Following moves by First City Monument Bank Plc (FCMB) and Great Nigeria Insurance Plc to raise fresh capital from the primary market, the stocks of the two companies were placed on technical suspension last week by the Nigeria Stock Exchange (NSE).

Technical suspensions were placed on the receipt of applications from the companies that they wish to approach the primary market to source fresh funds to enhance their operations. With the technical suspension, the share prices of the two stocks would be put on hold pending the conclusion of the offerings to avoid indiscriminate pricing in the secondary market.

In another development, the technical suspension on the shares of Transnational Corporation (Transcorp) was lifted on the lifting of the company's supplementary shares last Thursday. The company's 2.9 billion shares were listed in addition to the shares outstanding in the secondary market.

Meanwhile, FCMB and other companies presented their scorecards to the Nigerian Stock Exchange last week. By the result, FCMB recorded an after tax profit of N5.95 billion in the year ended June 30 2007, up from N2.83 billion in the same period last year, on a gross earnings which rose from N11.05 billion to N25 billion. The directors have recommended a dividend of 35 kobo per share.

Dangote Sugar Refinery Plc also presented its audited results for the half year ended June 30, 2007, which indicated an after tax profit of N11.5 billion, up from N7.81 billion in 2006, on a turnover which fell from N42.41 billion in 2006 to N40.8 billion in 2007. The directors have recommended an interim dividend of 40 kobo per share, with August 31 2007 as date of closure of register and September 7 2007 as payment date.

University Press Plc also presented its full year result, indicating an after tax profit of N109.42 million compared with N70.33 million in 2006, on a turnover which rose from N548.2 million in the year ended March 31, 2006 to N691.75 billion in 2007. The directors have recommended a dividend of 25 kobo per share with September 10 2007 as date of closure of register and September 27 as payment date.

For the hitherto moribund National Salt Company of Nigeria Plc (NASCON), profit after tax stood at N516 million in the half year ended June 30, 2007 compared with a loss of N4 million in 2006, on a turnover which rose to N2.33 billion from a meagre N7 million in 2006.