NGX delists Niger Insurance, 2 others, as investors gain N488bn

The Nigerian Exchange Ltd. (NGX) has delisted the shares of Niger Insurance Plc, Resort Savings and Loans Plc, and RAK Unity Petroleum Plc from its facilities, effective July 18.

NGX, in its weekly report, said that the three companies were delisted on the grounds that they were operating below the listing standards of the Exchange.

The Exchange noted that the securities of the affected companies were also no longer considered suitable for continued listing and trading in the market.

It said, “Trading license holders and the investing public are hereby notified that, pursuant to the provisions of Clause 15 of the General Undertaking,.

“Appendix iii of the Rule Book of the Exchange, 2015, Part II, Issuers’ Rules Delisting Process states that: to recognise that the council reserves the right to remove the name of a company from the official list of the exchange at its absolute discretion.

“And may, if: it considers there is insufficient public interest in the company, viz, insufficient shares in the hands of the public; or any of the foregoing terms and conditions are not complied with; or

the company becomes a subsidiary of any other company.

On trading for the week, the Nigerian stock market recovered from its previous week's loss, leading to a profit of N488 billion for investors.

Specifically, the NGX All-Share Index and market capitalization appreciated by 0.87 and 0.86 percent to close the week at 100,539.40 and N56.929 trillion, respectively, as against 99,671.28 and N56.441 trillion recoded in the previous week.

Similarly, all other indices finished higher,

Also, 37 equities appreciated in price during the week, higher than 34 equities in the previous week.

Thirty-four equities depreciated in price, lower than 38 in the previous week, while 80 equities remained unchanged, lower than 82 recorded in the previous week.

United Capital led 36 other advanced equities on the gainers table by 42.78 percent to close at N40.55 per share, while Linkage Assurance Plc led 33 other declined equities by 24.56 percent to close at 86k per share.

Meanwhile, in the coming week, Analysts at Cowry Asset Management Ltd. have predicted that anticipation of more earnings releases and attractive dividend declarations by corporations is

expected to drive positive sentiment across counters.

They, however, noted that the outcome of the Monetary Policy Committee (MPC) meeting, along with other economic news, could stir mixed sentiments.

“Market players will be closely analysing these developments to understand their potential impact on investments,” the analysts said.