Top 10 performing stocks



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Top 10 performing stocks
Posted on: June 15, 2015, 09:16:58 PM

PZ Industries Plc led the cream of top ten price gainers on the Nigerian Stock Exchange, NSE last week, rising by 19.86 per cent to close last week Friday at N35.00 per share from N29.20 it close penultimate week.

Twenty four equities appreciated in price during the week under review, lower than twenty seven equities penultimate week. PZ Industries which top the gainers’ chart recently recommended distribution of N794.1 million to shareholders as interim dividends for the current year ending May 31, 2015. The dividend recommendation was part of the third quarter interim report and accounts of the conglomerate released recently.

Key extracts of the nine-month accounts for the period ended February 28, 2015 showed PZ Industries recorded marginal growth in sales amidst notable decline in the bottom-line. While sales rose by 0.56 per cent, pre and post tax profits dropped by 22.85 per cent and 27.91 per cent respectively.

Trailing behind PZ Industries on the price gainers’ chart was Okomu Oil Palm Company Plc, which appreciated by 14.80 per cent or N4.50 per share to close at N34.90 per share from N30.40 per share penultimate week. Okomu Oil third quarter results ended September, 2014 submitted to the NSE showed that profit went up by 28.5 7 per cent.

The company’s impressive profit growth may have beaten analysts’ earlier expectations that the drop in global prices of palm oil will erode income of the company. For the first nine months through September 2014, Okomu’s net income increased by 28.57 percent to N2.07 percent from N1.61billion in the earlier third quarter (Q3) 2013.

The impressive results at the bottom line was fuelled by effective and efficient cost control mechanisms put in place by management that saw operating expenses reduce by 26.12 percent to N1.79billion. Additionally, cost of sales were down by 6.38 percent to N2.93billion in Q3 2014 as against N3.13billion last year while cost of sales margin reduced to 42.52 percent in the review from 46.16 percent last year.

Okomu’s revenue in the period under review rose by 1.61 percent to N6.89 billion from N6.78bn last year despite local prices lagging behind global prices. May and Baker Plc occupied the third position on the gainers’ chart, rising by 14.38 per cent or N0.22 to close at N1.75 per share from N1.53 per share the penultimate week. May and Baker, which recently held its Annual General Meeting, AGM posted a pre tax profit of N101.1 million, compared with a loss of N11.4 million in 2013.

The company recorded a profit after tax of N63 million, up from a loss of N103 million in 2013. This was achieved on the Group’s turnover of N7 billion, against N6.3billion in 2013, representing a growth of 10.2 per cent. Trailing May & Baker on the price gainers’ chart was National Salt Company Nigeria, NASCON Plc , which went up by 14.14 per cent or N0.99 per share to close at N7.99 per share from N7.00 per share.

The company which held its AGM last week announced to shareholders of the company’s change of name to NASCON Allied Industries. The management of the company explained that the adoption of its new name is to reflect current investments and new operational status of the company as a manufacturer of other related consumer and daily need products apart from salt.

Forte Oil Plc also in the top ten gainers’ chart rose by 8.23 per cent or N13.15 per share to close at N173.00 per share from N159.85 per share. Forte Oil Plc had declared a dividend of 250 kobo per share and bonus share of one share for every five shares for the financial year ended December 31, 2014. The company had rewarded shareholders with a dividend of 400 kobo in 2013.

However, the cash dividend was reduced while a bonus issue was added. According to the audited results made available, Forte Oil recorded a decline of 11 per cent in net profit, falling from N5 billion to N4.45 billion. In all, the company recorded a revenue of N170 billion in 2014, showing an increase of 33 per cent above the N126 billion posted in 2013. Cost of sale rose by 31 per cent from N116 billion to N152 billion.

Other income dipped by 78 per cent from N6.388 billion to N1.39 billion. Other five gainers in the top ten chart includes Livestock Feeds Plc which gained N0.15 to close N2.40 per share followed by Portland Paints and Products Nigeria Plc rising by N4.76 per share to close at N4.18. UBA Capital Plc garnered N0.06 to close at N1.46 per share, followed by Berger Paints Nigeria Plc which went up by N3.27 to close at N11.36, while TotalFinaElf Nigera Plc gained N4.94 to close at N159.99 per share.


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