Oando surges on Nigerian Exchange

oando (1)

Oando shares surge on the Nigerian Exchange

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.

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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%.