Oando hits highest share price in 9 years, as market declines by 0.24%

During the trading day, oil and gas stocks, Oando Plc and Conoil Plc, were the top gainers, with 9.93% and 9.52% gains respectively. Oando Plc reached a share price of N15.50, its highest share price since June 2015.

Despite the two stocks posting equity gains totaling N24.34 billion, MTN’s 6.54% decline, resulting in an equity loss of N294 billion, overshadowed their performance.

Overall, there was an N136.17 billion decline in the NGX’s market cap to N56.601 trillion, from yesterday’s N56.738 trillion.

Oando’s share price of N15.50 represents the stock’s highest share price since June 22, 2015, when it recorded a share price of N15.75.

From June 2015, Oando Plc’s stock began to decline, reaching an all-time low in 2020, when its share price fell to N2.08 on March 30, 2020. However, in 2024, Oando began its resurgence after releasing its annual financial statements for 2022 and 2023.

Year-to-date, Oando has gained 47.62% in the NGX.

However, there is a contrasting story in the Johannesburg Stock Exchange, where Oando is also listed. Today, Oando Plc lost 55% of its value on the JSE, with its share price falling to 9 South African Cents, from 20 South African cents yesterday.

There was a 152% increase in market activity, as turnover volume hit 863.573 million shares, from yesterday’s 342.196 million shares. In terms of turnover value, there was a 164% increase to N12.562 billion, from yesterday’s N4.751 billion.

Top Gainers: Oando Plc led the gainers with a 9.93% gain, causing its share price to close at N15.50. Conoil Plc followed with a 9.52% gain to close at a share price of N115.

Top decliners: Daar Communications continued its bearish performance, declining by 8.33% to close at N0.44.

Top traded stocks: Fidelity Bank, which recorded a 2.36% gain, recorded the highest turnover volume with 539.40 million shares.

MTN and Zenith Bank were the only SWOOTs that recorded a significant change in the market, as MTN recorded a 6.54% decline, while Zenith Bank recorded a 4.46% gain.

Other members of the SWOOT category, Airtel Africa, BUA Foods, BUA Cement, Dangote Cement, Geregu Power, GTCO Holdings, Seplat Energy, Transcorp Hotels, and Transcorp Power, recorded no price changes.

Trading sentiment for tier-1 banks, as UBA and Zenith Bank posted 3.52% and 4.46% gains respectively. FBN Holdings and Access Holdings also posted 4.13% and 1.54% gains respectively.