How NSE biggest companies fared during Buhari’s first term in office

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The performance of stocks listed on the Nigerian Stock Exchange (NSE) was generally unimpressive in the last four years. But in spite of this downturn, some big companies delivered remarkable value for their shareholders, while some others plunged their market value.

The benchmark index of the NSE, the All-Share Index (ASI), which opened at 34,310.37 points on May 29, 2015, was down 8.75 percent to close at 31,307 points on May 28, 2019. The ASI tracks the general market movement of all listed stocks on the Nigeria’s stock market.

A review of how the share prices of NSE biggest companies performed shows that fourteen stocks appreciated, one remained unchanged, while fifteen fell in value. These companies make up the NSE 30. NSE 30 is the price index that tracks the market’s top 30 companies in terms of market capitalisation and liquidity.

For the purpose of this analysis, the companies were reviewed based on their closing prices at the end of trading on May 28, 2015, and May 28, 2019. These make the opening and closing prices for respective stocks during President Muhammadu Buhari’s first term in office.

Interestingly, four of these companies comprising Dangote Flour Plc, Okomu Oil Palm Plc, Nascon Allied Industries Plc and Dangote Sugar increased investors’ wealth by more than double in the period under review.

Dangote Flour grew by 302.9 percent from May 29, 2015, to close at N16.60 on Tuesday, May 28, 2019, Okomu Oil Palm trailed with a capital appreciation of 151.27 percent to N74 per share, Nascon Allied Industries gained 123.75 percent to N17.90, while Dangote Sugar rose by 105.84 percent to close at N13.40.

The share price of International Breweries Plc remained unchanged for the period. Although there were movements in the company’s share price within the period.

Wapco lost 88.27 percent to N10.45, Forte Oil fell by 84 percent to settle at N28, while Oando shed 74 percent to close at N4.65.


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