See what Costain is doing!

Even though the twin indicators of the NSE pulled back on Friday, Costain West Africa Plc could not be held back as it concluded a consistent five day rally.

 It recorded a remarkable 22% price appreciation last week to N5.95 per share, as against the N4.88 per share it stood as at January 29th, 2010.
The construction company which was incorporated in 1948 as a private company in Nigeria has for over 60 years, executed a wide range of building and civil engineering projects throughout the country for the Federal Government, State Governments and private organizations. 
Market watchers attributed the significant appreciation in Costain share price last week to its low price and last week's commencement of the long awaited nationwide rehabilitation of Nigerian Railway Corporation tracks which is being handled by the firm.
The Chinese contractor, which was awarded the project for the 488km Lagos-Jebba phase of the rehabilitation, in the last quarter of last year, has moved to sites with its engineers, technicians, and other workmen. The Federal Government had last November awarded the rehabilitation of the Jebba-Kano rail line to Costain West Africa at the cost of N12.2 billion.
The Federal Government has not hidden its intention to revive the railway system of transportation over the years.
Costain share price which was quoted on the NSE in 1974, peaked on 20th of March 2008, at the price of N86.38 per share before it was smeared by the bears, dropping to its lowest price in the past two years on November 11, 2009 at N3.28 per share. It is audited result for the year ended 31st March 2009, showed turnover of N6.274 billion as against the N3.815 billion realised in 2008. It however recorded a loss after tax of N615.12 million compared with profit after tax of N353.22 million in 2008.
United Bank for Africa Plc also stood tall last week as it advanced by 10% to N13.68 per share on Friday, as against the N12.45 per share it was the preceding week. Market watchers fingered the smooth succession plan in the bank following the new CBN directive as a major factor that has continued to prop up investors' confidence in the bank. Super Bulls anticipate further rise in UBA's share price this week if the market growth continues.
Petroleum marketing Company, African Petroleum Plc was also bullish last week as it rose by 8.2% last week to N39.37 per share, up from N36.40 per share the preceeding week.  Analysts maintained that at its current price, AP is very attractive and remains a factor that has been luring investors to the oil stock.