Number Of Listed Equities on NSE Plunge By 3.1% In Three Years

The total number of equities on the trading floor of the Nigerian Stock Exchange ,NSE, have slid by 3.1 per cent in three years.

Data gathered from the bourse showed that total number of equities on the secondary market in 2013 were 198, eight companies were delisted during the period as the total number of listed companies stood at 190 in 2015.The companies were delisted of non-disclosure of audited accounts and some voluntary delisting.

For Instance, West African Aluminium Plc and Nigerian Wire Industry Plc were delisted by the bourse in 2013. The likes of Big Treat Plc, Afroil Plc, Starcomms Plc, Pinnacle Point Group, Poly Products Plc and Cappa and D’alberto voluntary delisted on the backdrop of macro economy challenges and strict post listing requirement of NSE.

In April 2014, the market saw its first Initial Public Offer (IPO) since the market crash of 2008 with primary listing of Seplat Petroleum Development Company Plc’s shares on the Main Board at N576 per share.

According to market analysts, the equities market recently has suffered from macro economy glitches that have driven the market to a negative zone.

To this end, the managing director, APT Securities and Funds Limited, Mr. Kasimu Kurfi, welcomed the decision of NSE management to delist some inactive companies.

According to him, the management of NSE has gradually delisted some companies because of non-compliance with listing requirement.