NSE To Prioritise Three Initiatives In 2016


The Chief Executive Of
ficer (CEO) of Nigerian Stock Exchange (NSE), Mr Oscar onyema, has said that the exchange would still make more in priotising three initiatives in 2016.
Onyema said the areas include implementation of demutualization of NSE, monetizing service suites and establishing a derivatives market.
The NSE CEO said that if the three initiatives are done right, it will increase the number of new listings across five key asset classes.
Onyema noted that traders in Nigeria’s stock market may be faced with another round of falling prices this year.
He said that the fall in oil prices and China’s economic slowdown will continue to put pressure on stocks at the NSE.
The NSE boss added that 2016 will be a challenging year of the capital market and the domestic economy.
Meanwhile, the NSE All-Share Index (ASI) fell to its lowest point since July 2012 on Monday, down by 4.1 per cent, with fund managers jittery over the central bank’s inability to provide dollars for investors exciting the market.
The Index dropped from 23, 514.04 points to close at 22,550.83 points on Monday, while market capitalization crashed to N7.755 trillion from N8.086 trillion.
Investors traded a total of 196.3 million shares worth N1.674 billion which exchanged hands in 3,248 deals .
However the index of Nigeria’s top 10 banks (NGSEBNK10) also declined by 1.64 per cent, dragging the index lower.
A total of 37 firms recorded losses in their share prices, with Guinness Nigeria Plc, Lafarge Africa Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc and Dangote Cement Plc topping the losers’ table.