April 12 (Lagos) - Shares of Oando Plc ( OANDO
) rose 10% today, on the first day of trading post the lifting of SEC mandated suspension.
These shares are fully on bid currently and could go much higher because of increase in crude oil prices.
But according to today's action, not many sellers around and a while lot of buyers around because as is often the case in Nigerian stock market due to the 10% trading range rule of the SEC.
For example if this stock opened 100% higher today, there would have been more trading. Now what will happen is that the stock will rise everyday till it reaches a point where there are all sellers and few buyers, opposite of today.
Our price discovery mechanism is slow.
reporting for easykobo.com on Thursday, April 12 2018 from Lagos, Nigeria