THE Council of the Nigerian Stock Exchange (NSE), on Monday, technically suspended 13 companies for failure to submit their full year result.

The NSE, last month, suspended 28 listed companies for failure to submit 2009 financial statements.

The affected companies included Daar Communications Plc, owners of Africa Independent Television (AIT) and Ray Power; Big Treat Plc; Vono Products Plc; Mtech Plc; Afroil Plc and Union Diagnostic and Clinical Services Plc.

Others were Leonards Plc; Alumaco Aluminium Plc; Tourist Company Plc; MTI Plc; Pharma-Deko Plc; SCOA Plc and Nigerian Sewing Machine Plc.

A statement by the NSE said “we have, today, placed the affected companies on technical suspension, for their failure to submit their audited accounts for the year 2009.”

By the technical suspension, the shares of the affected companies would be traded, but no price movement, gain or loss would be reflected on them.

The exchange had, last month, threatened to commence formal de-listment process on the companies, at the expiration of a deadline, which was Monday.

The NSE said its council took the action in pursuant of investor-confidence building effort, which, it said, had been eroded by  infractions perpetrated by operators and managements of listed companies.

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