CONTINENTAL REINSURANCE PLC (CONTINSURE)
- The counter sustained previous week’s positive momentum as the ticker appreciated
by 6.00% WtD to close at NGN1.06 (vs. NGN1.00 in previous week) - However, volume and value of transactions declined marginally by 7.85% and 5.69%
respectively. - The company recorded 2014FY YoY Gross Premium Written (GPW) growth of 7.43%
to NGN16.15bn, up from NGN15.03bn in 2013FY. - However, Earning After Tax (EAT) returned a massive decline of 51.20% to settle at
NGN856mn compared to NGN1.75bn in previous year. - The drag in bottom-line was largely driven by increased expenses during the year,
alongside a 34.31% decline in investment & other income.
CUSTODIAN & ALLIED INSURANCE PLC (CUSTODYINS)
- CUSTODYINS traded flat during the week to sustain the prior week’s market value of NGN4.00.
- The volume and value of transactions declined significantly by 49.64% and 49.79 respectively, following 6.87mn trades valued at NGN27.46mn.
- The company released its Q1:2015 result, its GPW pared by 14.27%, however, PAT soared significantly by c.33%.
- The company’s impressive bottom line was sustained by a 36.05% moderation in reinsurance cost and a significant 286.45% rise in investment income.
- The company’s Q1:2015 Q-o-Q total asset and shareholders fund advanced respectively by 3.53% and 6.28% to NGN50.59bn and NGN24.48bn from NGN48.86bn and NGN23.04bn in 2014FY. TP N1.38 Expected Return: 39.4% TP N 5.6 Expected Return: 34.3%
Source: Mersitem