Positive sentiment witnessed on shares of Conoil Plc resulted in the company gaining 21% in market value at the end of weekly trading.
Investors have sustained buy pressure on the shares of Conoil following the release of the company’s unaudited financial statement for the year ended 31st December 2022.
This was despite the recent increase of the lending rate (MPR) by 100 basis points to 17.5% by CBN’s Monetary Policy Committee.
The gain: Checks by Nairametrics showed that the company’s stock price rose to N32.05 per share at the close of the trading week from N26.50 it opened at the beginning of the trading session on Monday 6th February, representing a growth of 20.94% or N3.852 billion.
Further analysis showed that Conoil closed the trading week with N22.241 billion in market capitalization as against the opening figure of N18.389 billion.
Financial report: Conoil’s financial FY 2022 report shows that the energy firm’s profit rose by an impressive 101.8% to N6.22 billion from the N3.082 billion reported in the previous year.
The profit growth was due to the increase in revenue from the sale of petroleum products despite inflationary pressure and depreciation of the naira.
In case you missed it: The NGX All-Share Index and Market Capitalization appreciated by 0.21% to close the week at 54,327.30 and N29.591 trillion respectively.
All other indices finished lower except for NGX 30, NGX Premium, and NGX AFR Div. Yield, NGX Oil and Gas, NGX Lotu II, and NGX Industrial Goods indices appreciated by 0.34%, 1.04%, 0.50%, 0.63%, 0.51 and 0.65% respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.
A total turnover of 944.293 million shares worth N22.710 billion in 18,615 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.789 billion shares valued at N27.500 billion that exchanged hands last week in 20,333 deals.
The Financial Services Industry (measured by volume) led the activity chart with 634.086 million shares valued at N6.442 billion traded in 8,540 deals; thus contributing 67.15% and 28.37% to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 78.603 million shares worth N2.218 billion in 2,993 deals. The third place was the Conglomerates Industry, with a turnover of 59.564 million shares worth N110.109 million in 788 deals.