In its weekly report released in Lagos, the Nigerian Exchange (NGX) announced the lifting of a suspension on Guinea Insurance Plc after the company submitted its audited financial statements for the year ending December 31, 2023.
The News Agency of Nigeria (NAN) reported that NGX had previously suspended the insurer’s securities on July 8, as stated in a Market Bulletin.
This action followed Rule 3.1, which outlines the procedures for filing accounts and handling default filings.
According to the rule, if a company fails to file its accounts within the designated period, the NGX would issue a “Second Filing Deficiency Notification” and suspend trading in the issuer’s securities.
However, with Guinea Insurance’s submission of its 2023 financial statements, and in accordance with Rule 3.3 of the Default Filing Rules, the suspension was lifted as the submitted accounts met all applicable Exchange rules.
In trading news, the NGX All-Share Index and Market Capitalisation dropped by 1.51% to 97,100.31 and N55.132 trillion, respectively, resulting in a loss of N846 billion for investors. Most indices declined except for NGX Insurance, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, and NGX Growth, which saw modest gains.
The number of equities that appreciated in price decreased to 39 from 46 the previous week, while 66 equities saw price declines, up from 38 in the previous week.
Cutix Plc led the losers with a drop of N1.05 per share, while RT Briscoe topped the gainers with a 33.86% increase.
Investors traded a total of 2.033 billion shares worth N42.155 billion across 45,157 deals, a decrease compared to the previous week.
The Financial Services Industry led the trading volume, followed by the Oil and Gas and Services industries.
Analysts from Cowry Asset Management Ltd. noted that the market is trading within a value area, presenting buying opportunities for informed investors. They anticipate a mixed performance in the coming week due to portfolio rebalancing and profit-taking, advising investors to focus on fundamentally strong stocks.
