The stock market closed last week on a positive note as total number of gainers stood at 93 against 24 losers. As expected, banking and insurance stocks accounted for majority of the days trading. Among the highlights at the close of the week, Cutix Plc released its half year result for the period ended October 31, 2007.

In the highlights of the results, turnover for the period increased by 39 percent, from N0.47 billion in 2006 to N0.66 billion in 2007. Profit before tax was not impressive however, as this figure dropped by 5.6 percent from N0.11 billion in 2006 to N0.10 billion in the corresponding period of 2007. After tax profit was no better as the company dropped this figure by 5.71 percent, from N0.07 billion in 2006 to N0.66 billion in 2007.

Most investors would want to be cautious of this stock in the short term. The stock price closed at N12.50 at the end of trading on February 1, 2008.