OCT. 25, 2017: TRADING RESUMES IN OANDO PLC

Following a High Court injunction obtained by the management of Oando PLC barring SEC Nigeria and the Nigerian stock exchange from suspending trading in Oando shares until the suit filed by Oando on the issues raised by SEC is determined, trading resumed today October 25 in the equity without any restrictions on price making.

Before the injunction, Oando was on technical suspension and its price could not change but buying and selling could occur.

In view of the injunction Oando gained very marginally and so still technically still close at its N5.99 per share since the SEC order for suspension.

Hence Oando ended the day with 14 deals for O.142m shares worth N0.852m with its price open to change.

Oando had also reached out to the market with its side of the story arguing that the sale of the subsidiary in 2014 was reversed in line with international financial reporting guidelines; there was misinformation in its statements; Oando as a company never engaged in insider trading and if SEC says there was one, those involved should be held responsible; that alleged paying of dividend to its registrar was under investigation to establish the true facts and given that it always responded truthfully to SEC queries, there was no room at all for any forensic audit.

The market for the second day closed on a positive note with 23 gainers outnumbering 12 price losers to push the All shares index up by 0.25% to 36,622.85.

In % terms Fidson Healthcare led gainers with 9.82% or N0.33 per share rise as it recorded 10th placed 100 deals for 4.88m shares worth N17.9m.

Fidson closed yesterday at N3.36 per share, hit day low of N3.52 before closing at day high of N3.69 per share.

On the other hand, Naira gain was paced by a distance as Seplat Petroleum opened and closed the day at N490, up N10 or 2.08% on yesterday's N480 per share. However it recorded only 8 deals involving 0.447m shares worth N219.13m.

Top % loser was Cutix PLC down N0.22 or 9.36% as it dropped to N2.13 per share from yesterday's N2.35 to record 23 deals 0.62m units worth N1.326m.

But Forte Oil paced the market in terms of Naira decline losing N2.23 or 4.99% per share and closing with 61 deals involving 0.306m shares worth N13.07m.

Although number of deals dropped by 2.19% to 3577, traded volume rose by 66.6% to 332.996m shares as UBA, Zenith and Access bank recorded offloads. Then traded vaue more than doubled by 156.5% to N4.661bn on the back of high worth of Zenith, GTB and UBA deals.

UBA paced traded volume as it witnessed 2nd ranked 250 deals for 85.18m offload worth 3rd placed N795m.

Zenith bank trailed with 43.455m shares traded in day high 365 deals worth leading N1.138bn while Access bank ended with 125 deals for 3rd ranked 41.13m shares worth 4th placed N407.9m.

GTB recorded the 2nd highest traded value with 4th ranked 200 deals for 19.065m units worth N800.57m.


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