Nigerian Stock Exchange suspends 6 listed firms from trading

Nigerian Stock Exchange suspends 6 listed firms from trading

 

 

 

The Nigerian Stock Exchange (NSE) yesterday, suspended trading in the shares of six companies for not filling their accounts in accordance with the post-listing requirements of the exchange.

The firms include DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc.

The bourse Head of Listings Regulation Department, Godstime Iwenekhai,  who disclosed this in a statement, said: “Pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange, which provides that if an issuer fails to file the relevant accounts by the expiration of the current period, the exchange will: send to the issuer a second filing deficiency notification within two business days after the end of the current period.

Furthermore, trading on the issuer’s securities would be suspended following which the securities and notify the Securities and Exchange Commission (SEC) and the market will be notified within 24 hours of the suspension.

“Trading in the shares of the six companies have been suspended effective today, 8 October.”

The Exchange further said that with the rules set forth above, the suspension of the above listed companies would only be lifted upon the submission of the relevant accounts and provided the exchange was satisfied that the accounts complied with all applicable rules of the exchange.

Meanwhile, the bulls returned to the floor of the NSE as the All-Share Index (ASI) inched up 0.19 per cent to close at 32,444.96 points following last week’s loss of 1.17 per cent.

As a result, the market capitalization increased by N22 billion while the Year-to-Date moderated to 15.32 per cent.

Similarly, the volume and value of stocks traded stood at 120.82 million shares worth N1.33 billion, exchanged in 2,662 deals

Market breadth was positive as 16 stocks appreciated in value while 11 others depreciated. Unity Bank topped the gainers’ chart with 9.09 per cent to close at 0.96 kobo per share. Neimeth was next with 8.47 per cent to close at 0.64 kobo, Mutual Benefits rose by 7.69 per cent to close at 0.28 kobo, Caverton increased by 7.61 per cent to close at N1.98 while NEM garnered 5.42 per cent to close at N3.11 per share.

On the flip side, JohnHolt topped the losers’ chart with 9.43 per cent to close at 0.48 kobo per share.

Guinea Insurance followed with 9.38 per cent to close at 0.29 kobo, AIICO declined by 6.02 per cent to close at 0.78 kobo, Presco fell by 5.56 per cent to close at N53.35 while Japaul oil depreciated by 4.17 per cent to close at 0.23 kobo per share.

The statement read;

“In accordance with the rules set forth above, the suspension of trading in the shares 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.”

 

 

 

 

Nigerian Stock Exchange suspends 6 listed firms from trading

 

 

 

 

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