Johannesburg Exchange lifts ban on trading in Oando shares

Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]
Nigerian oil company, Oando. [Photo credit: Guardian Newspaper]

The Johannesburg Stock Exchange, JSE, has lifted suspension on trading in the shares of Nigerian oil major, Oando Plc.

The bourse in a notice seen by PREMIUM TIMES said it would act based on information from the primary listing of the company, the Nigerian Stock Exchange (NSE).

The notice, dated April 12, said the suspension would be lifted April 13.

“The JSE will accordingly lift the suspension in trade in the Company’s shares with effect from commencement of business tomorrow, 13 April 2018,” the notice said.

The company has in the last two quarters been enmeshed in controversies.

On October 18, 2017, the NSE announced that it had placed the shares of the company on ‘full suspension for 48 hours.’ The exchange, thereafter on October 23, 2017, announced that it had placed the shares of the company on ‘technical suspension.’

The JSE, acting on a correspondence from the NSE, also suspended trading on the shares of the company.

The NSE informed the company that the suspension of its shares by the NSE was done in compliance with a directive issued to it by SEC. SEC issued the directive following petition submitted to it by two aggrieved shareholders of the company.

Last Wednesday the NSE lifted its six months suspension on the orders of Nigeria’s Securities and Exchange Commission (SEC).

Confusion arose a few hours after it lifted the suspension decision as the NSE briefly re-imposed the suspension with claims that it received a counter directive from SEC.

The company’s suspension was however fully lifted Thursday and its shares promptly appreciated 10 percent.

In the notice released ahead of its decision to lift the suspension last Friday, the JSE said there was no price sensitive information on the company’s stocks.

“Shareholders are further advised that there is no price sensitive information to be released prior to the lifting of the suspension on the JSE,” the South African bourse said.

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