Market Recovers N205bn in 4 Days

31 Oct 2011

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Chairman of Transcorp,   Tony Elumelu

The Nigerian stock market closed on a positive note for the fourth consecutive day last Friday, garnering N205 billion in the process. 

The market capitalisation closed at N6.17 trillion, up by N94 billion from N6.617 trillion the previous day.

However, between last Tuesday and Friday, the market recovered N205 billion as investors responded positively to the impressive third quarter results declared by listed companies.

Transnational Corporation of Nigeria Plc (Transcorp) was one the companies that made its results for the third quarter ended September 30, 2011, available to market operators last Friday.

The company posted a turnover of N1.891 billion in 2011 compared with N1.716 billion in 2010. Profit after tax rose by about 50 per cent from N613.61 million in 2010 to N922.78 million. Shares in the company appreciated by 2.9 per cent to close   at N0.70 per share last Friday.

Transcorp had last week announced the appointment of Mr. Obinna Ufudo as President/ Chief Executive Officer as part of the changes that were effected on the Board of Directors.  The changes also brought Mr. Chibundu Edozie and Mrs. Dupe Kupoluyi Olusola to the board of director of the company.

Until his new appointment, Ufudo was the Chief Operating Officer at Heirs Holdings Group, where he focused on establishing and running operations across the group including HH Capital and Tenoil Petroleum & Energy Services.

The statement noted that Ufudo’s professional experience in the treasury management, business strategy and investment banking industries spanned over 16 years.

“Transcorp places great emphasis on attracting top talent to lead the company to its next stage of growth and development. Our board is convinced that Obinna is the right person to help lead the Group forward,” the Chairman of Transcorp, Mr. Tony Elumelu had said.

Meanwhile, trading at the last day of the week was highly bullish as 31 equities appreciated in prices, compared with only 12 price losers. Leading cement manufacturing firm, Dangote Cement Plc recorded the highest price gain of N5 to close at N10.7 per share. Lafarge WAPCO Cement Plc trailed with a gain of N1.45 to close at N42.00 per share.

Ashaka Cement Plc, Berger Paints Nigeria Plc, CAP Plc and First Bank of Nigeria Plc chalked up N0.70, N0.45, N0.45 and N0.41 respectively.

However, the bears still visited 12 stocks led by Flour Mills Nigeria Plc with N1.99 to close at N63.01 per share. UACN Property Development Company Plc trailed with a loss of N0.61 to be at N11.59, while Cadbury Nigeria Plc and Stanbic IBTC Bank Plc went down by N0.39 and N0.30 respectively.

Tags: Business, Featured, Nigeria, Transcorp

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