Oando Surge Lifts NGX Market Cap to N71 Trillion Amid Strong Investor Sentiment

The Nigerian Exchange Limited (NGX) witnessed a remarkable milestone as its total market capitalisation soared to N71.118 trillion, driven largely by renewed investor interest in Oando Plc and 31 other stocks. The rally was sparked by the release of Oando’s impressive 2024 audited financial results. The market added N223.38 billion in value, reflecting a 0.32% increase from the previous session’s closing figure of N70.895 trillion.

Oando Plc’s financials for the year ended December 2024 reported a massive leap in profitability. The company declared a profit before tax of N383.82 billion, marking a 272.72% increase from N102.98 billion in 2023. Its profit after tax stood at N220.12 billion, up 265% compared to the previous year. Oando also made history by generating N4.09 trillion in revenue— a 43.6% rise from the N2.85 trillion reported in 2023.

Sector-wide, the performance was broadly positive. The NGX Banking and Oil & Gas Indices each gained 0.9%, while the Consumer Goods Index rose 0.5% and Insurance added 0.4%. The Industrial Goods Index remained flat. Investor sentiment stayed upbeat, with market breadth closing positive as 32 stocks appreciated against 21 decliners.

Oando emerged as the day’s top gainer, with a 10% increase closing at N51.70 per share. Royal Exchange followed with an 8.64% rise, and Legend Internet climbed 7.27%. Other notable gainers included Lasaco Assurance and May & Baker Nigeria. On the flip side, NCR Nigeria led the losers’ chart with a 9.89% drop, followed by ABC Transport and Meyer, which lost over 9% each.

In trading volume, 611.53 million shares exchanged hands in 13,682 deals, marking a slight dip of 1.86%. Fidelity Bank led the activity chart with 93.47 million shares traded, valued at N1.78 billion. GTCO, Royal Exchange, UBA, and Access Holdings followed closely in terms of volume and value of transactions.

Source: This Day