Economy

NSE Warns Investors to be Cautious of Conoil, 10 Other Firms

Published

9 years ago

11/04/2017

By Modupe Gbadeyanka

The Nigerian Stock Exchange (NSE) has issued a warning to investors to “trade with caution on the securities” of ConOil Plc and 10 other companies listed on its platform.

This followed failure of the quoted firms to meet the Friday, March 31, 2017 deadline to file their Audited Financial Statements (AFS) for the year ended December 31, 2016.

The defaulting companies, according to the NSE, are A.G Leventis Nigeria Plc, African Alliance Insurance Plc, Austin Laz & Company Plc, Capital Hotel Plc, Conoil Plc, Niger Insurance Plc, Premier Paints Plc, Resort Savings & Loans, Smart Products Nigeria Plc, Sovereign Trust Insurance Plc, and Union Diagnostic & Clinical Services Plc.

“The above listed companies’ AFS became due on Friday, 31 March 2017. As the companies failed to file their AFS by the due date, the companies have violated Rule 1.1.4, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (the Rules), which requires listed companies to file their AFS ‘with The Exchange not later than ninety (90) calendar days after the relevant year end.’

“Further, Rule 1.1.4 requires that the AFS must be “published in at least two (2) national daily newspapers not later than twenty one (21) calendar days before the date of the Annual General Meeting, and posted on the company’s website, with the web address disclosed in the newspaper publications.

“An electronic copy of the publication shall be filed with The Exchange on the same day as the publication,” the NSE said.

The NSE explained that it decided to make this public notification “in line with its Zero Tolerance Policy on Infractions” through its “X-Compliance Report” available on http://www.nse.com.ng/Issuers-section/corporate-disclosures/x-compliancereport.

Also, the stock exchange noted that the appropriate Compliance Status Indicator (CSI) has been placed beside the names of the defaulting companies on its trading system and ticker tape.

A statement signed by the Head of Listings Regulation Department of the NSE, Mr Godstime Iwenekhai, said pursuant to the provisions of Rule 2.2.1 of the Rules, it has issued a First Deficiency

Filing Notice (FDFN) to the defaulting companies.

Mr Iwenekhai explained that the purpose of the FDFN is to notify the companies of their infraction, and to grant them three days to provide the following information to the public through the medium of a press release: That the relevant AFS had not been filed by the due date; A detailed explanation of the reason(s) for the delay; and The anticipated filing date, or state that the company is unable to indicate an anticipated filing date, and reasons for such inability to indicate the anticipated filing date.

“The investing public is further advised that The Exchange will continue to engage with these companies and may take the following additional steps should they fail to comply, and file their AFS within the ninety-day cure period stipulated by Rule 2.1.1 of the Rules, i.e. June 29, 2017 send to the aforelisted companies a “Second Filing Deficiency Notification” within two business days after 29 June 2017; and suspend trading in the companies’ securities.

Economy

OTC Securities Exchange Sustains Bullish Run With 1.18% Appreciation

Published

21 hours ago

09/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange extended rallied by 1.18 per cent on Friday, May 8, its fifth in a row for this week.

During the session, the market capitalisation increased by N28.96 billion to N2.488 trillion from N2.459 trillion, and the NASD Unlisted Security Index (NSI) jumped by 48.39 points to 4,158.77 points from the 4,110.38 points recorded a day earlier.

The growth witnessed yesterday was spurred by the gains recorded by six securities, led by 11 Plc, which chalked up N11.00 to sell at 221.10 per unit versus Thursday’s closing price of N210.10 per unit. FrislandCampina Wamco Nigeria Plc added N10.26 to close at N132.98 per share compared with the previous day’s N127.06 per share, and Central Securities Clearing System (CSCS) Plc rose by N2.82 to N75.90 per unit from N73.08 per unit.

In addition, Lighthouse Financial Services Plc appreciated by 7 Kobo to 86 Kobo per share from 81 Kobo per share, UBN Property Plc climbed higher by 5 Kobo to N2.25 per unit from N2.20 per unit, and First Trust Mortgage Bank Plc gained 2 Kobo to close at N2.32 per share, in contrast to the previous session’s N2.30 per share.

Conversely, Geo-Fluids Plc went down by 20 Kobo to N2.90 per unit from N3.10 per unit, and Afriland Properties Plc lost 5 Kobo to end at N16.95 per share versus N17.00 per share.

The volume of transactions for the session surged by 41.8 per cent to 528,891 units from 372,916 units, and the value grew by 11.4 per cent to N34.0 million from N30.4 million, while the number of deals slid by 7.4 per cent to 25 deals from 27 deals.

The most traded stock by volume on a year-to-date basis was Great Nigeria Insurance (GNI) Plc, with 3.4 billion units worth N8.4 billion. Resourcery Plc occupied the second spot after trading 1.1 billion units valued at N415.7 million, and the third position was occupied by Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

The most traded stock by value on a year-to-date basis was GNI Plc with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.5 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

Economy

Demand for Dangote Cement, Others Lifts Stock Exchange by 2.10%

Published

21 hours ago

09/05/2026

Dipo Olowookere

By Dipo Olowookere

The local stock exchange reversed the previous day’s loss, with a 2.10 per cent surge on Friday as a result of demand for large-cap equities like Dangote Cement, First Holdco and others.

It was observed that apart from the insurance counter, which shed 0.37 per cent, every other sector closed higher yesterday.

The industrial goods index expanded by 7.26 per cent, the banking segment increased by 3.35 per cent, the consumer goods industry rose by 0.21 per cent, and the energy sector soared by 0.14 per cent.

Consequently, the All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited improved by 5,041.22 points to 244,775.83 points from 239,734.61 points, and the market capitalisation added N3.235 trillion to settle at N157.094 trillion compared with the preceding session’s N153.859 trillion.

The quintet of Neimeth, Cadbury Nigeria, LivingTrust Mortgage Bank, Mecure, and Dangote Cement led the advancers’ table on Friday, with 10.00 per cent growth each to quote at N9.90, N72.60, N3.52, N72.60, and N1,088.00, respectively.

On the flip side, the duo of UAC Nigeria and Industrial and Medical Gases lost 10.00 per cent each to sell for N171.00 and N42.30, respectively, as Eterna declined by 9.93 per cent to N33.55, Learn Africa slipped by 9.89 per cent to N8.20, and Deap Capital tripped by 9.69 per cent to N5.50.

The most active stock for the day was VFD Group, with a turnover of 102.9 million units valued at N1.1 billion. FCMB transacted 99.4 million units worth N1.1 billion, UBA traded 94.5 million units for N3.8 billion, Access Holdings exchanged 85.4 million units worth N2.0 billion, and Zenith Bank sold 46.5 million units valued at N5.8 billion.

At the close of trades, market participants traded 1.1 billion units worth N55.0 billion in 69,996 deals, in contrast to the 1.8 billion units valued at N72.2 billion transacted in 81,131 deals a day earlier, showing a crash in the trading volume, value, and number of deals by 38.89 per cent, 23.82 per cent, and 13.73 per cent, respectively.

Economy

Naira Loses N5.54 Against Dollar at NAFEX

Published

22 hours ago

09/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira fell against the US Dollar by N5.54 or 0.41 per cent to N1,361.39/$1 from N1,355.85/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, May 8.

The domestic currency also depreciated against the Pound Sterling in the official market during the session by N8.50 to trade at N1,853.68/£1 compared with the previous day’s N1,845.18/£1, and against the Euro, it lost N9.37 to sell for N1,602.63/€1 versus N1,593.26/€1.

However, at the GTBank FX desk, the Nigerian Naira appreciated against the US Dollar yesterday by N3 to quote at N1,372/$1 compared with Thursday’s closing value of N1,375/$1, and at the parallel market, it traded flat at N1,380/$1.

Despite the volatile outcome of the local currency, it remained within the expected trading range, reflecting sustained FX stabilisation efforts by the Central Bank of Nigeria (CBN), supported by improved liquidity, stronger autonomous inflows, and better price discovery.

Traders point to further gains for the Naira into the coming week, thanks to Dollar supply from foreign investors, exporters ‌and oil companies, while demand is moderate. Nigerian yields are still attractive for foreign investors, serving as a basis for more (FX) flows coming to Nigeria.

Meanwhile, the country’s external reserves dropped by 3.4 per cent to $48.32 billion, from a 2009 high of $50.02 billion recorded on March 11.

In the cryptocurrency market, prices rallied after worries eased, following fresh US airstrikes in Iran that initially sparked a surge in oil prices and a broader risk-off move across crypto markets.

Bitcoin (BTC) added 0.8 per cent to sell at $80,212.54, Solana (SOL) gained 6.5 per cent to sell at $93.76, Cardano (ADA) appreciated by 5.1 per cent to $0.2749, Dogecoin (DOGE) grew by 3.7 per cent to $0.1102, and Ripple (XRP) rose by 3.1 per cent to $1.42.

Further, Binance Coin (BNB) jumped 2.3 per cent to $650.16, Ethereum (ETH) expanded by 1.6 per cent to $2,315.48, and TRON (TRX) increased by 0.1 per cent to $0.3515, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.