Nigerian Stock Exchange as at July 30, 2007.
July 31st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The exchange was a beehive of activities just a day before the end of the month. The banking sector saw some heavy trading volumes in some of the equities. This was led by UBA which had a trading volume in excess of 324 million units. Fidelity Bank followed suit with about 60 million units. The stock was however placed on technical suspension, as the management of the exchange have received application by the bank to roll out a public offer by way of subscription at N10.00 per share and rights issue at N9.50.
First bank continued on a srong note, especially after the news of a N1.00 dividend and bonus of 1 for 6 hit the market.Cornerstone Insurance released an impressive half year result for the period ended June 30, 2007 that is expected to cause a rally in the weeks ahead.
In the result,the company grew turnover by 43 percent, from N1 billion in 2006 to N1.4 billion in the said period of 2007. Profit before tax soared by a whooping 321 percent, from N96 million in 2006 to N406 million in 2007. Also, profit after tax increased by 363 percent, from N57million in 2006 to N276 million in 2007.
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