About 42 million Oando shares were on full offer on Tuesday as investors lined up to off load the stocks amidst the historical loss recently reported by the company. The company in its 9 months results released earlier reported another loss before tax of about N52billion adding to the woes incurred by shareholders. The share price closed at N8.13 representing a 9.6% drop. Oando has now lost 49.5% year to date.
The company had its earnings call yesterday (Monday) as investors listened in keenly to what the management had to say regarding the results. The call by our estimates was one of the most anticipated earnings call lasting about an hour and a half. Investors seem not convinced by all the positive vibes coming from the CEO as the shares remained on full offer all through trading on Tuesday. Out of the 42 million shares on offer only about 309, 250 volumes were treated.