Stock Market: High and Low Performers in The Year 2016

Sovereign Wealth Fund

 According to a statistic obtained from the Nigerian Stock Exchange (NSE), this is how some of the investors opened and closed market in the financial year 2016.

Dangote Flour emerged with the best performing stock in percentage terms during the review period having improved by 276.11% with opening price of NGN1.13 to close at NGN4.25 per share.

UBA Capital performed well with growth rate of 108.40% to close market at NGN2.73 compared with NGN1.31 it opened with in the financial year 2016 while  Total followed with growth of 103% opening at NGN147.01 and closed at NGN299 per share.

Seplat increased by 87.19% to close 2016 at NGN379. 99 against the opening price of NGN203 and Mobil Oil inched 74.38% closing the year at NGN279 per share against NGN160 opening price.

Sterling Bank dipped 58.47 % to close at 70k against NGN1.83 and Lafarge Africa which opened for 2016 at NGN96.80 decreased by 57.70% to close at NGN40.95 per share.

Caverton shed 63.56 per cent to close at 90k against NGN2.47, while Diamond Bank lost 61.74% to close at 88k in contrast with the year’s opening price of NGN2.30 per share among others.

Skye Bank followed with a loss of 68.35% to close at 50k compared with NGN1.58 it opened for the year.

Forte Oil Plc. performed the least in the stock market in 2016 dropping in by 74.42% , it opened with stock worth NGN330 per share and closed the market at NGN84.43 per share.

Commenting on the report, the Chief Operating Officer, the Chief Operating Officer., Mr Ambrose Omordion, attributed Forte Oil loss to weak earnings and AMCON related deal.

Omordion said that Skye Bank performance was due to lack of market confidence in its stocks since the change of management by the Central Bank of Nigeria (CBN) and huge loss position posted in 2015 financial year.

He added that Caverton’s weak earnings and narrow business model affected the company’s price movement, noting that dwindling earnings on increasing non-performing loan affected Diamond Bank shares.

“Sterling Bank is market forces, while Lafarge Africa is increasing negative position of the company,’’ he said.

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