Conoil Hits Fresh 52-Week High over Fresh Rally
Conoil Plc market value hit a new 52-week high as demand for oil stock increased. Its market value increased by 10% on the day as oil and energy stocks continue to attract investors.
The oil stock uptick came as the market began to prepare for the last lap of value hunting ahead of fourth quarter of 2024 earnings festival.
The latest rally was driven by investors’ sentiment on expectation that the group earnings will remain uptrend, while the market anticipated sustained dividend payments.
Data showed that the company share price has inched to N352 in the equities market as a result of bargain hunting on Nigerian Exchange (NGX) trading platform on Wednesday.
In the local bourse, share price of Conoil increased to N352 after 399,277 shares of the company exchanged hands in the local bourse. The transaction value conducted on the stock worth about N119 million.
The rally nudged stock market value to Conoil to N244 billion, spread over about 694 million shares outstanding. Data showed that Conoil has gained fast and furiously over the last 52-week in the equities market.
It had hit 52-week low of N78, a significant gap when compared with its highest price in the last 12 months. MarketForces Africa reported that Conoil paid interim dividend of N3.50 in November, 2024.
In its 9month of financial year 2024 earnings report, the company’s revenue increased by 80.7% year on year to settle at N249.130 billion, from N137.88 billion in the comparable period in 2023.
Its profit before tax of N15.242 billion in the period was 37.9% above N11.053 billion the company posted 12 months earlier.
Further details revealed that Conoil grew profit after tax by 39.5% year on year to N12.122 billion at the end of 9M of financial year 2024 from N8.96 billion in the comparable period.
Shareholders fund expanded to N45.268 billion at the end of the period, up by 34.3% year on year from N33.702 billion in the equivalent period in 2023. # Conoil Hits Fresh 52-Week High over Fresh Rally. #Conoil Hits Fresh 52-Week High over Fresh Rally#
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