Forte OIL: N152 is Last Line of Defense

Forte Oil Q3 hit the market yesterday with;

• Revenue of N36.7bn mixed; -24.9% q/q; +20.4% y/y
• Profit before tax of N1.4bn down; -53.7% q/q; -32.6% y/y
• Profit after tax of N0.6bn down; -55.9% q/q; -67.9% y/y

Forte TRW E-trader:

• Total volumes traded 102,759 units
• Total volumes on offer 254,923 unuts
• Total bids: NIL

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FORTE OIL WEEKLY REPORT:

• Current market price at N152.00 is within the March 2015 support levels
• This current level will determine a Break/Fade rally (Consolidate within these levels or a Continuation of Current bear trend.