NSE to review market performance, unveil projections
THe Nigerian Stock exchange is scheduled to hold its annual market recap to review the performance of the market in 2019 and give projections for this year.
The NSE said its Chief Executive Officer, Mr Oscar Onyema, supported by members of the executive committee, would give a presentation covering the global capital market review, Africa and the world.
Onyema would also review the performance of the exchange and products.
He said the Nigerian capital market mirrored the performance of the larger economy, which continued its moderate path of recovery.
Despite challenges faced, the NSE said it had continued to execute its 2018 – 2021 corporate strategy, geared towards enhancing the customer experience across the value chain, reorganising for success and capitalising on mission critical strategic initiatives such as the demutualisation.
The NSE said in 2019, it continued to enhance its product portfolio, orchestrated groundbreaking investment forums and listed some of Africa’s largest companies.
It noted that the resilience saw the market capitalisation increase by 20.42 per cent to N12.92tn from N10.72tn in 2018.
Turnover also increased by 389.26 per cent when compared to 2018.
The statement read in part, “Capital raising was dominated by the Federal Government, being responsible for 60 per cent of bond issuances during the period in a bid to finance fiscal and infrastructure deficits.”
The NSE also emerged one of the best performing after embarking on a nineday gaining streak that saw equities attain a significant gain.
The value of listed equities has increased by over N1.19tn in the last nine trading days and N632bn ($1.6bn) yearto-date.
The cumulative value of listed equities rose to N13.603tn as of January 7, 2020 from N12.971tn at the beginning of the year.
Analysts said the earlyyear rally at the stock exchange was driven by higher oil prices and the Central Bank of Nigeria’s crushing rates on treasury bills.
Oil prices opened much higher after Iran’s strikes on United States-iraqi bases, but dropped below $70/ barrel at $68.60 per barrel.
Analysts said the trend might be sustained as many companies listed on the NSE prepare to release their full year financials from next month.
These results may increase the positive look of the market as more investors may move to buy value stocks with history of dividend payments and capital appreciation.