Fhe Securities and Exchange Commission (SEC) directed the resignation of the affected board members of OANDO Plc ) over serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others.
Barely One week after, the share price of OANDO Plc has declined by 4.76% from N4.20 on Friday 31st May, 2019 to N4.00 as at the close of trading on Friday June 07, 2019, while the stock only recorded positive movement in one of the trading days during the period under review with +5.26% gain on recorded June 6th 2019.
Year-to-date, OANDO shares have underperformed the index. The shares have shed -20% ytd compared with the -3.18% ytd return delivered by the NSEASI.
Oando opened the trading day on Friday 31st May, 2019 with a share price of N4.65 but closed the trading day with a price of N4.2 which represents a decline of 9.68%.
Going further and over the 1 week period, volume traded was heaviest on Monday June 3rd 2019. Trading statistics on OANDO at the end of the Monday trading activities revealed that 27.15 million shares exchanged hands in 250 trades as the share price hits its 1 week lowest point of N3.8 due to increased sell pressure.
Oil and Gas Sector Peer Review
A review of the oil and gas stocks in the last One (1) week revealed a weak market sentiment towards the stocks as only two of the companies recorded growth in share price over the past one (1) week.
JAPUL topped the list with an impressive gain of 60.71 followed bY CONOIL with 4.55% growth in share price.
However, OANDO joined the list of losers in the oil and gas sector as it closed the week in red with 4.76% decline in share price.TOTAL was the highest loser in the peer analysis with 7.41% decline in share price while both ETERNA and MRS recorded no price movement during the period under review.