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NSE Issues DFN to Medview Airline, Other 12 Companies

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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 long experience in the global financial market.

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Total, Ardova, Unilever Close in Red as Stock Investors Gain N40bn on Tuesday

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Stock Investors Gain N40bn on Tuesday as Total, Ardova, Unilever Close in Red

Stock investors gained N40 billion on Tuesday despite Total Nigeria, Ardova, Unilever and others closing in the red.

The market capitalisation of listed equities expanded by N40 billion from N12.919 trillion it closed on Monday to N12.959 trillion on Tuesday.

While the NSE All-Share Index appreciated by 0.31 percent from 24,766.2 basis points to 24,841.94 bps on Tuesday.

Investors traded 154.467 million shares valued at N1.458 billion in 4,222 transactions during the trading hours of Tuesday. See the details below.

Top Trades by Volume

Symbols

Volume

Value

TRANSCORP

13,543,976

N8,078,600.75

FBNH

11,715,168

N59,183,877.90

WAPCO

8,958,428

N105,262,432.95

NB

8,871,692

N283,820,516.30

CUSTODIAN

8,640,185

N43,345,564.70

 Top Gainers

Symbols

Last Close

Current

Change

%Change

SEPLAT

N310.2

N321

10.8

3.48%

NB

N31

N32

1

3.23%

FLOURMILL

N18.75

N19.5

0.75

4.00%

ZENITHBANK

N16.35

N16.95

0.6

3.67%

UACN

N6.3

N6.85

0.55

8.73%

 Top Losers

Symbols

Last Close

Current

Change

%Change

TOTAL

N87.8

N79.1

-8.7

-9.91%

CAP

N17.1

N15.4

-1.7

-9.94%

ARDOVA

N13.45

N12.15

-1.3

-9.67%

UNILEVER

N12.25

N11.2

-1.05

-8.57%

GLAXOSMITH

N5.3

N4.85

-0.45

-8.49%

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Insider Dealing: Zenith Bank’s non-Executive Director Purchases 578,574 Zenith Shares

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Zenith Bank

Zenith Bank’s non-Executive Director Purchases 578,574 Zenith Shares

Zenith Bank Plc on Monday disclosed that a non-Executive Director, Prof. Oyewusi Ibidapo-Obe, purchased 578,574 shares of Zenith Bank Plc.

In a statement released on the Nigerian Stock Exchange and signed by Michael Osilama Otu, Company Secretary/General Counsel, Zenith Bank, the lender said the transaction took place on May 15th 2020 at the Nigerian Stock Exchange in Lagos.

Prof Oyewusi Ibidapo-Obe purchased the shares at N15.35 per share, according to the details of the transaction. See the details below.

zenith bank

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Stock Market Gains on Monday Despite Dangote Sugar, UACN, AIICO Closing lower

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Stock Market Gains Slightly  on Monday

The Nigerian Stock Exchange closed slightly higher on Monday as stocks of Flour Mill, BUA Cement, GTbank and others boosted the Exchange.

The market capitalisation of listed equities expanded to N12.919 trillion while the NSE All-Share Index gained 0.29 percent to 24,766.2 basis points.

Investors traded 186.472 million shares valued at N1.309 billion during the trading hours of Monday.

Top Trades by Volume

Symbols Volume Value
TRANSCORP 23,385,372 N14,348,320.96
CUSTODIAN 19,137,859 N97,724,452.45
GUARANTY 18,172,525 N411,609,101.25
FBNH 13,534,675 N69,701,344.55
UBA 9,715,385 N60,519,664.65

Top Gainers

Symbols Last Close Current Change %Change
FLOURMILL N17.05 N18.75 1.7 9.97%
BUACEMENT N39.4 N40.2 0.8 2.03%
GLAXOSMITH N4.9 N5.3 0.4 8.16%
GUARANTY N22.5 N22.85 0.35 1.56%
NEIMETH N1.5 N1.65 0.15 10.00%

Top Losers

Symbols Last Close Current Change %Change
UACN N7 N6.3 -0.7 -10.00%
DANGSUGAR N11.95 N11.5 -0.45 -3.77%
CUSTODIAN N5.5 N5.1 -0.4 -7.27%
NEM N2 N1.9 -0.1 -5.00%
AIICO N0.94 N0.85 -0.09 -9.57%

 

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