Oando Plc, one of the oil and gas firms listed on the Nigerian Exchange Group Plc (NGX), reported a significant gain of approximately N190.2bn by the close of weekly trading, positioning it as the top gainer for the week.
This development underscores the demand for the shares of the new power company, which concluded trading on Friday with a 60.47 per cent increase, bringing its market valuation to N504.72bn.
According to an analysis by NewsNGR, the company’s stock grew by 60.47 per cent to N40.60 per share at the weekend from N25.30 with which it opened the trading week on Monday 5th August.
A further analysis showed Oando closed the trading week with N504.72bn in market capitalisation, as against N314.51bn at the beginning of trading week, hence recording a gain of N190.2bn or 60.47 per cent.
Oando Plc’s share price reached N15.50 on July 4th, 2024, marking its highest level since June 22, 2015, when it traded at N15.75.
Following its peak in June 2015, the company’s stock experienced a significant decline, hitting an all-time low of N2.08 on March 30, 2020.
However, in 2024, Oando Plc began to show signs of recovery, driven by the release of its annual financial statements for the 2022 and 2023 fiscal years.
Other three notable gainers included shares of RT Briscoe Plc which experienced a 51.19 per cent gain from 0.84 kobo per share to N1.27 at the close of trading on weekend.
Similarly, Japual Gold and Ventures Plc witnessed a 35.80 per cent increase to close trading at N2.39 per share from an opening figure of N1.76. Additionally, Academy Press Plc’s shares increased by 34.58 per cent to close at N2.88 per share from the opening price of N2.14 per share.
The local bourse registered a 0.87 per cent higher week-on-week (w/w), recording a significant gain, with the benchmark index settling at 98,592.12 points.
Market analysts attribute this positive trajectory to investors’ demand pressure on the stocks listed on the NGX after a bearish trend.
The overall market performance for the week showed that the NGX All-Share Index and Market Capitalization appreciated by 0.87 per cent to close the week at 98,592.12 and N55.98trn respectively.
Similarly, all other indices finished higher with the exception of NGX Main Board and NGX Industrial Goods which depreciated by 0.09 per cent and 3.67 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
A total turnover of 2.68bn shares worth N49.02bn in 47,451 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.39bn shares valued at N52.30bn that exchanged hands last week in 44,814 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.98bn shares valued at N31.99bn traded in 23,467 deals; thus contributing 74.00 per cent and 65.25 per cent to the total equity turnover volume and value respectively.
The oil and gas Industry followed with 229.68m shares worth N7.44bn in 4,021 deals.
The third place was the ICT Industry, with a turnover of 113.89m shares worth N3.06bn in 4,260 deals.
Trading in the top three equities namely Access Holdings Plc, Veritas Kapital Assurance Plc and United Bank for Africa Plc (measured by volume) accounted for 756.04m shares worth N10.73bn in 6,985 deals, contributing 28.22 per cent and 21.88 per cent to the total equity turnover volume and value respectively.