{"id":20432,"date":"2018-01-10T10:51:14","date_gmt":"2018-01-10T09:51:14","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=20432"},"modified":"2018-01-10T10:51:14","modified_gmt":"2018-01-10T09:51:14","slug":"economic-contraption-mass-delisting-imminent-exchange","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/economic-contraption-mass-delisting-imminent-exchange\/","title":{"rendered":"Economic Contraption: Mass Delisting Imminent On The Exchange"},"content":{"rendered":"

\u2026As Companies Are Unable To Meet Listing Obligations<\/span><\/h1>\n

<\/h1>\n

Following the unabated economic contraption in the domestic economic, the investing public is apprehensive at the rate quoted companies are being delisted from the official list of the Nigerian stock Exchange (NSE) signifying a bleak future for the economy.<\/strong><\/h4>\n

<\/h4>\n

The worrisome reality is that most of the companies that have delisted did so voluntarily, an indication that they were no longer capable of meeting their post listing requirements. Other companies that are not healthy are also considering the easy way out.<\/p>\n

Market analysts are foreseeing mass delisting of companies in the New Year if nothing is done to arrest the situation especially by the regulators of the market. For now, the exchange may not be a fair barometer for the economic wellbeing of the country and its businesses, the way things are unfolding.<\/p>\n

During the year, about\u00a0seven companies listed on the Exchange have approached regulators and\u00a0have got their shareholders\u2019 nod to raise N191 billion before the end of the year, 2017, while four firms have successfully floated about N7.2 billion from January to J Money raised by way of rights issue floated in the first half of 2017 include: UACN Property Development Company, UPDC Plc N5.2 billion, Portland Cement Plc N1.02 billion, Livestock Feeds N750 million, and Meyer Plc N218 million.<\/p>\n

Besides, the seven companies that have gotten shareholders\u2019 approval to raise about N191.3 billion this year include: Guinness Nigeria Plc N39.7 billion, Forte Oil N20.0 billion, UACN Plc N15.4 billion, Union Bank Plc N50 billon, Unilever Nigeria Plc N63.0 billion, and May & Baker Nigeria Plc N3.0 billion.This year alone the stock market has lost-5.22 per cent of its value year- to- date.<\/p>\n

Not even the banking sector which is not only the dominant sector but also the most actively traded could back stop the weekly declines.<\/p>\n

The development has worried several investors who seem to be looking for clarity amidst rampant uncertainty. Particularly worrisome was the fact that the market had developed niggling volatility that reversed hopes that prevailed when it seemed that the President Muhammadu Buhari administration was going push growth oriented policies.une 2017.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Meanwhile, there\u2019s seems to be no succor from the regulators as Naif Abdulsalam the \u00a0then spokesman, for \u00a0the Securities and Exchange Commission, (SEC), a few months ago said the apex regular of the capital market is not unaware that some of the companies that have obtained approval from SEC to raise funds have not been able to do so.<\/p>\n

Abdulsalam explained that raising money from the capital market was purely a business decision regarding the disposition of the firm involved.<\/p>\n

He added that most of them may be looking at the disposition of the market to make a decision on the best time to ask the public for funds.<\/p>\n

Sometime in 2011, Oscar Onyeama, the CEO of the Nigerian Stock Exchange, re-assured stakeholders that the Exchange was putting in place measures that would discourage listed companies from \u2018exiting and encourage new ones to enter the market\u2019 with an indication emerging that the exchange could witness the listing of an indigenous manufacturing firm on its Daily Official List before the end of 2011.The promise is yet to be translated into action.<\/p>\n

<\/h1>\n<\/p>","protected":false},"excerpt":{"rendered":"

\u2026As Companies Are Unable To Meet Listing Obligations Following the unabated economic contraption in the domestic economic, the investing public is apprehensive at the rate quoted companies are being delisted from the official list of the Nigerian stock Exchange (NSE) signifying a bleak future for the economy. The worrisome reality is that most of the …<\/p>\n","protected":false},"author":6,"featured_media":15221,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[3478],"coauthors":[2391],"class_list":["post-20432","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-economic-contraption"],"yoast_head":"\nEconomic Contraption: Mass Delisting Imminent On The Exchange - National Wire<\/title>\n<meta name=\"description\" content=\"Following the unabated economic contraption in the domestic economic, the investing public is apprehensive at the rate quoted companies are being\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/economic-contraption-mass-delisting-imminent-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economic Contraption: Mass Delisting Imminent On The Exchange - 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