NSE Holds Fifty-First Annual General Meeting, Records Decline amidst Recovery
Category: Capital Market
September 28, 2012
The President of the Nigeria Stock Exchange, Alhaji Aliko Dangote has said that while the Euro zone debt crisis remains a key risk to world economy, the Stock Market is stronger and more focused in 2012.
The Fifty-First Annual General Meeting of the Nigerian bourse showed that 2011 recorded a 4.03% decline in trading volume and 20.39% decline in the value of units traded, compared to the previous year. 2011 closed with a total market capitalization ofN10.28 trillion as the All Share Index (ASI) ended at 20,730.63.
In his speech, Aliko Dangote said the NSE delisted a handful of companies in 2011 from 217 in December 2010 to 198 at year-end in an effort to enhance the quality on the floor of the exchange. He noted that the introduction of the Exchange Traded Fund (ETF) and recent initiatives like Market makers has restored investor’s confidence.
Reacting to questions from the media on whether the Stock Exchange will be seeking to attract investors like those who are preferred bidders for the nation’s power plants, Aliko Dangote stressed that caution will be exercised