By Adedapo Adesanya
The Nigerian Stock Exchange (NSE) sees a positive capital market outlook for the year 2020, according to the Chief Executive Officer (CEO), Mr Oscar Onyema.
Mr Onyema, while addressing the investing communication comprising the media, investors, analysts and others, at an interactive session on Monday, noted that the domestic environment was favourable and looking at the global market trends, there was high possibility of a positive outcome for the capital market this year.
In his recap of the stock market’s performance last year, the NSE chief said the All Share Index (ASI) depreciated by 14.60 percent, but expressed strong optimism of a better 2020. According to him, so far in the new year, Nigerian equities have gained 10.4 percent.
“Domestically, market sentiments may be buoyed by a steady and stable recovery in the domestic economy, alongside continued sustainability in monetary policy.
“The signing into law of Nigeria’s Finance Bill 2019 and implementation of the 2020 budget may have a positive impact on companies’ earnings as well as consumer spending,” Mr Onyema said.
The NSE principal officer noted that beyond the negative share price performance, the exchange recorded some landmarks in 2019, including the listing of big corporates such as MTN Nigeria Communications, Airtel Africa, Skyview Aviation Holding Company (SAHCO) and the launch of the Greenwich Alpha ETF, which focused on tracking the NSE 30 Index.
Speaking on the demutualisation efforts, as parts of its resolution to achieve its strategic goals set in in the 2018 – 2021 Corporate strategy, the he said the exchange has obtained a letter of No Objection from the Securities and Exchange Commission (SEC) to enable it proceed to the final stage of the process.
“We have also sensitized our stakeholders on the process of demutualisation and its effects and will continue to engage with them during this process,” he remarked.
As part of its market development strategy, Mr Onyema also noted that the exchange facilitated restitution and recoveries of N1.436 billion worth of shares for investors in 2019.
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