The Nigerian Exchange Ltd. (NGX) has lifted the suspension on trading in the shares of Guinea Insurance Plc, effective August 12, 2024. This move follows the company’s submission of its audited financial statements (AFS) for the year ending December 31, 2023.
In a statement released to news outlets in Lagos, NGX confirmed that Guinea Insurance Plc had met its regulatory obligations, prompting the removal of the trading suspension. The suspension was initially imposed on July 8 in line with NGX’s rules for filing accounts and treatment of default filings. According to NGX, the company’s failure to submit its accounts by the deadline had triggered the suspension, as outlined in Rule 3.1 of the Default Filing Rules.
Now that Guinea Insurance has submitted its 2023 AFS, the suspension has been lifted in accordance with Rule 3.3 of the Default Filing Rules. NGX noted that the company’s financial statements complied with all applicable rules, allowing trading to resume.
Meanwhile, the NGX All-Share Index and Market Capitalisation experienced a decline during the week, falling by 1.51% to close at 97,100.31 points and N55.132 trillion, respectively, compared to 98,592.12 points and N55.978 trillion in the previous week. Investors saw a significant loss of N846 billion from their portfolios.
Despite the downturn, some sectors showed positive performance. The NGX Insurance, Consumer Goods, Oil and Gas, Lotus II, and Growth indices appreciated by 0.79%, 0.37%, 5.25%, 0.42%, and 6.14%, respectively. However, 66 equities depreciated in price, up from 38 in the previous week, while 39 equities appreciated, down from 46.
Cutix Plc led the decliners, losing N1.05 to close at N4.95 per share, while RT Briscoe led the gainers with a 33.86% increase to close at N1.70 per share.
The Financial Services Industry dominated trading, accounting for 67.73% of the total equity turnover volume with 1.377 billion shares valued at N25.652 billion traded in 20,132 deals. The Oil and Gas Industry followed, while the Services Industry took third place in activity. Guaranty Trust Holdings Company Plc, Veritas Kapital Assurance Plc, and Japaul Gold & Ventures Plc were the top three equities, contributing 33.16% of the total equity turnover volume.
Analysts from Cowry Asset Management Ltd. observed that the market continued to trade within the value area, signaling buying opportunities for discerning investors. They also projected a mixed performance in the coming week, driven by portfolio rebalancing and profit-taking activities. The upcoming release of Nigeria’s second-quarter GDP report and half-year earnings, along with interim dividend declarations, are expected to influence market movements. The analysts advised investors to focus on fundamentally sound stocks.
