For the second year running, Forte Oil maintained its leadership as the worst performing stock on the Nigerian Stock Exchange, NSE, in 2017 in percentage terms.
Statistics obtained from the exchange indicated that the stock, which opened trading in 2017 at ₦84.43, dropped by 48.50 per cent to close the year at ₦43.48 per share.
Forte Oil also emerged the worst performing stock in 2016 in percentage terms, having dropped by 74.42 per cent. The stock, which opened trading in 2016 at ₦330, depreciated by 74.42 per cent to close trading at ₦84.43 per share.
University Press followed with a loss of 46.23 per cent to close at ₦2.28 compared with ₦4.24 it opened for the year. MRS Oil shed 36.49 per cent to close at 27.46 against ₦43.24, while Mobil Oil lost 30.25 per cent to close at ₦194.60 in contrast with the year’s opening price of ₦279 per share.
Julius Berger dipped 27.42 per cent to close at ₦28 against ₦38.58 and Conoil, which opened for 2017 at ₦37.48, decreased by 25.42 per cent to close at ₦28 per share. Total trailed with a loss of 23.09 per cent to close at ₦229.95 against the year’s opening price of ₦299, while Trans-Nationwide dipped by 22 per cent to close at 78k in contrast with ₦1 posted in 2016.
7UP, which opened the year at ₦129 declined by 20.95 per cent to close at ₦101.97, while Nigeria Enamelware lost 20.80 per cent having closed the year at ₦23.33 against ₦29.33, among others.
The Chief Operating Officer, InvestData Ltd., Mr. Ambrose Omordion, attributed Forte Oil’s loss for two straight years to non-payment of dividend in 2016 financial year and weak earnings.
Omordion said that mixed performance posted by the company in 2017 and unclear business plan or direction to investing public on the happenings in the company or where it was heading to, contributed to the development.
He also attributed the University Press’ depreciation to dwindling dividend payout and unimpressive numbers, as increasing cottage industries operation continued to affect its bottom line.