In a notice dated today the 18th of October 2017, sent by the Nigerian Stock Exchange, dealing members (stock brokers) were instructed 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 stated in the notice that it was acting on instructions from the Securites and Exchange Commission (SEC). SEC is the apex regulator of the Nigerian capital market.
SEC hinged the suspension on the need to conduct a forensic audit of Oando Plc’s affairs and at the same time preserve the interests of shareholder ( market value of the shares), Nairametrics reported.