OANDO Hits All Time High, Market Value Climbs to N719bn
Oando Energy Plc is driving momentum in the oil and gas segment of the Nigerian Exchange (NGX) as investors continue to show interest in oil and gas stocks.
The market stock price rose by 9.98% in the local bourse yesterday due to sustained buying interest in the shares of indigenous energy company. Analysts told MarketForces Africa that Oando Plc acquisition taste is daring and one of its kind in the oil and gas industry.
There is an expectation that the energy company earnings would improve strongly given the current condition in the global commodities market. In the last seven trading session, Oando Energy has gained 46.82% in market valuation after intermittent selloffs experienced in the past week.
With a plan to make available all its backlog of financial statement, analysts said the oil company is keeping it house in order. Analysts remain positive about the group earnings prospect as fundamentals have improved significantly.
Oando Plc leveraged significantly to acquire Agip oil asset from ENI S.A in a deal that saw AfreximBank key funds backer. The deal will change the narrative around Oando Plc operations significant, analysts told MarketForces Africa. #OANDO Hits All Time High, Market Value Climbs to N719bn
