ADVERTISEMENT
SEC, NSE lift suspension as Oando shares commence trading
Oando has began trading on the Nigerian Stock Exchange following the decision of the SEC to lift the technical suspension on the oil company.
The Nigerian Stock Exchange (NSE), based on the recommendation of Securities and Exchange Commission (SEC), has lifted the technical suspension placed on Oando Plc.
Following the move, the oil and gas company commenced trading on the capital market on Thursday morning, April 12, 2018.
The trading commencement is coming a week after the oil company commissioned it's headquarters on Ozumba Mbadiwe, Victoria Island, Lagos.
ADVERTISEMENT
NSE explains the reinstatement of Oando
A statement released by the NSE has explained the reason for the reinstatement saying the lifting of the technical suspension was based on a new directive from the SEC.
“In the overall interest of investors in Nigeria’s capital markets, and following consultation with the Commission please be advised that at the start of trading, 12 April, 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure,” the statement said.
Oando's shares increases within three hours
Following the lifting of the suspension, the Oando share price rose to N6.30, a 5.8% increase from N5.99 within three hours of trading on Wednesday morning, April 11, 2018.
ADVERTISEMENT
Regulator was reported to have briefly re-imposed the suspension on the same day, citing SEC directives but then lifted it again by Thursday, April 12, 2018.
On October 18, 2017, the NSE announced a 48-hour “full suspension” of trading in Oando shares, at the expiration of which it also announced a “Technical Suspension” on October 23, 2018.
The Exchange informed Oando that the suspension of its shares was done in compliance with a SEC directive.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
ADVERTISEMENT