Oando Shares lost 4.9% at the close of business Friday after the exchange issued a press release that it had suspended the company’s rights issue until further notice. The company had commenced its rights issue on Monday and following the suspension will have to reverse all the trades it received regarding the rights issue.
The market wasn’t going to take this lightly and so it punished Oando will a 9.4% loss culminating in a 14.3% loss in just two days. The decision by OPEC not to cut oil supplies may also have been a crucial contributing factor.
