• Wednesday, February 21, 2024
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Insurance Coys top list as NSE suspends trading in eleven issuer’s securities

Nigerian Stocks enter free-fall as banks fall by most in over 3yrs

The Nigerian Stock Exchange (NSE) on Tuesday July 2 suspended trading in the securities of eleven (11) companies out of which seven (7) are insurance companies.

The NSE in a notice to dealing members on Tuesday signed by Godstime Iwenekhai, Head, Listings Regulation Department, the companies defaulted in filing their accounts.

The suspension of trading in the eleven (11) listed companies’ securities became effective on Tuesday, 2 July 2019.

The seven insurance companies that made the list are Goldlink Insurance Plc, Guinea Insurance Plc, Lasaco Assurance Plc, Niger Insurance Plc, Royal Exchange Plc, Standard Alliance Insurance Plc, and Universal Insurance Plc.

The remaining four (4) companies that made the list of 11 are Conoil Plc, FTN Cocoa Processors Plc, R.T. Briscoe (Nigeria) Plc, and Resort Savings & Loans Plc.

The notice at the NSE reads: “Dealing Members are hereby notified that pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules), 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 (2) 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 (24) hours of the suspension”.

In accordance with the NSE 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 Exchange is satisfied that the accounts comply with all applicable rules of The Exchange, the notice reads.

 

Iheanyi Nwachukwu