WorldStage NewsOnline—-The Nigerian Stock Exchange (NSE) has listed ABC Transport, Mcnichols and Dangote Flour as best performing stocks in the first quarter of 2019.
Data obtained indicates that ABC Transport led eight other companies to emerge the best performing stocks in percentage terms during the period under review.
A breakdown of the data shows that the stock, which opened for the year at 29k, closed at 52k per share, indicating an increase of 82.76 per cent.
McNichols came second with a growth of 48.93 per cent, while Dangote Flour appreciated by 48.91 per cent.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd attributed ABC’s dominance to low profit attraction in expectation of 2018 full year result.
Omordion said the price appreciation recorded by Mcnichols was due to the small size of its issued shares, low price and 5k dividend.
He attributed the growth of Dangote Flour growth to sentiment and rumour of fresh investments in the company during the review period.
Royal Exchange Assurance followed with a growth of 38.10 per cent, Julius Berger 36.10 per cent, Caverton 31.05 per cent, Redstar 30.95 per cent, Sterling Bank 29.73 per cent and Wema Bank 26.23 per cent.
Conversely, Resort Savings was the worst performing stock in percentage terms during the period dropping by 60 per cent to close at 20k compared with the opening price of 50K in the first quarter.
Academy Press came second with a loss of 34 per cent having closed the quarter at 33k against its 50k opening price for the year.
Others are: Neimeth 27.91 per cent, GSK 25.52 per cent, Consolidated Hallmark Insurance 21.05 per cent, Champion Breweries 19.89 per cent , MRS 18.87 per cent, Nigerian Breweries 18.60 per cent and Unity Bank 18.37 per cent.Omordion attributed the decline of Resort Savings to poor result and non-payment of dividend, noting that the decline of the price of Academy Press was due to high debt profile and poor performance.According to him, the depreciation of Neimeth’s share price was due to price adjustment for bonus shares and unstable performance, while that of GSK was down to unimpressive numbers and low dividend.On second quarter market expectations, Omordion said the oscillating trend would likely continue until the Federal government rolled out the economic policy and reforms that would complement the monetary policy stance of the Central Bank of Nigeria.He said the current equity prices were good entry point for short and long term investment.