NSE suspends trading in Conoil shares as Equity market sheds N7 bn

Nigerian Stock Exchange has suspended trading in the shares of Conoil Plc.
In its notification letter signed by Head, Listing Regulation Department, Godstime Iwenekhai, the NSE said that the company failed to meet up with post listing rule.
The NSE said that in pursuant to rule 3.1 rules for filing of accounts and treatment of default filing provides that ” if am issuer fails to file the relevant accounts by the expiration of the cure period, the Exchange will send to the issuer a second filing deficiency notification within two business days after the end of the cure period, suspend trading in the issuer ‘S securities and notify the Securities and Exchange Commission and the market within 24 hours of the suspension.
The Exchange however said that the Conoil suspension would only be lifted upon the submission of the relevant accounts and provided the Exchange is satisfied that the account comply with all its applicable rules.
Meanwhile trading activities on the floor of Nigerian Stock Exchange yesterday opened week in a negative trend, shedding N7billion Specifically, Market capitalisation of listed equities declined further by 0.06 per cent to N13.315 trillion from N13.322 trillion it close on Friday.
The NSE All Share Index fell by 20.25 basis points to 36479.42 points from 36499.67 reported the previous day.
Investors traded 182.291 million shares worth N2.033 billion in 3203 deals against 266.402 million shares valued at N4.255 billion exchanged in 3242 deals.
A review of the transactions showed that Lafarge Wapco led gainers table during the day, gaining N2.50 kobo to close at N30.50 kobo, Ecobank Transnational Incorporated followed with a gain of N0.90 kobo to close at N22.00, United Bank for Africa gained N0.25 kobo to close at N9.70 kobo, Forte Oil appreciated by N0.15 kobo to close at N23.55 kobo, Eterna increased by N0.15 kobo to close at N6.20 kobo.
On the contrary, Betaglass recorded the highest loss for the day, shedding N7.80 kobo to close at N78.00, Okomu oil Palm trailed with a loss of N2.90 kobo to close at N73.10 kobo, Nigerian Breweries down by N2.10 kobo to close at N100.90 kobo, Flour Mills Nigeria Plc decreased by N1.40 kobo to close at N24.60 kobo, Dangote Cement depreciated by N1.00 to close at N228.00.