Nigeria's Forte Oil Plc, a local energy firm has emerged the worst performing stock on the local bourse, according to a report by the state News agency, NAN.
The energy and fuel retailer firm was in its second year of weak performance on the Nigerian Stock Exchange (NSE), according to the report.
Data from the exchange showed Forte Oil, majorly owned by Femi Otedola opened trading in 2017 at 84.43 naira but closed weaker by 48.50 percent to end the yeat at 43.48 naira per share.
The company had also performed poorly in the preceding year, dropping 74.42 percent at the end of 2016.
The share of the company traded at 330 naira in January 2016, but closed at 84.43 naira a share at the end of the year.
The company had also performed poorly in the preceding year, dropping 74.42 percent at the end of 2016.
The share of the company traded at 330 naira in January 2016, but closed at 84.43 naira a share at the end of the year.
Forte Oil has decided to suspend its plans to sell new share funds in September last year after it had earlier announced to raise 20 billion naira in fresh equity through book building.
The company had secured regulatory approval to float a supplementary capital raising, where its major shareholders was excepted from participating.
Its decision to put the offering on hold was to ensure the completion of its ongoing corporate restructuring and strategic plan to explore opportunities to maximize emerging opportunities in the Nigerian energy sector, spokesman for the company said last year.
0 comments:
Post a Comment