Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Conoil Nigeria Rises to 4-Month High on Sales Growth Plan

Dec. 19 (Bloomberg) -- Conoil Plc jumped to the highest level in four months after the Nigerian petroleum products company said it is making new investments to expand sales.

The stock rose 5 percent to 21.52 naira by the close in Lagos, Nigeria’s commercial capital, its highest level since Aug. 22.

Conoil is investing more than 500 million naira ($3.16 million) to build a capability for selling lubricant brands and cooking gas directly to consumers, the company said in a statement on its website on Dec. 18. The project, planned to run for nine months, will create 500 jobs, the company said.

“The announcement has earned the company some good patronage,” Raheem Mohammed, chief operating officer of Kundila Finance Ltd., said by phone from Lagos today.

Conoil has fallen 32 percent this year, compared with a 32 percent rise in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.