Nigerian Stock Exchange : nine companies removed from official list.
October 8th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
As part of measures to make market fundamentals strong and the protection of investors and shareholders from dormant companies, the Nigerian Stock Exchange has delisted nine moribund companies from its daily official list. The companies were delisted as a result of low liquidity in them and issuers’ inability to update shareholders with corporate information on a regular basis.
Amongst companies affected are Intra Motors, ADC Plc, Grommac, Onwuka Hi-Tek and Nigerian Lamps, Nigerian Yeast & Alcohol company, Security Assurance Plc, Sun Insurance Plc and Nigerian Textile Mills Plc. Months ago the NSE had removed 10 companies out of 28 companies it imposed full suspension on following their inability to meet post-listing rules which include rendition of reports and accounts on quarterly, half-yearly and audited full-year results.
The 10 earlier delisted companies includes Acen Insurance Plc, Amicable Insurance Plc, Baico Insurance Plc, Atlas Nigerian Plc, Ceramics Manufacturing Plc, Beverages (W.A) Nigeria Plc, Enpee Plc, Tate Industries Plc, Maureen Laboratories Plc and Reitzcot Nigeria Plc.
The delisting of the moribund companies was part of recent resolutions reached by Vice President Jonathan Goodluck and stakeholders on how to stabilise the Nigerian capital market.
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Hello, when will C & I give out their offer.
l want to know the falling in the market price now, cos im just lost some money there.jimmy patrick from Abuja
what is going on what the stock market in nigeria? I have lost so much money in this sector and I am thinking of blaming my good friend who introduced me to invest in the nigerian stock market. it is a pity that less previlage nigerian liek me are treated by the present market at this crucial time
What is happening in Nigeria’s stock market is something that can happen in any market in the world. As you are aware some countries like America are experiencing economic setbacks, these had an effect in our market as institutional investors pulled out a lot of money from the market.These is just one of the numerous reasons that triggered the slide in the market. Another is about banks common financial year, these directive made banks to mop up cash from the market and also stoped margin funding which some investors used in order to get greater returns from the market. Normally every market is bound to experience a bullish trend and a bearish trend but in these case when the bears came too much money had been taken from the market in a short period hence leaving the market in its present state but be rest assured that the market would pick up gradually as the federal government and regulatory authorities are looking into the matter and certain corrective measures have been made.
what’s the fate of nigeria stock market in the ongoing crisis cos lots had been lost to them