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NSE lifts suspension placed on shares of Guinea Insurance, Niger Insurance

Stock market

The Nigerian Stock Exchange (NSE) has notified the investing public of the lifting of suspension earlier placed on trading in the shares of Guinea Insurance Plc and Niger Insurance Plc. The suspension placed on trading on the shares of Guinea Insurance Plc and Niger Insurance Plc was lifted on Wednesday September 25, 2019

The NSE had in its Market Bulletin dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 notified Dealing Members of the suspension of eleven (11) listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

The rules provide 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 twenty- four (24) hours of the suspension.”

Guinea Insurance Plc and Niger Insurance Plc are among the 11 companies that were suspended on July 2, 2019. They have have now filed their Audited Financial Statements for the year ended 31 December 2018 with The Exchange, according to the notice signed by Godstime Iwenekhai, Head, Listings Regulation Department, NSE.

 

Iheanyi Nwachukwu