The Nigerian Stock Exchange (NSE) today, suspended eleven listed companies from trading their shares in the Bourse (Stock Exchange).

The NSE stated that the companies were suspended due to failure of filing relevant details of their accounts to the Exchange as stipulated by market regulations.

The Exchange stated: “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:
(a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period;
(b) Suspend trading in the Issuer’s securities, and
(c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty-four (24) hours of the suspension”, the shares of the eleven (11) under listed companies have been suspended from trading via the facilities of The Exchange, effective today, Tuesday, 2 July 2019:

1. Conoil Plc
2. FTN Cocoa Processors Plc
3. Goldlink Insurance Plc
4. Guinea Insurance Plc
5. Lasaco Assurance Plc
6. Niger Insurance Plc
7. R.T. Briscoe (Nigeria) Plc
8. Resort Savings & Loans Plc
9. Royal Exchange Plc
10. Standard Alliance Insurance Plc
11. Universal Insurance Plc

“In accordance with the 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”.

SOURCE:https://brandspurng.com/2019/07/02/just-in-nse-suspends-11-companies-from-trading-shares-in-stock-exchange/