WATCH THE VIDEO HERE 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. Statement from the Chairman In the company’s annual general report released in July, Conoil’s chairman, Dr. Mike Adenuga, outlined the organization’s commitment to long-term value creation for shareholders. “The company remains motivated to create excellent value for its shareholders, ensuring that its share price remains on the rise. The task before the company is to spot and explore new opportunities and take calculated risks to reach strategic goals,” he stated. Conoil’s financial performance and upward price trend reflect its ability to navigate a dynamic market environment.
Conoil gains 37.35% in a week, reaches new high on strong third-quarter results
