Business News

Equity Market Sinks 0.35% as Traders Offload Oando, FBN Holdings

Nigerian equity market

By Dipo Olowookere The equity market reacted to the release of the much-awaited financial statements of Oando Plc on Tuesday, closing lower by 0.35 per cent, erasing the gains recorded a day earlier. The investing community had been on the lookout for the financial results of the energy firm, especially after the Securities and Exchange Commission (SEC) came hard on the company a few years ago over allegations of tampering with the documents to deceive investors. Yesterday, the organisation, led by Mr Wale Tinubu, released some of its unaudited financial statements and the stocks came under selling pressure, landing on