Bubble? Neimeth Posted N69million loss in 2012, Yet The Stock Price Keeps Rising (Already 134% Month To Date)

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Neimeth has released its 2012 FY results as well as its first quarter 2013 results. Both results showed no significant improvement on bottom line. In fact the company went from a profit of N123million FY 2011 to a loss of N69million in FY 2012. 2013 Q1 was no better dropping from N67million to N37million in pre-tax profits. Despite what might look like a set back the share price is still going up.

I have combed the news to search for any asymmetrical info I might be missing but haven’t found any. Is this another bubble? Or a hype?