Beta Glass suffers 26.41% profit slide

Beta Glass has reported a turnover of N8.608 billion in its unaudited third quarter 2010 ended September 30, 2010 result submitted to the council of the Nigerian Stock Exchange (NSE).

This is a N789 million or 10.21 per cent improvement over the previous third quarter’s N7.810 billion.

Profit before tax however dropped by N318 million or 26.41 per cent from N1.522 billion in 2009 to N1.204 billion, while net profit fell to N908.639 million from N1.125 billion, representing N295.361 million or 26.25 per cent.

Meanwhile, the basic indicators of the NSE closed slightly positive on Wednesday, as trading ended with 48 stocks on the gainers’ side, leaving 21 others on the laggards’ side.

Equities capitalisation rose by N10.487 billion to N8.1161 trillion; while the All-Share Index climbed 32.84 basis points or 0.12 per cent up to close 25, 383.37 basis points.

In all, 19 of the 21 listed banks closed on the gainers’ side in response to expectations that plans by the Asset Management Corporation of Nigeria (AMCON) would buy N2.2 trillion worth of toxic assets from the banks would breathe new life into their books soon.

Nigerian Breweries led the gainers’ side with 197 kobo; followed by Lafarge Cement WAPCO’s 149 kobo; while Cadbury Nigeria and Oando grabbed 100 kobo each.

Ashaka Cement closed 90 kobo up; ahead of Dangote Flour Mills’ 79 kobo; Zenith Bank gained 73 kobo; Cement Company of Northern Nigeria notched 70 kobo;  Ecobank Transnational Incorporated gained 69 kobo; while Nigeria Aviation Handling Company chalked 46 kobo; among others.

The gainers’ also included seven of those rescued by the Central Bank of Nigeria (CBN) with N620 billion lifeline last year.

Union Bank closed 23 kobo or 4.8 per cent better; Oceanic Bank gained 4.69 per cent; Intercontinental Bank, 4.66 per cent; Bank PHB, 4.51 per cent; Wema Bank, 4.60 per cent; Finbank, 4.65 per cent; and Unity Bank, 4.8 per cent.

Dangote Cement Company led the laggards, shedding 672 kobo. It was followed by Conoil’s 204 kobo loss; Flour Mills dropped 98 kobo; African petroleum, 94 kobo; Nigerian Breweries, 58 kobo; Morrison shed 58 kobo; Unilever Nigeria lost 50 kobo; University Press shed 34 kobo; May & Baker lost 21 kobo while Berger paint shed 20 kobo’ respectively among others.

A total of 557.250 million shares valued at N4.657billion were traded in 5,986 deals, as against 524.837 million shares valued at N3.983 billion traded in1.340 deals on Tuesday.

The banking sub-sector accounted for 300.927 million shares exchanged in 3,259 deals for N2.395 billion, compared with 411.086 million shares crossed by stockbrokers on Tuesday for N2, 772 billion in 4,613