April 12, 2018 / 9:44 AM / 3 months ago

Nigeria's Oando up 10 pct after bourse lifts trading suspension

LAGOS, April 12 (Reuters) - Shares of Nigerian oil company Oando surged 10 percent on resuming trade in Lagos on Thursday after the regulator lifted a suspension.

Oando shares jumped to 6.60 naira immediately after the stock market opened on Thursday. They had closed at 6.30 naira on Wednesday.

The shares traded only briefly on Wednesday after being suspended for six months following directives from the Securities and Exchange Commission (SEC) which is investigating the oil company over alleged insider trading.

The regulator briefly reimposed the suspension on Wednesday, citing SEC directives but then lifted it again by Thursday.

When the shares were originally suspended six months ago they were trading at 5.99 naira. (Reporting by Chijioke Ohuocha; Editing by Susan Fenton)

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