The Nigerian Stock Exchange ended April on a high as the wider All Share Index gained 9.3% month to date. Out of the nearly 200 stocks in the index, 4 penny stocks came out tops as the best gainers for the Month.
|Best Return Current Month|
|Costain West Africa plc||42.62%|
|Neimeth International Pharmarcy plc||41.10%|
|RT Briscoe Nigeria Plc||38.36%|
|AG Leventis Nigeria plc||37.10%|
Costain West Africa – The company had no corporate action and by our records has not released any result since 2012. The gains we have seen in our opinion is a pure technical play and we don’t expect it to be sustained. Costain share price actually started dropping last week and closed at 87 kobo after reaching a week high 91 kobo.
Neimeth International Pharmacy – The share price started rising from about 91 kobo before hitting a month high N1.13 and then started dropping afterwards. The company released its 2015 Q1 results April 29, showing losses ballooned to N181million from a N13million loss a year earlier. However, before then the share price had plummeted to N1.03 by the end of the week.
RT Briscoe – Another penny stock on the list of top gainers. The stock started from 79kobo to as high as N1.01 and staying there by the end of the month. The company is yet to release any results since September 2014. This in our opinion is also a technical play.
AG Leventis – The conglomerate rose from about N1.24 to N1.70 by the end of April 2015. The company released its results April 30th showing a 50% drop in earnings per share of 4 kobo. The increase in share price also looks like a technical play to us and we don’t expect it to be sustained for too long.