The Nation Newspaper

Category: Equities

  • Union Bank records modest growth in first half

    Union Bank of Nigeria (UBN) Plc, one of the oldest banks in Nigeria, rode on the back of significant growth in its core banking operations to mitigate headwinds and sustain overall steady but modest performance in the first half of this year.

    Key extracts of the interim report and accounts of UBN for the period ended June 30, 2015 indicated that interest income, which rose by 18.3 per cent, counterbalanced 11.2 per cent decline in non-interest income, leaving the top-line with a modest growth of 5.8 per cent. Pre and post tax profits rose marginally by 2.2 per cent and 1.9 per cent respectively.

    Group gross earnings closed first half 2015 at N55.96 billion as against N52.88 billion recorded in comparable period of 2014. Interest income had risen from N36.6 billion in 2014 to N43.3 billion in 2015. Net interest income however declined from N13.87 billion to N12.31 billion. Group profit before tax inched up from N6.47 billion to N6.61 billion while profit after tax slightly increased from N6.34 billion to N6.46 billion. Earnings per share rose from 35 kobo to 38 kobo.

    Managing director, Union Bank of Nigeria (UBN) Plc, Mr. Emeka Emuwa, said the successful implementation and migration to a new banking platform, Oracle FlexCube UBS, has provided a more stable operating environment for the bank to serve customers and process routine transactions quicker and more efficiently.

    “In spite of economic headwinds and regulatory changes impacting the financial industry, Union Bank remains on a stable growth trajectory as we implement initiatives to grow our core banking segments,” Emuwa said.

    He noted that the group’s core banking business performed significantly better during the period as the bank’s stand alone gross earnings grew by 17 per cent while the bank delivered profit before tax of N10.2 billion, a 53 per cent increase over the same period in 2014.

    “Excluding the gain on the sale of subsidiaries, the bank delivered profit before tax of N6.7 billion, a 134 per cent increase over the first half of 2014. Deposits also continue to move in the right direction with 8.0 per cent growth when compared to December 2014. Non-volatile deposits alone grew by N55.7 billion during the first half of 2015,” Emuwa stated.

    He assured that as more clarity emerges in the macro-economic environment in the second half, the group would consolidate the gains it made in the first half of the year; maintaining its focus on delivering operating efficiencies across its operations and proactively managing its risk while exploring emerging opportunities in the economy.

    In her remarks, chief financial officer, Union Bank of Nigeria (UBN) Plc, Mrs. Oyinkan Adewale, said good performance across most financial metrics underscored the improving fundamentals and operational discipline of the bank.

    “For the second half of 2015, our focus remains on continuing to manage funding costs, reducing operating expenses and minimising impairment costs through proactive risk management. We will also continue leveraging technology to enhance customer experience and reduce the cost of servicing customers,” Adewale added.

     

     

  • Flour Mills declares N5.5b dividends

    Flour Mills declares N5.5b dividends

    The board of directors of Flour Mills of Nigeria Plc has recommended distribution of N5.51 billion, about 65.13 per cent of the company’s net profit, as cash dividends to shareholders for the immediate past year ended March 31, 2015.

    In a dividend recommendation released yesterday, directors of the flour-milling company said shareholders would receive a dividend per share of N2.10 after proceeds from disposal of assets and tax gains helped the bottom-line to a positive close.

    Key extracts of the audited report and accounts of Flour Mills for the year ended March 31, 2015 showed visible decline in the operational performance of the company but tax earnings boosted the net profit for the year.

    Total sales dropped to N308.76 billion in 2015 as against N325.79 billion in 2014. Gross profit also declined from N37.30 billion in 2014 to N35.37 billion in 2015. Operating profit slumped to N10.22 billion in 2015 compared with N19.38 billion in 2014. With decline in investment income from N5.03 billion to N2.3 billion and increase in interest expense from N16.10 billion to N18.70 billion, Flour Mills was primed for a loss during the year.

    However, the company’s bottom-line was mitigated by a N14.29 billion gain from disposal of investment from an associate company and a N738.3 million tax income gain. Profit before tax still closed lower at N7.72 billion in 2015 as against N8.23 billion in 2014. With the tax gain, profit after tax rose from N5.37 billion to N8.46 billion. Earnings per share thus stood at N3.47 in 2015 as against N1.93 in 2014.

    In 2014, Flour Mills had distributed N5.01 billion as cash dividends on the basis of N2.10 per each ordinary share. Also, a total of 238.6 million ordinary shares of 50 kobo each were also distributed to shareholders through a bonus of one for 10 shares.

    Flour Mills last week received shareholders’ nod for a N40 billion rights issue, which the company plans to use to bolster its working capital and restructure its leveraged balance sheet in order to avoid long drain of financial mismatch.

    Shareholders of Flour Mills, Nigeria’s most capitalised and largest flour-milling company, also last week approved increase in the authorised share capital of the company. Shareholders approved increase in authorized share capital of the company from N2 billion to N2.5 billion through the creation of additional 1.0 billion ordinary shares of 50 kobo each. Besides approving the N40 billion rights issue, the meeting also granted a waiver to the board that in the event of under-subscription, the board can allocate unsubscribed rights’ shares to interested investors.

    The meeting generally mandated the board of directors to use net proceeds of the rights issue to meet the funding requirements of the company.

    Chairman, Flour Mills of Nigeria, Mr. John Coumantaros, said the company would use the net proceeds to also cushion the adverse effect of the sudden slump in global crude oil prices, which has resulted in major devaluation of the naira and caused increases in import costs and financial charges.

  • Vitafoam opens in Warri

    Vitafoam Nigeria Plc has launched its second major sales outlets otherwise known as Comfort Centre, in Warri, Delta State, to boost sales.

    Addressing key distributors at the inauguration at the weekend, Group Managing Director,  Vitafoam Nigeria Plc, Mr Taiwo Adeniyi, said the second Comfort Centre in Warri was aimed at meeting the increasing demand for the company’s products.

    “Vitafoam Comfort Centre is a retail concept born out of need to providing convenience and complete solution for our esteemed customers’ needs for premium comfort, wellness and relaxation. It is an experimental centre where our esteemed customers view, appreciate and experience Vitafoan products in use and the world of Vitafoam,” Adeniyi said.

    He said all the company’s products could be purchased at the  centre, including premium health and baby products such as spring mattress, twill, cot, sofa and mat.

    He pointed out that over the years, Vitafoam had moved from being a household name in the production of just mattresses and pillows into being a foremost provider of ultimate comfort products.

    He commended the distributors for their consistent loyalty and assured them of regular production of top-class products at competitive prices.

    Chairman of the occasion, Engineer Eugene Eze expressed gratitude to Vitafoam for sustaining its leadership position through production of quality products that can compete with any of its peers worldwide.

     

  • Managed funds hit N695b as fund managers plan joint distribution network

    Managed funds hit N695b as fund managers plan joint distribution network

    Total managed funds-including funds under collective investment schemes, otherwise known as mutual funds, and institutional and individual funds under management, have risen to N695 billion, according to a report by the Fund Managers Association of Nigeria (FMAN).

    President, Fund Managers Association of Nigeria (FMAN), Mr. Michael Oyebola, who gave the update on the fund management industry at a general meeting of the industry operators at the weekend, said total managed funds had risen to N695 billion, which had firmly established the industry as a strategic segment of the capital market.

    He outlined that the total managed funds consisted of N200 billion under collective investment schemes (CIS), otherwise known as mutual funds, and N495 billion funds under management (FUM).

    Collective investment schemes, otherwise known as mutual funds, are joint investment vehicles through which investors can pool funds and invest in chosen basket of securities under a professional management with a view to optimise returns and reduce risks. FUM relates to funds placed by individuals and institutions for direct management by a professional fund manager.

    Oyebola, who gave comprehensive updates on the ongoing efforts aimed at strategically positioning the fund management industry, said FMAN has commenced efforts aimed at ensuring that the fund managers under the auspices of the association are able to perform similar role in the pension industry.

    According to him, as part of these strategic initiatives, FMAN has joined the emerging market task force joint committee- which comprises of the Treasury in the United Kingdom and the capital market in Nigeria, which is currently pushing for cross-marketing benefits.

    He said FMAN is striving to become a self-regulatory organisation with mandate to handle compliance, complaint and standardisation issues between its members and the investing public.

    He urged members of the association to adopt the best practice of separating their personal corporate assets from clients’ assets without necessarily waiting for such enforcement of asset segregation by the regulatory authorities.

    He also advised FMAN members who have not met the new minimum capital base for the industry to take necessary steps to meet the September 2015 deadline set by SEC as the apex regulator may not extend the deadline.

    Oyebola pointed out that as part of efforts to ensure best practices, FMAN had launched the asset managers’ codes in conjunction with the Chartered Financial Analyst (CFA) Society of Nigeria, Fund Managers Association of Nigeria (FMAN) and Pension Fund Operators Association of Nigeria (PENOP), which would serve as principles of conduct and transactions for asset managers and asset management.

    The highlights of the codes included provisions in relation to asset managers responsibilities to clients, which mandate asset managers to act in a professional and ethical manner at all times, to act for the benefit of the client, to act with independence and objectivity, to act with skill, competence and diligence, to communicate with clients in a timely and accurate manner and to uphold the applicable rules governing capital markets.

    He added that SEC had endorsed the codes and the apex regulator would weigh in by ensuring that all fund managers adopt the codes of conduct.

    Oyebola said FMAN is currently working on development of a customised platform for mutual funds distribution, a form of open architecture platform that will enable members to distribute their mutual funds in more cost efficient means.

    He added that with the acceptance of voter’s card as a Know Your Client (KYC) document, efforts are in top gear to put together a mobile money platform that will address the various need of members of the association.

    At the meeting, Director-General,, Securities and Exchange Commission (SEC), Mr Mounir Gwarzo, who was represented by Director, Investment Management Department, SEC, Ms Mary Uduk and Mr. Efiok Effiong, said the commission is strengthening applicable rules at the market with a view to enhance the operational foundation and perception of the capital market by the public.

    According to him, the principal objectives of new rules included safeguarding the integrity of the players and the sector, creating opportunities in asset product type and classes and inflow of funds into the sector.

    He said the commission would provide a framework to introduce alternative funds such as expert and professional investor fund, which would be restricted to only qualified investors and with absolute discretion on choice of asset class and investment sector.

    In her presentation on Global Investment Performance Standards (GIPS), President, CFA Society Nigeria, Mrs Sade Odunaiya, said all stakeholders are currently working to prepare and get Nigeria listed among over 30 developed and developing nations which have met the     GIPS compliance and adherence standards.

    According to her, the CFA Society of Nigeria, PENOP and FMAN are members of Nigeria Investment Promotion Commission (NIPC), GIPS-sponsoring body in Nigeria, and there are plans to invite SEC and PENCOM to serve on its board on observer status.

    She outlined that GIPS, though a voluntary set of standard, has enormous benefits given its practitioners- driven ethical principle and standards, industry wide approach to calculating and reporting investment result, reporting consistency and industry wide comparability.

    She said the CFA Society of Nigeria has proposed a four-year period for full adoption of GIPS by Nigerian capital market operators.

     

  • Transcorp’s Teragro scales up investment in agribusiness

    Teragro Commodities Limited, the agribusiness subsidiary of Transnational Corporation of Nigeria (Transcorp) Plc,  has acquired and installed extraction cup technology, which enables the company to deliver superior quality juice concentrate that meet international quality standards.

    Chief executive officer, Teragro Commodities Limited, Dupe Olusola, said the extraction cup revolutionizes the company’s production process and ensures that concentrates it produces will pass even the most stringent international standards.

    “This investment elevates us to the top of local concentrate producers and ensures that Teragro is able to compete with any international concentrate producer from Spain, Brazil, the United States and more,” Olusola said.

    She outlined that Teragro processes orange and pineapple concentrates, mango purées and orange-peel oil for industrial markets in a 26,500mn TPA capacity plant called Teragro Benfruit  Plant in Benue State. In addition to helping Teragro products meet international quality standards through tests conducted in International labs in Brussels and France, the new technology increases the capacity of Ben fruit Plant.

    Chief Executive Officer, Transnational Corporation of Nigeria (Transcorp) Plc, Emmanuel Nnorom, pointed out that the extraction cup investment has further strengthened customers’ loyalty for the agribusiness noting that it has received positive commendation from its biggest customers.

     

     

  • Search for mechanical weed control in cassava farming makes progress

    International and indigenous engineers engaged by the International Institute of Tropical Agriculture (IIATA)-led Cassava Weed Management Project have made significant progress in the adaptation of motorised mechanical weeders for cassava farming systems in Nigeria.

    The team of engineers, who  met at the IITA, Ibadan to brainstorm and modify motorised weeders recently imported by the IITA Cassava Weed Management Project for cassava farming systems.

    Specifically, the team was mandated to:

    • Evaluate the performance of the machines for general weeding and modify the machine as necessary with special focus on cassava farms.
    • Establish performance and suitability of these machines for weeding generally with focus on cassava farms;
    • Carry out any needed improvement to make the machines usable for cassava farms; and
    • Modify all the available machines for demonstration.

    At the end of the meeting, the team of engineers modified and adapted 14 motorised weeders to suite cassava farming systems in Nigeria. The machines are on trials in four states—Benue, Oyo, Ogun and Abia.

    At the opening of the meeting, Project Leader for the IITA Cassava Weed Management Project, Dr Alfred Dixon, said the motorised mechanical weeders were aimed at providing farmers with a basket of options so they could tackle weeds more efficiently.

    He urged the engineers to look beyond adaptation, and conceive the idea of developing African made motorised weeders that could tackle the problem of weeds on the continent.

    Prof Abdulganiyu Olayinka Raji of the University of Ibadan commended the IITA project for involving national partners in the programme.

    He recalled that the Nigerian- made-cassava flash dryer, which has become a success story, also started with a similar invitation of experts by IITA.

    “I am optimistic we will soon begin the fabrication of motorized mechanical weeders in Nigeria,” he said.

    Last year, an inception workshop was organized by IITA Cassava Weed Management Project for engineers for the same purpose. The second meeting this year built on the progress made last year.

    Participants were drawn from the IITA, Federal Ministry of Agriculture and Rural Development, University of Ibadan, Federal University of Agriculture Abeokuta, University of Agriculture Makurdi, Federal University of Technology Akure, National Center for Agricultural Mechanization, National Root Crops Research Institute, Umudike; Federal Institute of Industrial Research, Oshodi, Edo Agricultural Development Program and Niji Lukas (a private fabrication and agro allied firm).

     

  • Equities break 11-day downturn with N51b gain

    The Nigerian stock market heaved a sigh of relief yesterday as bargain-hunting transactions rallied the market against the downers that had dominated the market all through the early days of the second half. After 11 days of recession, investors looking for undervalued stocks helped the market to a modest recovery, although the lingering selling sentiments remained.

    The All Share Index (ASI), the value-based common index that tracks all quoted equities on the Nigerian Stock Exchange (NSE), rose by 0.25 per cent to close at 31,047.99 points as against its opening index of 30,970.51 points. Aggregate market value of all quoted equities also rose by 51 billion from N10.577 trillion to close at N10.628 trillion.

    The modest recovery moderated the negative average year-to-date return at the stock market to -10.41 per cent. With 20 gainers to 29 losers, the market recovery was boosted by gains recorded by several highly capitalised stocks, especially in the banking, breweries and oil and gas sectors.

    Guinness Nigeria led the gainers’ list with a gain of N2 to close at N142. Ecobank Transnational Incorporated followed with a gain of N1.66 to close at N22. Total Nigeria rose by N1.30 to close at N160.90. Oando added 50 kobo to close at N12.60. Guaranty Trust Bank rallied 44 kobo to close at N26. Stanbic IBTC Holdings gathered 40 kobo to close at N23.95. Access Bank gained 23 kobo to close at N5.03. Vitafoam Nigeria rose by 18 kobo to close at N5.78 while Nascon Industries and Ikeja Hotel chalked up 17 kobo and 16 kobo to close at N6.90 and N3.99 respectively.

    On the downside, Forte Oil led the losers with a loss of N8.77 to close at N188.10. Mobil Oil Nigeria dropped by N4.35 to close at N150. Unilever Nigeria declined by N1.99 to close at N37.91. Cement Company of Northern Nigeria depreciated by N1.08 to close at N10.42. Nigerian Breweries and UACN Property Development Company dropped by 40 kobo each to close at N128.20 and N9.80 respectively. Champion Breweries declined by 27 kobo to close at N5.31. Dangote Sugar Refinery and Nigerian Aviation Handling Company dropped by 21 kobo each to close at N5.71 and N4.76 respectively while Okomu Oil Palm lost 19 kobo to close at N25.82 per share.

    Total Turnover stood at 222.22 million shares worth N2.83 billion in 3,701 deals. Financial services sector remained the most active with a turnover of 159.49 million shares worth N1.11 billion in 2,084 deals. Fidelity Bank was the most active stock with a turnover of 23.25 million shares worth N36.17 million in 112 deals. Guaranty Trust Bank followed with a turnover of 20.53 million shares worth N525.23 million in 265 deals. AXA Mansard Insurance placed third with a turnover of 20.30 million shares worth N55.83 million in 16 deals.

    The overall market situation remained cautious as investors continued to weigh macroeconomic outlook and corporate earnings.

    “Given the market reversal witnessed today, we anticipate a mixed trading pattern next week as the unfolding weak macroeconomic dynamics have slowed investment decisions. The unimpressive half-year 2015 results released so far have also not excited the market,” said analysts at SCM Capital, formerly Sterling Capital Markets, after the trading session yesterday.

  • United Capital, Lion’s Head to manage German’s African bond fund

    United Capital Plc, an investment banking group quoted on the Nigerian Stock Exchange (NSE), and Lion’s Head,  been appointed as the fund managers for the Africa Local Currency Bond Fund (ALCB Fund).

    ALCB Fund was established by KfW on behalf of the German Federal Ministry for Economic Cooperation and Development. On behalf of the German Federal Ministry for Economic Cooperation and Development,  KfW has so far invested $32 million for the initial capitalization of the Fund, out of which $18.4 million has been invested in seven non-sovereign local currency bond issuances.

    As fund managers, United Capital and Lion’s Head will be expected to implement an institutional upgrade and grow the Fund to a size beyond $100 million in the medium term.

    The ALCB Fund’s mission is to support local African banks, financial institutions, agribusiness, and renewable energy companies to issue bonds and similar instruments in local currency. The Fund aims to improve and diversify access to long term funding in domestic capital markets for the benefit of Micro, Small and Medium-sized Enterprises (MSMEs)

    United Capital will be represented by its asset management arm, United capital Asset Management. United Capital, one of Africa’s leading investment banks, has extensive experience in high profile financial executions. In 2014 the company executed the largest corporate bond issue in the Nigerian market, which was simultaneously listed on both the NSE and the Financial Market Dealers Quotation (FMDQ) OTC platform. Other pioneering achievements recorded by United Capital include, completion of the first mortgage securitization for a mortgage backed bond in 2007; the first Tier 2 subordinated debt issuance through the bond market; and the largest corporate bond issuance in West Africa in 2010.

    Lion’s Head, a merchant bank based in London and Nairobi brings capital markets expertise to development finance initiatives for frontier markets. Lion’s Head advises across a broad range of capital markets and corporate finance initiatives across Africa, working with both the public and the private sector.

    Group chief executive officer, Oluwatoyin Sanni, said the selection further validates the company’s capability and service proficiency as a leading investment banking group.

    “It is an honour to be selected as Fund Managers alongside Lion’s Head in the management of the ALCB Fund,” Sanni said.

    Deputy Group Chief Executive Officer and Managing Director, Investment Banking at United Capital, Wale Shonibare added said the company would bring its African market expertise to bear in providing the necessary tailored solutions to significantly grow the Fund, and to meet KfW’s development objectives.

    Chairman, Lion’s Head, Bim Hundal, said the company was excited to add the ALCB Fund to its portfolio of asset management.

    A member of the board of directors of the ALCB Fund, Karl von Klitzing, said the fund managers would help to consolidate the growth of the fund.

    “Having proven the concept of an African non-sovereign local currency bond fund by sourcing and implementing the first investments and managing the fund by ourselves, we are very happy to now hand over a high impact and good credit quality portfolio to experienced fund managers, to bring the fund to a truly sizable scale,” Karl von Klitzing said.

  • Stanbic IBTC declares N9b interim dividend

    Stanbic IBTC declares N9b interim dividend

    The board of Stanbic IBTC Holdings Plc has recommended distribution of N9 billion as interim dividend on the first half earnings of the holding company. Shareholders on the register of the company as at July 31, 2015 will receive a dividend per share of 90 kobo. The dividend will become payable on August 28, 2015.

    The dividend recommendation was part of the highlights of the first-half earnings report of the company released yesterday, which showed 11 per cent growth in gross income and steep decline of 40 per cent in net profit.

    Key extracts of the six-month accounts and report for the period ended June 30, 2015 showed that gross earnings rose to N68.30 billion in first half 2015 as against N61.72 billion in comparable period of 2014. Profit before tax however dropped by 52 per cent from N19.95 billion to N9.54 billion. Profit after tax also declined by 40 per cent to N9.70 billion in 2015 as against N16.18 billion in comparable period of 2014. Earnings per share dropped from N1.48 in first half of 2014 to 80 kobo in first-half of 2015.

    The company’s balance sheet meanwhile emerged stronger with 22 per cent growth in customers’ deposits within the six-month period. Total assets closed June 30, 2015 at N1.03 trillion as against N944.54 billion recorded by the year ended December 31, 2014, representing an increase of nine per cent. Customers’ deposits rose by 22 per cent from N494.94 billion in December 2014 to N601.73 billion in June 2015. Total liabilities rose by 10 per cent from N830.27 billion to N911.17 billion. Shareholders’ funds also increased by eight per cent from N110.05 billion to N118.76 billion.

    Stanbic IBTC Holdings’ share price rose by 1.05 per cent to N25.01 per share yesterday at the Nigerian Stock Exchange (NSE), playing the contrarian stock as the downtrend at the stock market continued. The NSE Banking Index dropped by 1.3 per cent, ahead of the 0.82 per cent decline recorded by the overall benchmark index, the All Share Index (ASI).

    Average-year-to-date return at the NSE thus worsened to -8.34 per cent, extending the recent sustained decline to its eighth seventh consecutive trading session. There were 16 gainers against 33 losers. Forte Oil topped the losers’ list with a drop of N9.74 to close at N185.24. Guinness Nigeria dropped by N7.31 to close at N138.93 while Seplat Petroleum Development Company dipped by N4.89 to close at N330.11 per share.

     

  • Equities lose N119b, drop below N11tr

    Equities lose N119b, drop below N11tr

    Quoted equities yesterday stooped to a new recent low as increasing selling pressure widened the downtrend and shaved off about N119 billion from the market capitalization.

    With more than two decliners to every advancer, aggregate market value of all quoted companies on the Nigerian Stock Exchange (NSE) slipped below the N11 trillion mark, dropping from its opening value of N11.054 trillion to close at N10.935 trillion.

    For the sixth consecutive trading session, quoted equities continued to struggle with selling pressure, with investors opting for discounted prices to match underpriced bids that resulted from continuing low demand.

    The All Share Index (ASI), the composite value-based index that tracks all quoted equities, indicated average day-on-day decline of 1.08 per cent to close lower at 32,031.73 points as against its opening index of 32,380.26 points.

    The continuing decline further worsened the negative overall market situation with the average-year-to-date return rising to -7.58 per cent. Widespread depreciation among highly capitalised stocks exacerbated the decline.

    “We expect the current bearish mood to continue as there were no major catalysts to tilt market to the upside,” said analysts at SCM Capital, formerly Sterling Capital Markets.

    Dangote Cement, the market’s most capitalised stock, led 30 other stocks on the losers’ list with a loss of N4 to close at N168. Forte Oil followed with a loss of N3.02 to close at N194.98. Seven-Up Bottling Company dropped by N2.40 to close at N191.60. Beta Glass declined by N1.80 to close at N34.20. Seplat Petroleum Development Company lost N1.05 to close at N335. Stanbic IBTC Holdings dwindled by N1 to close at N24.75. Oando dropped by 74 kobo to close at N14.31. Ecobank Transnational Incorporated and GlaxoSmithKline Consumer Nigeria lost 50 kobo each to close at N21.50 and N43.50 respectively while Okomu Oil Palm slipped by 49 kobo to close at N28.50.

    Aggregate turnover stood at 193.97 million shares valued at N2.92 billion in 3331 deals. Financial services sector accounted for more than three-quarters of the total turnover with 149.96 million shares worth N1.49 billion in 1,839 deals.

    On stock by stock basis, Zenith Bank was the most active stock with a turnover of 48.39 million shares worth N920.4 million in 212 deals. Access Bank occupied the second position with a turnover of 22.21 million shares valued at N119.4 million in 124 deals while FCMB Group placed third with a turnover of 17.13 million shares valued at N50.19 million in 60 deals.

    On the positive side, Ashaka Cement recorded the highest gain of N1.05 to close at N22.15. UACN Property Development Company added 20 kobo to close at N10.40 while Custodian and Allied gathered 19 kobo to close at N4.09 per share.