Oando shareholders reap return on Investment as its shares go up by 38%
Four days since it began trading again on the Nigerian Capital market, Oando’s shares have witnessed a 38% increase.
The company’s shares has also commenced trading on the Johannesburg Stock Exchange, meaning shareholders on both sides of the world can finally benefit from the positive operations of the company.
The trend started on the day the technical suspension was lifted as the company’s shares were over bid. According to Ms. Ayotola Jagun, Chief Compliance Officer and Company Secretary, Oando PLC in an interview with CNBC. She said; “On day one, the day the suspension was lifted, 178 million Oando shares were on bid with only 5.5 million available for sale. The company’s share price hit the NSE daily price ceiling of 10% by 10.45am; further evidence that there is a lot of interest in Oando shares and that the general mood around the market and our shares is positive.”
As the SEC continues its forensic audit into Oando, the hope is that the SEC will be more transparent in their operations to avoid the technical suspension lifting fiasco from happening again.
The company continues to scale new heights as well. Financial Quest has gathered that just last week the Nigerian National Petroleum Corporation (NNPC) announced that a consortium consisting of Oando PLC and OilServe Limited had been awarded the Engineering, Procurement, Construction (EPC) mandate for the construction of a gas pipeline stretching from Ajaokuta to Abuja as part of the Ajaokuta-Kaduna-Kano Pipeline.