Oando Energy Gains 15% on Buy Side Activities
Oando Energy Plc’s saw a 15% increase in market value in the stock market as investors started repositioning after December sell pressures. The share price of Oando Plc climbed to N71.80 in the equities segment of the Nigerian Exchange (NGX) from N62.50 at the beginning of the week.
The positive price movement that followed increased demand for the energy company’s share lifted its market capitalisation to N892.575 billion on Friday. Buy-side activities in the stock market triggered the latest market re-rating of the energy stock.
At the current market price, Oando Energy Plc is trading at a huge discount to its 52-week high priced at N98.40 kobo. Its trading records on the Nigerian equities market revealed that the energy stock was priced at a 27% discount to its best price it reached in 12 months.
Stockbrokers noted that Oando Energy’s share price came from the bottom level of N8.30 in the space of 12 months; it has seen significant price movement following its 2024 acquisition.
The market expects Oando Plc to be preparing for the release of its fourth quarter earnings scorecard. MarketForces Africa reported that the company was one of the top performers in the local bourse in 2024. CBN Opens FX Window for BDC to Stock up at NFEM Rate
