In ten (10) months to October, some of Nigeria’s listed stocks were truly investors delight as their prices increased by over 200percent. These stocks are Morison Industries Plc, Champion Breweries Plc and Honeywell Flour Mills Plc.
For Morison Industries Plc which stood at N1.89 per share as at October 29 being the last trading day of the review month implies an increase by 270.6percent compared to its year-open price.
Also, Champion Breweries Plc’s N3 per share as at end of October indicates an increase by 248.8percent. The N3.60 per share which Honeywell Flour Mills Plc closed the month of October represents an increase by 200percent compared to its year-open price.
“Though we acknowledge that many counters have overshot their one-year target, we still expect the bullish sentiment to linger this week. Therefore, we expect the market to close on a positive note for the week”, Lagos-based Meristem research analysts said in their recent note.
In addition to the above listed companies, others that witnessed remarkably rise in their share prices in excess of 100percent are: Vitafoam Nigeria Plc, Cutix Plc, Courteville Business Solutions, and AXA Mansard Insurance Plc.
The N18.50 per share which Vitafoam Nigeria Plc stood as at October 29 implies an increase by 137.2percent this year; while Cutix Plc at N6.30 per share on October 29 implies 173.9percent increase this year.
“We expect positive sentiment this week, with bargain hunters taking position on stocks with good prices as the 9-month earnings report rolls out. Furthermore, investors will also track yield movement in the fixed income market”, said Lagos-based GTI Research analysts.
Courteville Business Solutions at a low of 44kobo per share as at end of the review ten months period rose by 109.5percent this year. Likewise, AXA Mansard Insurance Plc increased by 123.8percent to N2.35kobo per share as of October 29.
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Meristem research analysts, who in their November 1 note to investors said the general market mood is still positive, believe that it is now strengthened by the positive earnings recorded by some bell weather stocks like Seplat Energy, TotalEnergies and Dangote Cement.
Interestingly, some other stocks saw rally in excess of 50percent compare to their year-open prices. They are: CHI Plc (+87.5percent), FBN Holdings Plc (+54.5percent), Guinness Nigeria Plc (+91.1percent), Livestock Feeds Plc (+59.7percent), Pharma-Deko Plc (+73.3percent), Regency Alliance Plc (+68.2percent), Royal Exchange Plc (+92.3percent), and Seplat Energy Plc (+81.8percent).
Also TotalEnergies Marketing Nigeria Plc share price rose by 85.2percent as at October 29, while Tripple Gee and Company Plc rose by (+50percent). Others are: UACN Plc (55.9percent), United Capital Plc (+95.3percent), and University Press Plc (+69.5percent).
Coming into the new month, Afrinvest research analysts said this week that they expect the bullish performance in the Nigerian stock market to continue “as investors price-in the impressive earnings results and improved market sentiment.”
The equities market is expected to sustain record bullish performance as investors continue their reactions to the strong nine months (9M) earnings as well as persistent local investors’ interest in the equity market.
