NSE: Lafarge Africa emerges worst performing stock in March, amid COVID-19

Lafarge Africa to sell 100% equity holding in South Africa subsidiary
Access Bank Plc

Lafarge Africa has emerged the worst performing stock on the Nigerian Stock Exchange (NSE) for the Month of March.

Data obtained by our correspondent from NSE on Wednesday showed that Lafarge Africa led eight others to emerge worst performing stock in percentage terms.

A breakdown of the data showed that Lafarge Africa, which opened trading for the month at N15.50 dipped 40.65 per cent to close at N9.20 per share.

It was followed by Zenith Bank which declined by 36.76 per cent to close at N11.70 against the month’s opening price of N18.50.

Others are Nigerian Breweries 36.67 per cent, NASCON 34.62 per cent, Nestle 32.30 per cent and United Capital 31.89 per cent.

International Breweries dipped 30.50 per cent, Access Bank lost 27.44 per cent and Con Oil dropped 26.94 per cent.

Conversely, Union Diagnostic dominated the gainers’ table in percentage terms during the period, growing by 30 per cent to close at 26k per share against the opening price of 20k.

NPF Microfinance trailed with 21.05 per cent to close at N7.99 per share, while 11 Plc inched forward by 20.80 per cent to close at N160.90 per share.

Other gainers are Eterna, Cornerstone Insurance, Nem Insurance, May & Baker, Custodian and Allied Insurance and Cutix.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said Lafarge Africa’s loss was driven by Coronavirus news that hit the company during the period.

Omordion said the worst laggard shed 40.65 per cent in a month when virus driven bear market hit the company share price ahead of its full result.

He attributed Zenith Bank depreciation to price adjustment for dividend and bearish trend.

Omordion said that the panic selloffs led to poor reactions to corporate earnings in March and reflected on the number of stocks that appreciated in value.

On expectations in April, he said the 14 days lockdown would likely influence the market negatively.