• Saturday, February 24, 2024
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Report identifies Forte Oil as most advanced stock in 2013


At the end of trading in 2013, the Nigerian stock market recorded 84 advancers, as Forte Oil plc clearly led the advancers with 1164.55 percent gains followed by Evans Medical plc with 342.53 percent gains, while Transnational Corporation plc and Champion Breweries plc, respectively, posted 314.29 percent and 307.47 percent gains within the same period.

These companies performance is contained in the Nigerian Capital Market (NCM) report by Proshare analysts. The analysts linked the uptick in Forte Oil share price to impressive 9-months result, adding that the company “also took over its Geregu Power Plant.”

For Evans Medical, the analysts noted that the 5kobo dividend declared by the firm encouraged investors to patronise the stock, while for Transcorp, “the firm took over the Ughelli Power Plant and also recently announced its intention to reward its investors at the end of financial year 2013.”

For Champion Breweries, the analysts could not ascertain the reason behind the huge price appreciation, even as the company declared loss in its third-quarter (Q3) 2013 results.

On Conoil, the impressive 9-months results declared by the company could have been contributed to the uptrend in its share price, the analysts noted.

Forte Oil opened last year at N7.73 but closed the year at N97.75; Evans Medical opened at N0.87 but closed at N3.85; Transcorp opened last year at N1.05 but close at N4.35; Champion Breweries , which opened at N4.15 closed at N16.91, while Conoil that opened last year at N20.5 closed at N67.93.

Conversely, the market, according to the report, recorded 44 decliners with John Holt and Trans-Nationwide Express emerging as top losers with 67.06 percent and 57.91percent, respectively, while Costain and Deap Capital followed closely with 53.38 percent and 50.99 percent, respectively.

The share price of John Holt dropped from N3.4 to N1.12; Trans-Nationwide Express dropped from N2.78 to N1.17; Costain dropped from N2.66 to N1.24; Deap Capital dropped from N2.02 to N0.99, while MultiTrex dipped from N0.95 to N0.5.