NNPC, Veritas Homes, 4 Other Companies Likely Listing on Nigeria's Stock Exchange in 2024

• Afrinvest (West Africa) Limited has released its outlook for the year 2024 titled, "Pulling Back from the Precipice"
• It highlighted NNPC Limited, Veritas Homes, Nigeria Reinsurance, and others as companies that could list on NGX this year
• The report stated that the listing of the new companies would further lead the NGX to finish higher than the 45.9% returns it finished last year

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

An investment management holding company, Afrinvest (West Africa) Limited, has identified six potential companies likely to list on the Nigerian Exchange Group (NGX) in 2024.

It made this known in its latest outlook report titled, "Pulling Back from the Precipice"

Six companies to list

According to the report, NNPC Limited, Veritas Homes, Nigeria Reinsurance, Nigeria Machine Company, Haldane McCall, and Eleme Petrochemicals are possible listings on the NGX in 2024.

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The report also stated that the listing of the companies will improve the performance of the market, similar to how companies listed last year lifted the market by a significant number.

It stated:

“The debut listing of VFD Group Plc and Mecure Industries Plc on the Nigerian equities market resulted in an inflow of N86.5 billion as of December 15, 2023.”

The report further said that as of December 15, 2023, an inflow of N86.5 billion had come from the maiden listing of VFD Group Plc and Mecure Industries Plc on the Nigerian stock market.

It said that the newcomers had helped the market to grow deeper.

A BusinessDay report stated that more listings on the NGX are expected to improve market depth.

Top 10 performing stocks

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The report also revealed that the top 10 performing stocks in 2023 are Transcorp Hotels at 1,022.9%, Chams at 795.5%, CWG at 721.8%, and Transcorp at 666.4%.

Others are MRS Oil (644.7%), Northern Nigeria Flour Mills (639.8%, Japual Gold and Ventures (507.1%), Ikeja Hotel (471.4%), FTN Cocoa processors (410.3%), Skyway Aviation Handling Company (407.0%).

The market did well, with 45.9% returns at the end of 2023. The NGX All Share Index finished at 74,773.7 points, and the equity market had a capitalisation of N40.9 trillion.

The report adds:

“The equity market has benefited from recent government reforms, but challenges like inflation and fuel price rigidity persist.”

Notably, the equities market closed last year with a capitalisation of N40.9 trillion, the NGX All Share Index at 74,773.7 points, and a return of 45.9%.

Tinubu moves to sell the government's stake in NNPC, 19 other state-run companies to raise funds

Legit.ng reported that the Federal Government is considering selling its stakes in about 20 state-run companies to bolster revenue amid pressing financial challenges.

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According to a Bloomberg report, the Nigerian National Petroleum Corporation is one of the 20 firms.

Armstrong Takang, the chief executive officer at the Ministry of Finance Incorporated, who disclosed the move, said the sale would be to strategic investors.

Source: Legit.ng