Forte Oil (FO) Plc., a Nigerian indigenous Oil and Gas company, rose to the highest in five months on rumours that it is the subject of an acquisition move.
The stock rose 8 percent to N30.75 per share in Lagos trading by 11:57. A close at this price will be its highest in five months.
Forte emerged the fifth-best performer on the Nigerian Stock Exchange on Friday, December 21, after gaining 9.63 percent to close at N28.45 per share, its highest level since July 13, 2018.
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The rally Tuesday, December 18 after the equity rose by 9.91 percent to close at N23.85 per share. The gain was sustained Wednesday when it gained 9.85 percent to close at N26.20 per share, but shed 0.95 percent at the close of trading on Thursday.
Market fumour says Forte may be acquired by a foreign investor, most likely an oil trading company.
