Conoil Rises to Four-Month High on Sales Expansion Plan
Conoil Plc (CONOIL) 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.
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