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NSE poised to developing transparent, liquid stock market – Onyema

By Businessnews Staff on September 18, 2014

The Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema has stated that all of the initiatives his management has put in place in the transformation of the NSE were aimed at developing a more transparent, liquid and accessible market with a modern market structure to support the delivery of a wider range of investment products.

The NSE boss made this known in his key note address at the Capital Market Solicitors Association (CMSA), 2014 Annual Business Luncheon held in Lagos yesterday.

According to him, by engaging all our stakeholders; investors, listed companies, market operators, the regulator, and prospective issuers who had lost faith in the capital market are now returning to the market.
Consequently, he stressed that the Exchange is beginning to witness a sense of optimism from all market stakeholders in the nation’s capital market.

“To illustrate this point, the Average Daily Value traded (ADVT) was up approximately 4.74 per cent in 2012 at $17.5 million, and 57.36 per cent in 2013 at $26 million. Year to date 2014, we are tracking at $27.63 million ADVT. This highlights the fact that people are starting to see the value of investing in Nigeria and confirms that we are moving in the right direction.

“Accordingly, the transformation of the NSE which started in 2011 has been a remarkable journey, and it is with great pleasure that I state that the Exchange is now ready to shift gear from transformation, towards growth, “he said.

The NSE, he revealed, has started work on its new medium-term strategic direction, covering the 2014-2019 corporate strategic plan with clearly outlined objectives leading up to 2019.

“Our corporate strategy strives to solidify our leadership position as Africa’s foremost securities exchange, and aims to increase our footprint in the region (and internationally), by creating a market platform that is compelling for domestic and global issuers and investors.

“To attract more companies to list, and to attract and retain a larger pool of investors, at the minimum, we must ensure that we maintain stable and consistent policy regimes, and uphold fair and orderly markets based on just and equitable principles that will generate and preserve issuer and investor confidence in our markets.

“We realise that to attract more companies to list, we must partner with policy makers to take full advantage of developmental initiatives which require massive mobilisation of capital; for instance, sector-wide policies calling for recapitalisation of and or consolidation by operators, and other privatisation/commercialisation programmes in sectors such as telecommunications, extractive industries, “he added.

[This Day]

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