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Caverton, University Press, worst performing shares in May, FCMB, Access Bank led banks

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Mid-cap companies on the main board of the Nigerian Stock Exchange (NSE), Caverton Offshore Support Group Plc   and University Press Plc led other companies to record highest share prices decline in May, Business247 checks have revealed.

Caverton Offshore, a support and logistic company in May recorded a decline of 19 per cent or N0.33 from N1.73 to N1.40 per share.

Closely followed is University Press Plc that recorded 18.6 per cent or N1.06 decline in share price to N7.80 from N8.84 per share it opened in the month under review.

Other mid-cap companies that recorded huge decline in share price are MRS Oil Nigeria Plc, dropping by 18.5 per cent to N36.53 per share while Portland Paints and Products Nigeria Plc recorded a decline of 18.3 per cent from N2.40 to N1.96.

Equities market this year has suffered setback attributed to delayed passages of 2016 Budget by the Federal Government and the dwindling global oil prices.

The banking shares were stable in May as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) announced plans to introduce flexible foreign exchange policy.

First City Monument Bank Group (FCMB) Plc, share price in May rose by 71 per cent or N0.71 to N1.71 per share while Diamond Bank Plc gained by 61.2 per cent or 0.85 to N2.24.

Unity Bank appreciated by 40.3 per cent or N0.27 from N0.67 to N0.94; Access Bank gained 40 per cent or N1.62 to N5.67 and United Bank for Africa Plc increased by 39.7 per cent or N1.35 to N4.75.

Others are Union Bank Of Nigeria Plc which gained 25 per cent; Skye Bank Plc rose by 33.7 per cent and Fidelity Bank grew by 13.7 per cent.

Commenting on factors that would shape the markets in June, analysts at Vetiva Capital Management Limited in its latest weekly report, said: “We note the renewed interest in large capitalisations across key sectors and we expect this to filter into the coming sessions. We however expect that the markets will continue to keep an eye on development surrounding the new currency framework.

“While we expect the short end of the yield curve to remain broadly upbeat this week (given the modest system liquidity), we believe sentiment in the bond market will remain tepid as investors stay cautious ahead of the June bond offer circular.”

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