NGX lifts suspension on Guinea Insurance as investors lose N846bn

The Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in the shares of Guinea Insurance Plc, effective August 12, 2024.

The NGX, in its weekly report made available to newsmen on Saturday, August 17, said the suspension was lifted because Guinea Insurance had filed its audited financial statements for the year ended December 31, 2023.

The NGX, in its market bulletin dated July 8, notified Trading License Holders and the investing public of the suspension of the securities of Guinea Insurance.

The Exchange said this was in line with the provisions of Rule 3.1 which is on the rules for filing of accounts and treatment of default filing.

It stated that the rule provides that “If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, the Exchange will send to the Issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the Cure Period.”

It added: “Suspend trading in the Issuer’s securities and notify the Securities and Exchange Commission (SEC) and the Market 24 hours of the suspension.

“In view of the company’s submission of its 2023 AFS, and pursuant to Rule 3.3 of the Default Filing Rules, which states that:

“The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided.

“The Exchange is satisfied that the accounts comply with all applicable rules of the Exchange.”

On trading, NGX all-share index and market capitalisation depreciated by 1.51 per cent to close the week at 97,100.31 and N55.132 trillion respectively, against 98,592.12 and N55.978 trillion.

Consequently, investors lost a total of N846 billion from their portfolios.

Similarly, all other indices finished lower with the exception of NGX Insurance, NGX Consumer Goods, NGX Oil and Gas, NGX Lotus II, and NGX Growth which appreciated by 0.79, 0.37, 5.25, 0.42, and 6.14 per cent, respectively, while the NGX ASeM index closed flat.

39 equities appreciated in price during the week lower than 46 equities in the previous week.

Again, stock market records N57bn loss

66 equities depreciated in price higher than 38 in the previous week, while forty-six 46 equities remained unchanged, lower than 67 recorded in the previous week.

On the losers’ table, Cutix Plc led 65 other declined equities by N1.05 to close at N4.95 per share, while RT Briscoe led 38 other advanced equities by 33.86 per cent to close at N1.70 per share.

The investors also traded a total of 2.033 billion shares worth N42.155 billion in 45,157 deals, in contrast to 2.679 billion shares valued at N49.017 billion that exchanged hands last week in 47,451 deals on the floor of the Exchange.

The Financial Services Industry measured by volume led the activity chart with 1.377 billion shares valued at N25.652 billion traded in 20,132 deals; thus contributing 67.73 and

60.85 per cent 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.

The third place was the Services Industry, with a turnover of 101.217 million shares worth N682.062 million in 2,475 deals.

Trading in the top three equities – Guaranty Trust Holdings Company Plc, Veritas Kapital Assurance Plc, and Japaul Gold & Ventures Plc – measured by volume accounted for 674.233 million shares worth N16,055 billion in 3,977 deals.

These contributed 33.16 and 38.08 per cent to the total equity turnover volume and value respectively.

The Star