The Nigerian Stock Exchange, on Friday, announced the delisting of three companies from its Daily Official List.

The companies are Abplast Products Plc, Udeofson Garment Factory and Hallmark Paper Products Plc.

According to the NSE, the three companies were delisted for their failure to comply with the post-listing requirements of the Exchange.

It added that by the delisting, the total number of listed equities on the Daily Official List had been reduced from 201 to 198, while the number of listed equities now stood at 191.

The NSE weekly report on Friday noted that First Aluminium Plc had signed an Aluminium Coil Supply Agreement.

According to the report, the company has, for a long time, been under intense pressure from both its customers and shareholders to compete more effectively with the flood of cheap, often substandard, imported coils. It added that the challenge for FAN had been to achieve this without lowering its ongoing commitment to quality.

The report said, “FAN is happy to announce that it has signed an exclusive supply agreement with a world-class producer of aluminium coil for the supply of unpainted coil to FAN. FAN will now focus on the painting and coating of these coils, using its current facility in Port Harcourt. The painting process that has been used by FAN has always ensured that the roofing sheet stays colour-fast for many years, without fading.”

This agreement, according to FAN, will ensure that all materials supplied to FAN will be produced to the same strict tolerances and quality specifications of existing FAN supplied coils.

It also added that people purchasing roofing sheets with the FAN logo, even in future, would be able to do so with the full confidence that they owned a product of the highest quality, with correct gauge and best paint quality available in the market.

In the Over-the-Counter Bond market, a turnover of 98.989 million units valued at N107.74bn in 637 deals was recorded last week. This was in contrast to 124.617 million units worth N131.13m in 801 deals recorded in the preceding week ended December 14th, 2012.

In all, a total of 1.293 billion shares worth N13.73bn were exchanged in 20,499 deals in the week under focus. This was in contrast to a total of 1.929 billion shares valued at N14.64bn exchanged the preceding week in 22,650 deals.

Source: Punch (written by Udeme Ekwere)