By Chinyere Joel-Nwokeoma
C & I Leasing, Cornerstone Insurance and Chams emerged the best performing stocks in percentage terms on the Nigerian Stock Exchange (NSE) in 2019.
Data obtained by the News Agency of Nigeria (NAN) in Lagos showed that C &I Leasing was the best performing equity with a growth of 223.86 per cent.
Specifically, the stock which opened trading for the year at N1.76 closed trading on Dec. 31, 2019 at N5.70 per share, representing an increase of 223.86 per cent.
Cornerstone Insurance came second with 125 per cent, Chams improved by 65 per cent, ABC Transport 55.17 per cent and Access Bank 47.06 per cent.
Others include Transnational-Wide Express 41.54 per cent, Caverton 39.08 per cent, Royal Exchange Assurance 36.36 per cent. BOC Gases 30.64 per cent and Ekocorp 26.11 per cent.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., linked C &I Leasing growth to share reconstruction embarked on by the company during the period.
Omordion said that ongoing insurance recapitalisation contributed to the growth posted by Cornerstone Insurance and Royal Exchange.
He noted that other factors that contributed to the growth posted by other stocks include new trend in technology, market sentiment, increased earnings capacity and market forces.
Conversely, over 73 stocks recorded price depreciation with International Breweries emerging the worst performing equity in percentage terms.
The company lost 68.86 per cent to close the year at N9.50 per share compared with opening price of N30.50.
Guinness trailed with a loss of 58.26 per cent, while GSK dropped 57.93 per cent.
Other top losers include ETI, PZ Cussons, Champion Breweries, UACN Property, Total, University Press and Unilever.
Consequently, the benchmark NSE All-Share Index in 2019 lost a total of 4,588.43 points or 14.60 per cent to close at 26,842.07 from its 31,430.50 in 2018.
Omordion attributed the development to weak economic fundamentals, mixed earnings, negative sentiments and general bearish trend in the market during the review period.
He said that the nation’s prolonged down market and mixed macroeconomic indicators during the year under review made the NSE rank among the lowest-performing exchanges in the world and Africa.
Omordion urged investors to combine fundamentals and technical tools while investing in 2020 to avoid burning their fingers. (NAN)