Nigerian Exchange Ltd. Suspends Trading in Transnational Corporation Plc Shares, Cites Reconstructed Shares
The Nigerian Exchange Ltd. (NGX) has taken the decision to suspend trading in the shares of Transnational Corporation Plc (Transcorp) with effect from this Thursday. The suspension is aimed at determining the shareholders entitled to receive the firm’s reconstructed shares, the NGX stated in its weekly report.
According to the Exchange, the suspension is necessary to prevent any trading activities while the company’s registrars and Central Securities Clearing System (CSCS) reconcile their records for the listing of the reconstructed shares. The development follows a share capital reduction undertaken by Transcorp, the regulator explained.
Meanwhile, the NGX has lifted the suspension on trading of the shares of Lasaco Assurance Plc, which was initially placed on July 8. The Exchange referred to its market bulletin dated July 8, which notified trading license holders and the investing public about the suspension. It added that the development was in line with Rule 3.1 of the Rules for Filing of Accounts and Treatment of Default Filing.
Lasaco Assurance has since submitted its Audited Financial Statements for the year ended Dec. 31, 2023, along with all outstanding financial documents, the NGX confirmed. The Exchange stated that, in view of the company’s submission, it was satisfied that the insurer’s accounts comply with all its applicable rules.
In other market updates, the NGX has also announced that trading in the rights issue of Nigerian Breweries Plc has been extended for one week, to now close on Friday, Oct. 18. The brewer obtained the approval of the Securities and Exchange Commission (SEC) for the extension.
On the bourses, the NGX All-Share Index and market capitalization appreciated by 0.09 per cent each to close the week at 97,606.63 and N56.088 trillion, respectively. This is against 97,520.54 and N56.039 trillion, respectively, posted in the previous week. Equity investors gained a total of N49 billion, while all other indices, except for NGX Main Board, NGX AFR Bank Value, NGX Consumer Goods, NGX Lotus II, and NGX Industrial Goods, finished higher.
In terms of trading activity, a total turnover of 2.966 billion shares worth N31.508 billion was recorded in 42,482 deals, compared to 2.872 billion shares valued at N132.811 billion that exchanged hands last week in 39,867 deals. The Financial Services Industry led the activity chart, contributing 50.05 and 57.02 per cent to the total equity turnover volume and value, respectively.
The Services Industry followed, with the Agriculture Industry ranking third. Trading in the top three equities by volume, namely Tantalizer Plc, Coronation Insurance Plc, and Fidelity Bank Plc, accounted for 1.625 billion shares worth N3.908 billion in 1,814 deals, contributing 54.80 and 12.40 per cent to the total equity turnover volume and value, respectively.
