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NSE suspends Oando Shares and plans forensic audit
Stockbrokers have been directed by a notice dated 18th October 2017 from the Nigerian Stock Exchange (NSE) to place Oando Plc shares on full suspension for 48 hours.
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.
The NSE in the notice said it was acting based on instruction from the apex regulator of the Nigerian capital market, the Securites and Exchange Commission (SEC).
SEC said it issued the suspension, because of the need to conduct a forensic audit on Oando Plc and at the same time preserve the interests of its shareholders which is the market value of the shares.
The suspension which started on Wednesday, 18th October 2017, will end on Friday, 20th October 2017, after which investors will be able to start trading in Oando Plc’s shares but there would be no movement in the price of the shares.