Profit warning: Lafarge Africa shares drop further by 5.03%

By NAN |   11 July 2016   |   7:05 pm  


The shares of Lafarge Africa on Monday depreciated further by N3.20 or 5.03 per cent to lead the losers’ chart on the nation’s bourse following investors reaction to its profit warning.

The News Agency of Nigeria (NAN) reports that the company lost N3.20 to close at N60.45 per share.

NAN also reports that the stock shed N3.35 on July 8 to close at N63.65 per share.

The company report stated in its profit warning for 2016 second quarter released on July 8 that the results were expected to be affected by the impact of the naira devaluation against the dollar, resulting in unrealised exchange loss.

It noted in the report that gas supply shortage was also expected to impact volumes for the quarter

The company report stated that the impact of the naira devaluation “is expected to be N28 billion unrealised exchange loss arising from dollar borrowings.”

Meanwhile, Stanbic IBTC trailed with a loss of 83k to close at N15.77, while International Breweries lost 80k to close at N19 per share.

Oando also dipped by 60k to close at N7.45 and Dangote Cement declined by 30k to close at N191.20 per share.

Consequently, trading maintained negative posture with the market indices dropping by 0.14 per cent due price depreciation.

Market capitalisation shed N15 billion to close at N9.895 trillion against N9.910 trillion posted on Friday.

Also, the All-Share Index lost 41.47 points or 0.14 per cent to close at 28,813.51 against 28,854.98 achieved on Friday.

On the other hand, Nestle led the gainers’ table, increasing by N2.10 to close at N852.10 per share.

Guinness followed with a gain of N1.01 to close at N101 and Guaranty Trust Bank gained N1 to close at N24 per share.

OkomuOil appreciated by 48k to close at N31.50, while Zenith International Bank chalked up 42k to close at N15.87 per share.

GT Bank emerged the most traded equity with 45.65 million shares worth N1.06 billion.

FBN Holdings traded 32.29 million shares valued at N117.01 million and FCMB Group exchanged 21.03 million shares worth N27.46 million.

United Bank for Africa sold 19.89 million shares valued at N87.16 million and Access Bank traded 19.74 million shares worth N105.97 million.

In all, investors bought and sold 273.36 million shares valued at N3.44 billion transacted in 4,865 deals against the 234.96 million shares worth N2.29 billion exchanged in 4,145 deals on Friday.

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