The Nigerian Stock Exchange (NSE) has suspended trading in the shares of 11 companies for failing to file their accounts as required by the listing rules of the exchange.
In a notification to dealing members yesterday, the NSE explained that the affected companies were suspended pursuant to Rule 3.1, Rules for filing of accounts and treatment of default filing, which provides that “If an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a “second filing deficiency notification” within two business days after the end of the cure period; Suspend trading in the Issuer’s securities; and
(c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
Based on the above, the NSE suspended trading in the shares of 11 companies. They are: FTN Cocoa Processors Plc, Goldlink Insurance Plc, Guinea Insurance Plc; Conoil Plc; Lasaco Assurance Plc; Niger Insurance Plc; R.T.Briscoe (Nigeria) Plc; Resort Savings & Loans Plc; Royal Exchange Plc; Standard Alliance Insurance Plc and Universal Insurance Plc
According the exchange, the suspension of the companies will only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all its applicable rules.
Meanwhile, the equities market extended its losing streak with the NSE All-Share Index declining 0.7 per cent to close at 29,395.14, while market capitalisation shed N93.8 billion to close at N13 trillion.
The negative performance can be attributed to sell-offs in Nestle Nigeria Plc, Dangote Cement Plc and Guaranty Trust Bank Plc. But activity level rose as volume and value traded surged 86.8 per cent and 153.7 per cent to N200.7 million shares units and N2.9 billion respectively. GTBank Plc(24.4 million shares), UBA (23.3 million shares) and Lafarge Africa Plc (22.7 million shares) were the top traded stocks by volume while GTBank Plc (N742.1 million), Zenith Bank Plc (N436.9 million0 and Nestle Nigeria Plc(N359.0 million) led by value. The NSE Consumer Goods Index led the losers with 2.1 per cent trailed by the NSE Oil & Gas Index that shed 1.0 per cent, while the NSE Insurance Index shed 0.3 per cent.
In all, 23 stocks depreciated compared with 13 that appreciated. Chams Plc and UACN Property Development Company Plc led the price losers with 9.6 per cent apiece.
On the positive side, Cement Company of Northern Nigeria Plc led the price gainers with 8.1 per cent, while Academy Press Plc shed 6.9 per cent.