Nigeria: Oando Emerges Stock of the Week As Strike Takes Toll On Market Indicators

25 June 2007

By Michael Eboh

Oando Plc emerged the stock of the week on the Nigerian Stock Exchange (NSE), as the strike action declared by Labour unions in the country to protest the hike in Valued Added Tax and prices of petroleum products, took its toll on the performance indicators, leading to a decline in the All-share index and the market capitalisation.

Analysts stated that last Monday, that the news of the deadlock in the meeting between labour and the Federal Government, made some investors to start disposing of their shares in a bid to have cash to spend during the period of the strike, which lead to a drop in the share prices of most of the shares of blue chip companies. The trend led to a drop in the market indicators.

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