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Spotlight Stories

Best performing Nigerian stocks in 66 days

A look at some of the Nigerian stocks that have performed well in the last two and a half months

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

It’s no longer news that since the start of this year the world’s best-performing stock market for 2020 has not been particularly impressive.

Most recent data from the Nigerian stock exchange revealed all-share index fell further at the close of its most recent trading session, down by -0.40% to 39,364.67 index points.

The Year-to-date return and market capitalization settled at -2.26% and N20.5 trillion, respectively.

Still, some medium capitalized Nigerian stocks had printed returns in the last 66 days that would make Bitcoin and other top Crypto assets envious.

READ: Sell frenzy wipes out N1.1 trillion from market capitalization of Nigerian stocks

Why this matters: Investment performance usually helps individuals to understand if their specific financial assets are performing or underperforming. It also provides the needed insight to help an investor modify or maintain his/her strategies.

Methodology: Nairametrics, with the help of other leading financial data providers, through their price assessments performance in percentage terms, ranked the financial assets at specific categories.

Champion Breweries: The medium capitalized brewery stock is the best performing Nigerian stock asset printing gains of about 98% in the last two and a half months amid buying interests by investors that continue to prop the shares of the brewery company upon the expectation of a mandatory takeover by Heineken.

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Livestock Feeds Plc: The shares of the Animal feed company have recorded about 60% on the floor of the Nigerian Stock Exchange in the last 66 days, on the account investors continue to raise their stake on the company higher, owing to the impressive financial results of the company in 2020.

READ: Why Nigerian stocks are getting pummeled

NCR Nigeria Plc (NCR): The pretty unpopular Nigerian stock recorded impressive upsides this year, on the account, it has currently gained 58% in two and a half months owing to such a remarkable feat to the fact it produced a significant increase in its 2020 Financial year pre-tax profit despite having its total revenues plunging.

BOCGAS Nigeria: The medium capitalized stock attracted the gaze of Nigerian investors amid its most recent filing, showing its profit after tax in Q3 grew by 48% to N194 million, amid the prevailing pandemic that wreaked havoc on Africa’s biggest economy. The stock has printed YTD returns of about 42%.

Academy Press Plc; Often referred to as one of the oldest and largest publishing houses in Nigeria, as printed gains of about 37% amid reports that reveal Nigerians relatively are not reading books as much as they are supposed to, owing to the rise of Facebook, Netflix, Multichoice and the likes. The N248 million valued Nigerian company is currently trading near its 52 weeks high of 0.46 kobo.

Disclaimer: The objective here is to give the needed insight into top-performing financial assets in Nigeria and should not be seen as a piece of investment advice or guide, as Nairametrics advises one to seek the services of a certified financial advisor for such services.

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*Nairametrics would like to remind you that the data contained in this website is not necessarily real-time.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Business

Lagos says Lake rice will soon be back in the market

The Lagos State Commissioner for Agriculture blamed flooding and the COVID-19 pandemic for the disappearance of Lake rice from the market.

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CBN campaigns for Made-in-Nigeria products Lake rice

The Lagos State Government has said that Lake rice, which is a collaboration between the Lagos State and Kebbi State Governments, is still in existence and will soon be back in the market on a big scale.

This follows the sudden disappearance of the Lake rice due to the disruption caused by the Covid-19 pandemic and last year’s devastating flooding, which wreaked havoc on rice plantations in Kebbi and other northern states.

This disclosure was made by the Lagos State Commissioner for Agriculture, Ms Abisola Olusanya, during a ministerial briefing to commemorate the second year in office of Governor Babajide Sanwo-Olu, admitting that 3 years of seamless record of providing the rice for Lagosians was broken last year, as the brand disappeared from the market.

What the Lagos State Commissioner for Agriculture is saying

Olusanya in her statement said, “It is not that Lake rice is missing to the extent that it will not surface again. Lake rice is still in existence. I think we need to go back to a lot of things that happened last year. Lake rice was available last year in January and February, COVID-19 hit us in March and subsequently, we had issues around flooding, particularly in Kebbi.

The impact of the flooding was grave on rice farms in the state. So, it is not so much about why it is not available, it is a function of why in the producing state there were so much issues of production and supply, for them to process and send to us,” she said.

The commissioner further stated, “Kebbi is the number one producer of rice in Nigeria, so it only makes sense for Lagos to partner with the state to get processed rice.

But part of the agreement also is that if Lagos State is setting up its own rice mill, the agreement is going to shift from receiving processed rice to receiving paddy rice for us to process in our mill. So, it’s not that the partnership has been terminated.

She announced that once the state mill in Imota, Ikorodu is completed, the state would have its own brand adding that the 32 Metric tonnes per hour capacity integrated rice mill under construction is the biggest in Nigeria and in West Africa and at full capacity is capable of producing approximately 2.4 million (50kg) bags of rice for the over 22 million people in the state and for Nigerians as a whole.

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Olusanya said that the mill will further create employment of approximately 267,580 jobs in the state at different stages of the value chain, reduce the cost of rice locally, enhance food self-sufficiency and revenue generation in the state and the country at large, as well as, ensure a sustainable supply of wholesome rice at an affordable price to the people in Lagos and its environs.

What you should know

The Lagos-Kebbi Rice christened Lake rice stemmed from the collaboration between Lagos and Kebbi State Governments and was launched at the Lagos House, Ikeja, Lagos on December 21, 2016, by the former Lagos State Governor, Mr Akinwunmi Ambode and his Kebbi State counterpart, Alhaji Atiku Bagudu.

The partnership which culminated in the launch was not only designed to ensure food security but also to showcase Nigeria’s ability to become a rice-producing nation. The partnership was also part of initiatives aimed at helping Lagos State succeed in its goal of achieving 40% food security and self-sufficiency status by the year 2023 in addition to being less dependent on other states for food production.

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Business

CBN, others move to stop rejection of Nigerian crops by other countries

CBN, government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The Central Bank of Nigeria (CBN) in collaboration with the International Institute of Tropical Agriculture (IITA), government agencies and private firms have moved to stop the rejection of crops produced in Nigeria by other nations.

This follows the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock which is expected to help achieve zero rejection of commodities exported from Nigeria.

This disclosure is contained in a communique issued at the end of a one-day workshop organised in Abuja by Harvest Field Industries Limited and IITA, aimed at sharing results of aflatoxin levels in maize sampled nationwide under the CBN Anchor Borrowers Programme 2020 Wet Season Project.

The workshop’s theme was ‘Scaling Solutions to Control Aflatoxin in Nigeria’s Crop Value Chain: The test results under the CBN Anchor Borrowers Programme 2020 Wet Season Project.’

What the CBN, IITA, Others are saying

The communique partly reads, “Also, it (the workshop) is to prompt concerted efforts towards the adoption of appropriate technologies for the reduction of aflatoxin in our crops, food, feeds and livestock as required by global food quality standards.

“Reduced aflatoxin prevalence will contribute tremendously towards achieving zero rejection of our export commodities and ensure food safety in Nigeria.”

Other participants at the workshop apart from CBN, IITA and Harvest Field, included the Federal Ministry of Agriculture and Rural Development, the National Agency for Food and Drug Administration and Control, and the Standards Organisation of Nigeria.

The list of participants in the workshop also includes the Federal Competition and Consumer Protection Commission, the Federal Ministry of Health, Value Seeds Limited, Maize Association of Nigeria, National Groundnut Producers Processors and Marketers Association of Nigeria, among others.

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During the technical session, participants at the workshop recommended that the inter-ministerial committee on aflatoxin regulation and enforcement of food safety laws in Nigeria should be revived in addition to calls for the enactment of technical policy regulating the testing and enforcement of allowable aflatoxin limits in food and feed processing and distribution industries, among others.

What you should know

Aflatoxins are harmful toxins produced by certain fungi that are found on agricultural crops such as maize (corn), peanuts, cottonseed, and tree nuts. Their presence on some grains grown in Nigeria has prompted the rejection of these agro-products in the international market.

In a bid to diversify the economy and ensure food security in the country, the federal government through the CBN and other government agencies and ministries have introduced various policies and measures to increase productivity in the agricultural sector, which is arguably the largest employer of labour in the country.

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