Nigeria’s top 10 performing stocks

On the top 10 performing stocks last week were the shares of Transnationwide Express Plc, Guinness Nigeria Plc, Okomu Oil Palm Company Plc, Evans Medicals Plc and Costain (W/A) Plc.

Nigerian Stock Exchange

The rest were Cutix Plc, Smart Products Plc, P.Z Industries Plc and Associated Bus Company (ABC) Plc.

Transnationwide Express Plc (Tranex) came from the second position penultimate week to lead the gainers. The share price rose by 23.36 per cent or N0.25 to close at N1.32 from N1.07. Tranex, which was faced with decreasing fortune in relation to its financial position, is beginning to breathe fresh air. In its first quarter ended March 31, 2015, its revenue fell by 74.4 percent to N183.86 million. Its profit before tax fell by 65.9 per cent from N49.476 million in 2014 to N16.828 million in 2014, while the profit after tax slumped to N12.828 million from N66.771 million in the previous quarter.

However, highlights of its second quarter result for the period ended June 2015 showed that its revenue went up by 9.8 per cent, rising to N383.64 million in 2015 as against N349.12 million posted in the H2 2014. Despite 46.2 per cent increase in tax expense for the period, the company’s profit after tax witnessed a huge 102.2 per cent increase from N14.09 million recorded in 2014 to N28.48 million in the review period.

Guinness Nigeria Plc followed on the list with 18.90 per cent or N24.19 appreciation to close at N152.19 from N128.00 the previous week. The company was among seven other companies that received commendation from the Nigerian Stock Exchange, NSE, for timely submission of their various financial reports and accounts for 2015.

Guinness was commended by the Exchange for submitting its full year result for period ended June 30, 2015, more than three weeks before the due date. Last week, the parent company, Dieago Plc announced plans to increase its stake in Guinness from 54.3 per cent to a maximum of 70 per cent. At tender offer price of N175 per share, shareholders who opt to divest their holdings would enjoy 36 per cent premium ‘to the 30-day volume weighted average share price and 40 per cent to the company’s closing share price on 8th September 2015’.

Meanwhile, Guinness has been suffering from depreciating financial fortune as indicated in its full year result for June 2015. Its profit after tax for the period fell by 19 per cent to N 7.8 billion from N9.6 billion in 2014. Basic earnings per share fell by the same margin to 518 kobo from 636 kobo in 2014. Revenue, however, saw nine per cent increase to N118.5 billion from N109.2 billion in the same period in 2014.

The share price rose steadily in the last one week, advancing by 17.98 per cent between Monday, September 7 and Friday, September 11, 2015.
Okomu Oil was the next as the share price rose by 14.19 per cent or N3.37 to close at N27.12 from N23.75 per share. The company recently said it had purchased 11,400 hectares of land in Ovia North East Local Government Area of Edo State on which it intended to plant about 10,000 hectares of palm oil. Clearing of the site, according to the company, would commence this year, while planting would take-off next year. For the second quarter ended June 30, 2015, Okomu Oil’s turnover declined to N2.57 billion compared to N3.04 billion it recorded in the same period in 2014.

Its finance cost went up to N124.04 million from N92.40 million in equivalent period in 2014, while the profit after tax declined to N808.78 million from N841.64 million in 2014. For the year ended December 31, 2015, it paid N250 million dividend to the shareholders, which translated to 25 kobo per share.

Evans Medicals advanced by 12.50 per cent or N0.08 to close at N0.72 from N0.64; Costain (W/A) Plc rose by 12.28 per cent or N0.07 to close at N0.64 from N0.57; Ikeja Hotels Plc went up by 10.50 per cent or N0.36 to close at N3.79 from N3.43; Cutix Plc gained 9.68 per cent or N0.15 to close at N1.70 from N1.55; Smart Products recorded 8.89 per cent or N0.08 increase to close N0.98 from N0.90; P.Z Industries advanced by 7.99 per cent or N2.02 to close at N27.30 from N25.28, while ABC Plc went up by 7.55 per cent or N0.04 to close at N0.57 from N0.53 per share.

Vanguard