Fifteen companies delist from Nigerian Exchange in two years
TLDR
- NGX delisted 15 firms from 2021 to 2023, including Union Bank and GSK Consumer Nigeria, with a total market cap of N335.5 billion.
- Eight new companies were listed on NGX during this time, leading to a net market cap gain of N832.3 billion, totaling N1.17 trillion.
- Delisted companies faced regulatory breaches and mergers, while new listings brought significant market capitalization growth.
Between 2021 and 2023, the Nigerian Exchange Limited (NGX) delisted about 15 firms for various reasons, including regulatory breaches, voluntary delisting, and mergers. The combined market capitalization of these delisted companies was N335.5 billion ($216.8 million).
The delisted firms include Union Bank, Ardova Plc, Courteville Business Solution, Capital Hotels, Global Energy Spectrum Services, GSK Consumer Nigeria, RAK Unity Petroleum, Studio Press Nigeria, and Union Diagnostic and Clinical Services.
The rest are 11 Plc, Portland Paints and Products Nigeria, Evans Medical, Nigeria-German Chemicals, Roads Nigeria Plc, and Unic Diversified Holdings Plc. During the same period, eight companies were listed on the NGX, with a total market capitalization of N1.17 trillion. This resulted in a net market cap gain of N832.3 billion.
Key Takeaways
The mix of new listings and delisting highlights the dynamic nature of the Nigerian stock market. While delistings occurred due to various factors such as regulatory non-compliance and strategic decisions, the simultaneous listing of new firms injected fresh capital and opportunities into the market. This turnover reflects the evolving landscape of Nigerian businesses, with companies adapting to changing market conditions and investor demands. The net market capitalization gain of N832.3 billion underscores investor confidence in the Nigerian economy despite challenges, signaling resilience and potential for growth in the country's capital markets.
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