Oil Firms Dominate N4.01 bn Capitalisation At Exchange

The Chief Executive of Nigerian Stock Exchange (NSE), Mr Oscar Onyema, has said that the total market capitalisation of the 11 companies listed under the Alternative Securities Market (ASEM) stood at N4.01 billion.

The NSE Chief Executive said that oil companies accounted for 74 per cent of the total amount of money.

Oscar who said only 11 companies were listed under Alternative Securities Market (ASEM), formerly known as second tier market, noted that the listing on NSE would provide Small and Medium Enterprises (SMEs) an access to long –term capital for business growth and expansion.

The NSE boss who made this known during the launching of NSE Alternative Security Market (ASEM) in Lagos, said that the capital market, through the ASEM would provide a platform for long-term sustainability of companies instead of depending on bank loans.

The NSE Chief Executive reiterated that NSE would continue to support companies listed under the Asem board, adding that the support will include value added service and advocacy to fulfill their growth potential.

He noted that the Exchange has reviewed the listing requirement for SMEs and will also create an index for ASEM to track the performances of the companies. Onyema said that NSE will set up a technical committee to look into the issues of multiple taxation to SMEs as raised by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).                  The enlisted companies include Adswitchan Afrik Pharmaceutical, Amino International, Capital Oil, Juli Plc, Mc Nicholas and Rokana Industries,

Also enlisten are Rak Unity Petroleum, Smart Products, Union Ventures and West Africa Aluminim.