The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

The attention of the Commission has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK

— SEC Nigeria (@SECNigeria) February 24, 2021

What you should know

• On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
• He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
• In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

The Nigerian stock market ended the third trading session of the week on a bullish note. The All Share Index rallied by 0.14% to close at 40,221 index points.

Year-to-date return and market capitalization settled at -0.12% and N21.04 trillion respectively.

• Activity level strengthened as total volume and value of stocks traded grew 38.95% and 82.28% to 469.56 million units and N7.08 billion respectively.
• The top traded stock by volume and value was ZENITHBANK (1.15%) at 154.6 million units valued at N4.09 billion.
• The NSE Oil & Gas index topped the gainers, up 0.79% on the back of sustained buy interest in OANDO.
• Investor sentiments as measured by market breadth was neutral as 20 stocks advanced against 20 decliners. OANDO (+10.00%) led the gainer’s chart today, while LASACO (-9.49%) was the top loser.

Top gainers

1. OANDO up 10.00% to close at N3.41
2. ABCTRANS up 9.38% to close at N0.35
3. JAPAULGOLD up 9.23% to close at N0.71
4. ROYALEX up 8.70% to close at N0.25
5. ACADEMY up 7.89% to close at N0.41

Top losers

1. LASACO down 9.49% to close at N1.24
2. CHIPLC down 8.33% to close at N0.33
3. CORNERST down 7.81% to close at N0.59
4. FLOURMILL down 6.94% to close at N28.85
5. WAPIC down 6.90% to close at N0.54

Outlook

Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum. High buying pressures from medium capitalized stocks which include OANDO, JAPAULGOLD, ROYALEX lifted market sentiments across the spectrum.

• Trailing, the Banking and Industrial indexes gained 0.77% and 0.22% respectively due to price appreciation in ACCESS (+1.80%), FIDELITY (+1.73%), and ZENITH (+1.13%).
• Nairametrics, however, suggests cautious buying amid soft crude oil demand in play at the world’s largest economy.