Connect with us

Stock Market

NSE Issues DFN to Medview Airline, Other 12 Companies

Published

on

medview airline

Medview Airline, Other 12 Companies Receive DFN for Failing to File Financial Results

The Nigerian Stock Exchange (NSE) has issued Medview Airline Plc and twelve other listed companies Deficiency Filing Notice (DFN) for failing to file their unaudited financial statements (UFS) as at 29 June 2020, the extended due date granted by The Exchange.

The defaulting companies are;

1. Aso Savings and Loans Plc
2. Deap Capital Management & Trust Plc
3. DN Tyre & Rubber Plc
4. FTN Cocoa Processors Plc
5. Goldlink Insurance Plc
6. International Energy Insurance Plc
7. Medview Airline Plc
8. Resort Savings & Loans Plc
9. Staco Insurance Plc
10. Standard Alliance Insurance Plc
11. UNIC Diversified Holdings Plc
12. Union Dicon Salt Plc
13. Union Homes Savings and Loans Plc

In a statement issued by the Nigerian Stock Exchange, by not filing their unaudited financial statements by the due date, the twelve companies violated Rule 1.1.2, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (issuers’ Rules) (the Rules), which provides that “Every Issuer shall file its unaudited quarterly accounts not later than thirty (30) calendar days after the relevant quarter, and publish it within five (5) business days after the date of filing, in at least two (2) national daily newspapers, and post it on the company’s website, with the web address disclosed in the newspaper publication. An electronic copy of the publication shall be filed with The Exchange on the same day as the newspaper publication.”

“Pursuant to the provisions of Rule 2.2.1 of the Rules, The Exchange had issued a DFN to the aforementioned companies. The purpose of the DFN was to notify the companies of their infraction, and to grant them three (3) days to provide the following information to the public through the medium of a press release:

a. That the relevant UFS had not been filed by the due date;

b. A detailed explanation of the reason(s) for the delay; and

c. The anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.”

NSE, therefore, advised investors as follows:

a. A DFN has been issued against the aforelisted companies; and

b. Investors are advised to trade with caution on the securities of these companies in the absence of up to date financial information on them.

The investing public is further advised that The Exchange will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their UFS within the ninety-day cure period stipulated by Rule 3.1 of the Rules, i.e. 27 September 2020:

a. Send to the aforelisted companies a “Second Filing Deficiency Notification” within two (2) business days after 27 September 2020; and

b. Suspend trading in the companies’ securities.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Nigerian Stock Exchange

Aliko Dangote, Tony Elumelu and Other Industry Leaders To Speak At The launch of NGX’s The Stock Africa Is Made Of Campaign

Published

on

NGX NSE- Investorsking

The campaign will be launched at a virtual event scheduled to hold on Tuesday, May 18.
Industry leaders, including Aliko Dangote and Tony Elumelu, are to speak at the launch of the Nigerian Exchange Group (NGX Group)’s The Stock Africa Is Made Of campaign on Tuesday, May 18, 2021.

NGX Group is set to launch The Stock Africa Is Made Of Campaign to project its positioning and commitment to the African financial markets as a leading capital market infrastructure provider, connecting Nigeria, Africa and the world.

The campaign will be launched at a virtual event scheduled to hold on Tuesday, May 18, 2021, with Dangote and Elumelu as speakers.

Other industry leaders expected to speak at the event include Otunba Abimbola Ogunbanjo, Group Chairman, NGX Group Plc; Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning, Federal Republic of Nigeria; Lamido Yuguda, CFA, Director-General, Securities and Exchange Commission; Masai Ujiri, President, Toronto Raptors; Temi Popoola, CFA, Chief Executive Officer (CEO), NGX; and Tinuade Awe, CEO, NGX Regulation (NGX RegCo) Limited. The event will be moderated by veteran Master of Ceremonies, Ik Osakioduwa.

The Stock Africa Is Made Of comes on the back of the successful demutualisation of The Nigerian Stock Exchange which led to the emergence of NGX Group Plc and its three subsidiaries – Nigerian Exchange (NGX) Limited, NGX Regulation (NGX RegCo) Limited and NGX Real Estate (NGX RelCo) Limited.

The Stock Africa Is Made Of serves to amplify NGX Group’s new brand identity and spotlight the growth potential of the African continent.

“The Stock Africa Is Made Of is designed to reinforce the message that we are fully equipped and better positioned to champion the development of new and improved experiences for the benefit of domestic, regional and foreign stakeholders,” the Group Chief Executive Officer, NGX Group Plc, Oscar N. Onyema, OON said while commenting on the campaign.

“Built around the new corporate identity, the campaign emphasises the vibrancy and dynamism of NGX Group and its subsidiaries.

“It provides stakeholders with an immersive experience through creative messaging and opportunities for direct engagement with the brand.

“Our goal is not only to celebrate this pivotal point in our journey but to also show our stakeholders that we are ready and able to explore new frontiers in our quest to be the partner and platform of choice for meeting their business, financial and investment objectives.”

Nigerian music veteran 2baba and singer Chike will perform at the event.

Continue Reading

Nigerian Stock Exchange

Japaul Gold and Ventures Plc Drops 7 Percent Following Failure to File 2020, Q1 2021 Financial Statements

Published

on

Japaul gold and ventures plc - Investors King

Shares of Japaul Gold and Ventures Plc, a mining business and technology development company, fell by N0.04 or 6.78 percent on Friday to close at N0.59 a share after the management of the company announced it will not be filing the first quarter (Q1) 2021 unaudited financial statements due to the pending audited financial statements of 2020.

On Friday, investors transacted 8.362 million shares of Japaul Gold and Ventures, the highest since May 4, 2021 when 9.317 million shares exchanged hands.

The uncertainty surrounding the H&H Mines Limited deal announced in November 2020, the fundraising expected for the deal and the lack of clarity surrounding the company’s financial position continue to drag on its shares and general outlook.

Japaul Gold closed as the third loser on the Nigerian Exchange Limited on Friday. The bourse gained N52 billion to close at N20.579 trillion on Friday.

Continue Reading

Nigerian Stock Exchange

Eternal Plc, Regency Assurance Plc, Others Boost Nigerian Exchange Limited (NGX) on Friday

Published

on

stock bull - Investors King

Nigerian stocks extended their winning streak to three days as stocks of Eternal Plc, Regency Assurance Plc, NEM Insurance Plc and others closed in the green.

Investors traded 219.549 million shares valued at N2.918 billion in 4,107 deals during the trading hours of Friday.

The Exchange All-Share Index rose by 0.25 percent to 39,481.89 index points, up from 39,382.96 index points recorded on Tuesday before Ramadan break.

The market value of listed equities gained N52 billion from N20.527 trillion it settled on Tuesday to close the week at N20.579 trillion on Friday.

Zenith Bank led the most trade stock with 32,028,318.00 shares valued at N754,936,979.00, while Access Bank followed with 28,759,013.00 shares estimated at N243,792,645.45. See the details below.

Top Gainers

Symbols Last Close Current Change %Change
ETERNA N6.00 N6.60 0.60 10.00%
REGALINS N0.31 N0.34 0.03 9.68%
NEM N1.90 N2.08 0.18 9.47%
CHIPLC N0.45 N0.49 0.04 8.89%
ABCTRANS N0.34 N0.37 0.03 8.82%

Top Losers

Symbols Last Close Current Change %Change
ACADEMY N0.40 N0.36 -0.04 -10.00%
LINKASSURE N0.75 N0.69 -0.06 -8.00%
JAPAULGOLD N0.59 N0.55 -0.04 -6.78%
MBENEFIT N0.42 N0.40 -0.02 -4.76%
COURTVILLE N0.21 N0.20 -0.01 -4.76%

Top Trades

Symbols Volume Value
ZENITHBANK 32,028,318.00 N754,936,979.00
ACCESS 28,759,013.00 N243,792,645.45
FIDELITYBK 19,673,037.00 N46,296,242.69
FBNH 18,461,104.00 N131,407,101.35
GUARANTY 11,193,843.00 N332,102,077.70

Continue Reading

Trending