Trading session at NSE

Airline Services & Logistics Plc (ASL) Tuesday reported a growth of 142 per cent in profit for the half year ended June 30, 2012, thereby raising investors’ hope for higher returns at the end of the current financial year.

While the firm recorded a marginal rise in turnover, growing from N1.688 billion in 2011 to N1.854 billion in 2012, profit after tax soared by 142 per cent from N100.659 million to N243.436 million in 2012.

With the N243.436 million half-year profit, the company has already surpassed the N238.15 million recorded for the 2011 full year.

A further analysis of the company’s result showed that its earnings per share improved from 16 kobo to 38 kobo, indicating that the company was already in a position to pay a dividend that is higher than the 20 kobo paid the previous year.

Despite the impressive result, shares in ASL fell by seven kobo to close at N1.57 per share. In all, the market was bearish after opening the week in the bulls’ territory the previous day.

The Nigerian Stock Exchange (NSE) All-share Index fell by 0.65 per cent to close at 23,125.32 compared with an appreciation of 0.15 per cent the previous day.

The N11billion gain recorded the previous day, was wiped off yesterday as the market capitalisation of equities shed N48 billion to close at N7.36 trillion, down from N7.408 trillion.

Dangote Cement Plc led the price losers with N2.50 to close at N112.50 per share, trailed by Arbico Plc with a depreciation of N0.78 to be at N14.83 per share. Union Bank of Nigeria Plc and Guaranty Trust Bank Plc also closed among the top price losers, declining by N0.24 and N0.20 respectively.

On the other hand, Flour Mills of Nigeria Plc led the price gainers with N1.60 to close at N52 per share. Glaxosmithkline Consumer Nigeria Plc trailed with a loss of N0.51.