NSE suspends trading in shares of 11 Nigerian companies

Nigerian Stock Exchange
  • 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.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

Vera imports Baby Diapers from US, Help rebuild Boniface Mwangi's house & other stories on #PulseUhondoMtaani

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Davido and Chioma spotted together for the first time since rumoured breakup

Davido and Chioma spotted together for the first time since rumoured breakup