Top 10 performing stocks

As crazy as this may sound, some of my reader actually told me to post stock news. So here it goes, here's hoping it helps them make more money.

On the top ten performing stocks last week were Jos International Breweries Plc, JIB, Vono Products Plc, Thomas Wyatt Nig. Plc, Ikeja Hotels Plc, John Holt Plc and Academy Press. Others are Nigeria Aviation handling Company, NAHCo, Flour Mills Nig. Plc, Paints and Coating Manufacturers Plc and Aiico Insurance Plc.

One thing peculiar about the first five companies that featured on the top ten performing stocks last week is that they all have Below Listing Standard, BLS, tagged against their names by the Nigerian Stock Exchange, NSE, showing that they are lacking in one way or the other in meeting the NSE’s post-listing rules requirement.

JIB, which has for the second consecutive week led the top gainers, was indicted by the NSE for non-rendition of its 2010, 2011 and 2012 audited financial statements. The company, however, is restructuring to regularise its post-listing status on the NSE, having recently settled the N700 million debts to one of the local banks by the Plateau State government. It is therefore, undergoing revitalisation exercise by the new board put together in 2010 to reshape the company.

Available financial statement of the company for the year ended 31st December, 2009, showed 61.07 percent decline in revenue from N524 million to N204 million. It recorded loss before tax of N431million and loss after tax of N432 million, while working capital was in negative position of N1.3 billion as at the time. The stock price rose by 57.75 percent or N0.67 from N1.16 to N1.83.

The second top gainer, Vono Products, is also listed among stocks performing below listing rules for its failure to render its six months financial statement for March, 2013.

Vitafoam Plc had in 2010 acquired 21.44 percent equity stake in the company through purchase of 64.32 million ordinary shares out of the 300 million total outstanding shares of Vono Nigeria. The acquisition was a long-term strategic investment meant to secure the future of the ailing company. The nine months financial statement for the period ended September, 2012, showed that revenue stood at N525.88 million, while it recorded loss after tax of N4.80 million within the period. The stock price rose by 30.65 percent or N0.19 from N0.62 to N0.81 per share.

The third top gainer, Thomas Wyatt, is yet to submit the first quarter results for June, 2013. Listed in paper/forest products sector, Thomas Wyatt is involved in printing and related support activities. The Company has more than sixty years experience in paper and paper conversion business and the delivery of high quality printing and stationeries supplies to numerous customers all over Nigeria.

The stock price rose by 20.90 percent or N0.14 to N0.81 from N0.67 it started the week at. Ikeja Hotel’s share price rose by 8.86 percent or N0.07 from N0.79 at the beginning of the week to N0.86. The company has not submitted the 2012 full year audited financial account, including 2013 first quarter results for the period ended 31st March. To-date, Ikeja Hotel is the least priced stock out of three companies quoted in hotel/lodging sector.

John Holts Plc, which is yet to also submit the six month financial statement and was also, fined N1.7 million last year for late filing of 2011 financial statement, advanced by 8.62 percent or N0.10 from N1.16 to N1.26. The Audited 2012 results showed declining trends with revenues dropping by 53 percent to N2.7billion from N5.9 billion in 2011. Loss before tax was N1.8 billion. However, the company declared exceptional item of N2.4 billion helping it to post a profit after tax of N635 million.

Academy Press advanced by 8.52 percent or N0.15 to N1.26; NAHCO recorded 7.67 or N0.48 capital appreciation from N1.76 to N1.91; Flourmills, 7.67 percent or N0.48 from N78.56 to N83.90; PCMN, 6.47 percent or N0.11 from N1.70 to N1.81, while Aiico Insurance gained 6.38 percent or N0.06 from N0.94 to N1.00.