Investor optimism propelled Oando Plc shares to a 10% surge at the close of trading on the Nigerian Exchange on Wednesday, resulting in a substantial N113 billion increase in market capitalization.
The positive momentum followed the announcement of an $800 million deal signed by Oando with the African Export-Import Bank at the Intra-African Trade Fair in Cairo, Egypt.
Oando’s strategic move involved acquiring a 20% stake in the Nigerian Agip Oil Company Limited, inclusive of Oil Mining Leases 60, 61, 62, and 63, along with the entire issued share capital of NAOC, purchased from Eni S.A.
Despite the release of the October inflation figure, which rose to 27.33%, primarily driven by higher food inflation, the All-Share Index experienced a 0.25% increase, surpassing the 71,000 mark to settle at 71,014.34 basis points. The market capitalization reached N39.053 trillion.
Market performance metrics for the day exhibited a 9.18% drop in both trade volume and the number of deals, totaling 297,353,588 million units and 6,172 deals, respectively.
However, the value of trade witnessed a significant 82.88% increase, reaching N6.16 billion.
Oando and Omatek led the gainers’ chart with a 10% appreciation, closing at N11.55 and N0.77 per unit, respectively.
MeCure Industries, C&I Leasing, and Meyer Plc also experienced notable gains during the trading session.
On the downside, SCOA Nigeria Plc and Sovereign Trust Insurance faced losses, dipping by 9.68% and 8.82%, respectively. Cornerstone Insurance, Cadbury, and AIICO also recorded declines in their share prices.