Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has directed the Nigerian Stock Exchange (NSE) to suspend trading in the shares of Oando Plc.

The NSE, in a notification of the suspension, stated that SEC directed that the NSE should impose full suspension on the shares of Oando for 48 hours with effect from today October 18, 2017 to October 20, 2017.

Also, with effect from October 20, 2017 and until further directive, the Exchange should implement a technical suspension on the shares of Oando Plc.

A full suspension is the halt of trading activities on 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 occur 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 October 20, 2017, investors will be able to trade in Oando’s shares but such trading will not result in any movement in the price of the shares.

Full details: https://www.ripplesnigeria.com/sec-suspends-trading-oando-shares-alleged-financial-mismanagement/

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