WorldStage Newsonline– The Nigerian Stock Exchange (NSE) on Wednesday announced that the earlier directive to lift the six-month old technical suspension it placed on the shares of Oando Plc will take effect from Thursday, April 12, 2018.
There was a brief trading on the stock on Wednesday, but it was revered in what was initially interpreted to mean the re-imposition of the suspension.
NSE in a statement said the resumption of trading early Wednesday was in compliance with a letter dated 9 April 2018 from the Securities and Exchange Commission which directed it to lift the technical suspension on the energy firm’s shares, but it received another communication from the Commission to maintain the status quo prior to the Commission’s letter of 9 April 2018.
“In order to ensure compliance with the Commission’s further communication notwithstanding the fact that The Exchange’s systems cannot implement a technical suspension intraday, the Exchange suspended trading in Oando’s shares. The Exchange regrets any inconvenience that may have arisen due to the foregoing,” the statement said.
“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 tomorrow, 12 April 2018, trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.
“The Exchange shall endeavor to keep the investing public and the entire capital market ecosystem informed should there be any further developments on this matter.”
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.
