Oando, a prominent oil and gas company, has reached a market capitalization of N1 trillion, placing it among an exclusive group of companies.
This milestone followed a significant increase in its share price, which rose by 207.6% in August.
In early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip Oil Company, a subsidiary of Eni.
This announcement contributed to increased investor interest, driving up the company’s stock price and resulting in a trading volume of 547 million shares.
With this development, Oando has joined the “Stocks Worth Over One Trillion” (SWOOTS) club, alongside other major companies such as Zenith Bank, SEPLAT, BUA Cement, and Dangote Cement.
Oando was the best-performing stock in August 2024, with its share price skyrocketing by 207.6% month-to-date in August.
The stock has climbed over 700% year-to-date, as of the market opening on September 3, 2024.
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The stock is experiencing a strong bullish price action, buoyed by the positive sentiment surrounding the company’s performance and strategic moves.
Positive sentiment was further bolstered by the announcement of the Agip Oil acquisition.
Acquisition Announcement
Oando officially announced the successful acquisition of Eni’s Nigerian subsidiary, Nigerian Agip Oil Company (NAOC), on August 22, 2024.
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Commenting on the acquisition, Wale Tinubu, Group Chief Executive of Oando PLC, stated: “Today’s announcement is the culmination of ten years of hard work, resilience, and an unwavering belief that we would realize our ambition. It is a win, not just for Oando but for every indigenous energy player as we take our destiny in our own hands.:
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