Nigerian Stock Exchange as at 31/07/07
August 1st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The exchange on the last trading day for the month of July was historical. Zenith Bank Plc surpassed UBA in balance sheet size by crossing the N1 trillion mark to hit N1.2 trillion.
Some companies also continued the tradition of releasing impressive results and key banking stocks sustained and continued their rallies.
Sterling Bank Plc
The company released its 3rd quarter result for the period ended June 30, 2007. In the result, turnover grew by 86 percent, from N8.6 billion in 2006 to N16 billion in 2007. Profit before tax increased by a whooping 1015 percent , from N0.26 billion in 2006 to N3 billion in 2007.
As expected, after tax profit also rose to N2.4 billion in 2007, from N1.4 billion for the same period of 2006. This indicates an increase of 73 percent. The stock is currently trading around the N8.00 mark and is said to hold inherent ability for capital appreciation before the full year result is out.
Eterna Oil Plc.
The company yesterday released its half year result for the period ended June 30,2007. In the result, turnover grew by 294 percent, from N0.81 billion in 2006 to N3.2 billion in 2007. Profit before tax increased from NN0.025 billion to N0.044 billion in 2007, indicating an increase of 76 percent. Profit after tax also grew by 82 percent from N0.017 billion in 2006 to N0.031 billion in 2007.
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