NSE: Investors dump Africa Prudential shares despite 68% profit growth

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Stock brokers on the floor of the NSE

Investors in the Nigerian Stock Exchange, NSE, today dumped the shares of Africa Prudential, Plc despite an impressive full year financial result for period ended December 31, 2017.
The company’s result released today on the Exchange shows that it grew its profit after tax by 68 percent to N1.7 billion compared to N1.0 billion in 2016 and also proposed 40 kobo per 50 kobo ordinary share dividend.
The company recorded a turnover of N3.37 billion, a growth of 38 percent over N2.4billion in 2016 and a profit before tax of N2.07 billion, representing 43 percent over N1.4billion in the previous year.
Nonetheless, investors engaged in massive sell-off of the shares resulting in 9.44 percent decline on the share price to close at N4.70.
Other companies in the top five losers chart include Unic Diversified Holdings Plc, which fell by 7.41 percent to close at N0.52 from N0.27. Multiverse Mining and Exploration Plc declined by 6.06 percent to close at N0.31 from N0.33.
United Capital Plc depreciated by 5.87 percent to close at N3.85 from N4.09, while Union Bank of Nigeria, UBN Plc was down five percent to close at N6.65 from N7.00 per share.
At the end of today’s trading, the market capitalisation fell by N100 billion to N15.120 trillion from N15.280 trillion.
On the other hand, Unity Bank Plc led the gainers, rising by 9.82 percent to close at N1.79 from N1.63, followed by Conoil Plc, which rose by 9.81 percent to close at N35.25 from N32.10. May & Baker Plc ranked third, appreciating by 8.86 percent to close at N2.95 from N2.71; Japaul Oil and Maritime Services Plc rose by 8.70 percent to close at N0.50 from N0.46, while Cement Company of Northern Nigeria, CCNN, chalked up by 8.01 percent to close at N18.20 from N16.85 per share.

(Vanguard)