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Eurobond: Fidelity Bank emerges best performing stock in November

Nnamdi Okonkwo, M.D, Fidelity Bank

By Chinyere Joel-Nwokeoma

Fidelity Bank Plc has emerged the best performing stock in percentage terms on the Nigerian Stock Exchange (NSE) for the month of November, the News Agency of Nigeria (NAN) reports.

Data obtained by NAN from the NSE for the period under review showed that the stock increased by 35.53 per cent to close at N2.06 per share in contrast with the month’s opening price of N1.52.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the stock’s rally during the period to successful Eurobond outing and improved earnings report.

Omordion said that investors’ sentiments to the stock as a leader among the nation’s second tier banks contributed to the price growth.

NAN reports that NAHCO Aviance came second with a growth of 32.31 per cent having closed at N4.30 as against N3.52 achieved in October; Diamond Bank improved by 24.75 per cent to close at N1.26 per share as against the opening price of N1.01.

Cadbury rose by 23.24 per cent to close at N12.94 against N10.50 posted in the preceding month, while International Breweries garnered 22.47 per cent to close at N60, in contrast with N48.99 in October.

Dangote Sugar was up by 20.33 per cent to close at N18.05 against N15
and Med-view Airline increased by 19.74 per cent to close at N1.82 per share compared with N1.52 in the previous month.

Conversely, Linkage Assurance, under the Financial Services sector, was the worst performing stock during the period under review, dropping by 27.91 per cent to close at 62k per share against 86k achieved in October.

Omordion attributed Linkage Assurance drop to profit taking and activities of market forces.

C & I Leasing trailed with a loss of 24.72 per cent to close at N1.34 compared to N1.78 in October.

He attributed C & I Leasing price depreciation to profit booking and its proposed primary market activities/share reconstruction.

Newrest ASL declined by 20.45 per cent to close at N5.95 per share against N7.48 it opened for the month.

Nigerian Breweries dropped by 11.80 per cent to close at N132.30 against N150 in October, while Champion Breweries lost 10.98 per cent to close at N2.19 per share in contrast with N2.46 posted in the preceding month.

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