BY NKIRUKA NNOROM

On the list of top 10 performing  stocks last week were Conoil Plc, Eterna Plc, Caverton Offshore Support Group Plc, United Bank for Africa (UBA), P.Z Cusson Plc and Airline Services and Logistics Plc.

Others were Prestige Assurance Plc, Neimeth Pharmaceutical Plc, West African Provincial Insurance Plc and Custodian and Allied Plc.

Conoil Plc led with 39.87 percent or N20.73 to close at N72.73 from N52.00 it started the week at.  Conoil has in the last one year been defaulting in its obligation to the investing public by failing to render its financial statement to the Nigerian Stock Exchange, NSE, timely.  As it is, the company is presently operating below the post listing rules requirement of the NSE for late submission of its full year for period ended December, 2013 and was subsequently fined N1.5 million. Notwithstanding, the company is still penciled down as operating below minimum listing requirement for non-submission of its first quarter financial statement for March, 2014.

Stockbrokers believe that the short fall could be the reason minimal activity on its shares compared to some of its peers in petroleum and petroleum products distributors’ sector.  As at the end of transactions on Friday June 13, 2014, investors bought 30,000 units of the company’s shares. Though it rewarded shareholders with dividend in its financial year ended December 31, 2012, it was a significant drop over what was paid in 2011. Specifically, the amount paid within that year as dividend fell by whooping 60 percent from N2.50 in 2011 to N1.00 in 2012.

The financial statement for that same period showed that significant drop in basic measurement indicators. The turnover fell to N149.993 billion from N157.512 billion, representing 4.77 percent decrease. Profit before tax also nose-dived at N1.148 billion was 70.89 percent decline over N4.382 billion reported in 2011, while profit after tax was N714.981 million, as against N2.997 billion a year earlier.

The share price had previously risen to N76.00 from year low of N23.00 before sliding to the current market price.

Another petroleum and petroleum products distributors’ listed equity, Eterna Plc, rose by 26.80 percent or N0.93 to emerge second on list. It started week at N3.47 and closed at N4.40 per share. Following its dependence on bank’s loans to run its operation, shareholders had at the last annual general meeting appealed to the Board and management to seek alternative source of funding. Eterna paid its last dividend 10 years ago in 1999, paying N0.08 per share. The company just released its 2013 full year financial statement with revenue rising to N98.3 billion, representing 9.66 percent increase compared with N89.6 billion in 2012. This, the company attributed to increased fuel and crude oil revenue of N8.4 billion. However, despite the increase in revenue, the gross profit declined by 5.28 percent from N3.0 billion in 2012 to N2.9 billion.

Caverton Offshore Support Group, which was listed on the Exchange just a month ago, followed with 12.93 percent or N0.57 price appreciation, rising to N4.98 from N4.41. The company had made history by being the first oil services company to be quoted on the Nigerian stock exchange.  True to the management’s promise of coming into the market with some announcements that will impact positively on the share price, the company last week announced plan to commence construction of first aircraft training school in sub-Saharan Africa, a move that is expected to drive the revenue. It also announced that Total Exploration and Production had granted it contract extension following the expiration of three years contract it won with the company (Total) in 2011 for the operation of four helicopters into TEPENG’s offshore fields. The extension will see Caverton servicing the company till 2016. This is in addition to the acquisition of a brand new AW139 helicopter, the 7th in the company’s fleet. However, it seems investors have not been well disposed towards the stock as the share price has fallen from N9.50 (the listing price) to the current market price.

United Bank for Africa appreciated by 7.55 percent or N9.57 to close at N8.12 from N7.55; P.Z Cusson went up by 6.94 percent or 2.50 to close at N38.50 from N36.00; ASL advanced by 6.06 percent or N0.14 to close at n2.45 from N2.31; Prestige Assurance recorded 5.88 percent or N0.03 increase, rising to N0.54 from N0.51; Neimeth went up by 5.83 percent or N0.07 to close at N1.27 from N1.20; West African Provincial Insurance added 5.56 percent or N0.04 to close at N0.76 from N0.72, while Custodian and Allied advanced by 5.06 percent or N0.17, rising to N3.53 from N3.36 per share.