Lagos — The Council of the Nigerian Stock Exchange yesterday suspended the shares of African Petroleum, Conoil and 53 other quoted companies from being traded on the floor of the market, while seven others were placed on watch list.

The sanction was in pursuant of investor-confidence building for the market, according to a statement from the exchange head of communication, Sola Oni.

He said the affected companies have defaulted in post-listing requirements, especially in financial reporting of their operations and payment of annual listing fees.

There will be no transaction on the shares of the seven companies placed on watch list for failure to submit their financial statements for more than one financial year.

The affected companies are Wiggins Teape Nigeria Plc, Jos International Breweries Plc, Hallmark Paper Products Plc, Okitipupa Oil Palm Plc, Nigerian Wire & Cable Plc, Union Dicon Salt Plc and Ekocorp Plc.

NSE said 26 companies were placed on technical suspension effective from October 4, 2010 for failure to submit their 2009 financial statements. By technical suspension, there will be no price movement on their shares.

The companies are Lennards Nigeria Plc, PS Mandrides Co. Plc, Aluminum Manufacturing Co. of Nigeria Plc, Chams Plc, Ikeja Hotels Plc, Nigerian-German Chemical Plc, Pharma Deko Plc, Studio Press Nigeria Plc and Tourist Company of Nigeria Plc.

Others are Union Diagnostic & Clinical Services Plc, Nigeria Energy Sector Fund Plc, Vono Products Plc, M-Tech Plc, G. Cappa Plc, Nigerian Wire Industries Plc, Interlinked Technologies Plc, Big Treat Plc, MTI Plc, African Petroleum Plc, Conoil Plc, Nigerian Ropes Plc, SCOA Plc, Dangote Flour Mills Plc, Evans Medical Plc, Daar Communications Plc and Crusader Plc.

Similarly, seven companies are currently on technical/full suspension in view of their weak positions. They are Nigercem Plc, Golden Guinea Breweries Plc, Daily Times of Nigeria Plc, Albarka Air Plc, Foremost Dairies Plc, Airbico Plc, First Capital Investment Trust Plc, Stokvis Plc, Nigeria Sewing Machine Manufacturing Co. Plc, and Premier Breweries Plc.

On the emerging market platform, NSE said five companies have been directed to regularize their status in the areas of audited accounts, evidence of recapitalization and payment of outstanding listing fees.

"Failure to conclude the regularization by 11th October 2010, The Exchange would commence de-listing process", it said.

The companies are Flexible Mineral Plc, Krabo Plc, New Pak Plc, Tropical Petroleum Plc, and West African Aluminum Plc.

"Furthermore, the following companies have been placed on watch list to enable them complete their recapitalization activities, submit outstanding financial accounts (audited/interim), hold outstanding annual general meetings, clear all regulatory issues with the Securities & Exchange Commission (SEC) and have a satisfactory site report visit from the Exchange."

They are Afrik Pharmaceuticals Plc, Anino Plc, Rak Unity, Rokana Plc, Smart Products Plc, Udeofson Garment Plc and Union Ventures & Petroleum Plc.

The exchange said it would continue to enforce compliance with its post-listing requirements in order to ensure regular information flow between the market and the investing public.