Cement Company of Northern Nigeria (CCNN) led 24 other stocks to emerge the best performing stock in percentage terms on the Nigerian Stock Exchange (NSE) in 2018.
Data obtained by the News Agency of Nigeria from the NSE showed that the company’s shares appreciated by 104.21 per cent to close at N19.40 against N9.50 recorded in 2017.
Qed.ng reported on Thursday that Nigerian cement and sugar tycoon, Abdulsamad Rabiu, gained $650 million after merging Kalambaina Cement, a subsidiary company of his BUA Cement, with publicly traded Cement Company of Northern Nigeria (CCNN), where he was the controlling shareholder.
Chief Operating Officer of InvestData Ltd., Ambrose Omordion, told NAN that the growth was due to the company’s merger with Kalambaina Cement Company.
Mr Omordion said the merger plans announced by the company in June 2018 impacted positively on CCNN shares, as investors scrambled to increase their stake.
Omordion said the merger would position CCNN for better competitiveness within its home market and also enable it utilise the more modern plant and equipment of the Kalambaina Cement to boost its market penetration and export potential.
Conversely, Lafarge Africa was the worst performing stock in percentage terms having lost 72.27 per cent to close at N12.45 per share against the year’s opening figure of N44.89 per cent.
AG Leventis came second with a loss of 61.43 per cent to close at 27k per share in contrast with 70k posted in 2017.
