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Stock Market

Union Diagnostic blames “ERP Implementation” for delay of 2019 result

 The company expects the accounts to be ready June 29, 2020. 

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Union Diagnostic and Clinical Services Plc has blamed the implementation of its ERP software as the reason for its late submission of its audited accounts. 

It made this know via a notice to the Nigerian Stock Exchange. The statement issued by the Company’s secretary Dr. Iroye Opeyemi Samuel explained that a notification was earlier sent to the public of its inability to file these accounts within the time prescribed by the Rules of The Exchange on the filing of financial statements. It explained this was due to the implementation of an Enterprise Resource Planning Software which has affected its ability to conclude its audit process. 

The company claimed it had envisaged thathe implementation process will be completed by the end of March 2020 but has now experienced significant delaysIt also claimed the COVID-19 pandemic delayed the process from being implemented and it’s expected that this process will be concluded by June 29, 2020. 

 The company expects the accounts to be ready on June 29, 2020. 

Union Diagnostic and Clinical Services Plc apologized for the delay and assured the public that the audited accounts shall ready at the said time. 

Union Diagnostic and Clinical Services Plc. (UDCS Plc.) is a leading indigenous and homegrown company in the medical diagnostics and healthcare sector 

The company reported profits of N129 million in 2019 a significant rise from N101 million reported in 2018. Its share price closed at 29 kobo at the close of business on Friday, June 19.  

The company has struggled over the years especially in the lucrative lab testing clinical services business. It recently received an offer of N492.75 million from Cedar Advisory Partners which already has a 20% stake in the company.  

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The acquisition which is priced at 35 kobo per share will see Cedar own 59.66% in Union Diagnostic.  

The COVID-19 Pandemic has provided a lifeline for the healthcare companies with several intervention funds earmarked for companies in the sector.  

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Markets

PRESCO and MEYER upsurges as FCMB and CHIPLC plunge

The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

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Best performing mining, industrial and consumer goods stocks from last week

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

  • Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
  • The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

  1. MEYER up +9.62% to close at N0.57
  2. PRESCO up +9.58% to close at N78.90
  3. UNITYBNK up +9.09% to close at N0.60
  4. UAC-PROP up +7.89% to close at N0.82
  5. COURTVILLE up +5.00% to close at N0.21

Top losers

  1. CHIPLC down -9.52% to close at N0.38
  2. ROYALEX down -7.69% to close at N0.60
  3. HONYFLOUR down -5.83% to close at N1.13
  4. CUTIX down -4.98% to close at N2.10
  5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

  • Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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Markets

Wall Street drops from record high amid inflationary concerns

Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

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Concerns over accelerating inflation weighed on stocks on Monday, with the Dow Jones Industrial Average snapping back from a record peak, while the dollar struggled at a 10-week low. Concerns regarding inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

The rise in raw materials prices is fueling debate ahead of a U.S. CPI study due on Wednesday, which is expected to show a strong increase in April. The pandemic shocks a year ago will amplify the year-on-year reading, but it feeds into a wider market fear that the Federal Reserve will be forced to lift interest rates faster than current guidance suggests to keep inflation in check.

Since rising to 1.60 percent earlier this week, the benchmark 10-year Treasury yield has dropped once again. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Investors punished Big Tech equities during the daily session, pushing both the Dow Jones Industrial Average and the S&P 500 off record highs, sending Nasdaq futures lower on Monday evening.

On Monday, investors sold Apple and Microsoft stocks, causing the Dow Jones Industrial Average and the S&P 500 to fall below their all-time highs. To begin the week, each of those stocks had lost at least 2% of their value.

S&P 500 futures were down 0.6 percent while Dow futures were down 67 points. Nasdaq 100 futures were hit by selling pressure and fell 1%. The Nasdaq Composite took the brunt of the selling, falling 2.5 percent to close at its session low. Facebook is down more than 4%, while Amazon and Netflix are also down more than 3%. After Citigroup downgraded Alphabet, the stock fell more than 2%.

After a ransomware attack forced Colonial Pipeline to shut down the country’s largest fuel pipeline over the weekend, gasoline futures swung back and forth in choppy trading on Monday. Sections of the company’s 5,500-mile grid are being brought back online Monday afternoon, and service is expected to be restored by the end of the week, according to the company.

Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. Gasoline futures soared as much as $2.217 during the overnight session, the highest amount since May 2018.

Concerns about rising inflation could prompt the Federal Reserve to alter its interest rate policy. As a result, a rise in interest rates decreases market liquidity, resulting in a drop in stock performance.

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