Three of the worst performers on the exchange this year topped the gainers chart for Xmas in a remarkable turnaround. At the close of trading December 23rd, 2015 Unity Bank, Skye Bank and Etranzact all topped the gainers chart for the week gaining 28%, 18% and 15% respectively.
Unity Bank specially gets our attention considering that its investors had seen over 80% of its value wiped out since it had a restructured its shares. The company reduced its number of shares outstanding thus increasing its share price from 50kobo to N5 even though market capitalization remained the same. It then saw its share price pummeled from N5 to about 64 kobo two weeks ago as investors dumped stocks as the economic situation remained gloomy.
After sustaining a 7 day losing streak from the beginning of the month of December, it has only lost once since the 9th of December. Investors who took a bet on the stock posting a gain should be happy as it has gained 40% under a week. From 64 kobo Unity Bank closed the Xmas week at 94 kobo
This by no means suggest things are getting better for the stock as most analyst still see a downside risk buying this stock. However, those who put their money where their mouth is are smiling to the bank already.