The oil and gas company, Oando, has attained over N1T (over $626M, per current exchange rate) market capitalization as it wrapped up on the 2nd of September with a stock of N1.048T.
How Oando Got to N1T Market Capitalization.
Oando kicked off the year, 2024, with a powerful share price surge of N10.5 and a market cap of N130.2B. Skyrocketing by 705 percent year-to-date (YTD), it’s the second fastest-growing stock in the Nigeria Exchange Limited (NGX).
Within the first half of the year, Oando’s financial statement for 2022 and 2023 was released revving up investors’ belief and assurance.
Not long after, Oando announced their completion of acquiring Nigerian Agip Oil Company (Agip), skyrocketing the stock rate by 94.4% since then.
Oando’s Promising Milestone
Oando bagged its membership into an exclusive list of companies with a capitalization above N1T. They are now officially in the “Stocks Worth Over One Trillion” (SWOOTS) club, together with star companies like Zenith Bank, SEPLAT, BUA Cement, and Dangote Cement. They are also the 10th most valuable company listed on the bourse, just behind Zenith Bank Plc.
What more does this mean for Oando?
Just like Ekene Oyeka, Securities Dealer with Norrenberger Securities, said, the move and completion of the acquisition is bringing a massive impact on Oando’s cash flow.
“The acquisition of Agip has affected the share price of Oando. Since the announcement was made, their share price has been on full buy, we are rarely seeing any sellers in the market that want to sell Oando.”
Aside from the name and fame this advancement is bringing to Oando’s economic growth, their acquisition of Agip automatically means possession of two power plants ( Kwale-Okpai I & II) with a total nameplate capacity of 960W. It’d also bring to them 1,490km of pipelines.
What You Should know
Oando Plc share price has accelerated by 1286% between September 2023 and September 2024, driving its market capitalization to over 1T Naira (N1.048 trillion) for the first time ever.
Discover more from DiutoCoinNews
Subscribe to get the latest posts sent to your email.
