Chinwendu Obienyi
The Nigerian Stock Exchange (NSE), yesterday announced the migration of Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and the Initiates Plc from the Alternative Securities Market (ASeM) to the Growth Board.
In the same vein, the exchange launched the associated Growth Board Index while stating that the migration follows the receipt of applications from the affected companies requesting to be migrated from ASeM, and consequent screening and approval by the National Council of the Exchange.
The NSE Growth Board was launched to assist small and medium scale enterprises (SMEs) and growth-oriented companies looking to raise capital and promote liquidity in the trading of their shares.
Commenting on the development, the Chief Executive Officer, NSE, Oscar Onyema, stated that the migration affirms the notable efforts of the four companies to meeting corporate governance standards and underpins the robustness of our market.
He said, “We congratulate and are pleased to migrate Chellarams Plc, Living Trust Mortgage Plc, McNichols Plc, and the Initiates Plc to the Growth Board where they will have access to a suite of value added services that will give them a competitive edge beyond access to capital. We believe that the inclusion of these companies on the All Share Index and the Growth Board Index of the NSE will provide increased visibility that will attract global investors.”
Meanwhile, the volume of transactions on the floor of the exchange increased significantly by 118.4 per cent to close at 415.5 million units.
At the close of trading on Monday, price appreciation in the shares of Airtel, MTNN and Union Bank of Nigeria drove the All Share Index (ASI) higher by 0.45 per cent to 35,042.14 points.