Shares of Conoil Gains 10 Percent on Monday Following a Strong Q1 2021 Results

Stock investors jumped on shares of Conoil on Monday following a 63 percent jump in the company’s profit to N423.931 million in the first quarter (Q1) of 2021.

Investors traded 204,342 shares of the company on Friday when the financial statement was released. This was over 80 percent increase from 21,700 exchanged on Thursday before the financial report was made public.

On Monday, a total of 136,081 shares were traded to push the price of a unit Conoil share from N18.7 to N20.5 per share. Representing an increase of 9.63 percent.

Despite Conoil revenue declining by 13.2 percent to N33.091 million in the quarter under review, earnings per share rose by 62.8 percent from 38 kobo to 61 kobo.

The Nigerian Exchange Limited closed in the red on Monday, with All-Share Index declining by 0.10 percent to settle at 38,686.4 index points.