Kayode Ekundayo
13 October 2008
Lagos — As the world economic downturn continues unabated, the World Federation of Exchanges (WFE) has invited all Chief Executive Officers of member exchanges worldwide to a "crucial" meeting in Milan, Italy to discuss developments in the global securities market. The four-day meeting started yesterday.
The Nigeria Stock Exchange (NSE) said in a statement yesterday that the President and Chairman of Council of The Nigerian Stock Exchange, Dr Oba Otudeko, who was attending the World Bank annual general meeting in the United States has joined the Director General/Chief Executive Officer of The Nigerian Stock Exchange, Professor Ndi Okereke-Onyiuke, for the meeting.
The WFE is an umbrella organisation of the global securities exchanges.
Members account for nearly all of world stock market capitalisation, and most of its exchange-traded futures, options, listed investment funds, and bonds.
The combined market capitalization is around $61 trillion at the end 2007 and the trading of those securities last year broke $ 100 trillion.
Meanwhile, The Nigerian Stock Exchange has continued to get positive international rating, with the latest Standard & Poor's ranking of stock exchanges worldwide proving the sustained "excellent performance" of the Nigerian Stock Exchange market.
According to the Global Stock Markets Factbook, which the leading stock market rating agency has just released, the Nigerian Stock Exchange ranks number 11 among 106 stock markets worldwide, including the developed and emerging markets, on return on investment in US Dollar terms.
Significantly, the ranking, which is based on 2007 operations, shows that none of the developed market exchanges featured on the list of the world's top 25 performing exchanges.
Meanwhile, a cross session of stockbrokers insisted at the weekend that the Federal Government should not fold its arms and watch the market collapse
According to Dele Odusanya, Managing director, Quantum Securities Limited, the market needs fresh fund as a bail out now because it needs liquidity, adding that if government continues to watch, the market may collapse.
Be the first to Write a Comment!
Copyright © 2008 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
