LASACO Rises 6.45% w-o-w After NSE Lifts Suspension

lasaco assurance

By Dipo Olowookere

Shares of LASACO Assurance Plc appreciated by 6.45 percent this week, closing at 33 kobo per unit on Friday against the 31 kobo per share it traded on Monday.

The company had been under suspension until the Nigerian Stock Exchange (NSE) removed it after the insurer adhered to one of the listings rules.

Trading in the stocks of LASACO had been suspended by the NSE alongside 10 others on July 2, 2019 for failing to file their financial statements for the year ended December 31, 2018.

But days later, the insurance firm released the results, which prompted the removal of the embargo, allowing shareholders of the company to be exchange their shares on the NSE.

“We refer to our Market Bulletin dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified Dealing Members of the suspension of 11 listed companies for non-compliance with 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: (a) send to the Issuer a Second Filing Deficiency Notification within two business days after the end of the Cure Period; (b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the Market within 24 hours of the suspension.

“Lasaco Assurance Plc, which was one of the 11 companies that were suspended, has now filed its Audited Financial Statement for the year ended December 31, 2018 to the exchange.

“In view of the company’s submission of its Audited Financial Statements, 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.

“Dealing members are hereby notified that the suspension placed on trading on the shares of Lasaco Assurance Plc was lifted on Monday, July 15, 2019.”

Business Post reports that on Monday, when the NSE announced the lifting of the suspension, shares of the company rose to 31 kobo each at the stock market from 20 kobo it traded a day before the embargo was placed on it.

The next day, it appreciated to 34 kobo and then 35 kobo on Wednesday before plunging to 34 kobo o Thursday and 33 kobo on Friday.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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