The management of the Nigerian Exchange Group Limited (NGX) has suspended trading in the shares of four companies listed on its trading platform.
The Exchange disclosed this in a notice to the investing community, explaining that the action was due to the companies failure to file their Audited Financial Statements for the year ended December 31, 2020.
The affected companies included African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc and the Tourist Company of Nigeria Plc.
As a result of the NGX action, shareholders of the affected firms will not be able to trade their stocks at the Exchange until the embargo is lifted bourse.
The notice recalled that the Rules for Filing of Accounts and Treatment of Default Filing, (Default Filing Rules), Rule 3.1 states that if an issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange reserves the right to suspend trading in the issue’s securities and notify the SEC and investing public within twenty-four (24) hours of the suspension.
“Hence, the suspension of trading in the shares of the above-mentioned companies will/can only be lifted upon the submission of the relevant accounts, provided NGX Regulation Limited is satisfied that the accounts comply with all applicable rules of the Exchange”, the notice stated.
Meanwhile, equity investors gained N107 billion in two days as Nigeria’s stock market remained bullish.Gains in bank stocks on Monday had driven the main index 0.03 per cent, higher on Monday. The positive sentiment stretched further to yesterday as Seplat, UBA, Access Bank and 25 others recorded gains, driving the All Share Index (ASI) up by 0.52 per cent to close at 38,418.04 points.
In the same vein, market capitalization rose by N107 billion to close at N20.026 trillion from an opening value of N19.919 recorded on Friday.