University Press Ltd. emerged the worst performing stock on the Nigerian Stock Exchange (NSE) in July following a poor financial result for 2016. Also, the books publishing firm posted unimpressive financial result in the first quarter of 2017.
NSE’s monthly analysis data showed that the stock, which opened trading for the month at N3.57 decreased by 22.69 per cent to close at N2.76 per share.
The Chief Operating Officer of InvestData Ltd., Ambrose Omordion, attributed the stock’s decline during the period to the company’s unimpressive full year.
“The University Press 2017 first quarter unimpressive numbers released in the market recently, contributed to the stock’s performance during the period,” Omordion said.
Cadbury, which also posted losses in its financial result for 2016 trailed with a loss of 21.64 per cent to close at N10.57 compared with 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 in the month.
May & Baker dropped by 20.88 per cent to close at N3.07 against the opening price of N3.88, while 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 Okomu Oil’s rally was on the strength of strong numbers and 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 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 with 20.17 per cent, among others.