Trading session
The Nigerian stock market is to witness the influx of more foreign participation following attractive returns and efforts by the Nigerian Stock Exchange (NSE) to improve products availability, information disclosure and corporate governance among listed companies.
THISDAY checks showed that over 23 foreign portfolio managers are
preparing to enter the market. The Chief Executive Officer, NSE, Mr.
Oscar Onyema, confirmed this development.
“Given the level of work the current management of the exchange has
done in area of products availability and ensuring timely information
disclosure by the companies, more foreign investors are eying the
market. A number of global foreign portfolio managers have contacted
us and we have hard fruitful discussions with them. Very soon we will
begin to see the impact,” Onyema told THISDAY Thursday.
The Nigerian equities market has been attracting investors due to high
rate of return. For instance, the market delivered 63 per cent return
within 12 months to February 29, 2013.
The CEO boss had two days ago said as part of making more products
available in the market, the exchange would list five exchange-traded
funds (ETFs) this year.
The NSE had last year listed the first ETF (NewGold). But Onyema said more ETFs would be listed this year, just as he restated the call for the listing of already privatised companies of government on the bourse.
The NSE had last year listed the first ETF (NewGold). But Onyema said more ETFs would be listed this year, just as he restated the call for the listing of already privatised companies of government on the bourse.
He noted that with more investors and support of government through
right policies, the $1 trillion market capitalisation target of the
exchange by 2016 would be achieved.
According to him, the market currently has only about five million
investors, saying that the target is to raise to 40 million by 2016
through various strategies that would boost financial inclusion
initiatives.
He also said that to increase liquidity in the market, the NSE boss said already privatised entities such as the National Insurance Corporation of Nigeria and Nigerdock should be listed on the bourse.
He also said that to increase liquidity in the market, the NSE boss said already privatised entities such as the National Insurance Corporation of Nigeria and Nigerdock should be listed on the bourse.
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