Turnover, profit slump at Okomu Oil plc


Both the turnover and the profit levels declined in the third quarter result submitted by Okomu Oil Plc, to the Nigerian Stock Exchange today in Lagos.

Turnover dropped by over a billion from N7.9 billion in September 2012 to N6.8billion this year.

Profit before tax also took a nose dive, from N3.8billion last year to N1.6billion, crashing estimated returns to shareholder from N6, to N2.

Despite the result, the stock still chalked additional 60k to close at N43.

Flour Mills led the gainers chart, gaining N2.58 to close at N91.85 per share.

Presco, in the agricultural sector with Okomu, came second with a gain of N1.82 to close at N38.37, while Unilever garnered N1.55 to close at N60.56 per share.

Oando appreciated by 62k to close at N15.83.

Guinness topped the price losers, shedding N2 to close at N260 per share.

Cadbury trailed with N1.36 to close at N61.49, while GT Bank dropped 49k to close at N27.31 per share.

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Stanbic IBTC lost 20k to close at N19.40, while Access Bank declined by 12k to close at N9.65 per share.

The volume of shares traded improved as 671.59 million shares worth N6.13 billion were traded in 5,716 deals.

This was in contrast to the 308.96 million shares valued at N4.23 billion achieved in 5,493 deals on Tuesday.

Transcorp drove the turnover volume with 275.35 million shares worth N1.22 billion.

It was followed by Zenith Bank, having accounted for 59.89 million shares valued at N1.27 billion, while E-tranzact traded 39.74 million shares worth N112.86 million.

Wapic Insurance came fourth with 36.89 million shares valued at N36.59 million, while investors staked N105.88 million on 25.45 million shares of Skye Bank. (NAN)a

The market indicators appreciated marginally by 0.09 per cent in spite of high volume of shares traded.

Market capitalisation rose by N12 billion or 0.09 per cent to close at N12.471 trillion against N12.459 trillion achieved on Tuesday.

Also, the All-Share Index, which opened at 38,955.42, grew by 34.78 basis points or 0.09 per cent to close higher at 38,990.20.

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