Profitability and Stock Price Volatility of Nigerian Listed Manufacturing Companies

The crux of this study was to examine the impact of profitability on stock price volatility using earnings yield, return on total asset, dividend yield and dividends per share as proxies for profitability. This study adopted Ex-post facto design. The population of this study consisted of manufacturing companies listed on the Nigerian Stock Exchange (NSE) from which five companies were selected. We found that overall; the profitability proxies combined have significant effect on stock price volatility of the sampled companies. Each of the models revealed that earnings yield, dividend yield and dividends per share have a significant relationship with stock price volatility. It was also observed that return on total assets has no significant relationship with stock price volatility. The study concluded that all variables put together show a positive significant impact on stock price volatility with the most impact from dividend yield and dividends per share. Hence, recommendations were made in the light that investors should invest in companies with well-defined ownership structure and managers should adopt a dividend policy beneficial to shareholders. Keywords: Profitability, Stock Price Volatility, Earnings Yield, Return on Total Assets, Dividend Yield and Dividends per Share

Aflatoxin contamination of maize vended in Ondo state, Nigeria, and health risk assessment

Aflatoxin contamination of maize is a serious food safety problem worldwide. Despite the widespread consumption of maize in Nigeria, there is limited data on aflatoxin contents of maize vended in open markets in Ondo state, Nigeria. A total of 140 maize samples randomly purchased from major markets in four locations in Ondo state, were screened for total aflatoxins using an ELISA method. Exposure and health risk assessments were performed for the maize consumers by the deterministic and Margin of exposure (MOE) approaches, respectively. About 99% of the maize were contaminated with total aflatoxins (range: 0.65–265 µg/kg; mean: 125.9 µg/kg). Aflatoxin levels exceeding the 4 µg/kg set by the European Union for total aflatoxins were found in 88% of the maize whilst more than one half contained at least 100 µg/kg aflatoxins. The average probable daily intake values were 830, 332 and 138 ng/kg bw/day for the average children, adolescent and adult populations, respectively. Consequently, MOEs for the respective populations were 0.20, 0.51 and 1.23, suggesting a high level of health risk for consumers of maize vended in open markets in Ondo state due to high aflatoxin levels. Maize farmers and households in Ondo state need urgent aflatoxin mitigation interventions

Analysis of squat shear wall with different dimensions and position of opening under different type of static loads

Shear walls are usually used in high-rise building or building on high frequency of wind area as the structural element to restrain lateral forces. Openings are created on the shear wall for the architecture, ventilation or mechanical and electrical purposes. With the existence of the opening, the strength of the wall is reduced by the reduction in concrete area and the discontinuity of the reinforcement due to opening which may lead to structural failure. The main objective is to study the effect of size and position of the opening towards the structural behavior of the shear wall under different type of static loads. The analysis is done using the software ANSYS12.0. The samples are SW1, SW2, SW3, SW4, SW5, SW6, SW7 and SW8 where SW1 is solid shear wall while SW2, SW3, SW4, SW5, SW6, SW7 and SW8 are shear walls with different size and position of opening. They are analyzed by using 2 different types of loads which are uniformly distributed axial load and uniformly lateral load. From the same magnitude of loads applied towards the shear walls, they are compared by the cracking pattern and the stress distribution. Under both axial and lateral loads, it shows a significance results that the shear wall with greater opening size shows less efficiency. The position of opening further from the support shows a more significance effect towards the strength of the wall from axial load but opposite from the lateral load. Besides, the closer the position of the shear wall to the load, the less efficient it is. As a conclusion from the results, the most suitable position of the opening on the shear wall is further from the support and the loads and it shows that there is a significance effect even from a smallest opening

High-Throughput Sequence Analyses of Bacterial Communities and Multi-Mycotoxin Profiling During Processing of Different Formulations of Kunu, a Traditional Fermented Beverage

Kunu is a traditional fermented single or mixed cereals-based beverage popularly consumed in many parts of West Africa. Presently, the bacterial community and mycotoxin contamination profiles during processing of various kunu formulations have never been comprehensively studied. This study, therefore, investigated the bacterial community and multi-mycotoxin dynamics during the processing of three kunu formulations using high-throughput sequence analysis of partial 16S rRNA gene (hypervariable V3-V4 region) and liquid chromatography tandem mass spectrometry (LC-MS/MS), respectively. A total of 2,303 operational taxonomic units (OTUs) were obtained across six processing stages in all three kunu formulations. Principal coordinate analysis biplots of the Bray-Curtis dissimilarity between bacterial communities revealed the combined influences of formulations and processing steps. Taxonomically, OTUs spanned 13 phyla and 486 genera. Firmicutes (phylum) dominated (relative abundance) most of the processing stages, while Proteobacteria dominated the rest of the stages. Lactobacillus (genus taxa level) dominated most processing stages and the final product (kunu) of two formulations, whereas Clostridium sensu stricto (cluster 1) dominated kunu of one formulation, constituting a novel observation. We further identified Acetobacter, Propionibacterium, Gluconacetobacter, and Gluconobacter previously not associated with kunu processing. Shared phylotypes between all communities were dominated by lactic acid bacteria including species of Lactobacillus, Lactococcus, Leuconostoc, Pediococcus, and Weissella. Other shared phylotypes included notable acetic acid bacteria and potential human enteric pathogens. Ten mycotoxins [3-Nitropropionic acid, aflatoxicol, aflatoxin B1 (AFB1), AFB2, AFM1, alternariol (AOH), alternariolmethylether (AME), beauvericin (BEAU), citrinin, and moniliformin] were quantified at varying concentrations in ingredients for kunu processing. Except for AOH, AME, and BEAU that were retained at minimal levels of < 2 μg/kg in the final product, most mycotoxins in the ingredients were not detectable after processing. In particular, mycotoxin levels were substantially reduced by fermentation, although simple dilution and sieving also contributed to mycotoxin reduction. This study reinforces the perception of kunu as a rich source of bacteria with beneficial attributes to consumer health, and provides in-depth understanding of the microbiology of kunu processing, as well as information on mycotoxin contamination and reduction during this process. These findings may aid the development of starter culture technology for safe and quality kunu production