Close Menu
Chronicle.ng
    Trending Stories
    ADC exempts Peter Obi, El-Rufai from defecting from LP, SDP

    Obi faults Remi Tinubu’s birthday wish, says ‘we are finished’

    September 22, 2025
    Eno’s defection will bring progress to Akwa Ibom, says APC

    Akwa Ibom gov cries out, says people hate me for ’embracing enemies’

    September 22, 2025
    Gunmen kidnap Nasarawa governor's aide Muhammad Osolafia

    Gunmen abduct pastor’s wife, church member in Nasarawa

    September 22, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Obi faults Remi Tinubu’s birthday wish, says ‘we are finished’
    • Akwa Ibom gov cries out, says people hate me for ’embracing enemies’
    • Gunmen abduct pastor’s wife, church member in Nasarawa
    • Falconets pip hosts Rwanda in FIFA U-20 Women’s World Cup qualifiers 
    • UK, Canada, Australia formally recognise Palestine as independent state
    • US lawmaker hits back at Trump, ‘our country is being led by idiots’
    • Cardi B sets Guinness World Record with 176 drone deliveries
    • Dangote blames fuel price hike on NUPENG-imposed truck charges
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Monday, September 22
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    Again, Forte Oil is worst performing stock on NSE

    Chronicle EditorBy Chronicle EditorJanuary 3, 2018No Comments4 Mins Read
    Facebook Twitter Telegram WhatsApp
    Forte Oil shares have been the worst performing stock on the Nigerian Stock Exchange, NSE, for the second year running
    Facebook Twitter WhatsApp
    Forte Oil shares have been the worst performing stock on the Nigerian Stock Exchange, NSE, for the second year running

    For the second year running, Forte Oil Plc maintained its leadership as the worst performing stock on the Nigerian Stock Exchange (NSE) in 2017 in percentage terms.

    Statistics obtained by the News Agency of Nigeria (NAN) from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share.

    NAN reports that Forte Oil in 2016 also emerged the worst performing stock in 2016 in percentage terms having dropped by 74.42 per cent.

    The stock, which opened trading in 2016 at N330, depreciated by 74.42 per cent to close trading at N84.43 per share.

    University Press followed with a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year.

    MRS Oil shed 36.49 per cent to close at 27.46 against N43.24, while Mobil Oil lost 30.25 per cent to close at N194.60 in contrast with the year’s opening price of N279 per share.

    Julius Berger dipped 27.42 per cent to close at N28 against N38.58 and Conoil, which opened for 2017 at N37.48, decreased by 25.42 per cent to close at N28 per share.

    NAN reports that Total trailed with a loss of 23.09 per cent to close at N229.95 against the year’s opening price of N299, while Trans-Nationwide dipped by 22 per cent to close at 78k in contrast with N1 posted in 2016.

    READ: Gas pipeline fire shuts down Nigeria power grid
    7UP which opened the year at N129 declined by 20.95 per cent to close at N101.97, while Nigeria Enamelware lost 20.80 per cent having closed the year at N23.33 against N29.33, among others.

    The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, attributed Forte Oil’s loss for two straight years to non-payment of dividend in 2016 financial year and weak earnings.

    Omordion said that mixed performance posted by the company in 2017 and unclear business plan or direction to investing public on the happenings in the company or where it was heading to, contributed to the development.

    He also attributed the University Press depreciation to dwindling dividend payout and unimpressive numbers, as increasing cottage industries operation continued to affect its bottom line.

    Conversely, Dangote Sugar was the best performing stock in percentage terms during the review period.

    It improved by 227.33 per cent to close at N20 per share against the opening price of N6.11.

    International Breweries trailed with a growth of 194.59 per cent to close at N54.50 compared with N18.50 and Fidelity which opened at 84k rose by 192.86 per cent to close at N2.46 per share.

    Fidson increased by 189.06 per cent to close at N3.70 against opening price of N1.28 and Dangote Flour Mills inched 185.88 per cent having closed the year at N12.15 per share against N4.25 opening price.

    Stanbic IBTC improved by 176.69 per cent to close at N41.50 in contrast with N15, while May & Baker garnered 176.60 per cent to close at N2.60 against 94k it opened for the year.

    FBN Holdings increased by 162.69 per cent to close the year at N8.80 per share against N3.35, while C & I Leasing rose by 158 per cent to close at N1.29 compared with the opening year’s figure of 50k.

    Omordion linked Dangote Sugar growth to improved numbers and 50k interim dividend as a result of backward integration that reduced operating cost due to sugarcane farms.

    He also attributed the International Breweries gain to its merger with Intafact Beverages Ltd and Pabod Breweries Ltd as the major factor that move the price as earnings remained weak

    He said that infusion of the three major players would boost numbers as market share increases.

    Omordion said that Fidelity Bank’s growth was due to oversubscription of its Eurobond, which boosted investors’ confidence and as well improved positive numbers.

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    ADC exempts Peter Obi, El-Rufai from defecting from LP, SDP

    Obi faults Remi Tinubu’s birthday wish, says ‘we are finished’

    Eno’s defection will bring progress to Akwa Ibom, says APC

    Akwa Ibom gov cries out, says people hate me for ’embracing enemies’

    Gunmen kidnap Nasarawa governor's aide Muhammad Osolafia

    Gunmen abduct pastor’s wife, church member in Nasarawa

    UK, Canada, Australia formally recognise Palestine as independent state

    UK, Canada, Australia formally recognise Palestine as independent state

    US lawmaker hits back at Trump, ‘our country is being led by idiots’

    US lawmaker hits back at Trump, ‘our country is being led by idiots’

    Cardi B sets Guinness World Record with 176 drone deliveries

    Cardi B sets Guinness World Record with 176 drone deliveries

    Add A Comment

    Comments are closed.

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    ADC exempts Peter Obi, El-Rufai from defecting from LP, SDP

    Obi faults Remi Tinubu’s birthday wish, says ‘we are finished’

    September 22, 2025
    Eno’s defection will bring progress to Akwa Ibom, says APC

    Akwa Ibom gov cries out, says people hate me for ’embracing enemies’

    September 22, 2025
    Gunmen kidnap Nasarawa governor's aide Muhammad Osolafia

    Gunmen abduct pastor’s wife, church member in Nasarawa

    September 22, 2025
    Falconets pip hosts Rwanda in FIFA U-20 Women’s World Cup qualifiers 

    Falconets pip hosts Rwanda in FIFA U-20 Women’s World Cup qualifiers 

    September 22, 2025
    UK, Canada, Australia formally recognise Palestine as independent state

    UK, Canada, Australia formally recognise Palestine as independent state

    September 22, 2025
    Facebook X (Twitter) Instagram
    • Politics
    • News
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.