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NSE: International Breweries, Linkage Assurance, FO emerge worst performing stocks in July

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Shares maintain free fall, indices down by 0.49%

International Breweries (IB), Linkage Assurance and Forte Oil emerged worst performing stocks in percentage terms on the Nigerian Stock Exchange (NSE) in July.

It was reported that data obtained from the exchange showed that IB led the losers’ chart with a loss of 31.69 per cent to close at N12.50 per share.

Linkage Assurance came second with 26.76 per cent to close at 52k, while Forte Oil dipped 26.68 per cent to close at N19.65 per share.

Others are Ecobank Transnational, Eterna, Total Nigeria, GlaxosmithKline, Nigerian Breweries, NAHCO and Fidson Healthcare.

The Chief Operating Officer, Mr Ambrose Omordion, InvestData Ltd. , attributed IB loss to poor and weak earnings performance since its merger three years ago.

Omordion said that Linkage Assurance decline was as a result of seemingly weak Earnings Per Share and the pull by market forces.

He attributed Forte Oil loss during the period to weak earnings and exit of the major shareholder, Mr Femi Otedola.

Conversely, Academy Press (AP) emerged as the best performing stock in percentage terms during the period, growing by 48.13 per cent to close at 47k per share.

Omordion said that AP dominance during the period under review due to three kobo dividend in spite of huge debt in its books.

Other top gainers’ are Consolidated Hallmark Insurance (CHI), NPF MicroFinance, BOC Gases, Lafarge Africa, LASACO, Vitafoam, Cutix, Dangote FlourMills and Abbey Building.

It was reported that the month’s traded volume dropped by 49.84 per cent with an exchange of 4.67 billion shares compared with 9.31 billion shares traded in June.

Commenting on July market performance, he said that heightening insecurity situation in the country and weak earnings reports from quoted companies revealed weak economy fundamentals.

Omordion said that many stocks suffered huge losses during the review period as a result of poor investor confidence.

“Investors should review their positions in line with their investment goals, the strength of the company numbers and act as events unfold in the global and domestic environment.

“However, we would like to reiterate our advice that investors should go for equities with intrinsic value.

“We advise investors to allow numbers to guide their decisions, while repositioning in any stock, especially now that stock prices remain low in the midst of mixed company numbers, weak economic and market fundamentals,” he added.

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

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