By Michael Eboh & Providence Obuh
Abbey Building Society Plc has recorded a significant drop in its bottom line in its third-quarter financial performance, with a 20.82 per cent drop in its profit after tax.

According to its third-quarter unaudited account for the period ended, July 31, 2010, released to the Nigerian Stock Exchange (NSE), Monday, its post-tax profit stood at N348.54 million from a profit N440.2 million recorded in similar period in 2009.

Its turnover, however, rose by 3.37 per cent from N1.126 billion in 2009 to N1.164 in 2010, while its profit before tax dipped by 20.41 per cent to N400.62 million from N503.35 million in 2009.

Also, Goldlink Insurance Plc, in its unaudited financial statement for the second-quarter ended, June 30, 2010, recorded a 22.03 per cent slump in its profit after tax to N997.61 million compared to a profit after tax of N1.28 billion recorded in similar period in 2009.

This was in spite of a 9.99 per cent improvement in its turnover from N2.96 billion in 2009 to N3.26 billion in 2010, while it recorded a profit before tax of N400.62 million compared to N503.35 million in 2009.

Meanwhile, a downward trend was recorded in trading activity on the Nigerian Stock Exchange (NSE), as the value of listed equities dipped by N31.85 billion.

Specifically, the indices used for measuring the performance of listed equities, the All share index and market capitalisation both dropped by 0.52 per cent each, as the capitalisation closed at N6.108 trillion from N6.140 trillion at which it opened, while the index shed130.21 basis points to close at 24,976.65 points from 25,106.86 points.

The decline was occasioned by losses on the prices of major listed companies, led by Lafarge Cement WAPCO Plc with a loss of N0.55 to close at N38.00 per share, Cadbury Nigeria Plc followed with a loss of N0.49 to close at N28.91 per share and Guaranty Trust Bank Plc dipped by N0.47 to close at N16.13 per share.

Other share price losers include: Dangote Flour Mills Plc N0.42, Dangote Sugar Refinery Plc N0.32, National Salt Company Nigeria Plc N0.27, Unilever Nigeria Plc N0.27, University Press Plc N0.27, Costain West Africa Plc N0.23, IHS Plc N0.19, among others.

On the contrary, Northern Nigeria Flour Mills Plc recorded the most share price gain, rising by N2.14 to close at N44.98 per share, African Petroleum Plc followed with a gain of N1.05 to close at N22.25 per share and UAC Nigeria Plc garnered N0.50 to close at N41.52 per share.
However, trading appreciated by 27.22 per cent, as a turnover of 249.27 million shares valued at N1.66 billion was recorded in 5,680 deals, in contrast to Friday’s turnover of 195.94 million shares valued at N2.11 billion in 6,054 deals.

The Banking sub-sector was the most active on the sectorial analysis accounting for 53.71 per cent of the market turnover with 133.89 million shares valued at one billion in three thousand deals.

Union Bank Nigeria Plc enjoyed the most patronage in the sub-sector trading 25.81 million shares valued at N119.91 million in 146 deals, First City Monument Bank Plc followed with the exchange of 20.05 million shares valued at N140.38 million in 78 deals and Zenith Bank Plc recorded 17.51 million shares valued at N236.22 million in 448 deals.