Finance
Japaul Shares Jump Amid Acquisition Rumours
- Japaul Shares Jump Amid Acquisition Rumours
Japaul Oil & Maritime Service rose to a five-month high on Wednesday following a renewed interest in the shares of the economy.
The company gained 10 percent to 22 kobo on Tuesday, up from 20 kobo it has traded for more than a month.
A total of 69.05 million units worth N14.13 million was traded on Tuesday, again up from 42,030 units valued at N8,406 recorded in the previous trading session.
The oil and gas company accounted for 21.84 percent of the total volume of 316.12 million units transacted on the Nigerian Stock Exchange on Tuesday.
Again on Wednesday, the volume traded rose even higher to 92.3 million units valued at N20.82 million, pushing its stock price to 24 kobo as at 2:00PM Nigerian time.
The unusual heavy trades, in a company that has consistently recorded losses in the last four years with a revenue base that dropped from N10.57 billion in 2014 to N936 million in 2018, led investors to assume possible takeover in the near future.