Home Life Style Good News – UPDATE 1-Oando leads Nigerian shares larger as settles dispute with regulator

Good News – UPDATE 1-Oando leads Nigerian shares larger as settles dispute with regulator

by Good News

Good News – (Provides tiny print, stock index contain)ABUJA, July 22 (Reuters) – Portion in Nigeria’s Oando surged around 10% to a five-month excessive on Thursday after the oil firm settled a lengthy-running dispute with the country’s securities regulator, serving to to steal the broader equities market.Oando reached a settlement with the Securities and Exchange Payment (SEC) after the regulator ordered the removal of its management team and suspended its annual conferences.The stock became closing up 9.73% at 3.61 naira. It peaked at 127 naira per section in 2008 on the Nigerian bourse, but tumbled amid valid turmoil in present years.The beneficial properties helped steal the broader section index index up 1.67% in behind trades to a one-month excessive.The index hit a low of 20,717 positive aspects in April 2020 after a lockdown to behind the spread of the coronavirus disrupted the financial system. It recovered to 38,581.31 positive aspects in July, but is detached off a January 2018 high of 45,092.83 positive aspects.With the settlement, Oando which has a dual listing in Johannesburg, can audit its accounts and convene an annual meeting that became suspended over two years ago.Gasoline retailer Total climbed the most 10% allowed on the bourse, while Dangote Cement, which accounts for a third of market capitalisation, rose 7.83%. (Reporting by Chijioke Ohuocha Enhancing by Alison Williams and Place Potter)for-cell phone-onlyfor-pill-portrait-upfor-pill-landscape-upfor-desktop-upfor-extensive-desktop-up

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