NSE: Conoil appreciates further by N4.14

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NSE: Conoil appreciates further by N4.14

By Chinyere Joel-Nwokeoma

Conoil Plc. on Thursday for the second consecutive day, topped the gainers’ chart on the Nigerian Stock Exchange (NSE), following investors’ reaction to its 2016 positive earnings report.

The News Agency of Nigeria (NAN) reports that the stock appreciated further by N4.14 to top the gainers’ table, closing at N44.56 per share.

The stock on June 21 also led the gainers’ table by N1.92 to close at N40.42 per share.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the growth to positive earnings announced by the company for the financial year ended Dec. 31, 2016.

Omordion said that the N3.10 per share dividend proposed by the company for 2016 contributed to the price rally against N3 paid in 2015.

The company, during the period under review, said its profit before tax rose to N4.28 billion from N3.45 billion in 2015, representing an increase of 24 per cent.

Its revenue stood at N85.02 billion when compared with N82.9 billion posted in the corresponding period of 2015.

Similarly, the profit after tax grew by 23 per cent to N2.84 billion, against N2.30 billion in 2015.

Further analysis of the stock price movement showed that Ashaka Cement followed with a gain of N1.50 to close at N16.27, while Berger Paint gained 65k to close at N7.12 per share.

The United Bank for Africa price increased by 38k to close at N9.20, while UACN added 10k to close at N18 per share.

Conversely, Nigerian Breweries recorded the highest loss for the day, dropping by N7.97 to close at N158.03 per share.

Okomu Oil trailed with a loss of N3.40 to close at N64.80, while Presco shed N3 to close at N73 per share.

Mobil lost N2.90 to close at N248, while Julius Berger dipped N2.18 to close at N4.52 per share.

Consequently, the All-Share Index depreciated by 549.45 points or 1.64 per cent to close at 32,928.44 compared with 33,477.89 posted on Wednesday.

Also, the market capitalisation, which opened at N11.576 trillion, lost N190 billion or 1.64 per cent to close at N11.386 trillion.

The United Bank for Africa was the toast of investors, trading 88.92 million shares valued at N776.27 million.

Diamond Bank came second with 70.36 million shares worth N79.01 million, while Transcorp traded 60.32 million shares valued at N91.72 million.

FBN Holdings sold 58.63 million shares worth N357.16 million and Zenith International Bank transacted 57.524 million shares valued at N1.20 billion. (NAN)

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