A
directive from the Securities Exchange Commission has seen the shares
by leading oil company in Nigeria, Oando being suspend in the stock
market.
The Nigerian Stock Exchange on Wednesday has said that it has
suspended trading in the shares of Oando Plc from October 20, 2017.The NSE, in a statement on its website, signed by the Head of
Regulation, Tinuade T. Awe, said it acted on the directive of the
Securities Exchange Commission.
The statement reads, “Notification of Suspension of Trading in the Shares of Oando Plc.
“Dealing Members are hereby notified that the Securities and
Exchange Commission has directed The Nigerian Stock Exchange to suspend
trading in the shares of Oando Plc as follows:
“Effective for forty-eight (48) hours from today, 18 October
2017 to 20 October 2017, The Exchange should implement a full suspension
in the trading of the shares of Oando Plc
”Effective from 20 October 2017 and until further directive,
The Exchange should implement a technical suspension in the shares of
Oando Plc.
“A full suspension is the halt of trading activities in a
listed security for a period. A technical suspension is the interruption
of price movement in a listed security for a period so that any
dealings in the securities which occurs during the period of the
suspension will not result in any change in price, which change may have
occurred had the suspension not been implemented.
“In the 48 hour period commencing today, there will be no
trading in the shares of Oando Plc. Thereafter, effective 20 October
2017, investors will be able to trade in Oando Plc’s shares but such
trading will not result in any movement in the price of the shares.”
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