Shares of Conoil Plc achieved a substantial 37.35% gain on the Nigerian Exchange for the trading week ending on Friday, closing at a share price of N260.00.
The share price appreciation is happening after the release of its third-quarter financial report, which revealed a pre-tax profit increase of N803 million to N5.02 billion and a 35.10% year-over-year surge in revenue to N68.5 billion.
Following the release, bullish market sentiment around the company’s stock grew in the trading week commencing November 4, 2024, as it consistently closed in the green for four consecutive days, driving its price from N189.30 to N260.00.
This performance placed Conoil as the third-highest gainer on the weekly advancers’ chart, ranking behind only JohnHolt and Eunisell.
Market trends and price movements
- Conoil started 2024 at a share price of N83.90, rebounding from a late-2023 dip that saw its value fall to N80.20, and went on to close January at N101.00, signaling a modest recovery.
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