The Nigerian Exchange Ltd. (NGX) has lifted the suspension of trading in Guinea Insurance Plc’s shares, effective August 12.
The ban was lifted, according to NGX, which revealed this information to reporters in Lagos during its weekly report. The insurance had submitted its audited financial results for the year that concluded on December 31, 2023.
The News Agency of Nigeria (NAN) reports that NGX informed Trading License Holders and the investing public of the suspension on Guinea Insurance Plc’s securities in its Market Bulletin dated 8 July with Reference Number: NGXREG/IRD/MB35/24/07/08.
According to the Exchange, this complies with Rule 3.1’s requirements regarding account filing procedures and default filing handling.
The regulation states that “the Exchange will send to the Issuer a ’Second Filing Deficiency Notification’ within two business days after the end of the Cure Period if an Issuer fails to file the relevant accounts by the expiration of the Cure Period.”
“Suspend trading in the Issuer’s securities and give the market and the Securities and Exchange Commission (SEC) 24 hours’ notice before continuing.”
“In view of the company’s submission of its 2023 AFS, and in accordance with Rule 3.3 of the Default Filing Rules, which provides that the suspension of trading in the issuer’s securities would be withdrawn upon submission of the necessary accounts given. The Exchange is satisfied that the accounts conform with all of its requirements.”
The market capitalization and NGX All-Share Index saw a 1.51 percent decline in trade, ending the week at N55.132 trillion and 97,100.31, respectively, down from N55.978 trillion and 98,592.12.
Investors’ portfolios saw a total loss of N846 billion as a result. The NGX ASeM index closed flat, while all other indexes finished lower except for NGX Insurance, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, and NGX Growth, which all had increases of 0.79, 0.37, 5.25, 0.42, and 6.14 percent, respectively. The price appreciation of 39 stocks during the week was less than that of 46 stocks in the week prior.
Thirty-six stocks saw price declines, down from 38 the week before, and forty-six stocks saw price increases, down from 67 the week before.
Within the losers’ table, RT Briscoe led 38 other advanced shares by 33.86 percent to close at N1.70 per share, while Cutix Plc led 65 other fell equities by N1.05 to close at N4.95 per share.
Additionally, in 45,157 transactions, investors traded a total of 2.033 billion shares valued at N42.155 billion, as opposed to the 2.679 billion shares priced at N49.017 billion that were moved in 47,451 deals on the Exchange floor last week.
With 1.377 billion shares worth N25.652 billion moved in 20,132 deals, the Financial Services sector dominated the activity chart in terms of volume. This sector accounted for 67.73 and 60.85% of the overall stock turnover volume and value, respectively.
In 6,848 transactions, the Oil and Gas Industry came in second with 276.729 million shares valued at N6.026 billion. With a turnover of 101.217 million shares valued at N682.062 million in 2,475 deals, the services industry came in third.
Trading volume in the top three equities, Guarantee Trust Holdings Company Plc, Veritas Kapital Assurance Plc, and Japaul Gold & Ventures Plc, was 674.233 million shares worth N16,055 billion in 3,977 transactions.
These made up 33.16 percent and 38.08 percent, respectively, of the total equity turnover volume and value. According to analysts at Cowry Asset Management Ltd., the market is still moving in the value region as they analyze this week’s trading and project results for the next week. According to the analysts, this offers astute traders and discriminating investors entry-level opportunities.
They proposed that patterns of transaction volume and support levels were indicating potential chances for more purchases. They claim that this is happening even as market players anticipate the upcoming release of the GDP report for the second quarter of 2024, as well as the audited half-year results and interim dividend declarations.
The experts also predicted a mixed performance in the following week, owing to continued portfolio rebalancing and profit-taking efforts. “Nevertheless, we continue to advise investors to focus on fundamentally sound stocks,” the analysts said.
