Oando Plc has recorded nearly the highest possible gain at the Nigerian stock market since the release of its latest financial and operational reports.
Investors have shown strong positive response to the latest earnings reports , which showed a major recovery for the indigenous energy provider.
Oando had at the weekend released its results for the year ended December 31, 2023 showing a pre-tax profit of N104.1 billion, in a major turnaround from recent streak of losses.
Despite the negative overall market situation, Oando has been a major contrarian stock. In the week’s opening trading session, Oando’s share price recorded the second highest gain of 9.75 per cent to close at N12.95 per share.
Yesterday, Oando also closed with the third highest gain of 9.65 per cent to close at N14.20 per share.
The All Share Index (ASI)- the benchmark index that tracks share prices at the Nigerian Exchange (NGX), had indicated average decline of 0.11 per cent for the entire market on Monday. It dropped further by 0.07 per cent yesterday.
Investors are opening up buy orders for Oando’s shares, staking at premium as high as almost the market’s maximum highest daily allowable percentage change of 10 per cent.
Key extracts of the 12-month interim report showed significant growths across key performance indicators, strengthening optimism on the outlook of the energy group, which recently signed a deal to acquire Eni’s shares in one of its Nigerian subsidiaries, the Nigeria Agip Oil Company Limited (NAOC).
