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Nigeria Stock Exchange in stable financial state

24 June 2015, 10:10Okoro Chinedu

Lagos - The Nigerian Stock Exchange (NSE) is stable and performing well, Oscar Onyema, Chief Executive of the bourse has said.

Addressing a group of investors at the Africa Investors Conference in London, Onyema said the market had stabilised and was far more resilient presently than during the global and local crises suffered in recent years.

Onyema said that currently, though, about US$22 million is traded daily on the NSE, down from highs of about US$30 million.

“As the situation in Nigeria improves in terms of policy direction, we can expect to see more activity (on the NSE),” he told investors.

He said that foreign investors had never left the NSE, although there had been a reduction in the level of trading activity.

Also Read: Market capitalisation falls by N88bn

Local investors made up 75 percent of the NSE, while foreign investors made up the remaining 25 percent.

However, foreign trade made up about 60 percent of market activity on the NSE, he said.

Onyema said major efforts, under the leadership of the Securities and Exchange Commission, were currently underway to co-ordinate changes in pricing structure on the NSE.

“This should drive market improvements and encourage people to trade more.
We need to drive efficiencies,” he stressed.

The Africa Investors Conference, which the Standard Bank and ICBC Standard Bank, are hosting, is aimed at promoting investment into Africa, where Nigeria is rated the biggest economy.

- CAJ News

Tags nse finance

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