SMN Top 5.2nd quater results
July 1st, 2008 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
After about 4 months of consecutive share price witnessed in the Nigerian stock market, things are once more looking bright as market indicators clearly suggest that the market is set for a rebound. As expected, the SMN portfolio was also affected by the negative mood of the market. However experience has taught us here at Stockmarketnigeria.com that investment is sweeter and more rewarding in the long term. The results for the 2nd quarter ended June 30, 2008 are detailed below.
Benue Cement Company.
The stock has been in the portfolio since last year and would most likely remain till the end of 2008. Its price opened at the beginning of 2008 at N53.00 and closed at N49.00 on June 30, 2008. This represents a percentage loss of 7.54 percent or N4.00 which we believe is not bad considering the fact that a bonus of 1 for 4 was issued in its 2007/2008 financial year. The stock has attained a high of N54.70 so far in 2008. The prospects of a price appreciation as fairly high considering the perculiarity of the sector in which the company operates. 174 units were bought at N60.00.
Oceanic Bank Plc
Known as a winning stock any day, the share price opened at N39.05 in 2008 and closed at N25.01on June 30, 2008.The company dished out a dividend of N1.02 in its 2007 financial year and is set to do well in its 2008 year.Second quater results released by the bank revealed a profit after tax in excess of N20 billion which is very impressive. The stock will also remain as part of the SMN Top 5 portfolio till the end of the year as it is expected to experience a rally towards the last quarter of 2008. A total of 564 units were bought at N19.53
Fidelity Bank Plc.
The stock has not really moved in 2008 possibly due to the general mood of the market. The stock opened at N11.83 in 2008 and has acheived an all year high of N12.56 so far. It closed at N10.20 on June 30, 2008 on a flat note.The bank paid a dividend of N0.17 kobo in its 2007 financial year and is poised to do well in it current 2008 financial year.A total of 2,230 units were bought at N4.00.
Lasaco Assurance Plc.
The stock closed at N3.21 on June 30,2008 after opening at N4.63 at the beginning of the year. It has attained a year high of N5.99 so far and is reckoned to be one of the best in the insurance industry.A total of 6000 units were purchased at N3.85 per share. No dividend has been declared by the company since its purchase but we also intend to hold the stock till the end of 2008.
Based on the closing prices at the end of trading on June 30, 2008, the value of the portfolio stood at N64,637. Considering the bonuses declared and the dividends received, we arrived at a naira value of N3085.88 for the bonus declared by BCC and the dividends for Oceanic bank Plc and Fidelity Bank plc. It would be recalled that the portfolio was opened with N50,000 in February 2007.
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