Business

Oando shares hit 8-month high at N7.55

By Kayode Tokede

The shares of Oando Plc gained 9.42 per cent on Monday, hitting eight- month high trading at N7.55 per share.

The gain is coming on the heels of Securities and Exchange Commission (SEC) lifting suspension on Oando’s shares on last week.

The share price of Oando Plc opened trading at N6.90, gaining N0.65 in Monday trading transactions on NSE.

The NSE had obliged to   SEC directive on lifting suspension on Oando shares.

The Exchange in a statement last week said, “By a letter dated 9 April 2018 SEC, The Exchange was directed to lift the technical suspension placed on the trading of Oando’s shares.

“In compliance with the Commission’s directive, The Exchange by a letter dated 10 April 2018, informed the Commission that it will lift the technical suspension placed on the shares of Oando effective 11 April 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of 11 April 2018.

“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.

”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 statement  added.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top