The Nigerian Stock Exchange has notified dealing members that the Securities and Exchange Commission has directed it to suspend trading in the shares of Oando Plc effective for forty-eight (48) hours from Wednesday, 18 October 2017 to 20 October 2017.
To implement a full suspension in the trading of its shares; and 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 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.
A statement signed by Tinuade T. Awe, General Counsel/ Head of Regulation of the NSE said, “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.” Worldstage reports.