FORTE OIL JOINS UNITED NATIONS GLOBAL COMPACT CORPORATE RESPONSIBILITY INITIATIVE LAGOS, NIGERIA:
Forte Oil Plc, Nigeria’s premier integrated energy solutions provider has been listed as a participant of the United Nations Global Compact, the world’s largest corporate social responsibility initiative with over 8,000 companies and 4,000 non-business participants in 135 countries that are committed to the advancement of global Sustainable Development Goals (SDGs).
Forte Oil Plc, as a signatory to the United Nations Global Compact (UNGC) platform aligns its core business activities, advocacy and philanthropy with universal principles on human rights, labour, environment and anti-corruption. The UN Global Compact works to ensure that business activity adds value not only to the bottom-line, but also to people, communities and the planet.
Commenting on Forte Oil Plc listing on the UNGC directory, the Group Chief Executive Officer, Mr. Akin Akinfemiwa said, “We are very proud to be part of this global initiative that promotes what our company is very passionate about – Conducting business in the most ethical and transparent manner”. He noted further that “the goals and ideals of the UN Global Impact aligns with the vision of the company to use best governance practices as a tool for not only for profitability but also to be to be a valuable corporate citizen in our immediate environment and the world at large”.
About Forte Oil Plc Forte Oil PLC is a public liability company listed on the Nigerian Stock Exchange and a foremost indigenous major marketer of refined petroleum products a strong presence in the thirty-six states of Nigeria and the Federal Capital Territory (FCT), Abuja. It is head quartered in Lagos, Nigeria’s economic nerve centre. The Company operates a network of 500 outlets spread across the Country with major fuel storage installations at both Apapa (Lagos State) and Onne (Rivers State). Its Aviation Joint User’s hydrants in Ikeja and Joint Aviation depots in Abuja, Port Harcourt and Kano makes it one of Nigeria’s leading providers of aviation fuel for local and international airlines.
In addition to these strategic retail and commercial network in Nigeria, Forte Oil PLC is also well established in Ghana under the trade name-AP Oil and Gas Limited (APOG), with a network of retail outlets, liquefied petroleum gas plants and a lubricant blending arrangement with Tema Oil blending plant.
Forte Oil is currently using its presence in Ghana to leverage its expansion into other West African Countries as it seeks to dominate the African Energy market. The Company also has a footprint in the upstream oil services sub-sector, where is has established a reputation of efficiency; servicing the upstream sector under trade name- Forte Upstream Services Limited (FUS).
It also engages opportunities in the upstream sector to fulfill its aspirations of being present at every point of the energy value chain. Its acquisition of the 414 mw Geregu Power Plant is a demonstration of the company’s strategy to deliver long term returns for its shareholders. Forte Oil PLC’s business philosophy is premised on building a high-performance organization with world-class business processes, strong corporate governance and compliance at all levels, culture of strong ethics and discipline and an enhanced safety, health and environment policy embedded across its value chain. For more information,
The first trading week of the month recorded down trend after two weeks of seeming bull transition as profit taking put pressure on the market. The local bourse reverse it bullish trend to record 1.73 percent loss as the Composite index NSEASI close at 23,501.87 from an opening figure of 23,916.15 with different of 414.28 basis point decline. Bring the year to date returns to negative 17.95 percent.
The market breadth for the week was negative as the bears dominated in the mixed trading sessions with improved volume of trades. The index opened the week’s trading in southward region declining by 0.37 percent, It however trended positive in the second day with marginal gain of 0.03 percent but drifted to the south in the third to fifth trading session of the week recording a decline of 0.96 percent, 0.38 percent and 0.07 percent respectively. The Index remained in the 23,000 thresholds to close this week at 23,501.87. In the same downtrend, all sectoral indices closed in red except for NSE AsEM, NSE-INS and NSE Oil/Gas that gained 0.07 percent, 0.86 percent and 4.04 percent respectively for the week.
Market transaction by volume and value of trades recorded an increase of 328 percent and 33 percent respectively in contrast to last week’s closing levels. In the week under review, a total of 4.85bn shares valued at N12.58bn were exchanged in 16,341 number of deals compared to 1.13bn shares valued at N9.46bn exchanged in 16,336 deals recorded in the previous trading week.
The Financial services sector was the most active as the banking stocks attract patronage due its low price and volume for traders to accumulate in expectation of better numbers in relative to the current price of the stocks and the role of the sector in economy development and growth. It retains dominance of market trades by volume this week – constituting about 84 percent of market’s volume of trades. We attribute the relative improved investors’ sentiments this week to low prices of equities as most of the highly capitalized stocks recently touched new year lows making the asset extremely cheap especially companies with strong fundamentals but are unfair punished by the current market situation.
Investors positioning for earnings season and traders trading with earnings released date should use the opportunity of new low price to buy in good companies as 2015 full year results had started hitting the market with corporate action that will drive price again.
NSEASI WEEKLY CHART
NSEASI closed above the lower band by 39.3%. Bollinger Bands are 46.25% wider than normal. The large width of the bands suggest high volatility as compared to NSEASI’s normal range. Currently the MACD is still reading bullish since it is trading above its signal line. The MACD crossed above its signal line 5 period(s) ago. Since the MACD crossed its moving average, NSEASI’s price has decreased 1.73%, and has ranged from a high of 24,168.39 to a low of 23,353.84. The sign that index is losing momentum and that the bulls are in trouble were revealed in the straight three bearish sessions.
The recent price action around the bands compared to the action of the Relative Strength Index (RSI) does not suggest any trading opportunities now until there is reversal in the market sentiment.
We expect the market to remain volatile in the coming week as more full year earnings reports are expected to hit the market especially from the Consumers Goods sector. This will be driven by traders targeting 10 to 15 percent profit booking. Investors should take advantage of the low prices and falling macroeconomic indices to reposition in strong companies with strong prospects.
STOCKS TO WATCH
LAFARGE AFRICA, GTBANK, ZENITH BANK, AFRICA PRUDENTAL, DANGOTE CEMENT, AND UNITED CAPITAL.
Dividend yield at any time measures how much cash flow you as investors are getting for every Naira invested in an equity. It also tells what percentage return a company pays out in form of dividend. This is one of the main factors you need to consider when investing in dividend paying stocks, as higher dividend yield has been considered as desirable among income investors today. NSE dividend yield has recently continued to increase as a result of persistent free fall of equity prices on the exchange. The down market has boosted yield, especially in the financial sector and other sectors of the market. The banks and other financial services providers are the power houses of any economy growth, just as they are intermediaries and agents of development. For investors interested in buying high dividend paying stocks with yield above the prevailing inflation and minimum interest rate (MPR) should see the table below for companies that have seen the biggest jumps in yield over the period. Dividend investing have become necessary in this prolonged bear market that has been characterized with decline of equity price. This has eroded investors’ capital and confidence in the economy as a result of falling macro-economic indices and lack of clear economic policies from the government.