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NSE Restates Commitment to Corporate Governance, Plans Industrial Index

By on September 3, 2012

The leadership of the Nigerian Stock Exchange has restated its commitment to corporate governance as a tool for deepening market activity and broadening investor confidence.

Director General of the Exchange, Oscar Onyeama in a press statement said corporate governance is essential for ensuring sound investment environment and maximizing shareholder returns.

He said, “The NSE will continue to consistently enforce its rules on Corporate Governance in a firm and fair manner in order to build a strong investment climate for market participants. We cannot afford to do otherwise if we are to become the gateway to African markets.”

Furthermore the DG said plans were underway to introduce an Industrial Goods Index by January 2014. He said the Industrial Goods sector was listed in 1995 and comprised of 27 companies.

He put the year-to-date performance of the sector at 8.54%.

“Comparing this with global Industrial Goods performance shows that the Sector can do better.  FTSE 350 Industrial Goods &Services has YTD of 13.23 per cent; S&P Industrial Index, 12.15 per cent; MSCI Egypt Industrial Index, 38.53 per cent and FTSE/JSE African Industrial Index, 25.11 per cent,” he said.