Chinwendu Obienyi

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

The firms include Unity Bank Plc, Fortis Microfinance Bank Plc, Thomas Wyatt Nigeria Plc, Multi-trex Integrated Foods Plc, Golden Guinea Breweries Plc and Deap Capital Management & Trust Plc.

According to a statement released on the NSE’s website, Head, Listings Regulation Department, NSE, Godstime Iwenekhai, said that 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 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 24 hours of the suspension.

READ ALSO Finance Ministry denies knowledge of alleged NNPC’s $3.5bn subsidy fund

Related News

“Trading in the shares of the six companies has been suspended effective today, November 1, 2018. 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 NSE is satisfied that the accounts comply with all applicable rules of the exchange.”

Meanwhile losses persisted in the equities market as the All-Share Index (ASI) dropped 1.42 per cent to 32,006.65 points, owing to sell-offs in value stocks.

As a result, the market capitalisation slumped further by N168 billion to close at N11.684 trillion from N11.852 trillion recorded on Wednesday.

Similarly, the volume and value of stocks traded stood at 355.75 million shares worth N4.85 billion, exchanged in 3,105 deals.

Market breadth was negative as 24 stocks depreciated in value while 11 others appreciated. Cadbury topped the losers’ chart with 10 per cent to close at N9, Cap trailed with 9.97 per cent loss to close at N25.75, Eterna fell by 9.92 per cent to close at N5.45, CCNN declined by 9.82 per cent to close at N22.50 while Africa Prudential lost 9.82 per cent to close at N3.58 per share.

On the flip-side, Japaul oil topped the gainers’ chart with 10 per cent to close at 0.22 kobo per share. Neimeth followed with 9.09  per cent gain to close at 0.60 kobo, Wapic garnered 7.50 per cent to close at 0.43 kobo, Learn Africa rose by 7.27 per cent to close at N1.18 while Presco gained 6.49 per cent to close at N59.85.