- The Nigerian Stock Exchange has suspended 11 companies from trading in shares.
- Godstime Iwenekhai, Head, Listings Regulation Department at NSE, says the companies failed to file relevant accounts by the expiration of the Cure Period.
- The companies include seven insurance companies and four others.
Conoil Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, and seven other companies have been suspended from trading in shares on the Nigerian Stock Exchange (NSE).
Godstime Iwenekhai, Head, Listings Regulation Department at NSE, made this known in a statement issued on Tuesday.
“Notification of Suspension of Eleven (11) Listed Companies Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (“Default Filing Rules”), which provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”
“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange,” the statement reads.
The companies are:
- Conoil Plc
- FTN Cocoa Processors Plc
- Goldlink Insurance Plc
- Guinea Insurance Plc
- Lasaco Assurance Plc
- Niger Insurance Plc
- R.T. Briscoe (Nigeria) Plc
- Resort Savings & Loans Plc
- Royal Exchange Plc
- Standard Alliance Insurance Plc
- Universal Insurance Plc
On Monday, the stock market opened for the month of July on a negative note with the crucial market indices dropping by 1.18%.
The All Share Index lost 352.26 points or 1.18% to 29,614.61 compared with 29,966.87 achieved last trading day in June.
Analysts at Afrinvest expect a mixed performance this week as investors take caution in selecting stocks ahead of first half of 2019 earnings releases.