Capital Market

NGX CEO Temi Popoola Elected ASEA Executive Committee Member

Published

3 months ago

December 11, 2022

NGX CEO Temi Popoola Elected ASEA Executive Committee Member

Olushola Okunlade Writes

Nigerian Exchange Limited (The Exchange) has announced that its Chief Executive Officer, Mr. Temi Popoola, CFA has been elected to the Executive Committee of the African Securities Exchanges Association (ASEA).

ASEA, the continent’s prime association of securities exchanges was established in 1993 with the mandate to develop its members’ markets, promote the capital market business and provide a platform for networking.

At the association’s Annual General Meeting and Conference in Abidjan, Cote D’ Ivoire on 7 December 2022, Popoola was elected into the executive committee in a process that saw the Chief Executive Officer of the Botswana Stock Exchange, Thapelo Tsheole, and the Chief Executive Officer of the Rwanda Stock Exchange, Pierre Celestine Rwabukumba also elected as President and Vice President of ASEA respectively.

Popoola appreciated the representatives of the member exchanges for their confidence in selecting the committee members and thanked the immediate past president, Dr. Edoh Kossi Amenounve for his service to the association. “I also appreciate the Group Chief Executive Officer of Nigerian Exchange Group Plc, Mr. Oscar N. Onyema OON for his support during my election to the committee and his efforts on ASEA’s initiatives during his time as leader of the association. As the president of ASEA between 2014 and 2018, he championed the initiation and development of the African Exchanges Linkage project which is now being officially launched and will aid the pooling of liquidity across exchanges on the continent.”

Popoola added, “ASEA as the premier association of securities exchanges in Africa is tasked with the duties of promoting the capital markets of its members at the global level and fostering capital inflows into African capital markets. At NGX, we will continue to collaborate with other ASEA members on the development of our markets, intelligence, and data sharing, and join in advocacy efforts. I am confident that the committee will continue to advance the pan-African agenda, enhance sustainability and capital mobilisation efforts and drive continent-wide financial inclusion for the development of our continent.”

It was also the official launch of the AELP, an innovation by ASEA done in partnership with the African Development Bank (AfDB) and aimed at facilitating cross-border trading among seven participating Exchanges and select broker firms. According to ASEA, AELP will aggregate live market data from seven stock exchanges representing 2,000 companies with about $1.5tn in market capitalisation. It will enable brokers to access information, and see the market depth and liquidity of the foreign market of interest.

AELP’s phased rollout will be funded by a grant from Korea-Africa Economic Cooperation Fund (KOAFEC) according to a statement from ASEA. Edoh Kossi Amenounve, ASEA’s outgoing President said in the statement, “With AELP, we are entering a new era of African capital markets where all our members will gradually transact cross-border trades from one African securities exchange to another. This project represents a great opportunity for investors and issuers across the continent.”

NGX was announced as one of the participating exchanges with FBN Quest Securities Limited, Stanbic IBTC Stockbrokers, CardinalStone Securities Limited, Chapel Hill Denham, Cordros Securities Limited, and RMB Stockbrokers participating as securities dealers from Nigeria.

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Related Topics:#ASEA #CAPITALMARKET #capitalmarkets #capitalmarketstakeholders #NGX #ngxceo #ngxgroup #nigeriancapitalmarket #temipopoola

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Capital Market

NGX Group To Celebrate 2023 International Women’s Day 2023, Ring Bell For Gender Equality

Published

4 weeks ago

February 22, 2023

Business Echo Magazine

NGX Group of Companies 2023 International Women's Day and Ring the Bell for Gender equality

Olushola Okunlade Writes

NGX Group of Companies plans to celebrate 2023 International Women’s Day and Ring the Bell for Gender equality.

NGX Group of Companies recognises that investing in women’s empowerment in the workplace, marketplace, and community is of strategic importance to business growth and sustainability.

For this reason, NGX Group has chosen to celebrate IWD as part of the global UN SSEI event hosted by over 80 securities exchanges in collaboration with the UN Global Compact, UN Women, IFC, and WFE (the “Global Partners”).

The theme of this year’s celebration is ‘Embrace Equity’ and it seeks to celebrate women’s achievements, raise awareness about discrimination and take action to drive gender parity. To this end, our 2023 IWD celebration would build on the global theme, Embrace Equity.

Date: Wednesday, 8 March 2023
Time: 1:00 pm – 2:30 pm (WAT)
Venue: Zoom & Live streamed on YouTube

Participants are to register to attend: bit.ly/ngx-iwd-2023

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Capital Market

Domestic Investors Shun Risks, Stocks On 5-Month Rally

Published

4 weeks ago

February 22, 2023

Business Echo Magazine

Domestic Investors Shun Risks, Stocks On 5-Month Rally

Olushola Okunlade Writes

Few days to go before Nigeria’s highly anticipated general elections, domestic investors in the local bourse are scooping up positions in stocks, shunning potential risks from the impacts of voter’s choices.

Nigerian Exchange Limited (NGX) All-Share Index (ASI) is up 5.80% already in 2023 as of market close on 20 February 2023, maintaining a bullish run from September 2022. Data from NGX revealed that this has been a result of the outsized participation from domestic investors, who currently occupy 84% of total transactions conducted on the Exchange.

Foreign participation in the local bourse has so far moderated in recent years due to issues around forex liquidity and monetary policy, placing their turnover at 16% according to the December 2022 edition of the Domestic and Foreign Portfolio Investment Report of the Exchange. Analysts have commented that this is in due part a result of unimpressive yield in fixed-income securities, pushing investors to buy up fundamentally strong stocks with attractive dividend yields.

Historically, the market has typically experienced volatility during election season with some notable years, particularly the 1999 election – which saw change from military rule – and 2015 election – which saw the first incumbent defeat at the polls – experiencing declines pre-election. The positive domestic investor sentiment, according to analysts, has been driven mostly by strong earnings releases and dividend payouts announced by companies in the wake of earnings season. However, some have advised cautious trading as the 2023 elections approach but maintained their positive outlook on dividend yields and capital appreciation in bellwether stocks.

An analyst with Parthian Securities, Azeezat Awonuga, whilst commenting on the market with CNBC Africa said that investors are poised to hunt for gains in the stock market as the fixed income yields have moderated in recent times. “As we anticipate earnings from the banking sector which comprises about 60% of the volume in the market and also form the bulk of the fundamentals, positive earnings will push investors to plow more funds into the market,” she stated.

Another investment research analyst from Investment One Capital Management Limited, Akosile Oluwasanmi noted to Channels that uncertainties around the elections and the cash crunch in the economy could dampen investor sentiment into taking profits but positive corporate earnings could also see investors increasing their positions.

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