Finance Bill Signing, Budget Implementation Key To Deepening Capital - Oscar Onyema

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Monday, January 13, 2020 / 7:01 PM / Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV


The signing of the 2019 Finance Bill by President Muhammadu Buhari and the implementation of the 2020 Budget of the Federal Republic of Nigeria, will play critical roles in deepening capital market activities in Nigeria.


The CEO of the NSE, Mr Oscar Onyema, OON disclosed this at the 2019 recap and 2020 outlook for stock market at the exchange house, marina, Lagos.


Giving an overview of the previous year's activities, the NSE CEO said despite a decline in the NSE All Share Index by -14.60%, the Exchange recorded a +10.55% increase in market capitalisation.


Onyema who spoke to analysts, dealing members and capital market correspondents at the review session noted that the +10.55% growth in capitalisation translated to an increase in market value from N11.73trn in 2018 to N12.79trn in 2019, largely due to sustained primary market activities throughout the year, most notably the listings of MTN Nigeria Communications Plc and Airtel Africa Plc.


According to the NSE boss, the capital market in 2019 mirrored the performance of the larger economy, which continued its moderate path of recovery, growing by +2.28% (Q3, 2019).


For the 2020 Outlook, Onyema highlighted crude oil price and production, the conflicts globally and growth in advanced and emerging economies as three key factors that will shape Nigeria's economy in the present year 2020.


Onyema acknowledged the positive movement of the ASI since the beginning of the year, with a growth of + 9.48% year-to-date (YTD).

 

On Demutualization of the Exchange, Onyema stressed that pursuant to the Securities and Exchange Commission's 'No Objection', the NSE will proceed to the next steps which include seeking formal approval from its members on the demutualization scheme.

 

He also assured stakeholders that the NSE will sustain momentum in executing the NSE's 2018-2020 

corporate strategy which will cover the following;


  • Enhancing the customer experience across the value chain

  • Reorganization for success

  • Capitalizing on mission critical strategic initiatives (i.e Demutualization)


The NSE CEO also informed the gathering that in 2019 the Exchange achieved new significant listings such as MTN Nigeria Telecommunications (Listing by Introduction on the Premium Board), Airtel Africa (Cross-border listing on Mainboard), SAHCO Plc (IPO on the Mainboard), Access Bank Plc's 15bn green bond and North South Power Company Limited's N8.5bn corporate infrastructure green bond.


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