Oando Plc acquires 100% stake in Agip oil as NGX index slips further, down 12bps

Oando Plc said at the floor of Nigeria Exchange said it has successfully completed the 100% acquisition of shareholding interest in Nigerian Agip Oil Company for a total consideration of $783.0m. This acquisition increases Oando’s participating interests in OMLs 60, 61, 62, and 63. Meanwhile NGX stock indices slipped further, bringing the benchmark Index down by 12bps to close at 95,718.05 points. Selloff in ZENITHBANK (-0.26%), TRANSCOHOT (-10.00%) and FBNH (-1.72%) were the major drivers of the market’s weak performance, outweighing gains in GTCO (+0.11%), UBA (+1.36%) and TRANSCORP (+8.49%). Consequently, the market is on track for another weekly loss. The year-to-date (YTD) return fell to 28.01%, while the market capitalisation lost  ₦64.98bn to close at ₦54.98trn.

A breakdown of the analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.28%, a total of 393.62m shares  valued at ₦5.85bn were exchanged in 8,243 deals. UNIVINSURE (-3.03%) led the volume chart with 68.19m units traded, while OANDO (+9.99%) led the value chart in deals worth ₦1.29bn.

Market breadth closed positive at a 1.18-to-1 ratio with advancing issues outnumbering the declining ones. ACADEMY (+10.00%) topped nineteen (19) others on the leader’s table while TRANSCOHOT (-10.00%) led sixteen (16) others on the laggard’s log.