NSE lifts suspension placed on Unity Bank shares

The suspension placed on trading on the shares of Unity Bank Plc by the management of the Nigerian Stock Exchange (NSE) has been lifted.

The decision by the Exchange followed its submission of its outstanding audited and interim financial statements to the Exchange.

According to a statement signed by Head of Listings Regulation Department, the NSE, Godstime Iwenekhai, the lifting of suspension placed on the trading of the bank’ s shares is in view of the submission of the company’s accounts and pursuant to Rule 3.3 of the Default Filing Rules.

The NSE had on Thursday, November 1, 2018 announced suspension on trading in the shares of Unity Bank and five other publicly quoted companies for failure to file details of their accounts as stipulated by market regulations. The five companies are Fortis Microfinance Bank Plc., Thomas Wyatt Nigeria Plc., Multi-Trex Integrated Foods Plc., Golden Guinea Breweries Plc. and Deep Capital Management and Trust Plc.

The suspension in the shares of these firms, which took effect from last Thursday implies that there would be no price movement on the shares because the company’s investors would no longer trade on the stock.

The rule of the Exchange provides that if an issuer fails to file the relevant accounts by the expiration of the current period, the exchange will send to the issuer a ‘Second Filing Deficiency Notification’ within two business days and the suspension would only be lifted upon the submission of the relevant accounts and provided the exchange is satisfied that the accounts comply with all applicable rules.