- NSE Recovers N1.44bn Shares In 2019
The Nigerian Stock Exchange (NSE) recovered shares worth N1.44bn for investors in 2019, the NSE Chief Executive Officer, Mr Oscar Onyema disclosed.
This is part of the NSE’s market development strategy execution to protect investors in the stock market.
Mr Onyema made this known on Monday while speaking the 2019 Market Recap/2020 Outlook.
While reviewing the performance of the stock market in 2019 and giving an outlook for 2020, Mr Onyema noted that despite the challenges faced, the NSE continued to execute on its 2018 – 2021 corporate strategy.
The 2018 – 2021 corporate strategy was geared towards enhancing customer experience across the value chain, reorganising for success and capitalising on mission-critical strategic initiatives such as the demutualisation of the Exchange.
According to him, the NSE received a ‘No Objection’ from the Securities and Exchange Commission (SEC), after meeting the necessary requirements. This, he said will allow the NSE to proceed to the final stages of the demutualisation process, which includes seeking formal approval from members.
Onyema noted that “Although the Nigerian Stock Exchange’s All share index posted a negative return of -14.60 per cent to close the year at 26,842.07, it reached a year high of 32,715.20 in February 2019.
“Furthermore, the equity market capitalisation increased by 10.55 per cent to N12.97tn from N11.73tn in 2018, largely due to sustained primary market activities throughout the year, most notably the listings of MTN Nigeria Communications Plc and Airtel Africa.
“In the year 2020, domestically, market sentiments may be buoyed by a steady and stable recovery in the domestic economy, alongside continued sustainability in monetary policy.”
Speaking on the Finance Bill that was signed into law by President Muhammadu Buhari on Monday, the NSE boss said its implementation might have a positive impact on companies’ earnings, as well as consumer spending.
Mr Onyema further assured that the Exchange would continue to advocate business-friendly economic environment and also collaborate with both the public and private sectors.