Delisting of GSK, PZ, others to wipe N205bn from stock market cap

About N205.002 billion will be wiped from the Nigerian Exchange Limited equities capitalization following the planned delisting of GlaxoSmithKline Plc, PZ Cusson Plc, Oando Plc, Coronation Insurance Plc, and Capital Hotel Plc, from the stock market.

Vanguard findings show that the eventual delisting of GSK, which announced its intention to shut down its operation in Nigeria, will cost the market N15.49 billion in market value. Economy experts have, however, linked the company’s decision to scarcity of foreign exchange and the forex losses incurred by most companies following the devaluation of the Naira.

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