Just a few days after the removal of the technical suspension imposed on the Oando’s shares, the move has lifted the Nigerian Stock Exchange (NSE) Capital Market Index.
According to industry sources, over 178 million Oando shares were on bid with only 5.5 million available for sale on the first day of trade.
This enthusiastic demand for the company’s share hints at an inherent desire that has been among industry shareholders to see the company’s shares back on the trading floor.
“By virtue of the sustained suspension, the shareholders have been unable to benefit from the positive sentiments in the market within this period. It is also important to note that Oando PLC’s stock was a major contributor to the NSE 30 Index performance, particularly in the first three quarters of the year 2017, prior to the suspension; thus, the relevance of the stock cannot be overemphasised,” a source close to the story told Financial Quest.
“The lifting of the technical suspension is a breath of fresh air,” Mr. Tambari, an Oando shareholder with the Sokoto Zone Shareholders Association told Premium Times. “Every true shareholder of Oando is delighted that we can finally reap a return on our investment. It is, for this reason, I doubt the authenticity of these shareholder groups saying the suspension shouldn’t have been lifted. Haven’t we suffered enough? The public knows that the company is viable, this is already evident in the price jump since the NSE commenced trading.”