Oando Edges Higher Slightly after Refinery Win
Oando Plc has seen a small gain in the equities market after the indigenous energy company was announced as the preferred bidder for Trinidad and Tobago Refinery.
Data from the Nigerian Exchange, NGX, showed that Oando’s market value of Oando Plc increased to N658.864 billion on Thursday as 1.379 million shares valued at N73.439 million were traded in the local bourse.
Its unit price increased slightly to N53, which is more than 46% discount to 52-week high of N98.4 on the Exchange. Stock analysts see strong upside potential as the company’s earnings capacity has been boosted by its latest refinery wins.
In market first instance reaction, Oando fell as investors brushed off the news. However, the next trading session after the announcement, the energy stock rallied as investors re-entered positions.
Oando Plc was named the preferred bidder for the lease of the Guaracara Refining Company Limited’s (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd.
Oando’s involvement in the refinery will serve as a catalyst for deeper Afro-Caribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange, the company said in a statement.
The feat is expected to boost the energy company’s earnings potential in 2025 amidst sustained capacity growth. # Oando Edges Higher Slightly after Refinery Win Nigerian Exchange Falls by N73bn as Investors Dump VFD, OANDO
