Oando Jumps by 10% as Investors Take Fresh Positions
Oando Plc’s market value soared by about 10% in the equities market amidst anticipated share distribution to shareholders. Data from the Nigerian Exchange showed that the going market rate is the highest Oando Plc has seen in the last seven trading sessions.
The indigenous energy company stock, which was among the top performers in 2024, has seen significant sell pressures that plunged its market value down by half before its latest rally.
Investors began to take positions in Oando amidst the anticipated earnings release. The company had told the Nigerian Exchange that its audited financial statement for 2024 and the first quarter of 2025 will be delayed.
The energy company’s share price increased by 9.89% to N49.45 as 4.875 million units valued at N237.821 million were traded in the local bourse. After obtaining approval at the annual meeting in December 2024, directors announced a plan to distribute more than 1.283 billion shares to shareholders in two tranches.
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.
At the close of the trading session on Tuesday, the market valued Oando’s 12.431 billion outstanding shares at N614.733 billion, still a significant discount below its highest valuation in the last 12 months. First Holdco Profit Plunges by 18% in Q1-2025
