The three newly listed equities in the NGX have contributed about N179 billion to the exchange’s market cap in 2023.
The equities listed on the NGX in 2023 are Chapel Hill Denham’s Nigerian Infrastructure Debt Fund, Mecure Industries Plc, and VFD Group Plc.
Year-to-date, NGX has achieved returns of about 41%, the exchange’s best performance since 2020. With an all-share index above the 72,000 mark and a market cap above N39 trillion, the NGX has hit new highs in 2023.
Listing and Delisting
In 2023, the NGX recorded three new listings and recorded only one delisting as Ardova Petroleum delisted in July. However, more companies are expected to delist in early 2024 as GSK Consumer Nigeria Plc and PZ Cussons Nigeria are in the concluding phases of their delisting from the NGX.
On October 5, 2023, Chapel Hill Denham listed its N200 billion Nigeria Infrastructure Debt Fund (NIDF) with a market cap of N92.54 billion. As of December 14, it had declined to N92.46 billion.
The next day, October 6, VFD Group Plc was listed on the NGX with a market cap of N51.17 billion. However, it has since depreciated to N38.56 billion.
Mercure Industries Plc was listed on the NGX on November 7 with a market cap of N11.84 billion, it has since appreciated to N48 billion.
What you should know
During the MTN Capital Markets Day in November 2023, the NGX CEO, Temi Popoola, noted that in the past two years, new listings had contributed up to 10% of the NGX’s market capitalization.
- He noted, “Nigerian Exchange Limited experienced a remarkable surge in market capitalization, with new listings contributing over 10% in the past two years, according to data released by the Exchange.”
In the past two years, BUA Foods Plc, Geregu Power Plc, VFD Group Plc, Mecure Industries Plc, and NIDF have been listed on the NGX. While Ardova Petroleum, Studio Press Petroleum, and Union Diagnostic & Clinical Services were delisted within the same time frame.
Thanks so much. How much was taken out through delisting. We know you have the duty to promote.the market but he objective in your stories. All that glitters are not good. There are people who loved the stock market and also there are people who detest the market like a plaque.