May & Baker Plc has emerged the best performing stock, in percentage terms, on the Nigerian Stock Exchange for the first half year ended June 30, 2017.
Data obtained by the News Agency of Nigeria from the NSE for the period under review, indicated that the equity rose by 312.77 per cent to close at N3.88 per share.
This is in contrast to the year’s opening price of 94k.
NAN reports that the company topped the gainers’ table in percentage terms, dominating 64 other stocks that posted price growth in the period under review.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the stock’s price appreciation to the MoU May & Baker signed with the Federal Government to produce some vaccines locally.
Omordion said that the investors’ anticipation that the MoU would boost the company’s earning power and enhance dividend pay-out, led to its price rally.
NAN reports that StanbicIBTC followed with a growth of 120 per cent to close at N33, compared with the year’s opening price of N15, while Fidson Healthcare improved by 117.19 per cent to close at N2.78, as against N1.28.
United Bank for Africa rose by 94.67 per cent to close at N8.76, in contrast with N4.50 it opened trading for the year, while CCNN inched 94 per cent to close at N8.70 per share, against the opening year price of N5.
FBN Holdings grew by 90.45 per cent to close at N6.38, compared with N3.35 in January, while Presco increased by 82.04 per cent to close at N73 per cent, against N40.10.
Conversely, Forte Oil was the worst performing stocks for the period under review in percentage terms.
It dropped by 40.70 per cent to close at N50.07 per cent against it’s opening year’s price of N84.43.
Omordion attributed Forte Oil’s price depreciation to weak earnings and investors fear of dilution due to the proposed primary market issue it planned to raise additional funds.
Another factor responsible for the price dip, he said, is the non-payment of dividend in the 2016 financial year by the company.
7-UP trailed with a 32.98 per cent loss of value due to dwindling earnings and loss in the position of N10.3 billion to close at N86.45, as against N129 in January.
DNA Meyer declined by 19.54 per cent to close the half year at 70k, compared with the year’s opening price of 87k and Transnational Wide Express decreased by 17 per cent to close at 83k per share, as against N1 in January.
NAN reports that Tripple Gee lost 16.18 of its share value to close at N1.14, in contrast with N1.36, while University Press dipped 15.80 per cent to close at N3.57 per share, against the year’s opening price of N4.24.
Union Dicon shed 14.17 per cent to close at N13. 43, against N15.67 and Guinness Nigeria lost 13.91 per cent to close at N71.50 per share, from the opening price of N83. 05.
Also, the NSE All-Share Index during the period rose by 6,242.86 points or 23.23 per cent to close at 33,117.48, from the opening figure of 26,874.62.
The market capitalisation closed higher at N11.45 trillion from the opening figure of N9.25 trillion, indicating a growth of 24.04 percent.
The growth in market indices is due to positive sentiments with increased investor confidence, in spite of the unstable socio-political business environment and the crude oil price.
NAN also reports that a total of 43.13 billion shares were traded by investors during the first half of the year, against 40.29 billion transacted in the corresponding period of 2016.
Source: Eagle Online