Economy
Trading in Universal Insurance Shares Resumes as NSE Lifts Embargo

By Dipo Olowookere
Those having shares of Universal Insurance Plc in the investment portfolio can now begin to trade them on the floor of the Nigerian Stock Exchange (NSE).
On Tuesday, July 2, 2019, the NSE announced the suspension of trading in the equities of 11 companies on its trading platform over their failure to release their financial statements as required by the listings rules.
In the circular marked NSE/RD/LRD/MB34/19/07/02, the NSE had said the affected firms went against Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the exchange (Issuers’ Rules), 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.”
In a notice yesterday, the NSE said Universal Insurance, one of the 11 companies that were suspended last month, has now filed its Audited Financial Statements for the year ended December 31, 2018.
It said in view of the company’s submission of its Audited Financial Statements, the suspension placed on trading on the shares of Universal Insurance was lifted on Wednesday, August 7, 2019.
According to the circular, the embargo was removed in 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.”
Economy
Four Stocks Show Investors Love at NASD Valentine’s Day Trading

By Adedapo Adesanya
Four price gainers lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.54 per cent on Friday, February 14.
Okitipupa Plc improved its share price by N11.29 to close at N124.18 per unit versus N112.89 per unit, Mixta Real Estate Plc appreciated by 34 Kobo to finish at N3.76 per share versus the preceding day’s N3.42 per share, Afriland Properties Plc went up by 62 Kobo to settle at N21.03 per unit compared with N20.41 per unit, and FrieslandCampina Wamco Nigeria Plc jumped by 5 Kobo to trade at N39.95 per share, in contrast to the preceding day’s N39.90 per share.
At the close of business, the market capitalization rose by N9.91 billion to N1.828 trillion from N1.818 trillion and the NASD Unlisted Security Index (NSI) increased by 17.49 points to 3,227.53 points from the 3,210.04 points recorded on Thursday.
During yesterday’s session, the volume of securities transacted by investors jumped by 1,001.3 per cent to 5.1 million units from the 465,820 units transacted in the previous trading day.
Also, the value of transactions surged by 1,025.4 per cent to N108.5 million from N9.6 million, while the number of deals went south by 10 per cent to nine deals from 10 deals recorded on Thursday.
Impresit Bakolori Plc finished the day as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, trailed by FrieslandCampina Wamco Nigeria Plc with 7.4 million units valued at N293.2 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.
Similarly, Impresit Bakolori Plc ended the session as the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, followed by Industrial and General Insurance (IGI) Plc with 69.6 million units sold for N23.6 million, and Geo-Fluids Plc with 10.7 million units valued at N51.2 million.
Economy
Naira Stable at Official Market, NAFEM, Appreciates at Black Market

By Adedapo Adesanya
The Naira was relatively stable against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 14, though it shed 10 Kobo or 0.01 per cent to sell at at N1,510.10/$1 compared with the previous day’s value of N1,510.00/$1.
However, it depreciated against the Pound Sterling in the official market during the trading day by N7.32 to quote at N1,879.42/£1 versus the N1,872.42/£1 it was sold at the previous session and lost N6.27 against the Euro to settle at N1,566.23/€1, in contrast to Thursday’s closing rate of N1,559.96/€1.
At the parallel market, the Nigerian Naira improved its value against the US Dollar yesterday by N5 to finish at N1565/$1 compared with the preceding session’s value of N1,570/$1.
As for the cryptocurrency market, it was positive on Friday after investors overlooked recent data that frustrated the landscape.
This week, the US data released showed increment in the Consumer Price Index (CPI). This shows the US Federal Reserve will likely wait till June before making changes to the current interest rate levels.
Over the last two weeks, the US Securities and Exchange Commission (SEC) has also acknowledged applications for Litecoin and Solana exchange traded funds (ETFs) — indicating that the SEC’s leadership under the Donald Trump administration has changed its tact to crypto-related listings.
Ethereum (ETH) expanded its value by 5.4 per cent to sell at $3,394.79, Solana (SOL) recorded a 4.4 per cent appreciation to end at $260.86, Cardano (ADA) jumped by 2.9 per cent to trade at $1.00, and Litecoin (LTC) saw a 2.6 per cent surge to quote at $116.78.
In addition, Bitcoin (BTC) appreciated by 2.1 per cent to settle at $1o4,978.31, Ripple (XRP) rose 0.7 per cent to $3.16, Dogecoin (DOGE) increased by 0.6 per cent to finish at $0.3572, and Binance Coin (BNB) gained 1.6 per cent to sell for $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
Economy
Stock Investors Suffer Valentine’s Day Heartbreak After N697bn Loss

Dipo Olowookere
It was a sad Valentine’s Day for local stock investors as the Nigerian Exchange (NGX) Limited depreciated on Friday by 1.02 per cent as a result of profit-taking.
This dragged the market capitalisation below N68 trillion because its value went down by N697 billion to N67.419 trillion from the N68.116 it closed on Thursday.
In the same vein, the All-Share Index (ASI) decreased by 1,118.09 points to 108,053.95 points from the 109,172.04 points recorded a day earlier.
The market bled yesterday as a result of the selling pressure across the key segments of the bourse except the industrial goods space, which closed higher by 0.78 per cent.
The consumer goods counter weakened by 5.01 per cent, the energy sector lost 2.34 per cent, the banking industry slumped by 0.75 per cent, and the insurance index depreciated by 0.15 per cent.
However, investor sentiment remained strong during the session. This was because the exchange ended with 38 price gainers and 28 price losers, implying a positive market breadth index.
BUA Foods slipped by 10.00 per cent to N373.50, DAAR Communications went down by 9.09 per cent to 70 Kobo, Aradel Holdings shed 6.90 per cent to trade at N530.00, Livestock Feeds tumbled by 6.09 per cent to N6.01, and Beta Glass plunged by 5.74 per cent to N95.20.
Conversely, Royal Exchange gained 10.00 per cent to sell for 99 Kobo, UPDC improved by 9.88 per cent to N3.78, The Initiates advanced by 9.76 per cent to N4.05, Red Star Express surged by 9.09 per cent to N6.00, and CWG increased by 7.41 per cent to N8.70.
A total of 478.8 million equities worth N13.9 billion exchanged hands in 15,613 deals on Friday versus the 427.1 million equities valued at N9.2 billion traded in 16,342 deals on Thursday, representing a fall in the number of deals by 4.46 per cent, and a growth in the trading volume and value by 12.11 per cent and 51.09 per cent apiece.
Leading the activity chart was Sterling Holdings with 88.6 million stocks valued at N531.8 million, Access Holdings transacted 29.7 million equities worth N835.1 million, Veritas Kapital traded 21.6 million shares for N26.0 million, AIICO Insurance exchanged 20.1 million stocks worth N34.6 million, and Honeywell Flour traded 18.4 million equities valued at N267.7 million.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN