Oando Lost Additional 10% as Selling Rallies Persist
Oando Plc lost an additional 10% of its market value on Tuesday in the stock market as investors continue to trim their interest in the energy company.
The energy company has become a casualty of sell-side investors’ actions that have reduced its market value significantly. In 2024, Oando was the top performer, with more than 500% in capital appreciation.
Sustained investors’ weak sentiment has now mixed with business risks as the group halted petrol imports due to Dangote Refinery operations.
According to data from the Nigerian Exchange, Oando share price declined to N36 as 6.582 million units of the energy group valued at N254.547 million were traded in the local bourse.
The trading volume led by sell-side actors in the local bourse dragged the company share price down from N40 to N36 at the close of the trading session on Tuesday.
Hence, the market value of the energy company’s 12.431 billion shares outstanding reduced to N447.530 billion, a significant discount to its highest value in 52 weeks.
Data from the Nigerian Exchange showed that Oando had peaked at N78 over a 52-week trading period. At the current market price the energy company is trading at about 54% below its highest value in 52 weeks. GCR Assigns IR Rating of AA+ to Lagos State Govt’s N200bn Bond
