Oando, Tantalizers, SCOA, IEI report losses

Oando Plc, Tantalizers Plc, SCOA Nigeria Plc and International Energy Insurance Plc have reported losses of various degrees for relevant accounting periods.Though Oando’s half year turnover for 2016 increased by 18 percent to N212bn from N180bn recorded in the half-year of 2015, its business loss for the H1 2016 was N27bn, representing a 23 percent improvement from last year’s N35bn, according to reports presented to the Nigerian Stock Exchange by the company.Tantalizers Plc also recorded a loss before tax of N264.6m for the half year ended June 30, 2016. It had recorded a loss before tax of N333.3m a year ago. Its half-year revenue for the period was N976.3m, which is a drop from N1.03bn a year agoSCOA Nigeria reported a loss before tax of N469m for the half year ended June 2016 compared to N63.6m profit posted a year ago. It’s 2016 half year revenue closed at N2.88bn from N1.88bn reported in H2 2015.The International Energy Insurance, in the same vein, reported quarter ended March 2016 loss before taxation of N52.5m. This was a drop from its profit of N789.1m recorded a year ago. It recorded a quarter ended March 2016 net premium income of N722.7m, representing a drop from its N1.37bn reported in the first quarter of 2015.The Nigerian equities market also closed on a bearish note, with the NSE market capitalisation shedding N4bn to close at N9.558tn from N9.562tn.An aggregate of 275.744 million shares valued at N3.149bn was traded in 4,126 deals.The Nigerian equity market closed lower at the end of the trading session following declines across key sectors.The consumer goods, industrial goods and financial services sectors closed lower following respective losses in Nestle Nigeria Plc (2.54 percent loss), Lafarge Africa Plc (4.99 percent loss) and Guaranty Trust Bank Plc (0.82 percent loss). The oil and gas sector also closed lower as some recovery in Oando Plc (0.10 percent gain) were outweighed by losses in Forte Oil Plc (4.46 percent loss) and Seplat Petroleum Development Company Limited (five percent loss).Market breadth remained negative with 17 advances and 31 declines.“With sentiment still evidently bearish across most key sectors, we think the ASI could drop more points in the session ahead,” the analysts at Vetiva Capital management Limited said in a report.