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NSE Issues DFN to Medview Airline, Other 12 Companies

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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Nigerian Exchange Limited

Nigerian Stock Market Surges with N512bn Gain Amid Active Trading

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The Nigerian equity rebounded last week as investors pocketed a N512 billion gain on the back of the surge in trading activity.

This surge reflects an active trading environment and positive investor sentiment despite some sectoral declines.

The market capitalization of the Nigerian Exchange Limited rose by 0.87 percent to N56.929 trillion, while the All-Share Index (ASI) climbed 0.86 percent to close at 100,539.40 points.

The rise was driven by a notable increase in the prices of 37 stocks, outpacing the 34 stocks that experienced a price decline over the same period.

In total, investors traded 2.827 billion shares valued at N42.366 billion across 44,277 deals. This marks a slight increase from the previous week’s turnover of 2.765 billion shares worth N85.230 billion in 40,796 deals, indicating a vibrant trading environment.

The Financial Services Industry led the trading volume, contributing 77.08 percent to the overall stock turnover volume and 72.38 percent to the value.

Within this sector, Jaiz Bank Plc, Cutix Plc, and First City Monument Bank Group emerged as the top three equities by volume, accounting for 1.140 billion shares valued at N4.632 billion.

This strong performance underscores the sector’s pivotal role in the market’s recent gains.

The Industrial Goods Industry followed, with 246.921 million shares worth N2.039 billion traded in 2,068 deals, while the Oil and Gas Industry recorded a turnover of 107.218 million shares worth N1.704 billion across 3,128 transactions.

Despite the overall positive performance, several indices saw declines.

The Banking, Insurance, Consumer Goods, Oil and Gas, and NGX Sovereign Bond indices depreciated by 0.05 percent, 4.86 percent, 0.20 percent, 0.10 percent, and 4.35 percent, respectively.

Looking ahead, analysts suggest that the market may face a mildly negative close next week, influenced by cautious trading, especially in the banking sector, amid increased scrutiny.

Also, the Nigerian Stock Exchange has recently delisted the shares of Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc effective July 18, 2024.

This action, in accordance with Clause 15 of the General Undertaking of the Exchange’s Rule Book, follows the companies’ failure to meet listing standards and reflects a broader effort to ensure market integrity.

Overall, last week’s performance highlights the Nigerian stock market’s resilience and growing investor confidence, even as it navigates sectoral challenges and regulatory changes.

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Nigerian Exchange Limited

NGX Rebounds with N263bn Gain as Small and Mid-Cap Stocks Surge

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The Nigerian Exchange Limited (NGX) recovered on Thursday amid the surge in strong investor demand for small and mid-cap stocks.

The market capitalisation rose by N263 billion to N56.91 trillion.

The All-Share Index climbed by 0.47%, closing at 100,503.21 points, reflecting a solid buying interest across various sectors.

Despite the market’s overall positive performance, trading activity was subdued with a 64.3% decrease in average daily volume to 392.8 million units.

However, the number of deals increased by 3.4% to 9,013, while the traded value declined by 17.3% to N8.33 billion.

Guaranty Trust Holding Company led the volume trades, with 39.75 million shares worth N1.80 billion across 663 deals.

Meanwhile, Airtel Africa dominated in value, with trades worth N2.25 billion in just 34 transactions.

Sector performance was mixed. Gains were recorded in the oil and gas, consumer goods, and industrial goods sectors, rising by 0.19%, 0.07%, and 0.01%, respectively.

Notable stocks included Airtel Africa, Eterna Plc, Oando, and NASCON Allied Industries.

Conversely, the insurance and banking sectors faced losses, declining by 2.35% and 2.28%.

Top gainers of the day were United Capital, Oando, and Africa Prudential, while Linkage Assurance and Veritas Kapital led the decliners.

This rebound highlights investor confidence in Nigeria’s equities market, with opportunities emerging in small and mid-cap stocks.

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Nigerian Exchange Limited

Equities Market Dips 0.04% as Q2 Earnings Hit NGX

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Nigeria’s equities market experienced a slight decline of 0.04% on Wednesday ahead of the second quarter (Q2) financial results.

At the close of trading on the Nigerian Exchange Limited (NGX), the All Share Index (ASI) fell from the previous day’s high of 100,075.59 points to 100,032.32 points.

Similarly, the equities market capitalization decreased from N56.670 trillion to N56.645 trillion.

Jaiz Bank, Cutix, Zenith Bank, Universal Insurance, and FCMB Group were among the most actively traded stocks.

Investors exchanged 1,099,300,929 shares worth N10.076 billion across 8,720 deals.

Several stocks dominated the sell-side, including RT Briscoe, which fell from 70 kobo to 66 kobo, a 5.71% decrease.

FTN Cocoa dropped by 4.44%, while Tantalizer, Neimeth, and Consolidated Hallmark Holdings also saw declines.

The market’s year-to-date (YtD) positive return decreased to 33.78%. While this month has seen a marginal drop of 0.03%, the week still shows an increase of 0.36%.

The dip reflects investor reactions to the ongoing release of corporate earnings for Q2. As companies disclose their financial results, market participants are adjusting their positions accordingly.

As more Q2 financials are released, market volatility is expected. Investors are closely monitoring earnings reports to guide their investment strategies.

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