Thursday, December 5, 2019 1:13 pm
Neimeth, Cornerstone Insurance and Chams, emerged as the best performing equities on the Nigerian Stock Exchange (NSE) in the month of November.
Data obtained by the News Agency of Nigeria (NAN) show that Neimeth led eight others to emerge as the best performing stocks in percentage terms during the period under review.
A breakdown of the data showed that Neimeth, which opened trading for the month at 0.39k, rose by 87.18 per cent to close at 73k per share.
It was followed by another penny stock, Cornerstone Insurance, which inched by 75.55 per cent, while Chams notched 59.09 per cent rise.
Others are Jaiz Bank which rose by 46.67 per cent, Law Union Insurance 44.44 per cent and Dangote Sugar 33.33 per cent.
UACN also inched by 33.33 per cent, University Press 32.75 per cent, Guinness 29.98 per cent and AG Leventis 28.57 per cent.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the stocks rallied on the strength of low prices and market sentiment.
Conversely, Unilever was the worst performer in percentage terms, dropping by 39.70 per share to close at N16.10 per share.
It was followed by International Breweries with 25.30 per cent price drop, Total 9.98 per cent, C&I Leasing Services 9.89 per cent, MRS 9.73 per cent and Okomu Oil 9.65 per cent.
Others were ABC Transport 6.82 per cent, NPF Micro Finance Bank 6.72 per cent, UACN Property 6.54 per cent and Fidson Healthcare 6.26 per cent.
The All-Share Index rose during the period by 642.80 points to close at 27,002.15 from the 26,355.35 achieved in October.
Also, the market capitalisation, which opened at N12.829 trillion, rose by N204 billion to close at N13.033 trillion.
Commenting on the market performance, Omordion attributed the growth recorded to rekindled interest by market players driven by the crash in money market rates.
He said that the rebound experienced during the period was due to the decision of the Central Bank of Nigeria (CBN) to restrict individuals and local firms from investing in its Open Market Operations (OMO) auctions impacted positively on the market.
Omordion said that the restriction contributed to investors’ renewed interest in the stock market during the period.