Forte Oil Plc has recorded the highest price loss in percentage terms to emerge the worst performing stock on the Nigerian Stock Exchange for the first quarter ended March 31, the News Agency of Nigeria (NAN) reports.
Data obtained from the exchange on Tuesday indicated that the stock dropped by 43.39 per cent to close trading at N47.80 per share during the period under review, compared with its opening first quarter price of N84.43 per share.
NAN reports that the stock emerged the worst performing stock in 2016 in percentage terms with a drop of 74.42 per cent, having closed trading for the year at N84. 43 per share.
Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed Forte Oil’s performance in the first quarter to declining earning power and failure to declare a dividend for the financial year ended Dec. 31, 2016.
Mr. Omordion said investors’ reaction to the company’s failure to declare a dividend impacted negatively on its stock performance.
He, however, attributed the company’s failure to pay dividend to the capital intensive nature of oil business.
NAN reports that UAC Property trailed with a loss of 37.79 per cent to close at N1.63 against N2.63 it opened trading with in January.
7UP shed 35.66 per cent to close at N83 during the period under review in contrast with its opening price of N129, while NAHCO lost 33.54 per cent to close at N2.10 per share against its opening price of N3.16.
On the other hand, Betaglass was the best performing stock in percentage terms in the first quarter, having increased by 46.04 per cent to close at N47. 28 per share against its opening price of N30.32.
Air Service followed with a growth of 42.40 per cent to close at N3.56 compared with its opening price of N2.50, and United Bank for Africa garnered 28.22 per cent to close at N5.77 against N4.50 in January.
Okomu Oil improved by 24.47 per cent to close the quarter at N50 per share in contrast with N40.17 it opened trading with.
Stanbic IBTC rose by 18.53 per cent to close at N17.78 against N15 it opened trading with.