Forte Oil, Skye Bank top NSE’s 2016 worst performing stock list

Forte Oil Plc has emerged the worst performing stock in 2016, in percentage terms, having dropped by 74.42% to close trading at N84.43 per share as against N330 at the start of the trading year.

Statistics obtained by NAN from the Nigerian Stock Exchange (NSE) showed that  Skye Bank followed with a loss of 68.35% to close at 50k, compared with the N1.58 with which it opened the year.

Caverton lost 63.56% to close at 90k against N2.47, while Diamond Bank lost 61.74% to close at 88k compared to it’s opening price of N2.30 per share.

Sterling Bank also lost 58.47% to close at 70k against N1.83 and Lafarge Africa, which opened for 2016 at N96.80, decreased by 57.70% to close at N40.95 per share among others.

Commenting, Ambrose Omordion, chief operating officer, InvestData Ltd., attributed Forte Oil loss to weak earnings and AMCON related deal.

Omordion said that Skye Bank performance was due to lack of market confidence in its stocks since the change of management by the Central Bank of Nigeria (CBN) and huge loss position posted in 2015 financial year.

He added that Caverton’s weak earnings and narrow business model affected the company’s price movement, noting that dwindling earnings on increasing non-performing loan affected Diamond Bank shares.

“Sterling Bank is market forces, while Lafarge Africa is increasing negative position of the company,’’ he said.

Dangote Flour was the best performing stock in percentage terms during the review period, having improved by 276.11% to close at N4.25 per share against opening price of N1.13.

UBA Capital trailed with a growth of 108.40% to close at N2.73, compared with N1.31, and Total, which opened at N147.01, rose by 103.39% to close at N299 per share.

Seplat increased by 87.19% to close 2016 at N379. 99 against the opening price of N203 and Mobil Oil increased by 74.38%, having closed the year at N279 per share against N160 opening price.