Total Nigeria’s stock closed above N500 on August 19, 2024, continuing a strong buy-side trend that began in June.
The stock has surged by 19.68% so far in August, reaching a new high of N511 per share.
Earlier this year, the stock dipped to a low of N321 during the trading week that began on April 21, 2024, with a trading volume of 534.644 million shares.
This decline was followed by a decrease in market participation, with volumes declining for seven weeks.
However, market activity picked up in the trading week starting June 9, 2024, with 781,484 shares traded, closing at N388.
Aside from the slight drop in April, Total Nigeria has maintained a solid positive trend throughout the first half of 2024, closing above N500 by the third week of August.
Mirroring the NGX Oil & Gas Index
Total Nigeria’s performance closely mirrors the bullish trend of the NGX Oil & Gas Index (NGSEOILG5), which has closed three consecutive months in the green after a slight dip in April 2024.
Like Total Nigeria, the index has risen by 9% as of market close on August 19, 2024.
The index recorded a market volume of 285,237,184 at the beginning of the third week of August, an 86.69% increase from its close in July.
Q2 Performance:
In the second quarter of 2024, Total Nigeria posted a 93% year-over-year increase in revenue, from N274 billion in Q2 2023 to N529 billion in 2024.
Pre-tax profit surged by 127% to N30 billion in Q2 2024, up from N13 billion in the same period the previous year.
Profit after tax also spiked by 134% year-over-year, rising from N8 billion in 2023 to N20 billion in 2024.
Earnings per share grew by 134% year-over-year, increasing from N25.88 to N60.58 in Q2 2024.
At the company’s annual general meeting, shareholders approved a dividend of N25 per share for members listed in its books. This dividend yield increased by 7.22% and was paid to shareholders on June 14, 2024.
Total Nigeria’s consistent annual dividend payments have bolstered investor sentiment, contributing to the stock’s upward momentum. Buoyed by the profitability of the oil and gas sector, the company remains bullish.
