Oando shares rise as Index gains 0.35%

Shares of Oando Plc appreciated on Thursday as the impact of a British prosecutor’s claims that jailed former Delta State Governor, Mr. James Ibori, hid part of his assets in the oil firm waned. OandoPlc has since denied the claims.

At the close of trading activities on the floor of the Nigerian Stock Exchange on Thursday, the stock rose by 7.30 per cent or 68 kobo to close at N10, after shedding 10 per cent and 9.95 per cent on Tuesday and Wednesday, respectively.

Capital market operators had told our correspondent that the reports on the British prosecutor’s claims shouldn’t have affected the company’s shares as it did, stressing that even if the claims were true and the ex-governor’s shares were taken over by the British government, it wouldn’t have changed much.

The Managing Director Enterprise Stockbrokers Plc, Mr. Rotimi Fakayejo, had said on Wednesday,“I believe, maybe by tomorrow, all the apprehension will begin to crystalise and the stock will take a new direction.”

Meanwhile, activities on the NSE witnessed a strong bargain on Thursday as the Exchange closed positive, halting three consecutive days of losses this week.

The market capitalisation of the listed equities appreciated by 0.35 per cent or N41bn to close at N11.432tn, from N11.931.

Similarly, the NSE’s All-Share Index gained 0.35 per cent or 126.2 basis points to close at 35,891.91 from Wednesday’s close of 35,765.71.

A total of 30 stocks recorded price appreciation compared to 21 stocks, which recorded losses.

International Energy Insurance Company Plc led the price gainers, rising by 10 per cent or six kobo to close at 66 kobo per share.

Thomas Wyatt Nigeria Plc also gained 10 per cent or eight kobo to close at 88 kobo per share, followed by WAPIC Insurance Plc and International Breweries Plc, which rose by 9.86 per cent and 9.72 per cent to close at 78 kobo and N19.75 per share, respectively.

Jos International Breweries Plc led the price losers, shedding 9.65 per cent or 79 kobo to close at N7.40 per share, followed by Academy Press Plc, which lost 8.42 per cent or 16 kobo to close at N1.74 per share.

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