NSE Suspends Trading in Shares of Six Firms

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By Goddy Egene

The Nigerian Stock Exchange (NSE) has suspended trading in the shares of six companies for not filling their accounts in accordance with the post-listing requirements of the exchange.

The companies are: DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc

According to the NSE, “ pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which 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; suspend trading in the issuer’s securities and notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension, trading in the shares of the six companies have been suspended effective today, 8 October.”

The exchange said 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 was satisfied that the accounts complied with all applicable rules of the exchange.