.26; (3) GUINNESS gained N5.99 to close at N125.88; while (4) FLOURMILL gained N3.09 to close at N65.08.
On the other hand, the top price losers of the day included: (1) MOBIL which lost N3.59 to close at N355.69; (2) RTBRISCOE lost N0.19 to close at N19.10; (3) DNMEYER lost N0.10 to close at N10.65; while (4) IPWA lost N0.04 to close at N4.76.
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Afrinvest opens N5bn Equity fund
Afrinvest West Africa (Afrinvest), Member of the Nigerian Stock Exchange (NSE) has today August 11, 2008 opened its N5.0 billion Initial Public Offer (IPO) in the Afrinvest Equity Fund (Authorised and Registered in Nigeria as a Unit Trust Scheme).
This is contained in an electronic copy of the Offer made available to Proshare NI in Lagos Nigeria.
The company in the Prospectus affirms that the minimum investment one or joint Unit holder(s) may make in the Fund is N50, 000.00 representing 500 Units of the Fund at a price of N100 per unit. “The unit of sale is 500 Units and multiples of 100 Units thereafter” the Prospectus stated.
“Thereafter, additional Units in the Fund shall be issued in multiples of N10, 000.00 and shall be subscribed for in those multiples” the document further affirmed.
In the same vein, Afrinvest also confirmed that the fund is open-ended and investors will be free to subscribe to its units through the Manager or any other Agents approved by the Manager after the IPO.
“Therefore, although the Fund has an initial target size of 50,000,000 Units, the Fund Manager will issue additional Units of the Fund to subscribers on demand after the initial tranche of 50,000,000 Units has been fully subscribed, subject to Securities & Exchange Commission’s (SEC’s) approval of the additional units” the company said.
However, 10 percent of the Offer has been preferentially allotted to Afrinvest West Africa Limited.
This allotment is in compliance with current regulations issued by SEC that promoters of unit trust schemes in Nigeria must subscribe to a minimum of 10 percent of the initial issue of such schemes.
However, the Five-Year financial summary of the Fund Manager as contained in the Prospectus and extracted without adjustment from its audited financial statements for the nine months ended December 31, 2007 and Five-Years Ended March 31, 2007.
Gross Earnings of the company increased from N162.560 million in year 2003 to N1.433 billion in the nine months ended December 31, 2007 indicating an increase of 782 percent in the review period.
While Profit before Tax (PBT) also grew from N5.088 million in year 2003 to N259, 780 million in the nine months ended December 31, 2007 representing a growth of 5006 percent in the period under review.
Profit after Tax (PAT) also rose from N1.152 million in year 2003 to N236.695 million; also in the nine months ended December 31, 2007; showing a rise of 20446 percent.
Issuing House to the offer is Guaranty Trust Bank Plc (GTbank); application list opens today Monday August 11, 2008 and closes Wednesday September 17, 2008.
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This is contained in an electronic copy of the Offer made available to Proshare NI in Lagos Nigeria.
The company in the Prospectus affirms that the minimum investment one or joint Unit holder(s) may make in the Fund is N50, 000.00 representing 500 Units of the Fund at a price of N100 per unit. “The unit of sale is 500 Units and multiples of 100 Units thereafter” the Prospectus stated.
“Thereafter, additional Units in the Fund shall be issued in multiples of N10, 000.00 and shall be subscribed for in those multiples” the document further affirmed.
In the same vein, Afrinvest also confirmed that the fund is open-ended and investors will be free to subscribe to its units through the Manager or any other Agents approved by the Manager after the IPO.
“Therefore, although the Fund has an initial target size of 50,000,000 Units, the Fund Manager will issue additional Units of the Fund to subscribers on demand after the initial tranche of 50,000,000 Units has been fully subscribed, subject to Securities & Exchange Commission’s (SEC’s) approval of the additional units” the company said.
However, 10 percent of the Offer has been preferentially allotted to Afrinvest West Africa Limited.
This allotment is in compliance with current regulations issued by SEC that promoters of unit trust schemes in Nigeria must subscribe to a minimum of 10 percent of the initial issue of such schemes.
However, the Five-Year financial summary of the Fund Manager as contained in the Prospectus and extracted without adjustment from its audited financial statements for the nine months ended December 31, 2007 and Five-Years Ended March 31, 2007.
Gross Earnings of the company increased from N162.560 million in year 2003 to N1.433 billion in the nine months ended December 31, 2007 indicating an increase of 782 percent in the review period.
While Profit before Tax (PBT) also grew from N5.088 million in year 2003 to N259, 780 million in the nine months ended December 31, 2007 representing a growth of 5006 percent in the period under review.
Profit after Tax (PAT) also rose from N1.152 million in year 2003 to N236.695 million; also in the nine months ended December 31, 2007; showing a rise of 20446 percent.
Issuing House to the offer is Guaranty Trust Bank Plc (GTbank); application list opens today Monday August 11, 2008 and closes Wednesday September 17, 2008.
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NSE Weekly Market Report (August 1)
A turnover of 3.11 billion shares worth N38.16 billion in 72,680 deals was recorded this week, in contrast to a total of 4.05 billion shares valued at N43.75 billion exchanged last week in 73,782 deals.
There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.
The Insurance subsector was the most active during the week (measured by turnover volume), with 1.3 billion shares worth N2.05 billion exchanged by investors in 10,433 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance
Company accounted for 811.8 million shares, representing 62.7% of the subsector’s turnover.
The Banking subsector, boosted by activity in the shares of First City Monument Bank Plc and Fidelity Bank Plc, followed on the week’s activity chart with a turnover of 1.2 billion shares valued at N24.65 billion in 37,592 deals.
Last week, the Insurance subsector led on the activity chart and was followed by the Banking subsector.
Price Movement:
The All-Share Index rose by 4.04% to close on Friday at 52,641.55. The market capitalization of the 209 First -Tier equities closed higher at N10.55 trillion.
Eighty (80) stocks appreciated in price during the week, higher than the nineteen (19) in the preceding week. Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N33.80 to close at N254.00 per share while Julius Berger Nigeria Plc followed with N25.91 to close at N146.24 per share. Other price gainers in the Top 10 category include:
• Flour Mills Nigeria Plc - N8.05
• Unilever Nigeria Plc - N4.97
• Benue Cement Company Plc - N4.85
• Cadbury Nigeria Plc - N4.70
• UACN Plc - N4.42
• PZ Cussons Nigeria Plc - N4.13
• Guinness Nigeria Plc - N4.00
• UACN Property Development Co. Plc - N3.99
Twenty – Six (26) stocks depreciated in price during the week, lower than the ninety-two (92) in the preceding week. Three Petroleum (Marketing) Stocks led on the losers table. Chevron Oil Nigeria Plc led dropping by N46.05 to close at N213.76 per share while Oando Plc followed with a loss of N17.99 to close at N170.01 per share. Other price losers in the Top 10 category include:
• Total Nigeria Plc - N9.50
• Nig. Enamelware Plc . - N8.61
• Nestle Nigeria Plc - N4.24
• 7-Up Bottling Co. Plc - N2.58
• G Cappa Plc - N1.47
• PlatinumHabib Bank Plc - N1.46
• Neimeth International Pharmaceuticals Plc - N1.43
• Ashaka Cement Plc - N1.00
Two equity prices were adjusted for dividend as recommended by the Board of Directors. Access Bank Plc was adjusted for dividend of N0.65 per share while NEM Insurance Plc was adjusted for dividend of N0.05 per share.
COMPANY NEWS
CONOIL PLC: Audited result for the year ended 31st December 2007 shows Turnover of N86.85 billion as against N90.52 billion in 2006. Profit after tax stood at N2.6 billion compared with N2.81 billion in 2006. The Directors are recommending a dividend of N2.75 per share. The date of closure of register of members is August 4, 2008 while payment date is September 19, 2008.
PZ INDUSTRIES PLC: Audited result for the year ended 31st May 2008 shows Turnover of N65.94 billion as against N54.22 billion in 2007. Profit after tax, exceptional items and minority interest stood at N3.95 billion compared with profit after tax and minority interest of N3.51 billion in 2007. The Directors are recommending a dividend of N0.62 per share. The date of closure of register of members is August 25, 2008 while payment date is September 11, 2008.
CAPPA & D”ALBERTO PLC: Audited result for the year ended 31st December 2007. The Directors are recommending a dividend of N0.50 per share. The date of closure of register of members is October 2, 2008 while payment date would be advised later.
ASSOCIATED BUS COMPANY PLC: Audited result for the year ended 31st December 2007 shows Turnover of N3.13 billion as against N2.71 billion in 2006. Profit after tax stood at N141.25 million compared with N143.01 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 7, 2008 while payment date is September 7, 2008.
ASO SAVINGS & LOANS PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N7.1 billion as against N2 billion in 2007. Profit after tax stood at N1.1 billion compared with N276.62 million in 2007. The Directors are recommending a dividend of N0.05 per share. The date of closure of register of members is October 6, 2008 while payment date is October 24, 2008.
LASACO ASSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N1.84 billion as against N1.6 billion in 2006. Profit after tax stood at N678.11 million compared with N171.35 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 8, 2008 while payment date is September 4, 2008. The 28th Annual General Meeting (AGM) of shareholders is scheduled to hold on Thursday, September 4, 2008 by 11.00a.m. The venue would be advised later
ROYAL EXCHANGE ASSURANCE (NIG) PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.7 billion as against N2.14 billion in 2006. Profit after tax stood at N543.64 million compared with profit after tax and exceptional items of N178.71 million in 2006. The Directors are recommending a bonus of 1 for 10. The date of closure of register of members was June 30, 2008.
GREAT NIGERIA INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N608.04 million as against N289.74 million in 2006. Profit after tax stood at N90.25 million compared with loss after tax of N155.35 million in 2006.
GREAT NIGERIA INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N563.7 million, as against N425.2 million in the comparable period of 2007. Profit after tax stood at N85.4 million compared with N75.85 million in 2007.
NEM INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.32 billion, as against N1.31 billion in the comparable period of 2007. Profit after tax stood at N560.92 million compared with N213.8 million in 2007.
OASIS INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N521.35 million, as against N158.01 million in the comparable period of 2007. Profit after tax stood at N138.05 million compared with N17.11 million in 2007.
CORNERSTONE INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.13 billion, as against N1.7 billion in the comparable period of 2007. Profit after tax stood at N438.7 million compared with N330.52 million in 2007.
ASHAKA CEMENT PLC: Audited result for the year ended 31st December 2007 shows Turnover of N16.5 billion as against N16.8 billion in 2006. Profit after tax stood at N1.6 billion compared with N3.4 billion in 2006. The Directors are recommending a bonus of 1 for 6. The date of closure of register of members is August 25, 2008
ECOBANK TRANSNATIONAL INCORPORATED: Unaudited result for the half year ended 30th June 2008 shows Gross Revenue of N61.3 billion, as against N38.02 billion in the comparable period of 2007. Profit after tax stood at N9.0 billion compared with N6.6 billion in 2007.
OANDO PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N124.41 billion, as against N106 billion in the comparable period of 2007. Profit after tax stood at N3.7 billion compared with profit after tax and exceptional items of N2.31 billion in 2007.
STERLING BANK PLC: Unaudited result for the third quarter ended 30th June 2008 shows Gross Earnings of N27.1 billion, as against N16.01 billion in the comparable period of 2007. Profit after tax stood at N4.6 billion compared with N2.5 billion in 2007.
RT BRISCOE (NIG) PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N9.03 billion, as against N8.01 billion in the comparable period of 2007. Profit after tax stood at N391.1 million compared with N326.04 million in 2007.
IKEJA HOTEL PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N3.22 billion, as against N2.5 billion in the comparable period of 2007. Profit after tax stood at N555.61 million compared with N397.84 million in 2007.
LAFARGE WAPCO PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N22.2 billion, as against N19.9 billion in the comparable period of 2007. Profit after tax stood at N4.75 billion compared with N5.82 billion in 2007.
TRIPPLE GEE & CO. PLC: Unaudited result for the first quarter ended 30th June 2008 shows Turnover of N225.6 million, as against N161.82 million in the comparable period of 2007. Profit after tax stood at N26.14 million compared with N16.9 million in 2007.
FIRST ALUMINIUM NIGERIA PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N4.28 billion, as against N4.3 billion in the comparable period of 2007. Loss after tax stood at N13.82 million compared with N171.7 million in 2007.
INVESTMENT & ALLIED ASSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N675.7 million as against N159.2 million in 2006. Profit after tax stood at N304.65 million compared with N54.64 million in 2006. The Directors are recommending a dividend of 0.8 kobo per share. The date of closure of register of members is August 8, 2008 while payment date is September 8, 2008.
INVESTMENT & ALLIED ASSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N611.93 million, as against N354.2 million in the comparable period of 2007. Profit after tax stood at N252.9 million compared with N136.8 million in 2007.
REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 371.63 million units worth N368.14 billion in 3413 deals was recorded this week, in contrast to a total of 232.62 million units valued at N232.6 billion exchanged in 2001 deals during the week ended July 24, 2008. As in the preceding week, the most active bond (measured by turnover volume) was the 5th FGN Bond 2018 Series 2 with a traded volume of 34.85 million units valued at N31.51 billion in 287 deals.
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There were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.
The Insurance subsector was the most active during the week (measured by turnover volume), with 1.3 billion shares worth N2.05 billion exchanged by investors in 10,433 deals. Volume in the Insurance subsector was largely driven by activity in the shares of Investment and Allied Assurance Plc. Trading in the shares of the Insurance
Company accounted for 811.8 million shares, representing 62.7% of the subsector’s turnover.
The Banking subsector, boosted by activity in the shares of First City Monument Bank Plc and Fidelity Bank Plc, followed on the week’s activity chart with a turnover of 1.2 billion shares valued at N24.65 billion in 37,592 deals.
Last week, the Insurance subsector led on the activity chart and was followed by the Banking subsector.
Price Movement:
The All-Share Index rose by 4.04% to close on Friday at 52,641.55. The market capitalization of the 209 First -Tier equities closed higher at N10.55 trillion.
Eighty (80) stocks appreciated in price during the week, higher than the nineteen (19) in the preceding week. Mobil Oil Nigeria Plc led on the gainers’ table with a gain of N33.80 to close at N254.00 per share while Julius Berger Nigeria Plc followed with N25.91 to close at N146.24 per share. Other price gainers in the Top 10 category include:
• Flour Mills Nigeria Plc - N8.05
• Unilever Nigeria Plc - N4.97
• Benue Cement Company Plc - N4.85
• Cadbury Nigeria Plc - N4.70
• UACN Plc - N4.42
• PZ Cussons Nigeria Plc - N4.13
• Guinness Nigeria Plc - N4.00
• UACN Property Development Co. Plc - N3.99
Twenty – Six (26) stocks depreciated in price during the week, lower than the ninety-two (92) in the preceding week. Three Petroleum (Marketing) Stocks led on the losers table. Chevron Oil Nigeria Plc led dropping by N46.05 to close at N213.76 per share while Oando Plc followed with a loss of N17.99 to close at N170.01 per share. Other price losers in the Top 10 category include:
• Total Nigeria Plc - N9.50
• Nig. Enamelware Plc . - N8.61
• Nestle Nigeria Plc - N4.24
• 7-Up Bottling Co. Plc - N2.58
• G Cappa Plc - N1.47
• PlatinumHabib Bank Plc - N1.46
• Neimeth International Pharmaceuticals Plc - N1.43
• Ashaka Cement Plc - N1.00
Two equity prices were adjusted for dividend as recommended by the Board of Directors. Access Bank Plc was adjusted for dividend of N0.65 per share while NEM Insurance Plc was adjusted for dividend of N0.05 per share.
COMPANY NEWS
CONOIL PLC: Audited result for the year ended 31st December 2007 shows Turnover of N86.85 billion as against N90.52 billion in 2006. Profit after tax stood at N2.6 billion compared with N2.81 billion in 2006. The Directors are recommending a dividend of N2.75 per share. The date of closure of register of members is August 4, 2008 while payment date is September 19, 2008.
PZ INDUSTRIES PLC: Audited result for the year ended 31st May 2008 shows Turnover of N65.94 billion as against N54.22 billion in 2007. Profit after tax, exceptional items and minority interest stood at N3.95 billion compared with profit after tax and minority interest of N3.51 billion in 2007. The Directors are recommending a dividend of N0.62 per share. The date of closure of register of members is August 25, 2008 while payment date is September 11, 2008.
CAPPA & D”ALBERTO PLC: Audited result for the year ended 31st December 2007. The Directors are recommending a dividend of N0.50 per share. The date of closure of register of members is October 2, 2008 while payment date would be advised later.
ASSOCIATED BUS COMPANY PLC: Audited result for the year ended 31st December 2007 shows Turnover of N3.13 billion as against N2.71 billion in 2006. Profit after tax stood at N141.25 million compared with N143.01 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 7, 2008 while payment date is September 7, 2008.
ASO SAVINGS & LOANS PLC: Audited result for the year ended 31st March 2008 shows Gross Earnings of N7.1 billion as against N2 billion in 2007. Profit after tax stood at N1.1 billion compared with N276.62 million in 2007. The Directors are recommending a dividend of N0.05 per share. The date of closure of register of members is October 6, 2008 while payment date is October 24, 2008.
LASACO ASSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N1.84 billion as against N1.6 billion in 2006. Profit after tax stood at N678.11 million compared with N171.35 million in 2006. The Directors are recommending a dividend of N0.08 per share. The date of closure of register of members is August 8, 2008 while payment date is September 4, 2008. The 28th Annual General Meeting (AGM) of shareholders is scheduled to hold on Thursday, September 4, 2008 by 11.00a.m. The venue would be advised later
ROYAL EXCHANGE ASSURANCE (NIG) PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N2.7 billion as against N2.14 billion in 2006. Profit after tax stood at N543.64 million compared with profit after tax and exceptional items of N178.71 million in 2006. The Directors are recommending a bonus of 1 for 10. The date of closure of register of members was June 30, 2008.
GREAT NIGERIA INSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N608.04 million as against N289.74 million in 2006. Profit after tax stood at N90.25 million compared with loss after tax of N155.35 million in 2006.
GREAT NIGERIA INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N563.7 million, as against N425.2 million in the comparable period of 2007. Profit after tax stood at N85.4 million compared with N75.85 million in 2007.
NEM INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.32 billion, as against N1.31 billion in the comparable period of 2007. Profit after tax stood at N560.92 million compared with N213.8 million in 2007.
OASIS INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N521.35 million, as against N158.01 million in the comparable period of 2007. Profit after tax stood at N138.05 million compared with N17.11 million in 2007.
CORNERSTONE INSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N2.13 billion, as against N1.7 billion in the comparable period of 2007. Profit after tax stood at N438.7 million compared with N330.52 million in 2007.
ASHAKA CEMENT PLC: Audited result for the year ended 31st December 2007 shows Turnover of N16.5 billion as against N16.8 billion in 2006. Profit after tax stood at N1.6 billion compared with N3.4 billion in 2006. The Directors are recommending a bonus of 1 for 6. The date of closure of register of members is August 25, 2008
ECOBANK TRANSNATIONAL INCORPORATED: Unaudited result for the half year ended 30th June 2008 shows Gross Revenue of N61.3 billion, as against N38.02 billion in the comparable period of 2007. Profit after tax stood at N9.0 billion compared with N6.6 billion in 2007.
OANDO PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N124.41 billion, as against N106 billion in the comparable period of 2007. Profit after tax stood at N3.7 billion compared with profit after tax and exceptional items of N2.31 billion in 2007.
STERLING BANK PLC: Unaudited result for the third quarter ended 30th June 2008 shows Gross Earnings of N27.1 billion, as against N16.01 billion in the comparable period of 2007. Profit after tax stood at N4.6 billion compared with N2.5 billion in 2007.
RT BRISCOE (NIG) PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N9.03 billion, as against N8.01 billion in the comparable period of 2007. Profit after tax stood at N391.1 million compared with N326.04 million in 2007.
IKEJA HOTEL PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N3.22 billion, as against N2.5 billion in the comparable period of 2007. Profit after tax stood at N555.61 million compared with N397.84 million in 2007.
LAFARGE WAPCO PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N22.2 billion, as against N19.9 billion in the comparable period of 2007. Profit after tax stood at N4.75 billion compared with N5.82 billion in 2007.
TRIPPLE GEE & CO. PLC: Unaudited result for the first quarter ended 30th June 2008 shows Turnover of N225.6 million, as against N161.82 million in the comparable period of 2007. Profit after tax stood at N26.14 million compared with N16.9 million in 2007.
FIRST ALUMINIUM NIGERIA PLC: Unaudited result for the half year ended 30th June 2008 shows Turnover of N4.28 billion, as against N4.3 billion in the comparable period of 2007. Loss after tax stood at N13.82 million compared with N171.7 million in 2007.
INVESTMENT & ALLIED ASSURANCE PLC: Audited result for the year ended 31st December 2007 shows Gross Premium of N675.7 million as against N159.2 million in 2006. Profit after tax stood at N304.65 million compared with N54.64 million in 2006. The Directors are recommending a dividend of 0.8 kobo per share. The date of closure of register of members is August 8, 2008 while payment date is September 8, 2008.
INVESTMENT & ALLIED ASSURANCE PLC: Unaudited result for the half year ended 30th June 2008 shows Gross Premium of N611.93 million, as against N354.2 million in the comparable period of 2007. Profit after tax stood at N252.9 million compared with N136.8 million in 2007.
REPORT ON THE OTC MARKET FOR FGN BONDS
A turnover of 371.63 million units worth N368.14 billion in 3413 deals was recorded this week, in contrast to a total of 232.62 million units valued at N232.6 billion exchanged in 2001 deals during the week ended July 24, 2008. As in the preceding week, the most active bond (measured by turnover volume) was the 5th FGN Bond 2018 Series 2 with a traded volume of 34.85 million units valued at N31.51 billion in 287 deals.
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