The Nigerian Exchange Ltd. (NGX) has officially lifted the suspension on trading in the shares of Guinea Insurance Plc, effective August 12, 2024. The decision came after the insurer successfully filed its audited financial statements for the fiscal year ending December 31, 2023.
In its weekly report, made available to newsmen in Lagos, NGX confirmed that the suspension was removed due to compliance with the filing requirements. This action follows the Market Bulletin issued by NGX on July 8, which notified Trading License Holders and the public of the suspension under Reference Number: NGXREG/IRD/MB35/24/07/08.
The suspension was initially enforced in accordance with Rule 3.1, which outlines the procedures for filing accounts and addressing default filings. The rule mandates that if an issuer fails to submit the required accounts by the end of the Cure Period, the Exchange will issue a “Second Filing Deficiency Notification” within two business days and suspend trading in the issuer’s securities. The Securities and Exchange Commission (SEC) and the market must be notified within 24 hours of the suspension.
With the recent submission of its 2023 audited financial statements, Guinea Insurance Plc has fulfilled the necessary conditions, leading to the lifting of the suspension in line with Rule 3.3 of the Default Filing Rules. NGX expressed satisfaction with the company’s compliance with all applicable regulations.
Meanwhile, the NGX All-Share Index and Market Capitalisation recorded a decline of 1.51%, closing the week at 97,100.31 and N55.132 trillion, respectively, compared to the previous week’s figures of 98,592.12 and N55.978 trillion. This downturn resulted in a total loss of N846 billion from investors’ portfolios.
Market performance was mixed, with most indices finishing lower. However, the NGX Insurance, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, and NGX Growth indices recorded gains of 0.79%, 0.37%, 5.25%, 0.42%, and 6.14%, respectively, while the NGX ASeM index remained unchanged.
Thirty-nine equities appreciated in price during the week, down from 46 the previous week, while 66 equities experienced a decline, up from 38 the previous week. Forty-six equities remained unchanged, a decrease from 67 recorded in the previous week.
Cutix Plc led the decliners, dropping by N1.05 to close at N4.95 per share, while RT Briscoe topped the gainers’ chart with a 33.86% increase, closing at N1.70 per share.
Trading activity saw a total of 2.033 billion shares worth N42.155 billion exchanged in 45,157 deals, a drop from the previous week’s 2.679 billion shares valued at N49.017 billion in 47,451 deals.
The Financial Services Industry dominated the activity chart by volume, with 1.377 billion shares valued at N25.652 billion traded in 20,132 deals, contributing 67.73% and 60.85% to the total equity turnover volume and value, respectively. The Oil and Gas Industry followed, with 276.729 million shares worth N6.026 billion in 6,848 deals, while the Services Industry recorded a turnover of 101.217 million shares valued at N682.062 million in 2,475 deals.
Among the top-traded equities, Guaranty Trust Holdings Company Plc, Veritas Kapital Assurance Plc, and Japaul Gold & Ventures Plc accounted for 674.233 million shares worth N16.055 billion in 3,977 deals, contributing 33.16% and 38.08% to the total equity turnover volume and value, respectively.
Looking ahead to the upcoming week, analysts at Cowry Asset Management Ltd. forecast a mixed performance, driven by ongoing portfolio rebalancing and profit-taking activities. They advised investors to focus on fundamentally strong stocks while capitalizing on the current market opportunities.
Credit: NAN (Text Excluding Headline)
