The Federal Government announced an increase in fuel price on Wednesday that saw the price of fuel spike to N145 from N82.50. The government announced that it was focusing solely on price modulation effectively ruling out subsidy and relying on market forces to determine the price of petrol.
This news was welcomed with mixed reactions as some Nigerians felt the timing was bad while other believed it was about time. The increase in fuel price is bound to have a negative impact on inflation as the price of goods and services are expected to sky rocket. It’s a scenario that opponent of fuel subsidy removal dread.
Just as some are quick to criticize this move there are some companies that are immediately benefitting from the increase in the price of fuel. The gainers list of the Nigerian stock exchange on May 12, 2016 and just a day after the announcement had about 36 gainers out of which about 6 of them were oil and gas related stock. Total, Forte, Seplat, Conoil, Mobil and Oando all topped the gainers chart.
See the list below of gainers below with oil stocks in red
S/N | Symbol | 2016-05-11 Closing Price(N) | 2016-05-12 Closing Price(N) | Gain(N) | % Change |
1 | TIGERBRANDS | 5.05 | 5.56 | 0.51 | 10.10 |
2 | LIVESTOCK | 0.84 | 0.92 | 0.08 | 9.52 |
3 | DIAMONDBNK | 1.69 | 1.84 | 0.15 | 8.88 |
4 | FCMB | 1.09 | 1.18 | 0.09 | 8.26 |
5 | WEMABANK | 0.73 | 0.79 | 0.06 | 8.22 |
6 | AIRSERVICE | 1.85 | 1.97 | 0.12 | 6.49 |
7 | TRANSCORP | 1.12 | 1.19 | 0.07 | 6.25 |
8 | TOTAL | 150.41 | 159.60 | 9.19 | 6.11 |
9 | HONYFLOUR | 1.59 | 1.68 | 0.09 | 5.66 |
10 | OANDO | 4.57 | 4.80 | 0.23 | 5.03 |
11 | AGLEVENT | 1.00 | 1.05 | 0.05 | 5.00 |
12 | FO | 210.00 | 220.50 | 10.50 | 5.00 |
13 | MANSARD | 2.00 | 2.10 | 0.10 | 5.00 |
14 | IKEJAHOTEL | 2.45 | 2.57 | 0.12 | 4.90 |
15 | TRANSEXPR | 1.03 | 1.08 | 0.05 | 4.85 |
16 | NAHCO | 3.95 | 4.14 | 0.19 | 4.81 |
17 | PZ | 21.00 | 22.00 | 1.00 | 4.76 |
18 | FIDSON | 2.14 | 2.24 | 0.10 | 4.67 |
19 | NEIMETH | 0.88 | 0.92 | 0.04 | 4.55 |
20 | CAVERTON | 1.38 | 1.44 | 0.06 | 4.35 |
21 | MAYBAKER | 0.93 | 0.97 | 0.04 | 4.30 |
22 | FIDELITYBK | 1.17 | 1.22 | 0.05 | 4.27 |
23 | UNITYBNK | 0.72 | 0.75 | 0.03 | 4.17 |
24 | MOBIL | 155.09 | 160.66 | 5.57 | 3.59 |
25 | ACCESS | 4.31 | 4.46 | 0.15 | 3.48 |
26 | NPFMCRFBK | 1.15 | 1.18 | 0.03 | 2.61 |
27 | NB | 118.00 | 121.00 | 3.00 | 2.54 |
28 | UBA | 3.42 | 3.50 | 0.08 | 2.34 |
29 | DANGSUGAR | 5.79 | 5.90 | 0.11 | 1.90 |
30 | SKYEBANK | 1.09 | 1.11 | 0.02 | 1.83 |
31 | UCAP | 1.75 | 1.78 | 0.03 | 1.71 |
32 | SEPLAT | 340.00 | 345.00 | 5.00 | 1.47 |
33 | ZENITHBANK | 13.80 | 14.00 | 0.20 | 1.45 |
34 | NESTLE | 671.00 | 680.00 | 9.00 | 1.34 |
35 | GUARANTY | 18.35 | 18.49 | 0.14 | 0.76 |
36 | CONOIL | 18.10 | 18.16 | 0.06 | 0.33 |
