Oando Rebounds with 6.6% Price Uptick after Sell Heat
Indigenous oil company Oando Plc’s share price rebounded in the equities market, rising by approximately 6.6% in the equities market as investors began to make fresh bargains on the energy stocks.
Trading data showed that about 9.5 million shares of Oando Plc valued at N384.278 billion exchanged hands in the equities segment of the Nigerian Exchange today. MarketForces Africa reported that Oando saw its maximum allowable daily gain of 10% during the intraday trading session before it retreated before the closing session.
Stock analysts said recent past transaction records on Oando Plc have been negative amidst concern over the oil market outlook. Trading at a significant discount to its highest price in the last 12 months, the share price of Oando Plc picked up by 6.58% to N40.50 on Wednesday from N38.
The rally pushed the energy company’s market value slightly above N503 billion versus its 52-week high valuation of N1.223 trillion. Still, some stockbrokers see upside potential, but a shift in the global oil market has raised the company’s earnings risk. #Oando Rebounds with 6.6% Price Uptick after Sell Heat EU to Diversify Defence Industry after U.S. Tariffs
