NSE Lifts Goldlink Insurance’s Trading Suspension

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Goddy Egene

The Nigerian Stock Exchange (NSE) yesterday lifted the trading suspension placed on the shares of Goldlink Insurance Plc for not filing the company accounts in accordance with the post-listing requirements of the exchange.

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 companies six companies have been suspended effective today, 8 October.”

The exchange had explained that in accordance with the rules set forth above, the suspension of any company 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.

In a notification to market operators yesterday, the NSE said Goldlink Insurance Plc has now filed its outstanding audited and interim financial statements to the exchange.

“In view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules, which provides 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. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, the general public is hereby notified that the suspension placed in the trading of the company’s shares was lifted on February 18, 2019,” the NSE said.

Meanwhile, 37 stocks depreciated at the stock market as investors dumped shares. The NSE Share Index fell 1.61 per cent to close at 32,190.07, while market capitalisation shed N196 billion to close at N12.004 trillion.

Transcorp Plc led the price losers with 9.9 per cent trailed by C & I Leasing Plc with 9.8 per cent. Livestock Feeds Plc and Wema Bank Plc went down by 9.7 per cent apiece.

On the positive side, Presco Plc led the price gainers with 10 per cent, trailed by Beta Glass Plc with 9.2 per cent. CAP Plc and A.G Leventis Nigeria Plc added 6.9 per cent apiece.