WorldStage Newsonline– The Nigerian Exchange Ltd.(NGX) has delisted the shares of Niger Insurance Plc, Resort Savings and Loans Plc and RAK Unity Petroleum Plc from its facilities, effective July 18.
NGX, in its weekly report, said that the three companies were delisted on the grounds that they were operating below the listing standards of the Exchange.
The Exchange noted that the securities of the affected companies were also no longer considered suitable for continued listing and trading in the market.
It said: “Trading license holders and the investing public are hereby notified that pursuant to the provisions of Clause 15 of the General Undertaking.
“Appendix iii Of the Rule Book of The Exchange, 2015, Part II, Issuers’ Rules Delisting process which states that: to recognise that council reserves the right to remove the name of a company from the official list of the Exchange at its absolute discretion.
“And may, if: it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public; or any of the foregoing terms and conditions are not complied with; or
the company becomes a subsidiary of any other company.
On trading for the week, the Nigerian stock market recovered from its previous week loss, leading to a profit of N488 billion for investors.
Specifically, the NGX All-Share Index and market capitalisation appreciated by 0.87 and 0.86 per cent to close the week at 100,539.40 and N56.929 trillion respectively, as against 99,671.28 and N56.441 trillion recoded in the previous week.
Similarly, all other indices finished higher with the exception of NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX Consumer Goods, NGX Oil and Gas.
Also, the NGX Growth and NGX Sovereign Bond which depreciated by 0.05 per cent, 4.86 per cent, 0.07 per cent, 0.20 per cent, 0.10 per cent, 0.43 per cent and 4.35 per cent, respectively while the NGX ASeM index closed flat.
Meanwhile, a total turnover of 2.827 billion shares worth N42.366 billion in 44,277 deals was traded this week by investors, in contrast to 2.765 billion shares valued at N85.230 billion that exchanged hands last week in 40,796 deals.
The Financial Services Industry measured by volume led the activity chart with 2.179 billion shares valued at N30.667 billion traded in 25,260 deals; thus contributing 77.08 and 72.38 per cent to the total equity turnover volume and value respectively.
The Industrial Goods Industry followed with 246.921 million shares worth N2.039 billion in 2,068 deals.
The third place was the Oil and Gas Industry, with a turnover of 107.218 million shares worth N1.704 billion in 3,128 deals.
Trading in the top three equities namely: Jaiz Bank Plc, Cutix Plc and FCMB Group Plc measured by volume accounted for 1.140 billion shares worth N4.632 billion in 2,701 deals.
Thus contributing 40.32 and 10.93 per cent to the total equity turnover volume and value respectively.
Also, 37 equities appreciated in price during the week higher than 34 equities in the previous week.
Thirty-four equities depreciated in price lower than 38 in the previous week, while 80 equities remained unchanged, lower than 82 recorded in the previous week.
United Capital led 36 other advanced equities on the gainers table by 42.78 per cent to close at N40.55 per share, while Linkage Assurance Plc led 33 other declined equities by 24.56 per cent to close at 86k per share.
Meanwhile, in the coming week, Analysts at Cowry Asset Management Ltd., have predicted that anticipation of more earnings releases and attractive dividend declarations by corporates is
expected to drive positive sentiment across counters.
They, however, noted that the outcome of the Monetary Policy Committee (MPC) meeting, along with other economic news, could stir mixed sentiments.
“Market players will be closely analysing these developments to understand their potential impact on investments,” the analysts said.
