Oando Plc saw its stock surge by an impressive 529% in 2024, rising from N10.50 to N66, making it the second best-performing stock of the year. This followed a 163% increase in 2023.
Several factors contributed to Oando’s impressive performance, including the landmark $783 million acquisition of Nigeria Agip Oil Company (NAOC).
Analysts remain divided; some anticipate another year of exceptional gains driven by the company’s strategic positioning and growth plans, while others caution that below-expectation financial performance, market volatility, and external pressures could dampen investor enthusiasm.