Stanbic IBTC Holdings Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange (NSE) in April, the News Agency of Nigeria (NAN), reports.
Data obtained by NAN from the exchange for the period showed that the stock increased by 48.98 per cent to close at N26.25 per share in contrast with the month’s opening price of N17.62.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the stock’s growth to impressive 2016 full year result for the financial year ended Dec. 31, declared by the bank during the period.
Omordion said that investors embraced the stock in spite of low dividend payout, adding that improved 2017 first quarter earnings contributed to the rally.
NAN reports that Air Service came second with a growth of 40.32 per cent, having closed at N4.35 against N3.10 achieved in March, C &I Leasing improved by 36 per cent to close at 66k per share against the opening price of 50k.
Lafarge Africa rose by 31.07 per cent to close at N50.92 against N38.85 posted in the preceding month, while National Allied Industry garnered 23.04 per cent to close at N8.49 in contrast with N6.90 in March.
Cadbury was up by 22.37 percent to close at N9.30 against N7.60 and Learn Africa increased by 20.59 percent to close at 82k per share compared with 68k in the previous month.
Conversely, FCMB Group under the financial services sector, was the worst performing stock during the period, dropping by 23.20 per cent to close at 96k per share against N1 25 achieved in March.
Omordion linked FCMB drop to lean dividend payout and unimpressive 2017 numbers released within the period.
He attributed other companies’ loses to weak 2016 full year earnings and 2017 first quarter numbers.
May & Baker trailed with a loss of 15.10 per cent to close at 85k, compared with N1, while Trans Nationwide Express dipped 12. 63 per cent to close at 83k per share against 95k it opened for the month.
Custodian and Allied Insurance dropped by 10.12 per cent to close at N3.02 against N3.36 in March, while ETI lost 9.82 per cent to close at N7.71 per cent in contrast with N8.55 posted in the preceding month.
Jaiz Bank depreciated by 9.45 per cent to close at N1.15 against N1. 27 it opened for the month and Diamond Bank lost 9.21 per cent to close at 79k per share against 87k it opened for the month.