First City Asset Management profit hits N100.5m
The bulls tightened its grip on the equity sector of the Nigerian Stock Exchange (NSE) yesterday, following heavy price gains recorded by most blue-chip stocks, as investors’ wealth soared significantly by 7.4 percent in four trading days.
Specifically, the market capitalisation of listed equities rose by N1.1trillion or 7.4 percent from N14.181trillion recorded when the market reopened for the week on Monday to N15.317trillion yesterday. Also, the All-share index increased by 3,191.4 points from 39,849.65 to 43,041.54.
Yesterday, 56 stocks appreciated in price, as Seplat emerged the day’s highest price gainer with 15.01 kobo to close at N675.01 per share. Nigerian Breweries followed with 6.68 kobos to close at N152.68 per share.
Guinness added 5.01 kobo to close at N105.21 per share. Dangote Cement appreciated by 5.00 kobo to close at N252.00 per share. Okomu Oil gained 4.46 percent to close at N72.15 per share.
however, Flour Mills topped the losers’ chart with 0.40 kobo to close at N33.00 per share. Dangote Sugar followed with 0.30 kobo to close at N21.50 per share. Berger dropped 0.25 kobo to close at N9.10 per share.
Cadbury depreciated by 0.20 kobo to close at 16.80 per share. UPL dropped 0.13 kobo to close at N2.63 per share.Meanwhile Unitholders of Legacy Short Maturity (NGN) Fund, a mutual fund managed by First City Asset Management Limited (FCAM), have approved the financial statements of the Fund for the year ended June 30, 2017, while also applauding it for generating returns of 12.99 percent despite the challenging operating environment
In the audited results for the year ended June 30, 2017, Legacy Short Maturity (NGN) Fund recorded a Profit After Tax (PAT) of N100.487million, as against N50.343million realised in the previous Fund Year. In addition, total revenue generated by the Fund rose from N63.422million to N119.005million.
Reviewing the performance of the fund at the AGM, the Chief Executive Officer of First City Asset Management Limited, FCAM), James Ilori, noted that although the return of 12.99 percent was lower than the 16.82 percent return of the fund’s benchmark, the Fund carried significantly lower interest rate risk relative to its benchmark.He added that the fund’s risk rating was upgraded by Agusto & Co. Fund performance is expected to improve significantly in the new Fund year.