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Stock Market Bounces Back On Renewed Investor Confidence

Having recorded poor performance almost through the month of July, the Nigerian equities market took a turn for the better last week despite two days of losses.

The market had in the past few weeks witnessed massive losses due to negative sentiments fuelled by weaker- than- expected second quarter 2014 results across sectors as well as profit-taking from previous gains.

But the situation changed last week when a couple of quoted companies posted improved full-year and half-year reports led by Conoil Plc and Forte Oil Plc. Forte Oil result showed that profit before income tax increased 152 per cent to N4.19 billion compared to N1.66 billion recorded in H1 2013.

Similarly, its revenue grew 33 per cent to N79.61 billion compared to N59.96 billion recorded in the same period in 2013. On its part, Conoil Plc announced a dividend of N4 per share, though details of its full-year results are still not available.

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