Share price of 54% of companies on NSE remain flat in January

….Investors in Guinness Nigeria loses 22.8%

About 54 per cent of listed companies on the main board and premium board of the Nigerian Stock Exchange (NSE) remained unchanged in first trading month of 2017.

Investigation by Business247 News Online revealed that 90 out of 169 companies share prices were unchanged in January as investors appetite in  equities continued to wane.

According to our investigation, 47 companies’ share price depreciated in January following sentiment trading with companies that transact business with foreign exchange.

With a loss of N4.7 billion, Investors in Guinness Nigeria Plc recorded the highest lost in first trading month of 2017. The multinational company’ share price came down by 22.8 per cent or N18.90 from N83.05 it opened the year 2017 to close at N64.15 at the end of the first month of the year.

Forte Oil Plc that announced 50 per cent decline in profit for the financial year ended December 31, 2016 recorded the second highest price losers.

The share price of Forte Oil dropped by 15.6 per cent or N13.21 to N71.22 from N84.43 per share it opened for trading this year.

Furthermore, investors in 7-UP Bottling Company Plc lost 13.1 per cent or N16.90 to N112.10 from N129.00, to lead top three losers in January.

The Exchange said the oil price shocks and associated prolonged foreign exchange dilemma, coupled with challenges to policy implementation, drove the nation’s economy into its first recession in over 20 years.