NSE Allows Resumed Trading in the Shares of Oando Plc from Thursday April 12, 2018  
  NSE Allows Resumed Trading in the Shares of Oando Plc from Thursday April 12, 2018 In the overall interest of investors in Nigeria’s capital markets and following consultation with the Securities and Exchange Commission (“Commission”), the Nigerian Stock Exchange (“NSE or “Exchange”) advised that at the start of trading on Thursday, April 12, 2018, trading in shares of Oando Plc (“Oando”) will resume without any impediment in price movement consistent with the NSE’s market structure. The Exchange made its clarification and confirmation on resumed trading on Oando shares on Wednesday April 11, 2018. Background Information By a letter dated Monday, April 09, 2018 from the Commission, the Exchange was directed to lift the technical suspension placed on the trading of Oando’s shares since Monday, October 23, 2017. In compliance with the Commission’s directive, the Exchange by a letter dated Tuesday, April 10, 2018, informed the Commission that it would lift the technical suspension placed on the shares of Oando effective Wednesday, April 11, 2018. This action was duly effected and trading commenced without any impediment to price movement in the morning of Wednesday, April 11, 2018 when about 77 million shares were bided for at N6.60 per share but without matching offer. Subsequent to the lifting of the technical suspension, on Wednesday, April 11, 2018, the Exchange received another communication from the Commission to maintain the status quo prior to the Commission’s letter of Monday, April 09, 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 fully suspended trading in Oando’s shares. Meanwhile, confusion ensued among traders and investors on account of the suspension of trades even as Oando shares were visibly absent from the Official Daily Price List. However, following its latest decision to lift the suspension on Thursday, April 12, 2018, the Exchange gave its assurance to keep the investing public and the entire capital market ecosystem informed should there be any further developments on this matter.  
     
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