The Nigerian Stock Exchange (NSE), on Wednesday morning announced a full suspension on the shares of energy giant- Oando Plc, as directed by capital market apex regulator- the Securities & Exchange Commission (SEC).
No reason was given for the initial 48-hour full-suspension which elapses on Friday, October 20, 2017.
Thereafter, according to a notice to stockbrokers contained in NSE’s market bulletin with reference: NSE/LARD/LRD/MB05/17/10/18, signed by Tinuade Awe, General Counsel and Head of Regulation of the NSE, the stock is to go into technical suspension “until further directive.”
For the avoidance of doubt, the statement defined a full suspension as “the halt of trading activities in a listed security for a period, (while) 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 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,” the statement by Ms. Awe stressed.