Oando Soars by 61% as Acquisition Raises Earnings Expectation
Indigenous Energy Company, Oando Plc reached a new all-time high (ATH) on the Nigerian Exchange (NGX) as investors continue to show the energy company love over its acquisition taste.
The company recently raised its market fundamentals with the acquisition of Agip oil from Eni S.A with loans support from Afreximbank.
Investors expect the company’s earnings to improve significantly following the successful acquisition of the oil asset from the International Oil company.
Its trading data from the Nigerian Exchange showed that Oando Plc gained 60.7% week on week to close at N76.9 per share from N47.85 at the beginning of the week.
The sell side investors took huge profit taking after the oil stock initially rally. That caused some investment banking firm to underweight on the energy company stock. The decision was reversed shortly as the company share price surged strongly.
At the current price, Oando Plc 12.431 billion shares outstanding were valued at N955.975 billion in the stock market on Friday. # Oando Soars by 61% as Acquisition Boosts Investors Sentiment
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