It’s been only two trading sessions since the Nigerian stock market got off to its best start of a year with a marginal gain Thursday.
As such, it might be too early to say what stocks will deliver the most returns, but that has not deterred investors from early positioning- especially in penny stocks.
Cornerstone Insurance (+17.78%)
This insurance stock gained 125 percent last year to emerge among the top-five price gain. Cornerstone is leading the advancers already in 2020 with 17.78 percent gain to 53 kobo per share in just two trading sessions. The broader market has gained 0.47 percent in the same period.
Niger Insurance (+10%)
Another insurance stock is on high-gear and has gained 10 percent since the market opened Thursday.
Niger insurance currently trading at 22 kobo per share had last year declined by almost 17 percent.
Royal Exchange (+10%)
Sharing second-spot is Royal Exchange, another insurance and penny stock, which has impressed so far in 2020.
Royal Exchange has gained 10 percent to 33 kobo per share, after a 36.4 percent surge last year.
First Bank of Nigeria Holdings (+7.32%)
FBNH, like most of its tier-one peers, suffered a decline last year. However a 7.32 percent gain so far this year might be promises of better performance for the banking stock.
FBNH is closed at N6.6 per share on Friday.
Transcorp (+7.07%)
From worst-performing conglomerate to one of the market’s best at the start of the year, Transcorp will be looking to maintain current momentum.
The stock price has appreciated by 7.07 percent to N1.06 per share in the first two trading sessions of the year.
EcoBank Transnational Incorporated (+6.92%)
ETI shed almost 54 percent of value last year but has gained 6.92 percent to become fifth best performing stock in 2020.
ETI closed at N6.95 per share on Friday.
Vitafoam (+6.82%)
This stock traded flat in 2019 but an impressive 2019 profit growth (coupled with plans to pay dividend) has lured investors to Vitafoam shares.
With an impressive 6.82 percent gain to N4.7 per share as at Friday, Vitafoam has started the year on a good note.
Africa Prudential (+6.25%)
Africa Prudential gained 3.4 percent last year and is continuing on a good note in the New Year.
Africa Prudential is up 6.25 percent to N4.25 per share as of Friday.
Japaul Oil (+5%)
Japaul Oil and Maritime Service Shares shed almost 5 percent last year but a 5 percent gain in early 2020 trading could be promising. It might be too early to tell.
Nonetheless, this stock has outperformed its Oil and Gas peers and closed at 21 kobo on Friday.
Mutual Benefits (+5%)
Mutual Benefits Assurance ties with Japaul Oil in terms of share price movement in 2020. This insurance stock fell by almost 5 percent last year but so far has impressed.
Mutual Benefits has gained 5 percent to 21 kobo so far this year.
UBA (+4.9%)
United Bank for Africa is up almost 5 percent after a year that saw big banks stocks slide.
The tier-one banking stock closed at N7.5 per share after a 4.17 percent gain on Friday.
