NSE records 319.63m shares worth N3.07bn in bearish trading, suspends shares of Royal Exchange, Cornerstone, STACO, others

Investors on the Nigerian Stock Exchange (NSE) on Friday traded 319.63 million shares worth N3.07 billion in 4,054 deals.
The transactions were lower compared with 503.12 million shares valued at N5.89 billion achieved in 3,710 deals on Thursday.
NAHCO topped the activity chart with an exchange of 148.52 million shares worth N1.05 billion.
Zenith International Bank followed with an account of 17.27 million shares valued at N419.81 million, while Sterling Bank traded 16.98 million shares worth N24.78 million.
UBA sold 14.31 million shares valued at N148.03 million, while GTBank traded 13.76 million shares worth N567.51 million.
Also, the market indices closed lower with a loss of 0.31 per cent due to loses recorded by some blue chips.
Consequently, the All-Share Index which opened at 37,743.22 dipped 117.63 points or 0.31 per cent to close at 37,625.59.
In the same vein, the market capitalisation lost N43 billion or 0.31 per cent to close at N13.629 trillion against N13.672 trillion on Thursday.
Mobil Oil topped the losers’ chart with a loss of N10 to close at N165 per share.
Dangote Cement trailed with a loss of N3 to close at N225, while Cement Company of Northern Nigeria was down by N2.05 to close at N22.25 per share.
Nigerian Breweries declined by N1.90 to close at N111.10, while PZ industries went down by N1.70 to close at N19 per share.
On the other hand, Guaranty Trust Bank led the gainers’ table, growing by N1.48 to close at N41.50 per share.
Julius Berger followed with a gain of 55k to close at N29.50, while Presco gained 40k to close at N75.50 per share.
NEM Insurance appreciated by 30k to close at N3.40, while UPL increased by 22k to close N2.55 per share.
Meanwhile, the Nigerian Stock Exchange (NSE) has suspended trading in the shares of seven insurance companies and RT Briscoe for not submitting their 2017 audited accounts and statements.
The exchange, in a notice to dealing members, listed the insurance companies as African Alliance Insurance, Cornerstone Insurance, Royal Exchange and STACO Insurance.
Others are Standard Alliance Insurance, Universal Insurance Company and Veritas Kapital Assurance.
It said the suspension of trading in the shares of the affected companies took effect from July 5, and that the suspension would only be lifted upon the submission of the relevant accounts.
The notice said the accounts must comply with all applicable rules of the exchange.
Commenting on the issue, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd. , said the companies were suspended for failure to submit their 2017 financial accounts.
Kurfi said companies with December 31, 2017 financial year-end were expected to submit their accounts in March.
He said even as at July, the affected companies had failed to submit their accounts for informed investment decision.
According to him, trading in their stocks was based on speculation and was not good for the market.