MRS Oil records N570m profit

MRS Oil Nigeria Plc, an indigenous oil marketing firm, has announced a profit after tax of N570m for the 2011 financial year.According to the companys financial statement presented to the Nigerian Stock Exchange, the profit was in contrast to the N1.3bn recorded in 2010.The firm noted that its net asset value stood at N18.78bn, compared to N18.53bn recorded in December 2010."Unaudited result for the third quarter ended September 30, 2011, shows a turnover of N53.14bn, as against N56.95bn recorded in the corresponding period of 2010," the firm said.Meanwhile, at the close of trading last week, a turnover of 937.44 million shares worth N5.98bn in 11,563 deals was recorded, in contrast to a total of 1.31 billion shares valued at N12bn exchanged the preceding week in 17,863 deals.The stock market opened for three days as Monday and Tuesday were declared public holidays for the Eid-el-Kabir celebrations.The NSE weekly activity report noted that there were no transactions executed through the stock market in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.The banking sub-sector of the Financial Services sector was the most active during the week, measured by turnover volume. In all, 427.03 million shares worth N3.8bn were exchanged by investors in 6,238 deals. Volume in the banking sub-sector was largely driven by activity in the shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc. Trading in the shares of the three banks accounted for 268.9 million shares, representing 63 per cent and 28.7 per cent of the sub-sectors turnover, and total volume traded during the week respectively.The Insurance sub-sector of the Financial Services sector, boosted by activities in the shares of Great Nigeria Insurance Plc and Guaranty Trust Assurance Plc, followed on the weeks activity chart. The sub-sector recorded a turnover of 318 million shares valued at N187.44m traded in 433 deals.In the preceding week, the banking sub-sector led on the activity chart and was followed by the Insurance sub-sector. The NSEs All Share Index depreciated by 116.31 basis points or 0.6 per cent to close on Friday at 20,416.10 points.
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