Unity Bank, CCNN, Caverton stocks hit record highs
by Iheanyi Nwachukwu
March 8, 2018 | 12:56 am| | | Start Conversation
Unity Bank Plc, Cement Company of Northern Nigeria Plc and Caverton Offshore Support Group Plc stocks have reached record highs year-to-date (ytd).
Investors who chose to hold these stocks in their basket of select equities have earned in excess of 100percent capital appreciation, INVESTOR trend watch shows.
Analysts strongly advise investors to take a keen interest on firms’ fundamentals before taking an investment position on such firms.
GTI Capital had advised investors to take a medium-long term view of the market.
Unity Bank Plc is leading the table of gainers this year with a record 247.2percent increase in share price at N1.84 seen on Tuesday March 6, 2018.
Amid news that US-based private equity firm Milost Global Incorporated is considering investing in Unity Bank Plc, buying interest has strengthened on the stock in recent sessions, said analysts at Vetiva Capital Management Limited.
Cement Company of Northern Nigeria Plc followed with 110.5percent gain as shown in its price at N20 on Tuesday; while Caverton Offshore Support Group Plc stock price increased by 107percent to N2.67 as at same period.
Other stocks that have impressed investors with over 50 percent returns this year include: FCMB with 68.9percent gain; Jaiz Bank Plc (58.7percent); Japaul Oil Plc (50percent); Skye Bank Plc (88percent); Sterling Bank Plc (74.1percent); and Wema Bank Plc (82.7percent).
The earnings season is gradually gaining momentum and analysts expect more earnings releases to modestly dictate trading direction on the Nigerian bourse.
Afrinvest analysts had expected to see investor sentiment be driven by corporate filings as the earnings season enters full gear.
The Nigerian stock market Year-to-Date (YtD) returns as at Tuesday stood at 14.03percent. The All Share Index (ASI) rose to 43,609.77 points as at Tuesday while the equities market capitalisation reached record high of N15.666trillion.
“We anticipate further uptrend amid more earnings declaration and improving broad economic fundamentals as signified by just released data”, said United Capital Research analysts.
The market has been volatile as the expectation for 2017 earnings’ season increases.
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