Again, Forte Oil is worst performing stock on NSE

Forte Oil shares have been the worst performing stock on the Nigerian Stock Exchange, NSE, for the second year running

For the second year running, Forte Oil Plc maintained its leadership as the worst performing stock on the Nigerian Stock Exchange (NSE) in 2017 in percentage terms.

Statistics obtained by the News Agency of Nigeria (NAN) from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share.

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NAN reports that Forte Oil in 2016 also emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent.

The stock, which opened trading in 2016 at N330, depreciated by 74.42 per cent to close trading at N84.43 per share.

University Press followed with a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year.

MRS Oil shed 36.49 per cent to close at 27.46 against N43.24, while Mobil Oil lost 30.25 per cent to close at N194.60 in contrast with the year’s opening price of N279 per share.

Julius Berger dipped 27.42 per cent to close at N28 against N38.58 and Conoil, which opened for 2017 at N37.48, decreased by 25.42 per cent to close at N28 per share.

NAN reports that Total trailed with a loss of 23.09 per cent to close at N229.95 against the year’s opening price of N299, while Trans-Nationwide dipped by 22 per cent to close at 78k in contrast with N1 posted in 2016.

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7UP which opened the year at N129 declined by 20.95 per cent to close at N101.97, while Nigeria Enamelware lost 20.80 per cent having closed the year at N23.33 against N29.33, among others.

The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed Forte Oil’s loss for two straight years to non-payment of dividend in 2016 financial year and weak earnings.

Omordion said that mixed performance posted by the company in 2017 and unclear business plan or direction to investing public on the happenings in the company or where it was heading to, contributed to the development.

He also attributed the University Press depreciation to dwindling dividend payout and unimpressive numbers, as increasing cottage industries operation continued to affect its bottom line.

Conversely, Dangote Sugar was the best performing stock in percentage terms during the review period.

It improved by 227.33 per cent to close at N20 per share against the opening price of N6.11.

International Breweries trailed with a growth of 194.59 per cent to close at N54.50 compared with N18.50 and Fidelity which opened at 84k rose by 192.86 per cent to close at N2.46 per share.

Fidson increased by 189.06 per cent to close at N3.70 against opening price of N1.28 and Dangote Flour Mills inched 185.88 per cent having closed the year at N12.15 per share against N4.25 opening price.

Stanbic IBTC improved by 176.69 per cent to close at N41.50 in contrast with N15, while May & Baker garnered 176.60 per cent to close at N2.60 against 94k it opened for the year.

FBN Holdings increased by 162.69 per cent to close the year at N8.80 per share against N3.35, while C & I Leasing rose by 158 per cent to close at N1.29 compared with the opening year’s figure of 50k.

Omordion linked Dangote Sugar growth to improved numbers and 50k interim dividend as a result of backward integration that reduced operating cost due to sugarcane farms.

He also attributed the International Breweries gain to its merger with Intafact Beverages Ltd and Pabod Breweries Ltd as the major factor that move the price as earnings remained weak

He said that infusion of the three major players would boost numbers as market share increases.

Omordion said that Fidelity Bank’s growth was due to oversubscription of its Eurobond, which boosted investors’ confidence and as well improved positive numbers.