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The Nigerian Exchange Ltd. (NGX) has lifted the suspension on trading of C & I Leasing Plc shares, effective August 1. This update was highlighted in NGX’s weekly market report.
Previously, the NGX had suspended trading of C & I Leasing Plc’s securities in accordance with Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules). The suspension was due to the company’s failure to file the necessary financial statements within the designated period.
The NGX has now lifted the suspension following the company’s submission of its 2023 Annual Financial Statements (AFS). According to Rule 3.3 of the Default Filing Rules, trading suspensions are lifted once the required documents are filed and comply with exchange regulations.
In addition to the lifting of the suspension, NGX has announced several other updates. Zenith Bank Plc has opened a rights issue, offering 5,232,748,964 ordinary shares at N36.00 each, available to existing shareholders as of July 24.
Moreover, Notore Chemical Industries Plc has listed an additional 2,418,099,300 ordinary shares on the NGX as of July 29. These shares resulted from a private placement at N43.75 per share, increasing Notore’s total issued and fully paid-up shares from 1,612,066,200 to 4,030,165,500.
For the week, the NGX All-Share Index and Market Capitalization declined by 0.46% and 0.19%, respectively, closing at 97,745.73 and N55.497 trillion. This decline resulted in a total market loss of N108 billion. Despite this, the NGX Main Board, NGX Insurance, NGX ASeM, and NGX Oil and Gas indices saw increases of 0.01%, 1.59%, 5.26%, and 4.27%, respectively, while the NGX Sovereign Bond indices remained unchanged.
Trading activity saw a total turnover of 3.393 billion shares worth N52.304 billion across 44,814 deals, compared to 3.557 billion shares valued at N47.220 billion in the previous week.
The Financial Services Industry led trading volume with 2.875 billion shares valued at N36.995 billion across 23,791 deals, accounting for 84.73% of the total volume and 70.73% of the value. The Oil and Gas Industry followed with 141.927 million shares worth N6.698 billion in 4,476 deals, and the Consumer Goods Industry had 97.306 million shares worth N4.047 billion in 4,179 deals.
Top equities, including Fidelity Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc, accounted for 2.099 billion shares worth N28.215 billion in 7,603 deals, contributing 61.87% of the total volume and 53.94% of the value.
Looking ahead, analysts at Cowry Asset Management Ltd. forecast a mixed trend for the Nigerian stock market next week, with potential profit-taking and sectoral rotations expected. Investors are advised to focus on stocks with strong fundamentals and consider opportunities arising from upcoming releases and dividend announcements from major banking institutions.
“Investors should strategically position themselves in well-performing stocks to navigate the evolving market conditions effectively,” the analysts recommended.
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