UBA, MoneyGram Donate Medical Facilities to LUTH

26 Nov 2012

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UBA House

As part of activities to mark 15 years of their partnership, the United Bank for Africa Plc (UBA) and MoneyGram have donated a branded crèche for the Oncology Pediatric ward of the Lagos University Teaching Hospital (LUTH).

A statement said the UBA Foundation also supported LUTH on its golden jubilee celebration by donating two incubator machines to the children ward in the hospital.

Speaking during the presentation, Head, Retail Products, UBA, Olumide Osunyomi, said as part of UBA’s incentive to reward customers during the UBA/MoneyGram 15th anniversary, the bank planned to execute hospital-based
Corporate Social Responsibility (CSR) projects.

In the same vein, Managing Director of UBA Foundation, Ms. Ijeoma Aso, said the donation of the incubators was to enable seamless optimal usage and also to ensure that many babies’ lives are saved.

Regional Bank Head, Mainland Bank, UBA, Ilesanmi Owoeye, said: “As a business when you operate and stand aloof without impacting the environment where you make your money, it is just a question of time, you will stand alone.”

Caption: NSE building
Profit Takers Rule Stock Exchange as Indices Decline Further
Eromosele Abiodun
Investors hope that the Nigerian equities market will rebound last week did not materialise as the stock market again drifted further southward following sell-offs on some high capitalised stocks in the consumer goods and financial services sectors.

The stock market had relapsed the previous week despite the addition of three more securities to the pool of stocks in the market making basket, after reversing its two weeks losing streak the week before.
Trading last Monday resumed on a poor note but rebounded on Tuesday as profit-taking activity slowed down. Mid-week, the market returned southward as trading activities witnessed intense sell pressure across all sectors as reflected by the Nigerian Stock Exchange (NSE) sector indices.

The market continued on that note on Thursday driven by the decline in the share prices of some highly capitalised stocks, such as Guinness Nigeria Plc, Zenith Bank Plc, First Bank of Nigeria Plc, Cadbury Nigeria Plc and Guaranty Trust Bank Plc.

The market returned to positive territory at the close of business last Friday as bargain hunters take position for possible profit opportunity this week.

However, the Friday rebound added little value as the market closed the week in red. Analysis of trading results released by the NSE showed that most market indicators closed flat led by the twin market gauge-the All-Share Index or ASI and the market capitalisation. A detailed review of the trading numbers showed that the exchange’s benchmark index depreciated by 0.30 per cent to close at 26,322.18 down from 26,400.94. Also, market capitalisation of the listed equities dropped by 0.39 per cent or N32.620 billion, from N8.413 trillion recorded in the preceding week to N8.381 trillion.

Likewise, the NSE Banking Index, the NSE Insurance Index and the NSE Oil/Gas index dropped by 1.38 per cent (+50.66 YTD); 1.50 per cent (-8.28 YTD); 1.41 per cent (-31.63 per cent YTD) respectively; while the NSE-30 and NSE Lotus II Indices respectively appreciated by 0.86 per cent (+34.26 per cent YTD) and 0.50 per cent (+32.81 per cent YTD).

Market Turnover
A further analysis of the trading results showed that investors sold a total of 1.178 billion ordinary shares worth N9.279 billion made in 18,621 deals in contrast to a total of 1.293 billion ordinary shares valued at N9.414 billion that exchanged hands the previous week in 19,825 deals.
The Financial Services sector was the most active during the week contributing 74.64 per cent to the total turnover volume with 879.335 million shares valued at N5.574 billion exchanged by investors in 10,900 deals.

Similarly, the banking subsector of the Financial Services sector was the most active during the week (measured by turnover volume); with 639.990 million shares worth N5.400 billion traded in 10,184 deals. The volume of shares sold in the banking subsector was largely driven by activity in the shares of Access Bank Plc, United Bank for Africa Plc and Zenith Bank Plc. Trading in the shares of the three banks accounted for 321.215 million shares, representing 50.19 per cent, 36.53 per cent and 27.27 per cent of the turnover recorded by the subsector, sector and total turnover for the week, respectively.

Also traded during the week were 500 units of NewGold Exchange Traded Funds (ETFs) valued at N1.327 million exchanged hands in five deals in contrast to a total of 350 units valued at N925.000 million transacted last week in four deals. Also, 100 units of FG9B2017S2 valued at N108.730 were traded during the week in 1 deal. However, there were no transactions in the State/Local Government Bonds and Corporate Bonds/Debentures sectors.
Price Change Summary
Analysis of the equity price movements indicated that 26 equities gained while 43 equities recorded price declines and prices of 129 equities remained constant. When compared with the preceding week, 23 gained while 43 recorded price declines and prices of 132 equities remained constant. The top 10 gainers in the top 10 category are: Flour Mills Nigeria Plc (N3.40), Unilever Nigeria Plc (N2.70), Nigerian Breweries Plc (N2.56), Julius Berger Nigeria Plc (N2.40), UACN Plc (N1.60), Cadbury Nigeria Plc (N1.41), Access Bank Plc (54 kobo), Oando Plc (34 kobo), Nigerian Bags Manufacturing Company Plc (33 kobo) and Dangote Sugar Refinery Plc (30 kobo). On the other hand, the top 10 losers were: Guinness Nigeria Plc (N21.85), Total Nigeria Plc (N6.25), GlaxoSmithKline Consumer Plc (N3.34), Nestle Nigeria Plc (N2.29), MRS Oil Nigeria Plc (N1.45), UACN Property Development Company Plc (N1.39), New Nigeria Flour Mills Plc (N1.020, Academy Press Plc (90 kobo), Zenith Bank Plc (81 kobo) and Forte Oil Plc (46 kobo).
New Listings
Meanwhile, the NSE will this week witness the listing of a third company this year as Geo-Fluids Plc, prepare to join the exchange. Shareholders of the company had given their approval for the shares to be listed on the Exchange at N5 per share.

The NSE had earlier in the year listed the shares of Austin Laz Nigeria Plc and Forties Microfinance Plc.

Speaking on the development, the Managing Director, Geo-Fluids Plc, Dr Ala Ibanibo, said the delay in listing the company was to ensure that shareholders get real value for their investments given the challenges the capital market went through recently.

He said: “The challenges the company experienced have been carefully articulated. We do accept that in year 2008, there was a virtual collapse of the capital market worldwide and we in Nigeria were not insulated from the free-fall. Never the less, we know the attributes and prospects of the capital market as a dependable vehicle for wealth creation in the long-term.

“Consequently, we believe that given the right regulatory and institutional frame work, the capital market will continue to be a very important catalyst for wealth preservation and that is why we are listing now regardless of the temporary challenges. This is a company that has been built over the years with a diversified revenue base.”
According to him, the company has emerged from the recession of the last few years stronger and better, noting that this would be seen in its management account covering nine months of 2012, to be published soon.

Ibinabo disclosed that already the company’s profit before tax was over N1billion as at the end of September, expressing optimism of a dividend payout to shareholders at the end of the 2012 financial year.
“The future is great and very promising and I encourage our shareholders to hold on just a little longer and they will reap huge returns in investments, bearing in mind that we have considerably re-structured our business into several value added and income generating units,” he said.

Tags: Nigeria, Featured, Business, UBA

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