WorldStage Newsonline– The Nigerian Stock Exchange (NSE) on Wednesday reversed the earlier directive to lift the six-month old technical suspension it placed on the shares of Oando Plc, barely 24 hours after it was lifted.
The NSE had in a notice signed by Director, Regulation, NSE, Tinuade T. Awe on Tuesday directed the lifting of the technical suspension.
The notice read: “We refer to all prior communication regarding the technical suspension of trading in the shares of Oando Plc (Oando) implemented on the directive of the Securities and Exchange Commission (Commission) on 23 October 2017.
“Please be informed that further to a 9 April 2018 directive of the Commission, The Exchange lifted the technical suspension placed on Oando’s shares after the close of trading today, 10 April 2018.
“Consequently, there will be no impediment to price movement in the shares of Oando”
However, less than 24 hours later, the NSE rescinded its decision, stating that the shares of the company listed on both the Nigerian and Johannesburg Exchanges, remained on technical suspension.
For the less than eight hours it traded following the lifting of the technical suspension, shares of Oando gained 10 points on the NSE, trading at ₦6.60 as against N5.99k before the lifting of the suspension.
But NSE has reversed all transactions done on OANDO shares today.
Efforts to find out from the NSE while it reversed its decisions were not successful as at Friday evening.
The NSE on 18th October 2017 announced that it had placed the shares of Oando Plc, on ‘full suspension for 48 hours.’
Thereafter on 23rd October 2017, the NSE further announced that it had placed the shares of the company on ‘Technical Suspension’. The NSE by a letter dated 18th October 2017 informed management of Oando Plc that the suspension of the company’s shares by the NSE was done in compliance with a directive issued to it by the SEC.
