eTranzact Begs For More Time to File Financial Statements
The Management of eTranzact International Plc on Monday said the financial technology company has been unable to submit its first half of the year financial results as required by all listed companies.
In the press statement signed by Chidinma Onwubere, Company Secretary, eTranzact, the fintech attributed its inability to file financial statements within the timeframe stipulated by the Security Exchange Commission (SEC) to a series of issues that stemmed from the need to gather sufficient information necessary to make some significant estimates.
The statement reads “The Board of Directors and Management of eTranzact International Plc hereby notifies the esteemed shareholders and other stakeholders that it has been unable to submit its 2020 half year/second quarter unaudited financial statements to the Nigeria Stock Exchange (NSE) and Securities & Exchange Commission (SEC) within the required timeframe.
“The development stemmed from the need of more time for those charged with
governance to gather sufficient underlying information in making some significant estimates which are significant and material to the unaudited financial statements for the period. In light of this, we expect to obtain more comfort based on the outcome of our engagement with specialists.
“We sincerely apologize for any inconvenience caused and we are committed to
ensure the submission of the unaudited financial Statements to The Exchange on or before 30th September, 2020.”
It would be recalled that PZ Cussons had requested for an additional time to file its second-quarter financial statements, saying the COVID-19 pandemic had disrupted its operations.
It stated, “We hereby inform The Nigerian Stock Exchange (‘The NSE) and the investing public that due to circumstances occasioned by the COVID-19 lockdown which although has gradually been eased, there were and still exist unforeseen circumstances that have made it impossible for the Company to comply with the timeline to file its Audited Financial Statements for the period ended May 31, 2020 by the due date of 29 August 2020.”
Other listed organisations have also stated informing shareholders and stakeholders of their inability to meet the timeframe stipulated for listed firms to publish their financial results for the second quarter and the first half of the year.
Stock Investors Gain N174 Billion on Friday Following Rate Cut
Stock Market Sustained Bullish Trend as Investors Jumped on Undervalued Stocks to Take Advantage of Rate Cut
The Nigerian Stock Exchange (NSE) sustained bullish trend on Friday following the Central Bank of Nigeria led-monetary committee decision to lower the interest rate by 100 basis points to 11.5 percent.
The bourse closed in the green to extend Thursday’s gain by 1.28 percent.
The market capitalisation of listed equities rose by N174 billion from N13.581 trillion recorded on Thursday to N13.755 trillion on Friday.
While the NSE All-Share Index gained 1.28 percent from 25,987.13 basis points it closed on Thursday to 26,319.34 basis points on Friday.
Investors traded 335.749 million shares worth N4.277 billion in 4.231 transactions on Friday, up from 359.307 million shares worth N3.873 billion traded in 3,576 transactions on Thursday.
The bourse rose following the reduction in the monetary policy rate to stimulate growth from within. The stocks of businesses responded positively as investors expected cheap loans to bolster activities of businesses and enhance productivity in the near-term.
This, coupled with the substantial dropped in prices of stocks due to COVID-19 and general weak macro fundamental increased the attractiveness of Nigerian stocks to local investors as seen in the past few days with executives from Banks and other listed companies buying stocks to take advantage of the expected increase in value when the result of rate cut start crystalising.
Sterling Bank led the most traded stocks on Friday with 79.578 million valued at N92.314 million. Followed by Zenith Bank with 50.748 million shares worth N878.624 million. See the details below.
Top Traded Stocks
Insider Dealings: Fidelity, UBA and Cutix Executives Stock Transactions
Insider Trades of Executives of Fidelity, UBA and Cutix
As always, Investors King Ltd documents all insider trades within the Nigerian Stock Exchange to allow stock investors and the public have an insight into what is going on in each of the listed companies.
In filings to the Nigerian Stock Exchange, Fidelity Bank Plc said Mr. Gbolahan Joshua, an Executive Director of the bank, purchased 2,323,529 shares at 1.80 per unit share on September 23, 2020.
Similarly, the lender said another Executive Director, Mr. Obaro Odeghe, acquired 2,000,000 shares in two transactions. The bank said Odeghe purchased 1,978,500 shares at N1.79 per share and another 21,500 shares at N1.80 per share on September 23, 2020 in Lagos.
Also, Cutix Plc announced that Dr. Gilbert Obiajulu Uzodike added to his stake in the company, the substantial shareholder bought additional 300,000 shares at N1.70 per share on September 18, 2020.
He acquired another 45,321 shares at N1.70 per share on September 21, 2020.
Meanwhile, Tony Elumelu, the Board Chairman of UBA, added 116 shares at N6.0 per share to its holding in UBA, according to the latest filing released on the Nigerian Stock Exchange.
The entrepreneur cum philanthropist and his family have been on buying spray this week. As reported by Investors King on Thursday, the acquired around 5 million shares of UBA earlier in the week to up their stake in the bank.
Stock Market Gains as Dangote Cement, Mobil, Others Closed in the Green
Dangote Cement, Mobil, Others Boost Nigerian Stock Exchange
The Nigerian Stock Exchange closed in the green on Thursday as the stocks of mobil, dangote cement and others closed higher.
Investors traded 359.307 million shares valued at N3.873 billion in 3,576 transactions during the trading hours of Thursday.
The market capitalisation of listed equities grew to N13.581 trillion while the NSE All-Share Index gained 0.79 percent to close at 25,987.14 basis points. See the details below.
Top Trades by Volume
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