Oando shares surge on the Nigerian Exchange

Oando shares surge on the Nigerian Exchange

Agency Report

Share in Oando surged around 10% to a five-month high on Thursday following its settlement of a long-running dispute with the Securities and Exchange Commission (SEC)

The company’s surge also helped to lift the wider equities market by 1.67%.

Oando reached a settlement with SEC last week, after the regulator ordered the removal of its management team and suspended its annual meetings.

The stock was last up 9.73% at 3.61 naira.

It peaked at 127 naira per share in 2008 on the Nigerian bourse, but tumbled amid continual turmoil in recent years.

The index hit a low of 20,717 points in April 2020 after a lockdown to slow the spread of the coronavirus disrupted the economy.

It recovered to 38,581.31 points in July, but is still off a January 2018 peak of 45,092.83 points.

With the settlement, Oando which has a dual listing in Johannesburg, can audit its accounts and convene an annual meeting that was suspended over two years ago.

Fuel retailer Total climbed the maximum 10% allowed on the bourse.

Dangote Cement, which accounts for a third of market capitalisation, rose 7.83%.