Femi Otedola's Forte Oil pulled a whopping 116% rally in the twillight of 2016 within a 2 week period. Amidst a disappointing turn for its shareholders for a greater part of 2016, it managed to pull itself together towards the end of 2016 without any strong fundamentals, although after a N9billion bond raise from the market. Its rally though, cannot be dissociated from the historic behaviour of the forte oil stock since its owner climbed on to the Forbes Billionaire's ranking.
This behaviour in my opinion is bound to continue from January through to a greater part of February 2017, before profit taking might set in just around when the 2017 list of Forbes Billionaires ranking would be released. This rally in my opinion should easily top the earlier 116% rally that occurred in 2016.
The forte oil stock is a stock to watch people and one i would put my money on because the sentiments that would propel its share price would be stronger than any fundamentals that can pull it down this quarter.
Forte Oil is a buy!
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