Financial institution emerges worst performing stock on NSE in May

The News Agency of Nigeria (NAN) reports that data obtained from the exchange for the month of May indicated that the stock dropped by 17.39 per cent, to close at 95k per share, as against the opening price of N1.15.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, linked the stock’s decline during the period to its nature of banking business that emphasised on profit sharing, rather than interest on loans, charged by commercial banks.

Omordion stated that the bank’s unimpressive 2017 first quarter numbers released in the market recently, contributed to the price depreciation.

NAN reports that the company on Feb. 9 joined the league of quoted companies on NSE with the listing by introduction of 29.46 billion shares of 50k each at N1.25 per share, worth N36.83 billion.

A further breakdown of the data showed that Mobil Oil trailed with a loss of 14.26 per cent, having closed at N284.65, as against the N332 achieved in April, while Seplat dipped by 14.15 per cent to close at N351 per share, as against the opening price of N410.

Learn Africa depreciated by 9.76 per cent to close at 74k, against its opening price of 82k, while Larfarge Africa dipped 5.73 per cent to close at N48, in contrast with N50.02 in April.

On the other hand, Fidson Healthcare was the best performing stock during the period under review in percentage terms, growing by 107.29 per cent to close at N2.28 per share, as against the N1.10 achieved in April.

May & Baker followed with a growth of 75.29 per cent to close at N1.49, compared with the opening price of 85k and FBN Holdings grew by 67.19 per cent to close at N5.30, against N3.17 in April.

Oando improved by 46.19 per cent to close the month at N8.45, against the opening price of N5.78, while AXA Mansard rose by 43.31 per cent to close at N2.25 per cent, in contrast with N1.57 per share posted in April.

NAN also reports that a total of 9.73 billion shares valued at N102.81 billion were exchanged by investors in 93.899 deals.

The Financial Service Sector was the most active, with a turnover of 5.61 billion shares worth N39.64 billion, transacted in 39,631 deals.

It was followed by Premium Board with an exchange of 2.38 billion shares valued at N32.69 billion in 18.685 deals, while Consumer Goods sold 509.19 million shares worth N16.50 billion, achieved in 12,433 deals.