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UPDATE 1-Oando leads Nigerian shares bigger as settles dispute with regulator

(Adds particulars, inventory index build)

ABUJA, July 22 (Reuters) – Portion in Nigeria’s Oando surged round 10% to a 5-month excessive on Thursday after the oil company settled a lengthy-working dispute with the nation’s securities regulator, serving to to recall the broader equities market.

Oando reached a settlement with the Securities and Replace Commission (SEC) after the regulator ordered the removal of its administration crew and suspended its annual conferences.

The inventory became as soon as final up 9.73% at 3.61 naira. It peaked at 127 naira per portion in 2008 on the Nigerian bourse, but tumbled amid trusty turmoil in most modern years.

The gains helped recall the broader portion index index up 1.67% in leisurely trades to a one-month excessive.

The index hit a low of 20,717 functions in April 2020 after a lockdown to leisurely the unfold of the coronavirus disrupted the economy. It recovered to 38,581.31 functions in July, but is still off a January 2018 height of 45,092.83 functions.

With the settlement, Oando which has a twin listing in Johannesburg, can audit its accounts and convene an annual meeting that became as soon as suspended over two years ago.

Gasoline retailer Total climbed the utmost 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 Worth Potter)

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