Oando Plc, a leading Nigerian energy company, experienced a slight increase in its stock value after being named the preferred bidder for the Trinidad and Tobago Refinery.
According to data from the Nigerian Exchange (NGX), Oando’s market capitalization climbed to N658.864 billion on Thursday. Investors traded 1.379 million shares worth N73.439 million, leading to a minor uptick in the company’s stock price.
Oando’s share price rose to N53 per unit, still significantly below its 52-week high of N98.4. Market analysts believe the company has strong growth potential, especially with its new refinery acquisition expected to boost revenue.
Initially, Oando’s stock dipped as investors reacted cautiously to the news. However, by the next trading session, confidence rebounded, and the stock price improved as investors repositioned themselves.
Oando Plc was selected to lease and operate the Guaracara Refining Company Limited’s (GRC) assets under an agreement with Trinidad Petroleum Holdings Ltd. The company believes this move will strengthen ties between Africa and the Caribbean in the energy sector, fostering trade, investment, and knowledge exchange.
Industry experts predict that this acquisition will significantly enhance Oando’s earnings in 2025, as the company continues to expand its operations and capacity.
