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.
NSE Refutes Anonymous/Hacker Claims, Says It Website Not Hacked
Nigerian Stock Exchange Says Not Hacked by Anonymous/Hacker
The Nigerian Stock Exchange (NSE) has refuted the claim by a certain anonymous group that it has hacked the company’s website and illegally accessed the NSE database.
In a statement signed by the bourse management and released by the Exchange, it said “we have noted claims from unknown/anonymous groups that they have illegally accessed the website of the NSE. Please be aware that such claims are completely without foundation.
“There has been no breach of the NSE’s website, which continues to operate normally, maintained by the high levels of cyber-security which we have in place.”
It added that “should you have any further questions or receive any enquiries in this regard, please refer same to email@example.com.”
Global Markets Rise on Stimulus Hopes – but Avoid ‘Buy Everything’ Mindset
Global stock markets have been cheered on hopes of fresh fiscal stimulus in the U.S. imminently – but investors must avoid the ‘buy everything’ mindset, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The comments from Nigel Green, chief executive and founder of deVere Group, follows House Democrat leader Nancy Pelosi saying over the weekend that she was “optimistic” regarding a stimulus deal before the presidential election on 3 November.
In Asia, Hong Kong’s Hang Seng gained 0.5% and Japan’s Nikkei climbed 1.1%, South Korea’s Kospi advanced 0.22%, Australia rose on the day, with the S&P/ASX 200 up 0.85%.
Meanwhile, London’s FTSE rose 0.6%, Germany’s Dax rose 0.9% and the Europe-wide Stoxx 600 climbed 0.8%.
U.S. futures also pointed higher.
Mr Green notes: “The possibility of a fresh fiscal stimulus shot in the U.S. – the world’s largest economy – is acting as a catalyst in driving global stocks higher.
“Investors are moving now to buy stocks to bolster their portfolios ahead of the announcements in the coming days when prices will jump even higher – so they’re taking advantage of what they see as the current lower entry points.”
He continues: “Once again, we’re seeing that few things can fuel markets like a stimulus injection – or even the possibility of one.
“Clearly, investors are not wanting to miss the boat, but they must also avoid the ‘buy everything’ mindset for two reasons.
“First, the markets are now assuming that the new stimulus is a done deal – it is not. If negotiations collapse, the market correction could be significant.
“Second, not all shares are created equal and stock markets are heavily unbalanced at the moment. A handful of firms in a handful of sectors are bringing up entire indexes.
“An experienced fund manager will help investors seek those most likely to generate and build their wealth over the long-term.”
The deVere CEO concludes: “Investing over the long-term on stock markets remains, as ever, one of the best and proven ways to accumulate wealth.
“However, investors must remember not to be complacent when an upbeat mood takes over the markets.”
Again, Nigerian Stock Exchange Remains Unchanged as Investors Stay on Sideline
The Nigerian Stock Exchange Was Unchanged on Thursday as Investors Stay on Sideline
Social unrest amid economic uncertainty continues to dictate sentiment of the Nigerian Stock Exchange as the bourse remained unchanged for the second straight day on Thursday.
Investors traded 342.193 million shares worth N5.039 billion in 4,048 transactions during the trading hours of Thursday.
The market capitalisation of the Nigerian Stock Exchange settled at N14.815 trillion, the same value it closed on Wednesday.
Similarly, the Nigerian Stock Exchange Index remained unchanged at 28,344.04 index points as investors stay on the sideline to assess the ongoing youth protests in the country.
In terms of the volume traded, UBA led with 92.871 million shares valued at N613.559 million. This was followed by Zenith Bank with 67.233 million shares worth N1.349 billion. See the details below.
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