Oando Slides as Investors Take Profit
Oando Plc is trading negatively on Tuesday as investors began to take early profit after the oil stock experienced rapid price appreciations in the last few days.
Yesterday, Oando Plc capped gained near 10% on the Nigerian Exchange due to positive sentiment and its latest acquisition taste.
Oando is rated strong among indigenous company that is acquiring oil assets from international oil companies that are exiting the Nigerian economy.
This has drove buying momentum on the oil stock amidst relative price stability in the global commodity market. During early hours in the equities market on Tuesday, Oando Plc has lost N4.45 or 9.97% of its market valuation due to shareholders selling down the asset ahead of second quarter of 2024 earnings release.
Data from the Nigerian Exchange showed that Oando market price has dropped to N40.20 during early trading session.
The stock is still popular among traders in the market having surged from N25.3 – it lowest share price in the last seven trading sessions on the Nigerian Exchange.
Oando Plc provides integrated energy solutions. Its Exploration and Production segment involves in the exploration for and production of oil and gas through the acquisition of rights in oil blocks on the Nigerian continental shelf and deep offshore. #Oando Slides as Investors Take Profit
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