The Nigerian Stock Exchange (NSE) on Thursday lifted the trading suspension placed on the shares of Guinea Insurance Plc and Niger Insurance Plc. The Exchange had on July 2, 2019 suspended the two insurance companies for failing to file their accounts in accordance with its post-listing requirements .
According to the NSE, “pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that when an issuer fails to file its 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 and 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 24 hours of the suspension of trading in the shares of the companies.
Guinea Insurance Plc and Niger Insurance Plc, two (2) of the eleven (11) companies that were suspended on 2 July 2019, have now filed their Audited Financial Statements for the year ended December 31, 2018 with The Exchange.
In view of their submission of Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: “The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange”.
Meanwhile gains in the shares of Nestle, Delay and Access Bank drove the benchmark index into the positive territory, up by 1.09 per cent.
Market’s YTD loss eased to -12.3 per cent while market capitalisation stood at N13.4 trillion as investors gained N146 billion.