Oando Share Price Drops 20% Off The Back Of SEC Investor Protection Moves

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Monday, June 03,  2019   /  07.00PM  /  Proshare Research 

 

With two days of trading on shares of Oando Plc after the Securities and Exchange Commission (SEC) dismissed the board over allegations of poor corporate governance and management infractions, the Oil & Gas major’s share price dropped by 20% from N4.65 per share on Friday 31 May 2019  to N3.80 per share on Monday 3 May 2019.

 

Chart 1  Oando Volume and Share Price Movement May 2-May

Proshare Nigeria Pvt. Ltd.

Source: NSE/ Proshare research 

 

Since the development which saw the appointment of an interim management team headed by Mr. Mutiu Sunmonu, investors have shown weak sentiments towards the purchase of the stocks as it went on the heavy bid at the close of business on Monday 3 June 2019. 

There were anxious reactions from market traders who adopted a ‘bearish’ orientation towards trading in the company’s shares with a strong offer to bid ratio, since the news of the SEC decision on Friday, 31  May 2019. 

Market players will be watching the impact of the signalling effect of SEC action on Oando’s share price after the holidays. 

Oando Plc, a leading indigenous energy and exploration company, is listed on the Johannesburg  Stock Exchange (JSE) with a recent price of 27 South African Rand. 

 

Related News on SEC Investigation Report

1.       FHC Grants Interim Injunction Against SEC and Mutiu Sunmonu In Suit Brought By Tinubu And BoyoJun 03, 2019

2.      NSE Release: Oando Plc Warns Against Unofficial Company News Circulating In The MediaJun 03, 2019

3.      SEC Appoints Interim Management Team For Oando Plc Headed By Mr. Mutiu Olaniyi Adio SunmonuJun 03, 2019

4.      Post-Forensic Exchanges: The SEC Letter to Oando Plc and The Oando Rebuttal  - Jun 02, 2019

5.      Oando Challenges SEC’s Ruling On The Outcome Of The Forensic Audit Into Oando PLC May 31, 2019

6.      SEC Announces Far Reaching Decisions On The Investigation Of Oando Plc May 31, 2019

 

Proshare Reports - Oando Investigation

1.       Memo to The Market: The Oando Corporate Journey – At the Regulators Gate – Nov 22, 2017

2.      Download Full (PDF) Report - Memo to The Market: The Oando Corporate Journey – At The Regulators Gate – Dec 2017

3.      Review of the SEC Technical Committee Recommendations, Opinion and Final Report – Dec 08, 2017 


 

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