NSE to re­view mar­ket per­for­mance, un­veil pro­jec­tions

The Punch - - CAPITAL MARKET -

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.

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