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Thursday, May 19, 2022

Buyers jostle for Oando shares as index slumps additional by 0.8 per cent | The Guardian Nigeria Information

After the latest settlement of Oando’s 4 years rift with the Securities and Change Fee (SEC), the shares of the petroleum advertising large led the gainers’ chart with 9.87 per cent from N3.97 on Friday, July 23, 2021, to N4.36 on Monday, July 26, 2021.

Equally, transactions within the shares of Oando topped the exercise chart with 56.252 million shares valued at N288.491 million.

Though the share value of the corporate declined on the finish of yesterday’s transactions resulting from profit-taking embarked upon by buyers to recoup their funding within the inventory, analysts expressed optimism on bountiful yield for shareholders going by the inventory’s attractiveness and present low valuation.

Talking on the bounce in share value, an Oando shareholder stated: “We’re glad that the dispute is lastly over, and we thank the regulator and the administration of Oando Plc for resolving the difficulty in the most effective pursuits of the shareholders. For 4 years, we the shareholders have been those on the receiving finish. In only one week of settling, our share value has seen a big improve.”

In the meantime, the equities market yesterday closed buying and selling on a bearish notice, extending the dropping streak to 3 consecutive buying and selling periods yesterday, inflicting the All Share Index (ASI) to dip additional by 0.8 per cent.

Particularly, the ASI dropped by 306.21 absolute factors, representing a decline of 0.79 per cent, to shut at 38,484.82 factors. Equally, the general market capitalisation worth dipped by N160 billion to shut at N20.051 trillion.

The damaging efficiency was buoyed by buyers’ sell-off in all the foremost market sectors, particularly BUA Cement, UAC of Nigeria (UACN), Flour Mills of Nigeria, NASCON Allied Industries and Warranty Belief Financial institution Holding Firm (GTCO).

Analysts from Investdata Consulting Restricted stated: “We’re seeing extra corporations dashing to fulfill the regulatory submission timeframe, and anticipate that market volatility will proceed.

“Regardless of the slowdown in momentum on the finish of midweek’s buying and selling, profit-taking might not endure. It is because the earnings influx stays strong sufficient to assist market fundamentals and inventory costs, going ahead.”

Analysts at Afrinvest Restricted stated: “Within the last buying and selling session, we anticipate an extension of the promote strain as buyers proceed to regulate their holdings in response to the latest FX regulation. Albeit, we see a possible for discount searching available in the market.”

22 shares recorded value depreciation whereas 17 others gained. Tripple Gee & Firm recorded the best value achieve of 10 per cent to shut at 99 kobo whereas Regency Alliance Insurance coverage adopted with a achieve 9.76 per cent to shut at 45 kobo.

Consolidated Hallmark Insurance coverage went up by 9.26 per cent to shut at 59 kobo. Status Assurance rose by 8.89 per cent to shut at 49 kobo. Academy Press gained 8.57 per cent to shut at 38 kobo.

Then again, Oando led the losers’ chart by 9.70 per cent to shut at N4.75 kobo.

UACN adopted with a decline of 8.93 per cent to shut at N10.20, whereas Linkage Assurance misplaced 7.69 per cent to shut at 60 kobo.

FTN Cocoa Processors misplaced 7.55 per cent to shut at 49 kobo, whereas UPDC Plc shed 5.56 per cent to shut at N1.19 kobo.

The entire quantity of trades rose by 9.5 per cent to 259.968 million items, valued at N1.982 billion, and exchanged in 4,975 offers. Transactions within the shares of Oando topped the exercise chart with 56.252 million shares valued at N288.491 million.

GTCO adopted with 15.287 million shares value N444.928 million, whereas Jaiz Financial institution traded 14.899 million shares valued at N9.219 million.

Constancy Financial institution traded 14.393 million shares valued at N34.244 million, whereas Wema Financial institution transacted 12.215 million shares value N10.084 million.

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