One Week After: FO Share Price Moves Up by 25.71%; Adds N5.86bn in Market CAP

Proshare

Thursday, September 20, 2018 11:53 AM/Proshare Research

Following our earlier update on the hit recorded by the share price of Forte Oil Plc titled ‘ FO Share Price Drops by -16.67% in Four Days - Coincidence or News Led?’ following the news 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, Mr Femi Otedola.

A recent review on the share of Forte Oil Plc revealed that the stock has recovered and recorded 25.71% between yesterday September 19, 2018 and September 13, 2018 when the update was published. Further analysis also revealed the stock has recovered and moved above the price it was trading by 15.49% when the news broke.

The 25.71% gain recorded represents a N5.86bn increase in Market CAP to close at N28.65bn at the close of trading yesterday. It will be recalled that FO’s share price dropped significantly by -16.67% in four trading days when the event unfolded  while the volume of share traded during the period remained very insignificant.

Date

Price

% Chg

Volume

19-Sep-18

             22

10%

416,470

18-Sep-18

             20

5.26%

1,370,265

17-Sep-18

              19

8.57%

304,779

14-Sep-18

          17.5

0.00%

94,611

13-Sep-18

17.5

-7.41%

359,882

12-Sep-18

18.9

4.42%

546,328

11-Sep-18

18.1

-4.99%

727,453

10-Sep-18

19.05

-9.29%

709,248

07-Sep-18

21

0.00%

1,127,546

Source: NSE, Proshare Research

 

 Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


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8.     Analysts Advise Caution Over Forte Oil’s Announced Plans To Divest

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