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Nigerian Bourse set to expand Product Offerings

Category: Capital Market

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Nigerian Bourse set to expand Product Offerings

December 16, 2011

Investors are on standby to witness a welcome augmentation in the Nigerian Capital Market as The Nigerian Stock Exchange (NSE) expands its product offerings via the official listing of ABSA NewGold Exchange Traded Fund (ETF) in Lagos on Monday.

The Chief Executive Officer of The Nigerian Stock Exchange, Mr Oscar Onyema, in a statement issued over the weekend mentioned that the NewGold ETF is the third largest Gold ETF in the world and the listing will allow both individual and institutional investors direct access to an efficient and cost effective way to invest in gold through a listed security.

He noted that the Exchange Traded Fund is the first of the new products planned by the NSE as part of the on-going transformation of the Nigerian Capital Market which requires expanding from the current state of two products in its market (namely Equities and Bonds) to five products.

“The Nigeria listing is anticipated to help advance the investor market in one of Africa’s fastest growing economies by broadening the choice of asset classes open to local investors and increase appreciably, the liquidity on the Nigerian Stock Exchange”, Onyema said.

According to Adeolu Bajomo, Executive Director, Market Operations and Technology of the bourse, the ETF will help the investor focus on what is most important, the choice of asset classes.

“Unlike mutual funds, the NewGold ETF will trade instantaneously all day and allow investors to lock in a price for the underlying stocks immediately, rather than being bought and sold on a Net Asset Value (NAV), which is determined at the end of each trading day”, he said. Mr.Bajomo further added that there are several advantages to thisincluding the ability for intraday trading and buying on margin.

The NewGoldfund from Absa Capital is a cross border one currently being traded on the Johannesburg Stock Exchange and other developed Exchanges of the world while Absa Capital remainsthe leading originator of Exchange Traded Funds in the Sub-Saharan Africa.

Dante Ibidapo Martins                                                                            
Corporate Communications                                                                     
The Nigerian Stock Exchange                                                                   

Joseph Kadiri
Corporate Communications
The Nigerian Stock Exchange

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