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Top 10 performing stocks

By NKIRUKA NNOROM

IPWA Plc, HIS Plc, Forte Oil Plc, MRS Oil Nigeria Plc, PZ Cusson Nig Plc, and UTC Nig Plc were among the stocks that garnered enough investors’ patronage last week to make it to the top ten gainers chart. Others are Champion Breweries Plc, Julius Berger Plc, 7-Up Bottling Company and ABC Transport Plc.

IPWA Plc, listed on the building materials sub-sector of the Nigerian Stock Exchange, NSE, recorded 57.32 percent or N0.47 price appreciation to top the list. It opened the market at N0.82 and closed at N1.29. By virtue of its products profile, IPWA plc is the most diversified paint manufacturing company in Nigeria, producing highly technological marine, protective, packaging, and industrial coatings in addition to building paints, wood finishes and automotive refinishes.

Available financial statement of the company for the third quarter ended 30th September, 2011, showed that gross earning declined by 13 percent to N241.07 billion from N276.06 billion. It recorded loss before tax of N59.21 billion, a four percent decline over negative N61.56 billion reported in the same period of 2011.

Investors’ patronage for the stock seems to be on the increase as it led the top 10 gainers three weeks back. So far, the share price has risen by 158 percent year-to-date from N0.50 at the beginning of the year to the present market price.

Telecommunications services company, IHS Plc, trailed behind with 46.33 percent or N1.20 gains from N2.59 at the beginning of the week to N3.79. Only recently, the company announced that it entered into a definitive agreement with MTN Group Limited (“MTN”) (JSE: MTN) pursuant to which, it will acquire up to 931 mobile network towers from MTN Cote d’Ivoire for US$141 million and up to 827 towers from MTN Cameroon for US143 million. Following the agreement, IHS became 100 percent shareholder of the tower companies to be set up in each country to manage the towers and other passive infrastructure.

The quarter two financial statement for the period ended 31st October, 2012 showed that it recorded 213.9 percent increase in turnover from N3.61 billion in 2011 to N11.32 billion in 2012. Profit, however, nose-dived by 97.4 percent to negative position of N1.22 billion from another loss position of N618.02 million in 2011. Increased investors’ patronage has seen the stock rising by 122.94 from year low of N1.70 to the present market price.

Forte Oil Plc, which closed as the third top gainer in the week, rose by 46.31 percent or N9.42 from N20.34 to N29.76 after the federal government paid subsidies claims amounting to N48 billion to petroleum marketing companies last week. It was among 25 oil marketing companies that received the package.

Just recently, the NSE listed Forte Oil along with 24 other companies that exceeded the minimum listing standards in terms of timely disclosure of their audited annual and quarterly financial performance. The company filed its first quarter financial statement for the period ended 31st March, 2013, over a month ahead of the stipulated submission deadline which falls on 15th May, 2013. Already, the stock price has risen by 284.99 percent year-to-date from N7.73 at the beginning of the year to the Friday’s closing price.

MRS Oil rose by 33.05 percent or N6.28 from N19.00 at the beginning of the week to N25.28. Listed on the petroleum and petroleum products distributors’ sub-sector, MRS engages in the business of marketing and distribution of refined petroleum products, blending of lubricants and manufacturing of greases.

Despite 66.7 percent decline in its profit after tax for the year ended 31st December, 2013, the board of directors is still recommending N23.34 kobo dividend, to be approved by shareholders at the yearly meeting in August. Its revenue for the same period rose by 11.5 percent to N79.72 billion from N71.49 billion in 2011.

PZ was the next with 23.22 percent or N9.14 price gain from N39.36 to N48.50 per share; UTC gained 21.54 percent or N0.14 from N0.65 to N0.79 per share; Champion Breweries’ share price rose by 20.79 percent or N1.47 to N8.54 from N7.07 per share.

Others are JB, which gained N13.73 or 19.61 percent from N70.02 to N83.75 per share; 7-Up was up  by N10.00 or 18.18 percent from N55.00 to N65.0 per share, while ABC Transport’s share price went up to N1.29 from N1.10, gaining N0.19 or 17.27 percent.


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