The All-Share Index dropped by 3.64% to close on Friday at 61,418.96 while the market capitalization of the 217 listed equities closed lower at N11.842 trillion.

A turnover of 3.94 billion shares worth N55.25 billion in 87,044 deals was recorded this week, in contrast to a total of 4.52 billion shares valued at N69.72 billion exchanged last week in 97,348 deals. Transactions during the week included a total of 1000 units of FGN 27th Floating Rate Bond 2010 valued at N1.0 million.

The Insurance sub-sector was the most active during the week (measured by turnover volume); with 2.1 billion shares worth N9.63 billion exchanged by investors in 19,720 deals. Volume in the Insurance sub-sector was largely driven by activity in the shares of Equity Assurance Plc, Universal Insurance Co. Plc and Goldlink Insurance Plc. Trading in the shares of the three Insurance Companies accounted for1.24 billion shares, representing 60.41% of the sub-sector’s turnover.

COMPANY RESULT

Airline Services and Logistics plc: The annual account for the year ended December 31st, 2007 of AIRSERVICE was today released on the floor of the Nigerian Stock Exchange. It gave a current turnover figure of N3.471 billion as against N1.847 billion (representing a 87.93% increment) over the corresponding period in 2006. Its latest Profit After Tax, PAT, stood at N322.760 million from N179.238 million recorded in 2006. The directors of the company have proposed a 5 kobo dividend and the closure date of the register of shareholders is May 2nd2008 while the payment date is on the 15th of June, 2008. The company changed their financial year in 2006 from 31st March to 31st of December. AGM will hold at Banquet Hall of Gateway Hotel, Abeokuta on Thursday 15th May, 2008 by 2.00p.m. The company is a full fledged export processing zone hence not provision was made for education and income tax.

Transnationwide Express Plc: The payment date of the proposed dividend pay out of 10kobo for the period, 31st December, 2007 by Transexpress has been put at May 22nd 2008 while the closure date of the register is for April 28, 2008.

NEWS UPDATES

Spring bank launches three new products (Guardian) In repositioning itself for wider market coverage and better customer satisfaction, Spring Bank Plc has introduced three products to its teeming customers. The products are Spring One, Spring Savings Plus and Spring Star Accountant an interactive session with the media and its teeming customers in Lagos recently, the Managing Director/Chief Executive Offer (CEO), Dr Suleiman Ndanusa said that the products were coming at a time the banking industry needed to maintain its leading role in the Nigerian economy. The Spring One was a current account targeted at employees in the private and public sectors and that it bundles various banking services into a single basket so as to meet the basic banking needs of an average employee.

Spring plus product is a hybrid account producing high interest rate benefit of a savings account and the checking convenience of a current account frees Cot.

Oceanic Bank offers customers variety of services at Enugu trade fair (Guardian) Oceanic Bank International Plc is making waves at the ongoing 19th Enugu International Trade Fair with exhibitors and visitors trooping into its stand to enjoy banking services brought to them at the fair. Exhibitors and other trade fair participants particularly are relieved that Oceanic Bank has saved them the trouble of leaving the grounds to undertake their respective banking transactions. Oceanic Bank is at the fair with a strong suite of retail banking and other services on offer to the participants at the trade fair till it ends on April 21.

Premier Paint restates commitment to market expansion (The Punch) The Chairman/Chief Executive Officer, Premier Paints Plc, Chief Ogooluwa Bankole, has said the company is working on new initiatives to expand its market base in order to ensure a reasonable dominance in the sector. The Chairman said the move informed the decision of the company which recently cemented a working partnership with construction giant, Shoreline/Costain Group, to give three brand new delivery vans to three of its distributors. He said, ”This is just to ensure that our aim of expanding our market base does not run into a hitch”. The acquisition of 40 per cent stake in the company by Shoreline/Costain Group has launched the fortune of the company on the upward swing.

Intercontinental Wapic plans electronic transactions (The Punch) The Managing Director Intercontinental Wapic Insurance Plc, Mr. Segun Balogun, has said that the company will soon commence transacting insurance business through the electronic system. He said, “We are working on our electronic system to enhance insurance transactions, by this you will not need to come to our office either as a broker or as a direct client to transact business with us. We are designing it in a way that our clients would be able to access our services anywhere they are and transact business with us, either buying insurance or notifying us of a claim, and also get prompt response from us”.

Dangote Sugar emerges most profitable food and beverage firm (Guardian) Then Managing Director Sugar Refinery Plc, Engr. Abdullahi Sule, has said that Dangote Sugar is the most profitable food and beverage company in the country, declaring that the N17billion dividend payout at the year ending 31st December, 2007, is a testimony to the sterling qualities of its products and wide acceptance by the consuming public. He stated that the company will continue to take innovative measures geared towards achieving a consistent growth, assuring of a brighter future for its investors. Sule said that Dangote Sugar Refinery is the only sugar company in West Africa and the second largest in the world, second to the one in Dubai, and is equipped with the most modern technology in sugar refinery.

NEXIM Bank raises hopes on textile industry’s revival (Guardian) Following the five year-tax holiday granted textile companies in Nigeria, the nation’s textile industry would generate over one million jobs when fully revived, the Managing Director of the Nigeria Export-Import Bank, Alhaji Baba Yusuf said. Yusuf also disclosed recently, that textile industries in the country would be able to access the Federal Government N70 billion textile revival funds within five weeks, adding that a full-fledged textile revival department has been established in the bank to ensure a successful revival in the sector. The NEXIM Bank boss also assured that not a single kobo would be diverted from the fund, which will be provided by UBA.

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