•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 per cent in four trading days.
Specifically, market capitalisation of listed equities rose by N1.1trillion or 7.4 per cent 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 kobo 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 per cent 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 per cent despite the challenging operating environment
FCAM is the wealth and investment management arm of FCMB Group Plc, one of Nigeria’s leading financial institutions.At the firm’s yearly general meeting held in Lagos recently, the Unitholders also unanimously endorsed the payment of a dividend of 11kobo per unit as well as the name change of the Fund from Legacy Short Maturity (NGN) Fund to Legacy Debt Fund, among other resolutions passed at the meeting.
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 per cent was lower than the 16.82 per cent 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.