Forte Oil retains ‘worst performing stock for the year’

NSE lifts suspension on Sovereign Trust Insurance

Forte Oil for the second year running has emerged as the worst performing stock on the Nigerian Stock Exchange in 2017 in percentage terms.

Data from the exchange reveals 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.

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

The oil company was followed by University Press Plc which recorded a loss of 46.23 per cent to close at N2.28 compared with N4.24 it opened for the year.

Also, another oil firm, 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.

The Chief Operating Officer of 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.

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

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