NSE lifts suspension on Conoil’s shares

The Nigerian Stock Exchange (NSE) said it had lifted the suspension it placed on the trading in the shares of Conoil Plc. effective today, Wednesday, August 8, 2018.

The NSE had suspended trading in Conoil’s shares on Monday over failure to file its financial accounts as stipulated in the rules of the exchange.

The exchange noted in a statement by the Head, Listings Regulation Department of NSE, Godstime Iwenekhai, that the lifting of the suspension followed the submission of the company’s unaudited financial statement for the period ended 31 March 2018 and pursuant to Rule 3.3 of the default filing rules.

The rules 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.

“The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.”

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Lifting of suspension placed on the shares of a company implies investors and shareholders of the company could resume trading in their equities.

The share price of Conoil Plc. had depreciated by 10 percent and 23.58 percent last Friday to close at N24.30 when compared with its value a week and three months earlier respectively.

Last week, the NSE had also lifted suspension of trading in the shares of eight firms which were suspended over similar matter following the submission of their full-year audited reports for the 2017 business year.

The firms include; African Alliance Insurance Plc, Cornerstones Insurance Plc, R.T. Briscoe Plc., Royal Exchange Plc., STACO Insurance Plc., Standard Alliance Insurance Plc., Universal Insurance Company Plc., and Veritas Kapital Assurance Plc.

 

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