Forte Oil Share Price Rises By 1, 395% In 2013
By Alphonsus E.W
Indigenous oil marketing firm, Forte Oil Limited has experienced an increase of 1.395% in its share price for the 2013 financial year. The development has increased investors’ hope in the company’s ability to pay dividends to its shareholders in the near future. The company, formerly known as African Petroleum Plc started the year with a share price of N7.73. However, the share price has appreciated steeply, climbing to a high of N115.60, representing a 1, 395% increase, while the company registered a pre-tax profit of N3.2billion over the period under review. But market watchers are keen to take the profits recorded with a pinch of salt as they insist that intrinsic forces rather than actual business growth could be responsible for the share price growth spurt and urged investors to tread cautiously in their hope for expected benefits.