The Nigerian Stock Exchange continued the bearish trend seen last week. The All Share Index closed at 30,614.73 basis points, down 0.82%. Year to date, the index is down 19.95%.
Top Gainers and Losers
Transnationwide Express was the best performing stock today. The stock gained 8.47% to close at N0.64. Forte Oil was next with a 6.39% gain to close at N19.15. Vitafoam Plc rounds up the top three gainers for the day. The stock appreciated by 5.52% to close at N3.44.
On the flip side, Livestock Feeds was the worst performing stock today. The stock shed 9.62% to close at a year low of N0.47. Cornerstone Insurance Plc was next declining by 9.09% to close at N0.20. Mutual Benefits Insurance fell by 8.70% to close at N0.21.
Top Trades by Volume
Diamond Bank was the most actively traded stock by volume today. 44.9 million shares valued at N45.5 million were traded in 346 deals. FBN Holdings was next with 28.1 million shares valued at N211 million traded in 179 deals.
Sterling Bank rounds up the top three gainers with 15.4 million shares valued at N25.4 million traded in 185 deals.
Sunu Assurances Plc
Sunu Assurances Plc has announced the resignation of its Managing Director, Moruf Apampa, effective 30th of November, 2018. Samuel Ogbodu the company’s Executive Director, Technical and Operation have been appointed as Acting Managing Director. The board of directors will appoint a substantive managing director within 90 days.
NPF Microfinance Bank
NPF Microfinance Bank released its results for the nine months ended September 30, 2018. Gross Earnings increased from N2.5 billion in 2017 to N2.7 billion in 2018. Profit before tax, however, fell from N747 million in 2017 to N487 million in 2018.
Bears take a grip on Nigerian stocks, investors lose N92 billion
The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session
Nigerian bourse ended the mid-week trading session on a bearish note. The All Share Index plunged by 0.44% to close at 39,697.62 index points as against the -0.59% drop observed on Tuesday its Year-to-Date (YTD) returns currently stands at -1.86%.
Investors’ losses on Wednesday stood at N91.86 billion. The Nigerian Stock Exchange market capitalization stood at N20.7 billion
The market turnover closed positive as volume moved up by +9.78% as against the -59.08% downtick recorded in the previous session. ZENITHBANK, GUARANTY, and UCAP were the most active to boost market turnover.
The market breadth closed negative as SEPLAT led 16 Gainers as against 29 Losers topped by JAPAULOIL at the end of today’s session – an unimproved performance when compared with the previous outlook.
- SEPLAT up 10.00% to close at N583
- AIICO up 5.22% to close at N1.21
- CORNERST up 5.17% to close at N0.61
- UAC-PROP up 5.00% to close at N0.84
- CUTIX up 4.21% to close at N2.23
- JAPAULGOLD down 10.00% to close at N0.54
- NEM down 9.91% to close at N1.91
- CHAMPION down 9.76% to close at N1.85
- NPFMCRFBK down 9.47% to close at N1.72
- LINKASSURE down 8.93% to close at N0.51
Nigerian stocks ended the mid-week trading session of the week on a negative note amid soaring oil prices prevailing at the U.S trading session.
- Downtrend was driven by price depreciation medium and small capitalized stocks amongst which are; NEM, JAPAUL GOLD, CHAMPION.
- Nairametrics expects intending buyers to seek the advice of certified stockbrokers.
Royal Exchange delays submission of 2020 audited financial statements to NSE, risk financial sanction
Royal Exchange Plc has notified stakeholders of its inability to meet the deadline for the submission of its financial statement.
The Management of Royal Exchange Plc has notified stakeholders of its inability to meet up with the time frame earmarked for the submission of its Audited Financial Statements for the year ended December 31, 2020, as well as the Unaudited Financial Statements for the period ending March 31, 2021.
This is according to a disclosure dated 3rd of March 2021, signed by the company’s secretary, Sheila Ezeuko, and sent to the Nigerian Stock Exchange.
Royal Exchange explained that the reason for the delay was due to the inability of its subsidiaries to collate their financial results on time. It went further to state that some of the subsidiaries are yet to submit their individual accounts to various primary regulators for approval. This has resulted in a delay in the audit process for the group, which is still ongoing.
Buttressing this, a part of the press release reads: ‘’As a holding company with five (5) different subsidiaries, the audit exercise for the group is yet to be concluded, as our subsidiaries are yet to submit their accounts to their various primary regulators for approval.
‘’Once, all the subsidiaries have obtained approval for their respective Financial Statements, consolidation of the Group’s accounts for the year ended December 31, 2020 will be concluded and approved by the Board of Directors for submission to the NSE.’’
In addition, the firm expressed optimism that, Audited Financial Statements for the year ended December 31, 2020 will be submitted on or before June 29, 2021, while the Unaudited Financial Statements will be submitted on or before July 29, 2021.
It is pertinent to note that, this is not the first time the firm would be delaying the submission of its financial statements to the NSE. Nevertheless, according to the NSE Listing Rules, companies are expected to submit their financial year-end results latest by 90 days after the end of each year. Failure to comply with this directive attracts a daily fine of N100,000 for the first 90 days of non-compliance, another N200,000 per day for the next 90 days and a fine of N400,000 per day thereafter until the date of submission.
What you should know
- Royal Exchange had in 2020 delayed the submission of 2019 Audited Financial Statements to NSE.
- The Nigerian Stock Exchange in 2020 extended the time frame for the submission of the financial year-end result of 2019 by 60 days, due to the impact of the COVID 19 pandemic. Therefore, it is not yet clear if the regulator will extend such measures this year.
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