9 December 2011
Shareholders of Unic Insurance Plc will have to wait for more years before receiving dividend as the underwriter yesterday declared a loss before tax of N1.007 billion for the year ended December 31, 2010.
The Nigerian Stock Exchange (NSE) made the results Unic Insurance on a day the equity market fell further by 0.61 per cent with the NSE All-Index closing lower at 19,829.29.
The index had declined by 0.32 per cent the previous day.
Shareholders of Unic Insurance last received dividend – 5 kobo, in October 2008. According to the audited results, the company recorded gross premium of N1.709 billion in 2010, down from N2.74 billion in 2009.
Although, Unic Insurance ended the year with a net operating loss of N93 million, provision for diminution in value of quoted securities/ receivables and management expenses increased the loss to N1.007 billion, compared with a loss of N527 million in 2009.
Even the second quarter unaudited results of the company to June 30, 2011 did not bring any sign of respite for the shareholders as it reported a loss of N102 million, as against a loss of N60 million in the corresponding period of 2010. The equity of Unic Insurance has been trading at par value of 50 kobo since the beginning of the year.
Meanwhile, the bearish trend persisted yesterday as 24 stocks declined compared with 13 that appreciated. Price losses recorded by heavy weights in the banking sub-sector, food beverages subsector contributed to the poor run witnessed yesterday.
However, Oando Plc led the price losers with N1.27 to close at N24.24 per share. Flour Mills of Nigeria Plc trailed with a loss of N1.00 to be at N63.00 per share. CAP Plc; Ashaka Cement Plc and Ecobank Transnational Incorporated shed N0.49, N0.42 and N0.39 respectively.
Other top price losers included: Stanbic IBTC Bank Plc (N0.31); Access Bank, First Bank of Nigeria Plc (N0.19 apiece); Guaranty Trust Bank Plc (N018) and Lafarge Cement WAPCO Nigeria Plc (N0.15).
On the other hand, Glaxosmithkline Consumer Nigeria Plc chalked up N0.39 to close at N24.81, trailed by Presco Plc with a gain of N0.31 to be at N8.05 per share.
Eterna Plc and University Press Plc garnered N0.15 apiece just as Dangote Sugar and Nigerian Aviation Handling Company Plc added N0.10 each.
Investors traded 233.40 million shares worth N1.14 billion compared with 163.544 million shares valued at N1.02 billion the previous day.
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