Total Nigeria closed above N500 in the stock market on August 19, 2024, maintaining a strong buy-side trend that began in June.
The stock has ascended by 19.68% so far in August, etching yet another green day at N511 per share.
Earlier this year, the stock fell to a low of N321 in the trading week starting April 21, 2024, at a volume of 534,644 million shares.
This fall was followed by a reduction in market participation as volume dissipated in the stock for 7 weeks.
However, market participation in the stock returned in the trading week that started June 9, 2024, at 781,484 shares, closing at N388.
Apart from the modest decrease in the stock’s share price in April, Total Nigeria has been on a solid positive trend in the first half of 2024, closing Monday of the third week of August above N500.
Mirroring the NGX Oil & Gas Index
So far, Total Nigeria has mirrored the bull trend on the Nigerian oil and gas index, as it trades with strong buy-pressure.
- The NGX oil and gas index tracked by NGSEOILG5, has closed three consecutive months in the green after dipping slightly in April 2024.
- Like Total, the index has already ascended by 9% as of market close on August 19, 2024.
- The index has already etched a market volume of 285,237,184 at the beginning of the 3rd week of August, rising by 86.69% from its close in July.
Q2 Performance:
- The company posted a 93% year-over-year rise in revenue from N274 billion reported in the second quarter of 2023 to N529 billion reported in 2024.
- Pre-tax profit also surged by 127% to N30 billion in the second quarter of 2024 from N13 billion in the second quarter of the previous year.
- Also profit after tax spiked by 134% year-over-year, from N8 billion reported in 2023 to N20 billion in 2024.
- The earnings per share grew by 134% year-over-year from N25.88 to N60.58 in the second quarter of 2024.
In the annual general conference of the company, shareholders announced the payment of N25 per share in dividends to members whose names are found in its books. At N25, the dividend yield of the company increased by 7.22% and was paid to members on June 14, 2024.
Total’s ability to pay dividends annually to shareholders is an investor sentiment booster, required to push the share price of the stock upwards. Riding on the profitability of the oil and gas sector, the company is bullish.