Cement Company of Northern Nigeria (CCNN) led 24 other stocks to emerge the best performing stock in percentage terms on the Nigerian Stock Exchange (NSE) in 2018. Data obtained by the News Agency of Nigeria (NAN) from the exchange showed that the company’s shares appreciated by 104.21 per cent to close at N19.40 against N9.50 recorded in 2017. Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., told NAN that the growth was due to the company’s merger with Kalambaina Cement Company, a subsidiary of BUA Group. Omordion said the merger plans announced by the company in June 2018 impacted positively on CCNN shares, as investors scrambled to increase their stake.
He said the merger, which was consummated in December, was the major reason for the price rally witnessed by the company during the period under review. Omordion said the merger would position CCNN for better competitiveness within its home market and also enable it utilise the more modern plant and equipment of the Kalambaina Cement to boost its market penetration and export potential. Further breakdown of the price movement chart indicated that Unity Bank trailed with 107.89 per cent to close at N1.07 per share compared with opening price of 53k due to pronouncement of ongoing discussions with potential investors. NAN reports that Sterling Bank garnered 75.93 per cent, NEM Insurance 62.65 per cent, Learn Africa 54.55 per cent, Caverton 48.84 per cent and Vitafoam 46.67 per cent.
Other gainers’ in percentage terms were Diamond Bank 45.33 per cent, Custodian and Allied Insurance 45.24 per cent, Fidson 33.78 per cent and Beta Glass 33.11 per cent, among others. Conversely, Lafarge Africa was the worst performing stock in percentage terms having lost 72.27 per cent to close at N12.45 per share against the year’s opening figure of N44.89 per cent. AG Leventis came second with a loss of 61.43 per cent to close at 27k per share in contrast with 70k posted in 2017. Others were Unic Insurance, Sunu Assurances, FTN Cocoa, Cornerstone Insurance, Japaul Oil, Regency Assurance, Sovereign Trust, Mutual Benefits, Royal Exchange and Niger Insurance.
Speaking on the losers’, Omordion said over 69 stocks were on the year’s worst performing table dominated by insurance stocks due to NSE’s new pricing rule. Omordion attributed the loss recorded by Lafarge Africa to weak earnings and the inability of the company to declare dividend to investors for some years now. He also said implementation of the new pricing rule took its toll on insurance equities as well as unimpressive results. According to him, negative sentiments over mixed earnings and the general bearish trend of the market contributed to the price depreciation.
NAN also reports that all the sectorial indicators closed 2018 in the negative zone, with the industrial index worst off, after shedding 37.4 per cent. The NSE Consumer Goods lost 23.28 per cent, NSE 30 index, 18.87 per cent, NSE Banking, 16.09 per cent, NSE Mainboard, 15.98 per cent and NSE 50 14.77 per cent. Others were NSE Premium Board, 14.39 per cent, NSE Lotus Islamic index 12.75 per cent, NSE Pension 12.49 per cent, NSE Insurance 9.93 per cent and NSE Oil & Gas 8.61 per cent. (NAN)
