UPDATE 1-Oando leads Nigerian stocks higher as settles dispute with regulator

(Adds details, stock index gain)

ABUJA, July 22 (Reuters) – Share in Nigeria’s Oando surged around 10% to a five-month high on Thursday after the oil firm settled a long-running dispute with the country’s securities regulator, helping to lift the wider equities market.

Oando reached a settlement with the Securities and Exchange Commission (SEC) 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 gains helped lift the broader share index index up 1.67% in late trades to a one-month high.

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, while Dangote Cement, which accounts for a third of market capitalisation, rose 7.83%. (Reporting by Chijioke Ohuocha Editing by Alison Williams and Mark Potter)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Read More

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *