6 companies suspended from trading shares on the Nigerian Stock Exchange

The companies were suspended for failing to file their accounts as stipulated by the Rulebook of The Exchange.

The six companies are:

1) DN Tyre & Rubber Plc

2) FTN Cocoa Processors Plc

3) International Energy Insurance Plc

4) Thomas Wyatt Nigeria Plc

5) Union Dicon Salt Plc

6) Unic Diversified Holdings Plc.

Godstime Iwenekhai, Head, Listings Regulation Department at the NSE, stated this in a notice posted on the Stock Exchange website on Monday, October 8, 2018.

The statement reads in part, “trading in the shares of the companies listed below have been suspended effective today, 8 October 2018: 1) DN Tyre & Rubber Plc 2) FTN Cocoa Processors Plc 3) International Energy Insurance Plc 4) Thomas Wyatt Nigeria Plc 5) Union Dicon Salt Plc 6) Unic Diversified Holdings Plc.

“In accordance with the rules set forth above, the suspension of the above-listed companies will only be lifted upon the submission of the relevant accounts and provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange.”

The NSE Rulebook provides that; “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) Send to the Issuer a “Second Filing Deficiency Notification” within two (2) business days after the end of the Cure Period; (b) Suspend trading in the Issuer’s securities; and (c) Notify the Securities and Exchange Commission (SEC) and the Market within twenty- four (24) hours of the suspension.”

Last week, the Nigerian stock market closed on a negative note with investors losing N1.8 trillion since the beginning of 2018.

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