NATIONAL Investment Company Limited (NICOL) share has gained by 3.03 per cent despite decline in company annual profit.
The share price
gained to 170/-and after moving 8,000 shares for the week ending last
Friday while
the mutual fund profit sunk 67 percent to almost 650m/-for
year ending last December.
Orbit Securities
said the mutual fund financials reported a total comprehensive loss due
to a 1.64 per cent decline in the fair value of financial assets,
especially equities.
"... The Company
noted an expropriation of the company's 51 per cent stake in Tanzania
Meat Company (TMCL) by the Ministry of Livestock and Fisheries.
"The company is to
take legal steps to protect shareholders' interests," Orbit said.
NICOL's shareholding register has further been updated to match the
register which previously existed at the exchange.
The total number of shares as at the end of last December was 69.16million shares.
The company total
investment income dropped to 2.8bn/-for the year ending last December
from 3.7bn/-of previous period under review.
While, total
expenses increased to 1.97bn/-from 1.68bn/-. Last week, Tanzania Share
Index (TSI) slipped by a marginal 0.05 point to close the week at
3,491.87 points following a slight deceleration of the price of DCB
Bank.
Also the domestic
market capitalization followed suit after a marginal loss of 0.001 per
cent equivalent to 120m/-. The domestic market cap closed the week at
9.17tri/-.
"Due to its lower
weight," Orbit said, "the appreciation of NICOL was not enough to offset
the deceleration on the DCB counter, resulting on a slight shed on the
TSI."
Last December the
government retook Dodoma abattoir, and tasked NICOL to pay all debts.
Following the cancellation, NICOL is required to repay 9.7bn/-and settle
all debts of TMCL over 5.2bn/-.
The Dodoma abattoir
was built by the government in early 2000s and was privatised in 2008
to NICOL and National Ranch Corporation (NARCO) to form TMCL.
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