TheNewsGuru

Tag: NSE

  • Coronavirus: NSE Closes Trading Floors Wednesday, Goes Fully Digital

    The management of the Nigerian Stock Exchange (NSE) has disclosed that effective Tuesday, March 24, 2020, it would activate a 30-day remote working plan for its employees excluding essential staff.

    In a statement signed on Monday by the chief executive of the exchange, Mr Oscar Onyema, it was stated that from “Wednesday, March 25 , 2020 all our trading floors will be temporarily closed.”

    In view of this, stockbrokers have been advised to “continue to trade remotely via our electronic platforms such as FIX protocol and XNET, and reach out to their Compliance Officer if any support is required,” while those without remote access would still receive manual support from the exchange during this period.

    The NSE explained that it took this decision to shut down its trading floors due to the coronavirus (COVID-19) outbreak, which has forced notable exchanges across the globe to take a similar action.

    On Monday, the New York Stock Exchange (NYSE) commenced an all-electronic trading due to the coronavirus pandemic.

    Since the announcement of the index case in Nigeria on February 25, 2020, a total of 40 cases have been confirmed in the country with two discharged cases and one death.

    Schools have been closed by government, while large gatherings have been reduced to 20 people in Lagos and social distancing advised.

    Pursuant to the activation of business continuity plans, the NSE has continued to operate its normal trading days and hours, providing an efficient market that allows investors access to liquidity even in the most trying of times.

    But in view of the present realities, the management has decided to activate a 30-day remote working plan for its employees excluding essential staff.

    The NSE, which said it regrets any inconvenience this may cause in the discharge of investors’ business activities, noted that remote trading will continue and NSE staff will be available through all its digital platforms to provide support, saying the decision was in the “best interest of all stakeholders at this time.”

    “In line with our robust business continuity management framework, we would like to reassure you that we have put in place measures to ensure our operations and trading activities continue seamlessly throughout this period.

    “As an exchange, we will ensure that all relevant information continues to flow into the market to ensure the pricing of risk assets remains transparent and reliable across asset classes to allow investors to value their portfolios and make informed investment decisions under these volatile conditions,” Mr Onyema said in the statement.

    He stated that, “Issuers who have any business to conduct with the exchange can reach out to their Relationship Manager for guidance. You should continue to submit all regulatory filings via Issuers’ Portal (X-Issuer).”

    “As the exchange embraces social distancing as prescribed by Nigeria Centre for Disease Control (NCDC), we have further engaged with the federal government on issues of Annual General Meetings, maturing financial instruments, financial reporting, to mention a few and appropriate updates will be provided in due course.

    “Furthermore, all physical meetings within and outside our office premises have been suspended until further notice. We have instructed our employees to leverage technological tools to conduct meetings virtually. We assure you that our virtual lines of communication will remain open to engage with you and attend to your needs.

    “Please contact us via e-mail, mobile phone or other digital channels if you have any questions, comments, complaints or observations in this regard.

    “We understand that these are trying times, but we are committed to ensuring we do not experience any disruptions to our operations. As we navigate this new reality, we encourage you to follow our various communication channels as we continue to share relevant updates,” he said.

  • Coronavirus: Panic mood on NSE as market capitalisation loses N308bn

    Coronavirus: Panic mood on NSE as market capitalisation loses N308bn

    Trading on the Nigerian Stock Exchange (NSE) on Friday ended on panic mood, as the country recorded the first Coronavirus case after Egypt and Algeria.

    The News Agency of Nigeria (NAN) reports that the panic mood affected trading on the exchange with the market recording only two gainers against 41 losers.

    Consequently, the market capitalisation lost N308 billion, representing a loss of 2.21 per cent in about six hours to close at N13.657 trillion against N13.965 trillion on Thursday.

    Also, the All-Share Index which opened at 26,808.24 shed 591.78 points or 2.21 per cent to close at 26,216.46.

    Commenting on the development, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., said the Coronavirus news heightened the negative sentiment already in the market.

    Omordion stated that the news further affected the performances of the domestic equities which had been battling with liquidity issue.

    “The news of coronavirus entering the country has further dampened investors confidence in the stock market as reflected in the global markets that are bleeding badly as a result of selloffs.

    “There is already fear of global recession due to the virus,” he said.

    He noted that market players expected government at all levels to be proactive in tackling the virus to avoid further spread to other parts of the country.

    Omordion said the issue should be contained the way the previous administration fought Ebola, as the World Health Organisation (WHO) and others continued to look for solutions to put an end to the virus.

    But, we at InvestData anticipated that recovering was underway because it is a global problem.

    “The market and economy of China where it started is already recovering as over 35,000 people have been discharged from the hospital.

    “And Chinese government has intensified efforts to check the virus and they have injected funds to the economy to stimulate economic productivity,” Omordion said.

    Presco recorded the highest loss to lead the losers’ table, dropping by N4.95 to close at N44.90 per share.

    Nigerian Breweries trailed with N4.50 to close at N40.50, while Stanbic IBTC dipped N3.60 to close at N32.50 per share.

    Guaranty Trust Bank declined by N2.60 to close at N23.80, while MTN Nigeria was down by N2.10 to close at N110 per share.

    On the other hand, Flour Mills led the gainers’ table with N1 to close at N22 while Vitafoam improved by 24k to close at N4.32 per share.

    NAN reports that investors traded 416.30 million shares valued N6.19 billion in 5,220 deals.

    This was in contrast with 231.53 million shares worth N4.48 billion transacted in 3,606 deals on Thursday.

    Guaranty Trust Bank was the most active stock, trading 96.01 million shares valued N2.29 billion.

    It was trailed by United Bank for Africa (UBA) with an account of 49.51 million shares worth N318.78 million, while Zenith Bank traded 45.56 million shares valued N827.88 million.

    United Capital sold 32.94 million shares worth N105.15 million, while FBN Holdings exchanged 32.91 million shares valued N155.89 million.

  • Investors Gain N13bn on First Trading Day of 2020

    Investors Gain N13bn on First Trading Day of 2020

    The Nigerian Stock Exchange (NSE) started the year 2020 on a positive note after it appreciated by 0.10 percent on the first trading day of the decade on Thursday.

    From observations, the local bourse was looking like it would kick off the year on a wrong foot, but stocks in the insurance space came to the rescue, closing as the only sub-sector of the exchange that ended strong by appreciating by 0.97 percent.

    The energy sector lost 5.01 percent, industrial index depreciated by percent, banking index declined by 0.39 percent, while the consumer goods sector lost 0.10 percent.

    The All-Share Index (ASI) appreciated during the session by 25.72 points to close at 26,867.79 points against 26,842.07 points in the last session, while the market capitalisation increased by N13 billion to N12.971 trillion from N12.958 trillion.

    Seplat was the heaviest price loser, going down by N65.70 to finish at N592.10 per share, while Lafarge Africa depreciated by N1.50 to end at N13.80 per unit. Unilever Nigeria lost N1.30 to settle at N20.70 per share, Stanbic IBTC declined by N1 to close at N40 per share, while GlaxoSmithKline fell by 60 kobo to settle at N5.50 per share.

    On the gainers’ chart, MTN Nigeria was the biggest price riser, appreciating by N4 to close at N109 per unit, while Dangote Sugar gained 40 kobo to settle at N14 per share.

    FBN Holdings rose by 35 kobo to finish at N6.50 per share, Vitafoam increased its share value by 30 kobo to close at N4.70 per unit, while UAC Nigeria also appreciated by 30 kobo to end at N8.90 per share.

    Despite the market closing bullish on Thursday, the level of activity was poor as the volume of traded equities went down by 74.93 percent to 264.1 million from 1.1 billion, while the value of stocks exchanged by investors reduced by 4.82 percent to N5.2 billion from N5.5 billion.

    FBN Holdings was the most active stock, trading 60.3 million units worth N384.0 million, while Access Bank trailed with 33.5 million shares valued at N335.6 million.

    Zenith Bank exchanged 30.9 million equities worth N578.2 million, UBA transacted 28.2 million shares valued at N202.6 million, while GTBank traded 18.9 million shares for N553.4 million.

  • NSE Changes Pricing Methodology for Stocks

    NSE Changes Pricing Methodology for Stocks

    The rules governing price movements of equity securities traded of the Nigerian Stock Exchange (NSE) have been amended to ensure overall market stability and efficiency and fairness in pricing NSE securities.

    Recall that on January 29, 2018, the exchange implemented amendments to its pricing methodology and par value rules that saw the categorization of quoted companies under three groups with different pricing rules.

    Group A consists of large-cap equities that are priced at N100 per share or above for at least four of the last six trading months, or new security listings that are priced at N100 or above at the time of listing on the Exchange.

    The second category, Group B, consists of medium-priced equities that are priced at N5 per share or above but less than N100 per share for at least four of the last six months, or new security listings that are priced at N5 per share or above but less than N100 per share at the time of listing on the exchange.

    The third category, Group C, consists of equities that are priced at one kobo per share or above but below N5 per share for at least four of the last six months, or new security listings that are priced at one kobo per share or above but below N5 per share at the time of listing on the exchange.

    Based on this rule, the prices of securities could only change if the volume of a trade was at a threshold of 10,000 for securities in Group A, 50,000 for securities in Group B and 100,00 for securities in Group C.

    But in a notice last week, the NSE announced changes to this pricing methodology with effect from Friday, October 11, 2019. The rules were the Rules 15:29.2. C.2 of the Rulebook of the Exchange, 2015 (Dealing Members’ Rules) and the amendment specifically relate to the minimum trade quantity required to change prices for equity securities traded on the exchange.

    According to the statement, the minimum trade quantity required to change prices for equity securities traded on the exchange will henceforth be 100,000 units for all securities groups.

    This implies that trades of fewer than 100,000 shares in any of the groups are small trades. Small trades in an equity security will not result in a change in the publicly reported price of such security.

    In his reaction to the development, CEO of the NSE, Mr Oscar Onyema, explained that, “This change is born out of the need to ensure that all price improving (up/down) transactions are material, making the market more efficient and attractive.”

    He said, “We will continue to review our rules and rule-making processes to boost investor confidence in our market while ensuring that NSE rules comply with international best practice.”​

    According to him, “The exchange remains committed to maintaining a platform that engenders a fair and efficient market.”

  • NSE fines three companies N39.2m

    NSE fines three companies N39.2m

    Three companies trading their shares on the Nigerian Stock Exchange (NSE) have been sanctioned for not filing their financial statements at the appropriate time and for this, the three affected companies were fined a cumulative sum of N39.2 million.

    According to a regulatory document, the trio sanctioned by the stock exchange are Guinea Insurance, Niger Insurance and Interlinked Technologies.

    The most hit was Niger Insurance Plc, which was asked to pay the sum of N19.8 million for its infractions, while Guinea Insurance was sanctioned N19.2 million, with Interlinked Technologies fined N200,000 for filing its results late.

    From the document, Guinea Insurance was asked to pay the sum of N8.2 million for filing its audited 2018 financial statements ended December 31, 2018, on September 20, 2019. For submitting its first quarter financial results for the period ended March 31, 2019 on September 20, 2019, the NSE fined the insurance company N5.6 million, while it was asked to pay another N5.4 million for releasing its earnings for the second quarter of the year ended June 30, 2019 on September 20, 2019.

    On the part of Niger Insurance, the stock market regulator sanctioned the firm N8.6 million for submitting its audited financial status for the year ended December 31, 2018 on September 20, 2019. For its late filing of the first quarter results for the period ended March 31, 2019 on September 24, 2019, it got N5.7 million, while it was further told to pay N5.5 million for releasing its second quarter results for the period ended June 30, 2019 on September 24, 2019.

    On the part of Interlinked Technologies, it was slapped with a fine of N200,000 for submitting its audited 2019 financial statements for the period ended June 30, 2019 on October 3, 2019.

    According to reports, NSE applied the sanctions on the above three companies in accordance with the Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules).

  • NSE celebrates Pa Akintola Williams at 100, beats closing gong

    NSE celebrates Pa Akintola Williams at 100, beats closing gong

    Pa Akintola Williams, the doyen of accounting in Nigeria, was honoured at the Nigerian Stock Exchange (NSE) with a closing bell ceremony on Monday, September 30, 2019.

    Pa Williams, who clocked a milestone of 100 years old in August, was specially celebrated by the NSE for his contribution to the establishment of the organisation.

    The centenarian is the only surviving signatory to the founding of the Nigerian Stock Exchange and was honoured with closing Monday’s trading activity at the exchange.

    This coincided with 58th Annual General Meeting (AGM) of the NSE, where the CEO of the Exchange, Mr Oscar Onyema, expressed his gratitude for the presence of Pa Akintola Williams.

    “Today is a big day for us at the exchange and it is a day we will cherish for a long time,” he remarked.

    Speaking further, he said, “In a country where life expectancy hovers around 55 years, clocking the century mark is indeed a great landmark. For Pa Williams, an even greater achievement is the quality in his 100 years. He has lived a life worthy of emulation, resolutely serving our nation at home and abroad, promoting best practices, deterring limitations, and inspiring everyone in his circle to more responsibilities.

    “This celebration presents another opportunity to reflect on his achievements and acknowledge the efforts that have brought him this far. It is my hope that we can continue to draw inspiration from his legacy to solve our pertinent socio-economic challenges”.

    On his part, Otunba Abimbola Ogunbanjo said “Pa. Williams played a significant role in the incorporation of NSE. He served as a member of the committee set up by the Federal Government of Nigeria to carry out a feasibility study on the viability of establishing a stock exchange in Nigeria.

    “Pa. Williams worked tirelessly and joined with several distinguished Nigerians to assess the promise and challenges associated with a new stock exchange in Nigeria. After six months of extensive research, the committee concluded that the establishment of a stock exchange in Nigeria was feasible, and timely.

    “As a member of the National Council of the Exchange, he contributed in no small measure to the growth of its listing portfolio and established rules reducing barriers for companies to list on The Exchange.

    “As the NSE continue to lead the advancement of the Nigerian capital market through inclusive products and services, we look back in gratitude to the contributions of visionary and patriotic icons like Pa. Williams.”

    Pa Akintola, during his comment, congratulated all the members of the stock exchange for their contributions and called on the exchange to further continue its duties.

    “I thank you all for assembling here today to celebrate my centenary. I am indeed happy and proud to see the progress our project of nearly sixty years ago has made, and I look forward to The Nigerian Stock Exchange’s future advancement with a great deal of anticipation and hope,” he said.

    The event was also graced by Chris Ogunbanjo, the lawyer who incorporated the Stock Exchange; his son and President of the Exchange’s National Council, Otunba Abimbola Ogunbanjo; Ex-officio and Past President, Mr Aigboje Aig-Imoukhuede; Second Vice President, Mrs Catherine Nwakaego Echeozo; Members of the Council, Erelu Angela Adebayo and Mrs Fatimah Bintah Bello-Ismail, among others.

    Pa Akintola Williams was born on August 9, 1919, in Lagos Nigeria. He was born in an affluent family with generations working with white settlers and the government. His grandfather was a prosperous merchant and his father, Thomas Ekundayo Williams was a clerk who worked for the colonial office before setting up his legal firm in Lagos.

  • Airtel Africa lists on NSE, promises value creation

    Airtel Africa Plc on Tuesday listed on the Nigerian Stock Exchange (NSE), promising to build leadership position that would create values to all stakeholders.
    Mr Segun Ogunsanya, the Chief Executive Officer and Managing Director, Airtel Nigeria, gave the assurance during the listing.
    He said that Nigeria was a great place for business and Airtel Africa remained committed to building a leadership position.
    Ogunsanya said: “Investors have been interested to hear our story, most importantly, they have been interested enough to invest in our business and are now ready to share the future with us.
    “There is age potential for Africa, Africa is a growing continent with a huge number of young people who consume data.
    “In terms of opportunity in mobile money, we would take advantage of this opportunity to reach the unbanked in Nigeria. Nigeria is a great place for business.”
    Ogunsanya said that Airtel had 45 million subscribers in the country which made it one of the biggest.
    He said that the telecoms firm planned to leverage robust opportunities in Nigeria’s mobile money space to grow its earnings.
    NAN reports that the company listed 3,758,151,504 ordinary shares at N363 per share, adding a total of N1.364 trillion to the market capitalisation of the exchange.
    The company listed on the Nigerian NSE after its London Stock Exchange (LSE) listing at an offer price of 80 pence.
    Ogunsanya said the company was a leading provider of telecommunications and mobile money services, with presence in 14 countries in Africa, primarily in East, Central and West Africa.
    He said the company offered an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.
    He added that the group offered traditional mobile voice services, with an increasing focus on data and non-voice services through the expansion of its 3G and 4G networks.
    Ogunsanya hailed Nigerian regulators for support in ensuring successful listing of the company on the nation’s bourse.
    He also praised Nigerian investors for support in the initial Public Offering and assured them that they would not be disappointed.
    The Chief Executive Officer of Airtel Africa, Raghunath Mandava, said: “Airtel Africa is delighted to be listed on the main board of the exchange.
    “This is an exciting time for Airtel Africa in the 14 countries it operates and an important milestone in our development as a leading provider of telecommunications and mobile money services in Africa.
    “Investors have been interested to hear our story and have been interested enough to invest in our business and are now ready to share the future with us,’’ Mandava said.
    Ms Awuneba Ajumogobia, Member, Airtel Africa Board, said that the company was proud to be listed on the NSE in spite of challenges.
    Ajumogobia said that the company looked forward for a joint prosperity.
    Mr Oscar Onyema, NSE Chief Executive Officer, commended Airtel Africa for the initiative.
    Onyema said that the listing reaffirmed Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular.
    He said that listing of the company’s shares added N1.36 trillion to the market capitalisation of NSE, further deepening the Nigerian capital market.
    According to him, it will also increase the visibility of Airtel Africa to investors on the continent and across the globe.
    “This listing serves to deepen the telecoms and technology sector for investors, and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story”.
    “Today’s listing is a promising development in Africa with Airtel Africa also being admitted to the premium listing segment to trade on the main market of the London Stock Exchange.
    According to Onyema, this lends credence to the successful partnership between the two exchanges.
    He urged other companies to explore different opportoplllĺnities for raising capital on the NSE platform.

  • Airtel Africa to list 3.758bn shares on NSE Tuesday

    Tuesday, July 9, 2019 has now been fixed as the new date for the listing of about 3.758 billion ordinary shares of Airtel Africa Plc on the Nigerian Stock Exchange (NSE) at a unit price of N363.
    The exercise was earlier scheduled for Friday, July 5, 2019, but was postponed at the last minute as a result of the company’s inability to meet pre-listing requirements, including getting the authorization of the Securities and Exchange Commission (SEC).
    However, it seems the third largest telecommunications firm in Nigeria behind MTN Nigeria and Globacom has obtained the necessary things needed for the listing.
    A statement issued by the NSE on Sunday said the exercise will now take place tomorrow and the company would be expected to ‘paint the market red.’
    “The Exchange is aware of various media reports stating that the postponed Airtel Africa listing on NSE is scheduled for Monday, July 8.
    “Please be informed that the official date for the listing is Tuesday, July 9,” the statement by the NSE yesterday disclosed.
    On Tuesday, Airtel Africa would be doing a cross-border secondary listing of a total of 3,758,151,504 ordinary shares.
    On June 28, 2019, the company listed its shares on the trading floor of the London Stock Exchange (LSE) at 80 pence, approximately N363 per unit.

  • NSE revokes licences of 38 stockbroking firms [Full list attached]

    NSE revokes licences of 38 stockbroking firms [Full list attached]

    A total 38 stockbroking companies in the nation’s capital market have been expelled by the Nigerian Stock Exchange (NSE) over their acute level of inactivity, irredeemably weak operating status and infractions against the extant rules at the exchange.
    It was gathered that the operating licences of the affected firms have been revoked by the NSE and would no longer be eligible to function in the Nigerian capital market. The companies were booted out after an exhaustive review process by the management and the final expulsion order issued by the National Council of the Exchange, its highest administrative organ.
    With the revocation of their licences and expulsion, the firms shall not be able to trade on the Nigerian stock market and other international markets that Nigeria has Memorandum of Understanding (MoU) with. Nigerian capital market authorities have standing bilateral agreements with several other jurisdictions, including Morocco, Angola, China, Ghana, Kenya, Malaysia, Mauritius, South Africa, Tanzania and Uganda.
    With the expulsion, investors who have their investment accounts with the expelled dealing firms will be required to move their accounts to other functional stockbroking firms.
    Also, directors, executives, top management and other employees of the expelled firms will not be able to secure any employment in the capital market without prior clearance and written consent of the Exchange.
    “Dealing members are strongly advised not to engage in any activity with the above mentioned firms,” the Exchange stated in the expulsion circular signed by Olufemi Shobanjo, Head of Broker Dealer Regulation Department at the NSE.
    Under Rule 6.12 of the Rulebook of the Exchange, 2015, members of the Exchange are disallowed from employing any of directors, authorised clerks or other persons including principal officers such as the chief executive officer, chief finance officer, chief compliance officer and chief risk officer, who have been indicted by the Exchange or the Commission without prior regulatory approval.
    Also, the rule disallows other stockbroking firms from employing any person who was an officer or employee of a stockbroking firm or dealing member expelled from the Exchange; any person expelled, as an authorised clerk or its equivalent, from any other exchange; any person refused admission as a member of the Chartered Institute of Stockbrokers or any person expelled from its membership; any person expelled as a member of any professional association or institute and any person who is insolvent or has been convicted of theft, fraud, forgery, or any other crime involving dishonesty.
    The expelled dealing firms included Mercov Securities Limited; Resano Securities Limited; Transafrica Financial Services Limited; Andruche Investments Plc; Angela Eccles Limited; Associated Trust Investment & Finance Limited; Beaver Securities Limited; Betraco Securities Limited; Cobal Ventures Limited; Corporate Focus Securities Limited; Financial Intermediaries Limited; GF Securities Limited; IB Finance Limited; Integrated Securities Ltd; Integrated Ventures Nigeria Limited; Intercommerce and Consultant Limited; Investment & Capital Development Company Limited and Investment Trust Company Limited.
    Others included Kamrash Securities Limited; Lakeside Asset Management Limited; M & F Investment & Securities Limited; Milestone Investment Services Limited; Millennium Investment Trust Limited; Moji Securities & Investment Nigeria Limited; Morgan Trust Asset Management Plc; Multibank International Securities Limited; Nationwide Finance and International Securities Limited and Novelty Investment Limited.
    Also expelled were Optimus Finance and Securities Limited; Pabod Finance & Investment Company Limited; Pabofin Securities Limited; Path Securities & Investment Ltd; Shiroro Finance Ltd; Tassel Finance & Investment Company; Unique Securities & Finance Services Limited; Upper Credit Securities and Investments Limited; Wellsfargo Capital Limited and Westland Investment Ltd.

  • NSE lifts suspension on trading in Conoil shares

    NSE lifts suspension on trading in Conoil shares

    The embargo earlier placed in the trading in the shares of Conoil Plc, an energy firm on the Nigerian Stock Exchange (NSE), has been removed.
    On Tuesday, the NSE announced the suspension of the company from its trading platform alongside 10 others as a result of their failure to release their financial statements for the year ended December 31, 2018 and the first quarter of 2019.
    Nearly 48 hours after the suspension, Conoil released the results and declared the payment of N2 to its shareholders for last fiscal year.
    In a notice to on Friday, 05 July 2019, the stock market regulator said it has now removed the restriction in the trading of the company’s shares on its platform, having released the results.
    Head of Listings Regulation Department at NSE, Mr Godstime Iwenekhai, said in today’s statement that investors can now begin to trade equities of the firm.
    “We refer to our Market Bulletin dated July 2, 2019, with Reference Number: NSE/RD/LRD/MB34/19/07/02 wherein we notified dealing members of the suspension of 11 listed companies for non-compliance with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange (Issuers’ Rules) (Default Filing Rules”), which provides that: ‘If an Issuer fails to file the relevant accounts by the expiration of the Cure Period, The Exchange will: (a) send to the Issuer a ‘Second Filing Deficiency Notification’ within two business days after the end of the Cure Period;
    “(b) suspend trading in the Issuer’s securities; and (c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”
    “Conoil Plc, which was one of the 11 companies that were suspended has now filed its Audited Financial Statement for the year ended December 31, 2018 to the exchange.
    “In view of the company’s submission of its Audited Financial Statements, and pursuant to Rule 3.3 of the Default Filing Rules, which provides that: ‘The suspension of trading in the Issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange.
    “The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension.
    “Dealing members are hereby notified that the suspension placed in the trading of the shares of Conoil Plc was lifted today, Friday, July5, 2019,” the statement said.