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<\/a><\/p>\n9 December 2011<\/p>\n
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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.<\/p>\n
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.<\/p>\n
The index had declined by 0.32 per cent the previous day.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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).<\/p>\n
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.<\/p>\n
Eterna Plc and University Press Plc garnered N0.15 apiece just as Dangote Sugar and Nigerian Aviation Handling Company Plc added N0.10 each.<\/p>\n
Investors traded 233.40 million shares worth N1.14 billion compared with 163.544 million shares valued at N1.02 billion the previous day.<\/p>\n
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