Conoil tops gainers as index rises marginally | Bizness Watch
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Conoil tops gainers as index rises marginally

The shares of Conoil Plc rose the most on Thursday as the low investor optimism saw the equity segment of the Nigerian Stock Exchange closed little-changed.The NSE All-Share Index recorded a marginal appreciation, gaining 0.73 basis points or 0.001 per cent to close at 38,125.91 points, from Wednesday’s close of 38,125.18 points.Conoil, which led 30 other gainers on Thursday, rose by 10.24 per cent or N4.78 to close at N51.48.  It was its biggest rise since September 2004.

According to analysts, investors in the company have reaped a return of 15 per cent in one week as the equity continues to appreciate in value following the release of its third quarter 2013 results.

The company had declared a profit after tax of N2.09bn, representing a rise of 329 per cent from N487.2 m it posted in 2012, while its revenue also rose from N114.7bn to N121.8bn.

Trading firm’s trading volume also nearly double the three-month daily average.

Conoil shares have recorded a major appreciation this year with analysts attributing the development to a positive investor sentiment towards the company on the back of its results and promise by its chairman, Mr. Mike Adenuga, that the firm had been positioned for sustained growth, which ultimately meant increased returns for shareholders.

The marginal gains recorded by equities on Thursday saw the indices close on a positive note for the sixth straight session buoyed by results.

In all, investors staked N5.648bn on 511.201 million shares in 5,127 deals on Thursday, with the banking sub-sector maintaining its lead on the activity chart.

Volume in the sub-sector was driven by trading in the shares of Zenith Bank Plc, Sterling Bank Plc, Guaranty Trust Bank Plc and Access Bank Plc.

Skye Bank Plc, Unity Bank Plc and United Bank for Africa Plc also recorded high turnover.

AIICO Insurance Plc led 22 others on the losers’ chart after it shed 4.88 per cent or four kobo to close at 78 kobo per share.




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