The first day of the newly adjusted par value rule seems to have gone on smoothly, as the All Share Index closed positive at 1.22%. The minimum value at which a stock trades has been moved from 50 kobo to 1 kobo per share.
While several stocks fell below the 50 kobo floor, 4 stocks closed at 48 kobo. Here is a brief breakdown of the stocks.
ABC Transport closed at N0.48 kobo down by N0.02 or 4%. 101,000 shares were traded in 2 deals. ABC Transport was incorporated in April 1993, but became a public company in 2005. The company is into road passenger transportation, cargo business, haulage and hospitality services.
Results for the half year ended June 2017 show revenue dipped from N3.7 billion in 2016 to N3.3 billion in 2017. The company swung from a loss of N333 million in 2016 to N330 million in 2017.
Lasaco Assurance closed at N0.48 kobo down N0.02 or 4%. 120,000 shares were traded in 3 deals.
Lasaco, then known as Lagos State Assurance Company Limited obtained a License as an Insurer on 7th July 1980 and commenced business operations on 1st of August 1980. It became a public limited liability company in 1991 when it was listed on the Nigerian Stock Exchange.
Results for the 9 months ended September 2017 show Gross Premium increased from N4.9 billion in 2016 to N5.7 billion in 2017. Profit before tax fell from N917 million in 2016 to N553 million in 2017.
Prestige Assurance also closed at N0.48 down by N0.02 or 4%. 108,000 shares were traded in 2 deals.
Established in 1952 as a branch office of The New India Assurance Company Limited, Mumbai. Prestige Assurance was incorporated as a limited liability company on 6th January 1970 and licensed to write all classes of Non-life insurance in Nigeria
The company’s name was changed to Prestige Assurance Plc on 24th September 1992, in line with the indigenization decree passed by government of Nigeria. After successful recapitalization in 2007 and subsequent Rights issue in 2015, Prestige Assurance Plc currently operates as a subsidiary Company of The New India Assurance Company Ltd, Mumbai with 69.5 percent shareholding.
Results for the 9 months ended September 2017 show Gross Premium Written increased from N1.8 billion in 2016 to N2.4 billion in 2017. Profit before tax also increased from N385 million in 2016 to N580 million in 2017.
Royal Exchange Assurance
Royal Exchange Assurance closed today’s trading session at N0.48 down N0.02 or 4%. 5.9 million shares changed hands in 22 deals.
Royal Exchange commenced operations in Nigeria in 1918 represented by Barclays Bank DCO and in 1921 converted to a full branch of its then parent company, Royal Exchange Assurance, London.
The company was incorporated as a private limited liability company on 29 December 1969. It was converted to a public company on the 15th of July 1989, and listed on the Nigerian Stock Exchange on 3rd December 1990.
For the 9 months ended September 2017, Gross Premium increased from N10.8 billion in 2016 to N11.3 billion in 2017. Profit before tax also increased from N274 million in 2016 to N343 million in 2017.