• Monday, May 27, 2024
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BusinessDay

Trading resumes on Access Bank shares

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Normal transactions resumed yesterday on the shares of Access Bank plc following the lifting of technical suspension placed on its share.

In a statement yesterday from the Nigerian Stock Exchange (NSE), the Quotations Committee of NSE Council rose from its meeting on September 24, 2014, in which it granted approval to Access Bank plc to lift the technical suspension placed on its share.

According to the statement, “this is further to the letter received from Access Bank plc on September 23, 2014, requesting that the suspension be lifted now that it has
eliminated the information asymmetry that existed prior to the announcement of its decision to seek shareholder approval to offer rights at N8.90.”

The NSE said it was committed to promoting just and equitable principles of trade and sound business practices in the Nigerian capital market by enforcing its listing
and trading rules in accordance with global best practices and ensuring that the standards set out were effective to maintain a fair and orderly market while protecting
investors.

Further in the press statement, the NSE stated: “The Quotations Committee is responsible for granting quotations on The Exchange in respect of all companies/issuers
of securities, determining, prescribing and/or enforcing all listing requirements and determining whether The Exchange should delist, suspend or withdraw quotations
from any quoted securities.

The Committee further provides market expertise and advice to the National Council of The Exchange regarding international trends, issuers, investors and other market participants and new product opportunities relating to the listings.

“The Quotations Committee also directed management to draft robust rules that will enhance its current rules on Suspensions of Securities.

It also directed that the procedure for applying and implementing future Suspensions be properly communicated to the market. Consequently, the Exchange will not
entertain any further requests for technical suspensions until it has completed this rule making  process.”