Forte Oil Nigeria Rises to Highest in Two Months on ForecastVincent Nwanma
Forte Oil Plc, a Nigerian oil products retailer, rose to the highest in two months after saying first-quarter profit will almost triple.
The stock climbed a third day, gaining 4.9 percent to 9.37 naira by the close in in Lagos, Nigeria’s commercial capital, the highest price since Nov. 9. About 148 percent of the three-month daily average volume of shares traded, according to data compiled by Bloomberg.
Forte expects an after-tax profit of 891.64 million naira ($5.7 million) for the first three months of this year, it said in a filing yesterday, with revenue seen at 76.4 billion naira. The company reported first-quarter profit last year of 304.39 million naira, on revenue of 24.73 billion naira.
The forecast “is a material departure from the past performance of the company,” David Adonri, chief executive of Lambeth Trust and Investment Co., said. The “fear is whether it will be achieved. We have situations in which forecasts are made, but the actual result may be different,” he said.