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International Breweries (IB), Linkage Assurance and Forte Oil emerged worst performing stocks in percentage terms on the Nigerian Stock Exchange (NSE) in the month of July.
Statistical data obtained from the exchange showed that international Breweries led the losers’ chart with 31.69 per cent price depreciation to close at N12.50 per share. This was as Linkage Assurance came second with 26.76 per cent to close at 52k, while Forte Oil dipped 26.68 per cent to close at N19.65 per share.
Others are major losers include Ecobank Transnational, Eterna, Total Nigeria, GlaxosmithKline, Nigerian Breweries, NAHCO and Fidson Healthcare.
According to the Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, IB loss during the period under review can be attributed to its poor and weak earnings performance since its merger three years ago.
For Linkage Assurance decline Omorodion blamed it on a seemingly weak Earnings Per Share and the pull by market forces, even as he said Forte Oil also lostduring the period to weak earnings and exit of the major shareholder, Mr Femi Otedola.
Conversely, Academy Press (AP) emerged as best performing stock in percentage terms during the period, growing by 48.13 per cent to close at 47k per share. The stock analyst said AP’s dominance during the period under review was due to three kobo dividend it declared in spite of a huge debt in its books.
Other top gainers’ are Consolidated Hallmark Insurance (CHI), NPF MicroFinance, BOC Gases, Lafarge Africa, LASACO, Vitafoam, Cutix, Dangote FlourMills and Abbey Building.
Investors’ traded volume dropped by 49.84 per cent with an exchange of 4.67 billion shares compared with 9.31 billion shares traded in June.
Commenting on the month’s market performance, the InvestData boss said that worsening insecurity in the country and weak earnings reports from quoted companies revealed weak economic fundamentals.He said that many stocks suffered huge losses during the review period as a result of poor investor confidence. “Investors should review their positions in line with their investment goals, the strength of the company numbers and act as events unfold in the global and domestic environment…”
