NSE Confirms Planned Listing of Medview, Jaiz International Bank
The Nigerian Stock Exchange (NSE) will list Medview Airline at the end of this month to be followed by the Jaiz International Bank Plc. The Chief Executive Officer of NSE, Mr. Oscar Onyema stated this yesterday while reviewing the performance of the capital market for 2016 and outlook for 2017 in Lagos.
The market recorded only one primary listing in 2016 when the shares of The Initiates Plc were admitted to the Alternative Securities Market (AseM).
But there are brighter prospects this year as Onyema yesterday confirmed the listing of both companies in the first quarter of this year.
According to the NSE boss, while Medview will be listed at the end of January, Jaiz Bank will follow shortly. If eventually listed, Medview will be the third airline to list on the exchange ADC Airlines and Albarka Airlines, which are now defunct.
Onyema said the market will see a revival of supplementary listings, return of the new issuance market and some initial public offering (IPOs) since the equity market is a forward indicator of the economy.
Meanwhile, he disclosed that the NSE will enhance its cross-border integration efforts via African Securities Exchange Association’s (ASEA) African Exchange Linkage Project (AELP) model and the West African Capital Market Integration (WACMI) program.
“We will also continue our engagement efforts with the government to promote the listing of privatised state owned entities (SOEs), as well as engage with the private sector issuers for listings across all of our product categories.
We anticipate that secondary market activity will be challenged initially as the impact of various policy measures work their way through the system. However, we expect to see a revival of supplementary listings, return of the new issuance market, and potentially one IPO since the equity market is a forward indicator of the economy,” he said.
According to him, from the NSE perspective, there are specific factors that will determine the pace of global economic activity in 2017.
“These include political developments in the West under the emerging “new world order”, as populist sentiment towards nationalism and protectionist economic policies take effect on global trade and immigration; pace of global fiscal and monetary policy implementation;) oil price averaging $55 per barrel as forecasted by the World Bank following the decision of OPEC to limit output and a subsequent improvement in the outlook for commodity exporters; and ) continued growth in Asia’s largest economies (i.e. China, India, Japan, etc.) and recovery of other emerging and developing economies.