NSE clears air on Oando’s shares, okays trading to resume Thursday

The Nigerian Stock Exchange Wednesday night cleared the air on the confusion surrounding trading in the shares of Oando Plc, suspended since last year, saying that the shares will be back on the market Thursday, April 12, 2018.
In a statement The Exchange said “trading in Oando’s shares will resume without any impediment in price movement consistent with the NSE’s market structure.”

It said this was being done in the overall interest of the investors in Nigeria’s capital markets, and that it followed the consultation with the Securities and Exchange Commission, advising that the suspension on the shares will be lifted at the start of trading on the day.

“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,” it said.

Explaining the reason for whatever confusion that arose in the last couple of days, The NSE said it was clarifying and confirming the status of trading in the shares of the company, which it said were currently on “full suspension”.

According to The Exchange: “By a letter dated 9 April 2018 from the Securities and Exchange Commission, 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.”

It then apologised for any inconvenience that may have been caused saying it regretted this.