Japaul of Nigeria Gains Most in 6 Weeks on Outlook: Lagos Mover

Japaul Oil & Maritime Services Plc, a Nigerian oil-services company that’s climbed 24 percent this year, gained the most in six weeks on outlook that profit for 2012 rose after crude prices advanced.

The stock advanced 4.6 percent to 68 kobo by the close in Lagos, the commercial capital, the biggest rise since Feb. 12, according to data compiled by Bloomberg. Almost 3 million shares were traded, or 41 percent of the three-month daily average.

Bonny Light crude, the nation’s main export grade, rose 2.9 percent in 2012 and gained for a second day today, adding 0.6 percent to $111.46 in New York.

“Bonny Light has remained above $110 per barrel this year and investors are expecting the company’s rising offshore operations to boost last year’s result, already due for release,” Raheem Mohammed, chief executive officer of Kundila Finance Ltd., said in a telephone interview today from Lagos.

Japaul’s net income for the half year through June climbed to 1.3 billion naira ($8 million) from 1 billion naira in the same period a year earlier, it said on Aug. 1. Revenue increased to 6.1 billion naira from 5.2 billion naira.

The stock’s gain this year has beaten a 19 percent rise in the Nigerian Stock Exchange All-Share Index.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE