COVID-19: Onyema Highlights Resilience of Nigeria’s Capital Market
By Tenebe Anthonia
As corporations all over the world battle the impacts of the Coronavirus (COVID-19), the support of securities exchanges for capital market ecosystems has become even more relevant in building sustainable businesses and stimulating growth across Africa.
The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, shared some of the efforts of the NSE in this regard during the African Stock Exchanges panel session at the Brand Africa 100 Launch in commemoration of Africa Day 2020, organised by IC Events, Brand Leadership and Africa Practice on Monday, May 25, 2020.
Mr Onyema, alongside the CEO, Johannesburg Stock Exchange, Dr Leila Fourie and CEO, Nairobi Securities Exchange, Mr Geoffery Odundo, discussed the impacts of COVID-19 on their respective economies.
The panellists expressed similar experiences in terms of volatility of the market, future expectations of issuers and the critical need for partnerships across Africa to boost productivity and project the continent’s best brands.
Speaking to the impact of COVID-19 on Nigeria’s capital market ecosystem, Mr Onyema said, “Since we transitioned to seamless remote trading and working in response to COVID-19, we have seen a lot of activity across diverse asset classes.
“Investors have enjoyed dividend payouts in double digits in the equities market; attained relative safety in the fixed income market; and are reaping strong returns in alternative asset classes like the Newgold ETF.
“On the part of the issuers, while there continues to be activity in the primary market, we foresee an increased inclination from governments and corporates to raise capital in the domestic market, particularly through bonds and secondary market issuances.”
During the launch, Brand Africa 100 revealed the results of its latest survey and ranking of the most admired brands across Africa.
In the 2020 edition, Dangote took home the prize of the Number 1 Most Admired Company Listed on the NSE; Guaranty Trust Bank bagged the Number 1 Most Admired Financial Institution in Africa; and brands like Maltina, Jumia, and Glo ranked among the top 100 brands in Africa.