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
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
Proshare Reports - Oando Investigation
1. Memo to The Market: The Oando Corporate Journey – At
the Regulators Gate – Nov 22, 2017
4. Oando Optimises Value From Midstream Business – Apr 26, 2019
5. OANDO Declares N4.63bn PAT in Q1'19 Results (SP:N4.85k) – Apr 25, 2019
7. Oando’s Plan to Deleverage and Remain Profitable – Apr 04, 2019
8. Axxela Now 100 Percent Owned by Helios – Apr 04, 2019
10. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Apr 01, 2019
12. OANDO Declares N28.79bn PAT in 2018 Audited Results (SP:N5.65k) – Mar 15, 2019
14. Oando Employees Donate Relief Materials to Flood Victims in the Niger Delta – Jan 31, 2018