By Opeyemi Issa InvestAdvocate

Lagos (INVESTADVOCATE) – NEM Insurance Plc operating in the Insurance Sector of the Nigerian Stock Exchange (NSE) Monday offered to pay investors of the Company a 5 Kobo dividend in its 2011 Audited Year End.

NEM in its Corporate Action to the Nigeria’s Exchange announced that Qualification Date for the 5 Kobo dividend is May 04 2012, while Closure Date of Register of Members whose names appears on the Company’s Record is May 07- 11, 20102.

According to the Firm’s Corporate Action, Annual General Meeting (AGM) date and payment date has been scheduled for May 31 2012 respectively.

A review of the Company’s Audited Report for the Period Ended December 31 2011, shows that NEM Insurance posted a Profit After Tax (PAT) of N1.343 billion compared to N833.854 million in year 2010 end; indicating an increase in PAT of 61.1 percent (61.1%)

Profit Before Tax (PBT) also grew from N1.034 billion in year 2010 end to N1.476 billion in the review period of year 2011; showing an increase of 42.7%.

While Gross Premium also increased from N6.386 billion in year 2010 to N8.381 billion in the review period of year 2011 end; representing an increase of 31.2%.

Similarly, its peer in the Insurance Sector of the NSE, Oasis Insurance Plc posted a Profit of N106.387 million in its Audited Result Ended December 31 2011 compared to N85.213 million posted in year 2010 end; indicating an increase in Profit of 24.8%.

PBT also grew by 22.9% as Oasis Insurance recorded N120.348 million in year 2011 end compared to N97.906 million in year 2010 end.

Gross Premium of the Company increased by 20.0%, as NEM Insurance posted N1.471 billion in the review period of year 2011 compared to N1.226 billion in the corresponding year of 2010 end.

On the Banking Industry, Stanbic IBTC Plc reported a Profit of N2.501 billion in its First Quarter Result for the Period Ended March 31 2012 compared to N1.061 billion in the Q1 of 2010; indicating an increase in PAT of 135.7% in the review period.

PBT also increase by 29.1% in the review period as Stanbic IBTC posted N3.436 billion compared to N1.500 billion recorded in the Q1 of year 2010.

While Income grew from N12.384 billion in Q1 of 2010 compared to N14.689 billion in the review period of 2011; showing a growth of 18.6%.

According to Afrinvest Monday’s Market Report, selling pressure from participants halted the nascent rally on some Banking Stocks as First Bank lost 1.1% while GTBank shed 0.5%.

“On the other hand, demand for Union Bank and UBA remained strong leading to gains of 4.8% and 5.0% respectively; closing demand also suggests that this trend could continue tomorrow with sellers holding out for further appreciation. Zenith Bank and Fidelity Bank also closed on the up-tick bagging 3.2% and 4.7% respectively” Afrinvest Report said.

The Report further affirmed that all Companies in the Building Materials sector closed flat; sentiments were skewed to the buy side for Ashaka Cement, closing with unfilled bids at maximum price, a trend that could lead to gains on Tuesday. “Demand also outweighed offers for CCNN at the close of the session” the Report said.

Afrinvest said Institutional purchases firmed up the price of Cadbury and Flour Mills both recording maximum gains and closing with unsatisfied bids at the highest price of the day. Nascon also consolidated on previous gains with a 5.0% mark-up, while Dangote Flour and Dangote Sugar lost 5.0% and 2.7% respectively.