Following an exchange of correspondence between the Nigerian Stock Exchange (the primary Exchange on which Oando is listed) and the Johannesburg Stock Exchange, the latter has suspended trading on Oando shares.

The action, which happened on Thursday, followed the NSE’s earlier suspension on the oil major as directed by the Nigerian capital market apex regulator – the Securities and Exchange Commission.

The JSE, which confirmed the development, hinged its move on an exchange of correspondence between it and the Nigerian Exchange.

Justifying its action, the South African-based Exchange was quoted to have said, “The company has received communication from its primary listing, the Nigerian Stock Exchange, that the Securities and Exchange Commission has issued a directive to immediately suspend the trading of Oando shares, a directive to which the NSE has complied.

“The JSE has accordingly suspended trading of the Oando shares with effect from 09:00am SA time, pending clarification following the review of subsequent correspondence received on October 18, 2017 from the NSE and SEC and will provide a full statement of the company’s position as soon as possible.”

However, the Nigerian equities market, on Thursday, appreciated marginally by N2bn despite the technical suspension on the shares of Oando by the NSE on Wednesday as directed by the SEC.

Rather, the oil/gas index dropped by 0.5 per cent due to a decline in Forte Oil Plc’s share price by4.2 per cent.

Oando did not respond specifically to the JSE suspension on Thursday, but insisted that it had received a communication from the NSE suspending trading in its shares, as directed by SEC, and that it was reviewing the correspondence.

The oil firm, however, said it would state its position as soon as possible as it was committed to acting in the interest of all shareholders.

Meanwhile, after two consecutive sessions of losses, the Nigerian stock market rebounded as the All-Share Index rose marginally by one basis point to close at 36,645.65 points while year-to-date return improved marginally to 36.4 per cent.

Thursday’s performance was buoyed by price appreciations in Stanbic IBTC Holdings Plc and International Breweries Plc, which appreciated by 2.6 per cent and five per cent, respectively.

Gaining over N1bn, the NSE market capitalisation inched higher to close at N12.6i4tn while volume and value traded declined 29.1 per cent and 41.3 per cent to settle at 140.9 million units and N1.7bn, respectively.

Sector performance was mixed as three of the five indices of the market were negative, one closed positive and the other flat. The insurance index led losers, down  by 1.3 per cent on account of losses in AxaMansard Insurance Plc and AIICO Insurance Plc by 4.8 per cent and 3.4 per cent, accordingly.

Similarly, the banking index fell by 0.3 per cent following sustained profit taking in United Bank of Africa  Plc and Zenith Bank Plc, which declined by 2.3 per cent and 0.2 per cent, accordingly.

However, the consumer goods index was the lone gainer, appreciating 0.2 per cent on account of gains recorded in International Breweries Plc and Dangote Sugar Refinery Plc, which soared by five per cent and 1.1 per cent, respectively.c