Oando Falls, Trades at 40% Discount as Investors Exit Positions
Oando Plc fell sharply, losing about 16% of its market value as investors sold down interest in the indigenous oil company this week. Driven by negative perception, profit-taking activities that started on Monday lasted throughout the week, causing the value of the company on the Nigerian Exchange, NGX, to fall by about N137 billion.
According to data from the local bourse, Oando Plc’s share price fell to N59 after more than 9 million units valued at N566.718 million were traded in the market on Friday.
A sharp price depreciation witnessed at the beginning of the trading session in the week was triggered by a huge volume of more than 17 million units traded. Investors sentiments appear to have dropped significantly. The stock has become volatile strongly after a strong rally in 2024, bolstered by its acquisition tastes.
At a total market value of N733.453 billion, Oando Plc is trading at more than 40% discount below its 52-week on the Nigerian Exchange as of Friday close. At its 52-week high, the company’s 12.431 billion shares outstanding were valued at N1.223 trillion.
The huge discount has knocked off some N490 billion from the value the Nigerian Exchange investors placed on the indigenous energy company at its peak. #Oando Falls, Trades at 40% Discount as Investors Exit Positions FG to Create Diaspora City to Boost Tourism
