Insurance stocks are the least followed stocks in the Nigerian stock market. But did you know that if you peruse the list of local penny stocks that doubled on a year to date basis, you will find one fairly priced insurance stock that is up by 106% with more room for capital appreciation.
In November 2019, I made a bullish call on this stock at 60kobo with over 50% upside potential to 80-90kobo, and right now this stock has helped shareholders pocket more than 100% between January and August, the same period a lot of stocksare trading at a year and all time low.
The stock is Law Union and Rock.
Why is the stock trending up?
The company reported a significant increase in operating profit to N181m in Q2, 2020 (from N43m in previous comparable period) which is like 320% growth while its profit after-tax expanded from N37m to N153m, representing 313% growth.Continue reading “This Insurance Stock Has Doubled Since January, Should I Buy?”