Investors will now be able to resume trading in the shares of Oando Plc, following the lifting of the technical suspension placed on the company’s shares, says the The Nigerian Stock Exchange (NSE).
The Exchange in a release signed by Joseph Kadiri, Media Relations Officer Corporate Communications, NSE on Wednesday stated that following consultations with the Securities and Exchange Commission (SEC), it has been mandated to allow trading resume on Oando shares on Thursday.
Investors could not trade on the company’s share on Wednesday as there were countered directive from the regulator on April 11, 2018, telling the exchange to maintain status quo after an earlier instruction on April 9, 2018 mandating it to lift the technical suspension placed on the trading of Oando’s shares.
“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 NSE said.
It explained that trading had earlier resumed on trading in Oando’s shares based on SEC’s directive asking it to lift the ban on April 11.
“Subsequent to the lifting of the technical suspension, on 11 April 2018, The Exchange received another communication from the Commission to maintain the status quo prior to the Commission’s letter of 9 April 2018, i.e., the technical suspension of trading in Oando’s shares. 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,” it elucidated further.
It, therefore, promised to keep the investing public and the entire capital market ecosystem informed on further development on the issue.