Nigerian Stock Exchange (NSE) suspended trading in shares of six listed companies in the country.
1) DN Tire & Rubber Plc
2) FTN Cocoa Processors Plc
3) International Energy Insurance Plc
4) Unknown performer
5) Union Dicon Salt Plc
6) Unic Diversified Holdings Plc.
Companies were suspended for not submitting their accounts, as stipulated in the Exchange Guide.
Godstime iwenekhai, Head of the Listing Regulation Department at the NSE, said in a notice posted on the Exchange website on Monday, October 8, 2018.
In a statement, in particular, states:trading in the stocks listed below was suspended today, October 8, 2018: 1) DN Tire & Rubber Plc 2) FTN Cocoa Processors Plc 3) International Energy Insurance Plc 4) Thomas Wyatt Nigeria Plc 5) Union Dicon Salt Plc 6 ) Unic Diversified Holdings Plc.
"In accordance with the above rules, the suspension of the activities of the above companies will be canceled only after the submission of the relevant accounts and provided that the Exchange is satisfied that the accounts comply with all applicable Exchange rules".
The NSE Handbook provides that; "If the Issuer is unable to file the appropriate accounts after the expiration of the Withdrawal Period, the Exchange will: (a) Send the Issuer a Notice of Invalidity of the Second Report to the Issuer within two (2) working days after the end of the Treatment Period; (b) to suspend trading in the securities of the Issuer; and (c) notify the Securities and Exchange Commission (SEC) and the Market within twenty four (24) hours of the suspension.".
Last week, the Nigerian stock market closed on a negative note, when investors lost N1.8 trillion since the beginning of 2018.
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