By Bisi Bamishe
The Nigerian Exchange Ltd. (NGX) has lifted the suspension placed on trading in the shares of Guinea Insurance Plc, effective Aug.12, 2024.
In its weekly report made available to newsmen in Lagos, NGX confirmed that the suspension was lifted because the insurer had filed its audited financial statements for the year ended Dec. 31, 2023.
It would be recalled that in its Market Bulletin dated July 8 with Reference Number: NGXREG/IRD/MB35/24/07/08, NGX had notified Trading License Holders and the investing public of the suspension on the securities of Guinea Insurance Plc
The Exchange said this was in line with the provisions of Rule 3.1: which is on the rules for filing of accounts and treatment of default filing.
It said that the rule provides, “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 24 hours of the suspension”.
“In view of the company’s submission of its 2023 AFS, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided.
“The Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.”
On trading, NGX All-Share Index and Market Capitalisation depreciated by 1.51 per cent to close the week at 97,100.31 and N55.132 trillion respectively, against 98,592.12 and N55.978 trillion
.Consequently, investors lost a total of N846 billion from their portfolios.
