Unity Bank, two others named top share price growers
PEARL Awards has nominated Unity Bank Plc, Cement Company of Northern Nigeria Plc and NEM Insurance Plc as the top three companies on the list of companies with share price appreciation.
The President, PEARL Awards Nigeria, Mr Tayo Orekoya, said at a press conference that the awards aimed to recognise the performance of listed firms and other capital market operators, despite the harsh operating environment.
He said the companies to be awarded in all categories were assessed using nine performance indices ― turnover growth, return on equity, share price appreciation, dividend yield, dividend cover, earnings yield, net asset ratio, dividend growth and profit margin ratio.
He noted that in order to ensure fairness and objectivity, a committee was set up to examine and verify the companies’ annual reports filed on the stock exchange
Orekoya also called for a holistic review of the 10-year capital market master plan in the light of current economic realities in the country.
He stated that the market performance nosedived in recent past due to a decline in stock and bond investments occasioned by divestment in stocks by foreign and local investors.
He said the PEARL Awards fully supported the sensitisation initiative of the NSE through the ongoing market data workshop series and the various initiatives from Securities and Exchange Commission, including the engagement of relevant stakeholders with the 10-year capital market master plan.
According to him, SEC needs to do more towards investor education to rebuild confidence in the market.
Orekoya said, “On our part, PEARL Awards Nigeria remains committed to partnering the regulatory authorities and other stakeholders towards achieving sustainability, growth and deepening of the market.
“It is gratifying to state that the PEARL Awards board of governors, through its technical committee, has deemed it fit to review the parameters currently being utilised for the assessment of quoted companies.
“This review is in tandem with international best practices and it is envisaged that additional new parameters that are equally globally acceptable would be introduced in due course for enhanced assessment of quoted companies.”
Orekoya stated that in recognition of the daunting challenges the capital market continued to face based on the vagaries of the economy, institutions deserving to be recognised and honoured at this year’s awards could only have achieved excellence based on sustainable leadership driven by the power of vision, focus and resilience.