Nigeria: Lawmakers Hail NSE's Contributions to National Development

20 March 2020

The Senate Committee on Capital Markets Thursday hailed efforts by the Nigerian Stock Exchange (NSE) to create a truly sustainable exchange hub for wealth creation and capital formation in Nigeria in particular and Africa in general.

The Chairman of the committee, Senator Ibikunle Amosun, who gave the commendation during a visit to the Exchange in Lagos, said: "We have met a very professionally run exchange during this visit and we encourage you to keep up the good work. The NSE has been a critical player in the development of the Nigerian economy. Your efforts have culminated in moving Nigeria out of a monolithic phase and we thank you for all the good work. On behalf of the Senate Committee, I assure you that we will continue to create that enabling environment that will support you in growing our market and providing Nigerians innovative opportunities to create wealth."

Speaking at the meeting the Chief Executive Officer, NSE, Mr. Oscar Onyema, expressed a positive outlook on the Nigerian economy and the NSE's commitment to national development despite the current headwinds.

"Nigeria remains an attractive investment destination as Africa's most populous country, positioned to be a top 20 economy by 2030 and top 10 by 2050. The exchange is, therefore, committed to engaging stakeholders to set the Nigerian economy on a positive trajectory. To successfully do this, we will continue to advocate for the right economic policies that will ensure that both issuers and investors in our market can reap real value," Onyema said.

Meanwhile, the stock market returned to the negative zone yesterday after a recovery on Wednesday. The NSE All-Share Index (ASI) fell 2.9 per cent to close at 22,118.90, while market capitalisation shed M350 billion to close at N11.527 trillion. As a result, the year-to-date decline worsened further to 17.6 per cent. Activity level fell as volume and value traded fell 21.7 per cent and 55.2 per cent to 525.9 million shares andN4.7 billion N4.7 billion respectively.

A total of 22 stocks depreciated compared to 13 that gained.United Capital Plc and Zenith Bank Plc led the price losers with 10 per cent apiece, trailed by Arbico Plc and Fidson Healthcare Plc with 9.8 per cent apiece.

On the positive side, African Prudential Plc led the price gainers, chalking up 9.9 per cent, followed by Jaiz Bank Plc with 9.7 per cent with 9.4 per cent. Livestock Feeds Plc added 9.0 per cent.

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