Mobil Nigeria Falls to 3-Year Low on Bonus Selling: Lagos Mover

Mobil Nigeria Plc, the West African nation’s second-biggest fuel retailer by market value, fell to its lowest in more than three years as investors sold their bonus shares, according to Lambeth Trust and Investment Co.

The stock fell 10 percent to 107.10 naira by the close in Lagos, Nigeria’s commercial capital, the lowest since March 2010. Trading volume was more than 1.4 times the three-month daily average.

In April last year, Mobil Nigeria said it would issue one share for every five held by investors in the year through December 2011.

“The company just credited 2011 bonuses to shareholders’ account, so many are selling for cash,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment, said by phone today. Two calls to Mobil Nigeria’s office in the city didn’t connect.

Net income for the three months through March rose to 624.2 million naira ($3.9 million), compared with 463.7 million naira a year earlier, it said on April 30. Revenue rose to 19.1 billion naira from 17.7 billion naira.

Mobil’s shares have fallen 2 percent this year, compared with a 30 percent increase in the Nigerian Stock Exchange All-Share Index.

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