Oando Falls by 10% as Investors Sentiments Dive
Oando Plc fell about 10% in the equities market as investors’ sentiments dived. The oil stock saw huge sell pressures that reduced its market value by 9.72% to settle at N52 from N57.6 ahead of share distribution.
Data obtained from the Nigerian Exchange revealed that Oando Plc market valued nosedived to N646.433 billion on Tuesday after more than 5.9 million shares valued at N315 million were traded in the local bourse.
Oando Plc has seen a significant price decline in 2025 after strong performance in the equities market. The indigenous oil company’s share is trading at a more than 47% discount to its 52-week high in the local bourse.
At a meeting on January 30, 2025, the Board of Directors resolved to distribute 1,283,712,601 shares to its shareholders. The company said the first phase distribution will apply to shareholders on the Company’s register of members at the close of business on February 14, 2025 for tranche 1 and June 30, 2025 for tranche 2.
The distribution for tranche 1 shall be applied on the basis of one new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo each held by members as at the tranche 1 Qualification Date.
“All shares that are caused to be distributed pursuant to the said AGM resolution shall be distributed within a period of 36 months commencing 30th January 2025”, the company said. #Oando Falls by 10% as Investors Sentiments Dive UK Pledges £204m for Nigeria’s Agriculture Growth
