13 November 2012

Nigeria: NSE Hails Firms for Timely Disclosures

The management of the Nigerian Stock Exchange (NSE) Monday commended some companies for the timely disclosure of their quarterly financial performance for the third quarter ended September 30, 2012.

This commendation was contained in the NSE X-Compliance Report obtained by THISDAY. X-Compliance Report is a transparency initiative of the exchange which is designed to maintain market integrity and protect the investors by providing compliance related information on all listed companies.

According to the rules of the exchange, listed companies are required to adhere to high disclosure standards. The disclosure is expected to be released to the exchange in a timely manner to enable it efficiently perform its function of maintaining an orderly market.

While some firms violate this rule, the exchange explained that it had identified about 75 companies that have exceeded the minimum listing standards in terms of timely disclosure of their audited annual and quarterly financial performance.

"The Exchange is extremely proud of these companies and will continue to show case quoted companies that imbibe high corporate governance practices," it said.

The companies, which received the commendation are led by those that filed their third quarter (Q3) reports ended September 30, 2012 and they are led by Diamond Bank Plc, which released its result on November 9, 2012.

Champion Breweries Plc, United Bank for Africa Plc and Skye Bank Plc followed, occupying the second and third positions respectively. Others include: Unilever Nigeria Plc, Transnational Corporation of Nigeria Plc, Guaranty Trust Bank Plc, Assurance Bank Plc and Zenith Bank Plc.

Meanwhile, trading at the stock market opened on negative note yesterday as the NSE All-Share Index declined by 0.41 per cent to close at 26,609.34. The market capitalisation of equities shed N35 billion to close lower at N8.479 trillion.

Nestle Nigeria Plc led the price losers with N2.83 to close at N629.50 per share. Dangote Cement Plc trailed with a decline of N1.50 to be at N121.00 per share.

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