NSE to delist three companies

The Nigerian Stock Exchange (NSE) will effective Monday July 13, 2015 proceed with the delisting process of three companies.
The companies to be delisted are: Nigerian Sewing Machine Manufacturing plc; Stockvis plc; and Nigeria Wire & Cable plc.
On November 4, 2014, the quotations committee of the national council of the Nigerian Stock Exchange granted eighteen (18) companies a period of twelve (12) months stay of action on the Exchange’s delisting process to regularise their listing status.
During the twelve month period, the companies are required to file quarterly progress reports updating the Exchange about their activities and various steps they are taking towards fulfilling their post listing obligations.
The NSE said the three companies listed above have failed to take any steps to regularise their listing status and the Exchange will proceed with the delisting process.
The NSE said it will continue to engage the remaining fifteen (1 5) companies that have taken steps towards regularising their listing statuses with a view to bringing them into compliance with their post list ing obligations.
After yesterday trading, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.82%, while the Year-to-Date (ytd) return stood at -8.34%.
The All Share Index closed at 31,768.23 points against the preceding day’s close of 32,031.73 points. The market capitalisation closed lower N10.84trillion against preceding day close of N10.93trillion.
Meanwhile, the volume of stocks traded increased by 14.6% from 193.96million to 222.2million, while the total value of stock traded rose by 45.6% from N2.92billion to N4.25billion in 3,714 deals.