September 14, 2011
Speaking at the second Nigerian Capital Market workshop organised in Lagos Tuesday, the chief executive of the Nigerian Stock Exchange (NSE) Mr. Oscar Onyema said the new market structure was ready and only awaiting the approval of the apex regulator.
Onyema had about two months ago indicated the intention of the Exchange to restructure sectors represented on the Nigerian bourse from 33 to 12 sectors. He had noted that the current NSE's markets segments were ill-defined and not in line with global exchanges’ best practices.
Under the new market structure 11 sectors will emerge. They include:
2. construction/real estate;
7. oil and gas;
9. transportation and storage;
10. wholesale/retail trade and
Onyema added that the Exchange was ready to launch new products into the market, disclosing that the first Exchange Traded Fund (ETF) will hit the market before the end of the current year. According to him, other products would follow in the course of next year.
Source: Goddy Egene/Thisday