Total Nigeria is up 97% Ytd!!

Total Nigeria is up 97% Ytd!!

Total Nigeria Plc which is engaged in the blending of lubricants, as well as the sales and marketing of refined petroleum products is up some 97 percent this year and 24 percent in the past month.

 

This compares to the broad market index which has lost 1.40 percent this year.

 

One year chart for the stock is bullish with the 25 day moving average providing support over the time period (see chart).

 

The stock is trading near the N300 per share mark and if we go back to an extended 10 year chart we see this level was last reached in February 2008.

If Total blows past the N300 mark it could bring in new money chasing the stock which should drive it much higher.

 

Total is relatively cheap at a PE ratio of 8.97 (ttm).

The shares may also be benefitting from a low float with only 337.6 million shares trading.

 

PATRICK ATUANYA

 

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