OCT 19, 2017: OANDO PLC SUSPENDED AT NIGERIAN STOCK EXCHANGE

Following the directive issued by the Nigerian Securities & Exchange commission yesterday, October 18, 2017, trading in the shares of Oando Plc was suspended today, October 19, 2017 at the Nigerian stock exchange and will be so suspended till SEC Nigeria directs otherwise.

SECNigeria had asked the exchange to effect two full suspension of trading in the equity till tommorow October 20 and from tomorrow to apply technical suspension until further directive from SEC.

SEC said the action became necessary because it reviewed two petitions by Alhaji Dadiru Barau Mangas and Ansbury Incorporated and found that Oando was in breach of the Securities and Investment act 2007 and SEC Code of corporate governance; is suspected to have witnessed  insider trading and related partyn transactions not transacted at arms length and that there were question marks over Oando shareholding structure.

Hence, to establish the true facts of the petition, a forensic audit into the affairs of Oando will be conducted by a consortium of experts including auditors, lawyers, stockbrokers and registrars.

However, trading dived some today Thursday at the market although Sterling bank confirmed its return to high investors interest. Yesterday, it had led market number of deals with 335 deals for 26,89m shares thus hinting at the return.

Today, this was more than confirmed as 1,438 deals or 34.6% of the day's total deals of 4159, were recorded in Sterling bank as 15.72m shares changed hands after it gained N0.03 per share  for total worth of N15.667m.

Total number of deals rose by 17.4% although traded volume dropped by 29.1% to 140.87m shares and traded value tumbled bhy 42.3% to N1.722bn.

UBA topped traded volume with 3rd placed 228 deals for 30.64m units valued at N275m as it went down by N0.21 per share and traded value was topped by GTB as 3rd ranked 15.273m shares changed hands  in 185 deals worth N636.89m

But it was Zenith bank that trailed Sterling bank in terms of number of deals with 318 deals involving 14.036m shares worth 2nd ranked N368.5m.

The All shares index managed to punctuate two days of drops with a marginal 0.01% rise to 36,645.65 as 19 price gains and 20 drops were recorded.

Cutix plc led % gains with lonely 7.73% or N0.17 per share rise as it opened the day at N2.3 per share, hit day high and close of N2.37 per share compared to N2.2 by yesterday's close. Cutix also recorded 13 deals for 0.262m shares worth N0.594m.

In Naira terms, the gainers were paced by International Breweries with N2.21 or 4.99% gain simply, again like Cutix, by opening and closing at N467.52 per share compared to N44.31 previously.

The losers were led by Forte Oil with N2.00 or 4.17% drop per share while in % terms, the leader was AXA Mansard as it decreased by 4.84% or N0.12 per share.

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