UNIC Insurance suffers profit loss, Index sinks by 0.59%

UNIC Insurance suffers profit loss, Index sinks by 0.59% ; UNIC Insurance has reported a gross premium of N2.740 billion in its unaudited full year 2009 ended December 31, 2009 result submitted to the council of the Nigerian Stock Exchange (NSE). This is N2 million lower than the N2.742 billion recorded in previous full year. Profit before taxation stood at a negative of N527.462 million from N298.058 million; profit after taxation dropped from N129.221 million in 2008 to a negative of N556.514 million.

In the balance sheet information, the company ‘s fixed assets dropped to N3.121 billion from N3.302 billion; stock also dropped from N436.754 million to N236.722 million; trade debtors stood at N92.555 million from N162.842 million; cash and balances improved from N79.546 million in 2008 to N79.891 million.

Other debit balances stood at N4.100 billion from N4.173 billion; insurance funds increased from N239.922 million in 2008 to N382.754 million; short term borrowing went down from N386.759 million; other credit balances stood at N2.912 from N2.731 billion; while net assets dropped from N4.797 billion in 2008 to N4.190 billion.

Meanwhile, basic indicators of the Nigerian Stock Exchange (NSE) closed in the negative on Tuesday, as trading ended with 18 stocks on the gainers’ side, leaving 41 others on the laggards’ side. Equities capitalization dropped by N47.086 billion to N7.871 trillion; while the All-Share Index went down by 147.39 basis points or 0.59 per cent up to close 24, 638.17 basis points.

A total of 259.171 million shares, valued at N2.394 billion in 6,122 deals as against 309.205 million shares, valued at N2.405 billion in 6,212 transactions recorded on Tuesday; with the banking sub-sector recording a total of 159.021 million shares, valued at N1.368 billion as against 161.806 million shares; valued at N1.345 billion recorded on Tuesday.

Nigerian Breweries led the losers’ with a loss of 178 kobo to close at N77.01 per share; followed by Cadbury Nigeria which went down by 105 kobo to close at N26.0 per share; African Petroleum shed 92 kobo to close at N19.20 per share; Zenith Bank depreciated by 70 kobo to close at N14.21 per share; while the share price of Cement Company of Northern Nigeria went down by 46 kobo to close at N12.57 per share; among others.

Northern Nigerian Flour Mills led the gainers’ with a gain of 199 kobo to close at N41.97 per share; followed by Nigerian Bottling Company which notched 150 kobo to close at N31.50 per share; Ecobank Transnational Incorporated appreciated by 39 kobo to close at N15.90 per share; Union Bank Nigeria added 22 kobo to close at N4.67 per share; while Ikeja Hotel nicked 7 kobo to close at N1.57 per share; among others. For the latest updates PRESS CTR + D or visit Stock Market news Today

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