The Nigerian Exchange Ltd. (NGX) has lifted the suspension placed on trading of C & I Leasing Plc shares, effective Aug. 1.This information was contained in the weekly market report of the NGX, obtained by the News Agency of Nigeria (NAN) in Lagos.
BRANDPOWER recalls that the NGX, in its Market Bulletin of July 8 with Reference Number: NGXREG/IRD/MB35/24/07/08, had notified trading license holders and the investing public of the suspension of trading on C & I Leasing Plc’s securities.
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The suspension was in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules), which state:
“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.
“The NGX will suspend trading in the Issuer’s securities and notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.”
According to the Exchange, given the company’s submission of its 2023 Annual Financial Statements (AFS), and under Rule 3.3 of the Default Filing Rules, “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.
“The Exchange shall thereafter also announce through the medium by which the public and the SEC were initially notified of the suspension, that the suspension has been lifted.”
Also, NGX informed trading license holders of the opening of Zenith Bank Plc’s rights issue on Thursday.
The bank offered 5,232,748,964 ordinary shares of 50 kobo each at N36.00 per share based on one new ordinary share for every existing six ordinary shares held as of the close of business on July 24.
More so, the Exchange notified the investing public that an additional 2,418,099,300 ordinary shares of 50 kobo each per share of Notore Chemical Industries Plc were listed on the daily official list of the NGX on July 29.
These shares arose from Notore’s Private Placement of 2,418,099,300 ordinary shares at N43.75 per share.
With this listing, the total issued and fully paid-up shares of Notore have increased from 1,612,066,200 to 4,030,165,500 ordinary shares.
The NGX All-Share Index and Market Capitalisation depreciated by 0.46 per cent and 0.19 per cent, closing the week at 97,745.73 and N55.497 trillion, respectively, compared to the previous week’s 98,201.49 and N55.605 trillion.
Consequently, investors recorded a total loss of N108 billion for the week.
All other indices finished lower, except for the NGX Main Board, NGX Insurance, NGX ASeM, and NGX Oil and Gas indices, which appreciated by 0.01 per cent, 1.59 per cent, 5.26 per cent, and 4.27 per cent, respectively, while the NGX Sovereign Bond indices closed flat.
A total turnover of 3.393 billion shares worth N52.304 billion in 44,814 deals was traded this week by investors on the floor of the Exchange, compared to 3.557 billion shares valued at N47.220 billion traded last week in 42,871 deals.
The Financial Services Industry, measured by volume, led the activity chart with 2.875 billion shares valued at N36.995 billion traded in 23,791 deals, contributing 84.73 per cent and 70.73 per cent to the total equity turnover volume and value, respectively.
The Oil and Gas Industry followed with 141.927 million shares worth N6.698 billion in 4,476 deals, and the Consumer Goods Industry was third with a turnover of 97.306 million shares worth N4.047 billion in 4,179 deals.
The top three equities, Fidelity Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc, accounted for 2.099 billion shares worth N28.215 billion in 7,603 deals, contributing 61.87 per cent and 53.94 per cent to the total equity turnover volume and value, respectively.
On the outlook for the next week, analysts at Cowry Asset Management Ltd. forecast a mixed trend with a possibility of profit-taking in the Nigerian stock market.
They anticipate that investors may engage in sectoral rotation, capitalising on stocks that experience pullbacks to position themselves strategically.
This strategy is expected to create buying opportunities, especially in anticipation of upcoming releases and dividend announcements from major banking institutions during the corporate reporting season.
“As the market structure and fundamentals evolve, investors are advised to position themselves in stocks with sound fundamentals to navigate the prevailing conditions effectively,” the analysts advised.
