Oando Plunges after Sell Side Initiated Unusual Trade Volumes
After its recent past gaining streaks driven by strong earnings expectations, Oando Energy Plc gave up gains in the equities segment of the Nigerian Exchange (NGX) due to activities of sell side actors.
According to trading data from the Nigerian Exchange, Oando Plc market price declined by about 9% in the just concluded week to settle at N75.2 from N82.50.
The negative trade on oil and energy stocks took its market valuation behind N1 trillion on Friday, now trading at about 24% discount to its 52 week high.
The oil stock market valuation dipped by exactly 8.845% week on week to about N935 billion after huge shares volume exchanged hands in the market last week.
Specific details showed that more than 7.3 million Oando shares was traded on the NGX platform last week Monday.
The transaction caused the energy stock to decline to N80 from opening price of N82.50. Day after, more than 19 million shares of the company was traded. The sell side deal resulted in massive price decline, down from N80 to N72.
In between, Oando Plc gained and fell and rise to settle at N75.2 per share on Friday after another huge volume totaling 10.44 million were exchange in the market.
MarketForces Africa reported that Oando Energy Plc broke into N1 trillion market valuation league on the Nigerian Exchange in the third quarter of 2024 due to its rock solid acquisition taste.
The successful completion of Nigerian Agip Oil Company (NAOC) oil assets lifted investors sentiment, and demand for Oando Plc shares surged significantly.
Earlier, the indigenous energy company had told the regulator about plan to release its outstanding earnings reports. The market price in the information into stock betting, which was further boosted by Agip Oil acquisition # Oando Plunges after Sell Side Unusual Trade Volumes
