FORTE OIL |

Nigeria’s Forte Oil Falls Most in Nine Months as MSCI Exit Looms

LAGOS (Capital Markets in Africa) – Nigerian fuel retailer and electricity provider fell 9.7 percent to 43.89 naira by Monday close in Lagos. Volume traded more than 3 times the daily average for past 3 months. Decline “may be related to investors’ reactions to the announcement of the complete removal of the stock from the MSCI Frontier Market Indexes,” Kikelomo Alatise, equity analyst at Lagos-based Meristem Securities, says by email Funds tracking stocks that were deleted…

Nigeria Market Watch | May 14th 2015: Nigerian equity market sustains uptrend…

Posted on by The Editorial Team

Lagos, Nigeria (Capital Markets in Africa):- Bargain hunting positioning in bellwether equities ensured a bullish close in the Nigerian equities market for the second consecutive trading session. The All Share Index rose 61bps to 34,416.29 points while market capitalization gained N71.8bn to close at N11.7bn. Month-to-date (MTD) loss of the benchmark index hence pared to 0.8%. Appreciation in FORTE OIL (+5.0%), ZENITH (+3.3%), GUARANTY (+1.0%) and DANGOTE CEMENT (+0.6%) drove positive market performance today. Market activity…