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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;
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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