Unity Bank emerges best performing stock in Q1 with 121.82% growth

The shares of Unity Bank Plc posted a percentage growth of 121.82 per cent on the Nigerian Stock Exchange (NSE) to emerge the best performing stock for the first quarter ended March 31, 2018.

Data gathered by the News Agency of Nigeria (NAN) showed that the stock which opened for the year at 55k closed for the quarter at N1.22 per share, indicating an increase of 121.82 per cent to emerge the best performing stock.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd attributed the growth to the alleged rumour of Milost Global Incorporated investment in the bank.

Omordion said the bullish run at the beginning of the year followed the rumour of foreign investor entering the bank before it was eventually cancelled.

NAN reports that Wema Bank followed with a growth of 98 per cent having opened at 50k to close at 99k, while Cement Company of Northern Nigeria (CCNN) garnered 96.84 per cent to close at N18.70 against the opening price of N9.50.

Others are NEM Insurance 74 per cent, NPF Microfinance Bank rose by 69.60 per cent, GSK improved by 57.33 per cent and Eterna achieved a growth of 56.10 per cent.

Sterling Bank appreciated by 54.87 per cent, Fidson Healthcare grew by 53.64 per cent, while FCMB Group inched 50.67 per cent during the period under review.

Credit: NAN.