University Press emerges worst performing stock on the Nigerian Stock Exchange (NSE) for the month according to data obtained from the exchange, of July.
The stock which opened trading for the month at N3.57 decreased by 22.69 per cent to close at N2.76 per share.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the stock’s decline during the period to the company’s unimpressive full year report.
Omordion said that the company’s unimpressive numbers for the first quarter of 2017, recently released in the market, contributed to the stock’s performance during the period.
Cadbury Nigeria trailed with a loss of 21.64 per cent to close at N10.57, compared with the opening price of N14, while Morrison declined by 21.21 per cent to close at N1.30 per cent, in contrast with the N1.65 it opened with, for the month.
May &Baker dropped by 20.88 per cent to close at N3.07, against the opening price of N3.88 and Conoil lost 18.31 per cent to close for the month at N36.40 per share, compared with N44.56 in June.
Okomu Oil was the month’s best performing stock, having appreciated by 36.83 per cent to close at N80.03 per share, against the opening price of N58.49.
Omordion said that the Okomu Oil rally was on the strength of strong numbers and the general bull market.
Dangote Sugar came second with a growth of 33 per cent, having closed at N11. 97, in contrast with the N9 it opened trading with the previous month.
Nem Insurance followed, appreciating by 27.62 per cent to close at N1.34, as against the opening price of N1.05, while Honeywell grew by 25 per cent to close at N2.20 per share, having opened for July at N1.76.
Other low, medium and high capitalised stocks among the top gainers’ for the month were Forte Oil with 23.23 per cent, C & I Leasing with 20.57 per cent, and Continental Reinsurance 20.17 per cent, among others.
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