By NKIRUKA NNOROM

Last week, activity on the Nigerian Stock Exchange, NSE, was concentrated on the downstream petroleum marketing companies with three of them – Forte Oil, MRS Oil Nig, and Conoil Plc- leading the pack of the top ten gainers.

They were followed by breweries company, Champion Breweries Plc, trailed by Paints and Coating Manufacturers Plc. Others are Pharma-Deko Plc, Glaxosmithkline Plc, Beta Glass, A.G Leventis Nig. Plc and Neimeth International Pharmaceuticals Plc.

Forte Oil, which was the fourth on the top ten gainers’ table penultimate week, advanced by 47.24 percent or N14.06 to top the list. It started the week at N29.76 and closed at N43.82 per share. It had risen by19.51 percent the previous week. The company’s shares maintained a strong bullish posture consistently for seven days with maximum gain of 10 percent on daily basis despite sustained bearish trend in the market. Analysts said it was an indication of the strong willingness from core investors to acquire and hold the stock for long term objective(s), perhaps, a confirmation of the rumour of a dividend payout.

It was among 25 oil marketing companies that received N48 billion subsidy claims from the federal government recently. The half year financial statement for the year ended 30th June, 2013, released Friday to the investing public showed that revenue grew by 20.65 percent to N59.96 billion from N49.698 billion in the previous year. Profit after tax improved by 62.68 percent from N855.53 million to N1.39 billion in the review period. Year-to-date, the share price has risen by 466.88 percent from N7.73 to the present market price.

MRS Oil followed closely behind with 42.96 percent or N10.86 gains from N25.28 to N36.14 per share propelled by proposed dividend payment for 2012 year end. Despite 66.7 percent decline in its profit after tax for the year ended 31st December, 2013, the board of directors is recommending N23.34 kobo dividend, to be approved by shareholders at the yearly meeting in August. Its revenue for the same period rose by 11.5 percent to N79.72 billion from N71.49 billion in 2011.

However, the quarter one financials for period ended 31st March, 2013, showed that earnings declined to N15.62 billion from N19.18 billion in 2012, while profit after tax rose to N271.966 million from N123.27 million due to zero tax charges. Listed on the and petroleum products distributors’ sub-sector of the NSE, MRS engages in the business of marketing and distribution of refined petroleum products, blending of lubricants and manufacturing of greases.

Conoil Plc was the next with 33.08 percent or N8.37 per share increase as its share price rose from N25.30 it started the week at to N33.67. Conoil was one of the stocks approved for margin lending by the Securities and Exchange Commission, SEC. Of the nine downstream petroleum marketing companies quoted on the NSE, Conoil ranks fifth in terms of value of the share price.

Available financial statement showed that the company grew sales by 53 percent from N102.88 billion in 2010 to N157.51 billion in 2011. It further consolidated its profitability with profit before tax, rising from N4.02 billion to N4.4 billion, while profit after tax rose from N2.79 billion to N2.95 billion. It engages in the marketing of refined petroleum products, manufacturing and marketing of lubricants, household and industrial chemicals.

Champion Breweries’ share price rose by 28.81 percent or N2.46 from N8.54 to N11.00 per share.Two years ago, Heineken, the parent company of Nigerian Breweries Plc, bought controlling interest in Champion Breweries. Before the acquisition, Champion Breweries was struggling with problem of inadequate working capital, low productivity, poor market share and low employee morale.

Recently, it held a combined annual general meeting where it announced interest to raise fresh capital to enhance competitiveness and ensure growth and profitability. The company seems to still be going through tough times as it closed 2012 financial year with loss after tax of N1.3 billion, a fate it suffered in 2011. The turnover for the same period was stable at N1.8 billion.

Paint and Coating gained 9.64 percent or N0.16 from N1.66 to N1.82; Pharma-Deko’s share price rose by 9.63 percent or N0.18 from N1.87 to N2.05, while GSK’s share price went up by 9.09 percent or N5.00 from N55.00 per share to N60.00.

Others are Beta Glass, A.G Leventis and Neimeth, which gained nine percent or N5.00, 8.97 percent or N0.13 and 8.70 percent or N0.12 to close at N10.90, N1.58 and N1.50 per share in that order.