FO Share Price Drops by -16.67% in Four Days - Coincidence or News Led?

Thursday, September 13, 2018 06:32 PM/Proshare Research

Following the revelation earlier in the week of the possibility that the leadership of the Peoples Democratic Party (PDP) in Lagos State may offer the party’s 2019 governorship ticket to the chairman of Forte Oil Plc Femi Otedola, FO’s share price has dropped significantly by -16.67% in four trading days.

The stock closed three trading days out of four in red while it recorded 4.42% gain at the close of trading on Sept 12^th, 2018 to erase parts of earlier trading loss.

 The highest loss was recorded on Monday Sept 10^th, 2018 with -9.29% while the volume traded has not been significant compared to the last volume of 1.12m traded on Friday Sept 7^th, 2018. The highest volume traded within the period under review was on Tuesday Sept 11^th, 2018 which was put at 727,453. 

The Chairman of Forte Oil has neither denied or affirmed this news and up till now, word on the street is from third parties operating in a season of fast developments, speculations and alliances. 

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