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15 firms delisted from Nigerian Stock Exchange in 2016 – Report

Nigerian News Update » Nigerian Newspapers
Punch Newspaper
A total of 15 companies were delisted from the Nigerian Stock Exchange in 2016, a latest market data obtained by our correspondent has shown.

The firms were said to have left the market for various reasons ranging from voluntary, regulatory directive, to mergers or acquisitions.

The firms affected are: G. Capps Plc; IPWA Plc; West African Glass Industries Plc; Investment and Allied Insurance Plc; Alumaco Plc; Jos International Breweries Plc; Adswitch Plc; Rokana Plc; Vono Products Nigeria Plc; Lennards (Nigeria) Plc; and P.S. Mandrides and Company Plc.

Others are: Premier Breweries Plc; Costain West Africa Plc; Navitus Energy Plc; and Nigerian Ropes Plc.

The NSE only succeeded in listing one firm throughout 2016. The firm listed was a Port Harcourt-based industrial cleaning, contamination and waste management company known as The Initiates Plc.

The Chief Executive Officer, NSE, Oscar Onyema, recently said the Nigerian capital market would have to do a better job at promoting its unique value proposition to domestic and global investors.

Monetary policy, according to him, will continue to play a vital role in determining activities in the market, adding that, “With forecasts for inflation expected to moderate due to the base effect, we believe that all things being equal, monetary authorities will have more flexibility with respect to interest rates and foreign exchange regime.”

He said good coordination between fiscal and monetary policy should result in resolution of prevailing structural deficiencies and drive economic growth.

He said the Exchange was working closely with telecoms company, MTN Nigeria, on a listing of its shares in the country, stressing that, “The pressure on MTN has never been higher to list, and we have a project team working with them.”
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