Nigeria Stock Exchange in stable financial state
from OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) -THE Nigerian Stock Exchange (NSE) is stable and performing well, Oscar Onyema, Chief Executive of the bourse has said.
Addressing a group of investors at the Africa Investors Conference in
London, Onyema said the market had stabilised and was far more resilient
presently than during the global and local crises suffered in recent
Onyema said that currently, though, about US$22 million is traded daily on
the NSE, down from highs of about US$30 million.
“As the situation in Nigeria improves in terms of policy direction, we can
expect to see more activity (on the NSE),” he told investors.
He said that foreign investors had never left the NSE, although there had
been a reduction in the level of trading activity.
Local investors made up 75 percent of the NSE, while foreign investors
made up the remaining 25 percent.
However, foreign trade made up about 60 percent of market activity on the
NSE, he said.
Onyema said major efforts, under the leadership of the Securities and
Exchange Commission, were currently underway to co-ordinate changes in
pricing structure on the NSE.
“This should drive market improvements and encourage people to trade more.
We need to drive efficiencies,” he stressed.
The Africa Investors Conference, which the Standard Bank and ICBC Standard Bank, are hosting, is aimed at promoting investment into Africa, where Nigeria is rated the biggest economy.
– CAJ News
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