The Nigerian Stock Exchange has suspended trading in the shares of seventeen of its listed companies.
The exchange explained that the companies were suspended for failure to file their relevant accounts in accordance to Rule 3.1, that is, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange otherwise known as Issuers’ Rules.
The rule states 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 notify the Securities and Exchange Commission (SEC) and the Market within twenty- four hours of the suspension”.
The Exchange further stated that the suspension of the listed companies will only be lifted upon the submission of the relevant accounts, provided The Exchange is satisfied that the accounts comply with all applicable rules.
The seventeen companies suspended are: African Alliance Insurance Plc, Equity Assurance Plc, Fortis Microfinance Bank Plc, Guinea Insurance Plc, Premier Paints Plc, Resort Savings & Loans, Sovereign Trust Insurance Plc, African Paints Nigeria Plc, Aso Savings & Loans Plc, Ekocorp Plc, Evans Medical Plc, Goldlink Insurance Plc, Great Nigeria Insurance Plc, Omatek Ventures Plc, Union Dicon Salt Plc, Union Homes Savings & Loans Plc, Universal Insurance Company Plc.
Meanwhile, the market closed for the week with a gain of 0.32 per cent as 28 stocks gained while 17 declined.
The market capitalisation closed at 11,187 trillion Naira as against previous closing of 11,151 trillion Naira, gaining 36 billion Naira.
The All Share Index on the other hand closed at 32,459.17 basis points as against previous closing of 32,354.78 basis points, gaining 104.39 basis points.
2.12 million shares worth 2.5 billion Naira were traded in 3,217 deals.
TRANSNATIONAL CORPORATION OF NIGERIA PLC led the gainers with 0.10 kobo or 7.52 per cent gain, closing at N1.43 per share against previous closing of N1.33 per share.
CONTINENTAL REINSURANCE PLC followed with a previous closing price of N1.24 per share to close today at N1.30 per share, gaining 0.06 kobo or 4.84 per cent.
Then FIDSON HEALTHCARE PLC which had a previous closing price of N2.70 per share but closed today at N2.83 per share, gained by 0.13 kobo or 4.81 per cent.
CONOIL PLC led by N3.92 or 9.74 per cent to close at N36.31 per share when compared to Thursday’s closing price of N40.23 per share.
MAY & BAKER NIGERIA PLC which had a previous closing price of N3.18 per share, closed today at N2.88 per share, thereby falling by 0.30 kobo or 9.43 per cent.
P Z CUSSONS NIGERIA PLC fell by N2.14 or 9.25 per cent when it closed today at N21.00 per share as compared to previous closing of N23.14 per share.