NSE assets rise to N22.79bn in 2016

Stock Exchange building

The Chief Executive Office of Nigerian Stock Exchange (NSE), Oscar Onyema, said NSE’s total assets as at December 2016 were N22.79billion.

Onyema made the disclosure at the bourse’s 56th Annual General Meeting of its members on Monday in Lagos.

During the meeting, the financial statements of the Exchange as at December 31, 2016 and the reports of the National Council and auditors were presented to the members as part of the ordinary business of the day.

Members of the Exchange re-elected Mr. Abimbola Ogunbanjo, who retired by rotation, as a member of the National Council. The members also elected Chartwell Securities Limited (represented by Mr. Oluwole Adeosun); Equity Capital Solutions Limited (represented by Mr. Kamarudeen Oladosu); Fortress Capital Limited (represented by Mr. Yomi Adeyemi); Pilot Securities Limited (represented by Mr. Seyi Osunkeye); and Planet Capital Limited (represented by Mr. Chidi Agbapu).

Others also re-elected were: Woodland Capital Markets Plc (represented by Mr. Patrick Ajayi); Katsina State Investment & Property Development Co. Limited (represented by Mrs. Fatimah Bintah Bello–Ismail); Mrs. Catherine Echeozo and Erelu Angela Adebayo as members of the National Council.

Speaking at the AGM, the President of the National Council of the NSE, Mr. Aigboje Aig-Imoukhuede, said, “Despite the economic headwinds in 2016, the group level of the NSE remained profitable with an operating surplus of N27.45m. The Exchange generated revenues of N4.46bn, down 31 per cent from the previous year, reflecting bearish sentiments prevalent in the market in 2016.”

He commended the council and management of the Exchange for their cost containment efforts and their diligent approach to budgeting, which saw total expenses decline by 12 per cent year-on-year without affecting the bourse’s operating standards and service quality.

Onyema, thus, said the NSE demonstrated resilience through the economic and market downturn as investors reacted to prolonged macro-economic uncertainty.

He said, “As at December 3, 2016, the NSE’s total assets stood at N22.79bn, with approximately N9.73bn (43 per cent) held in liquid assets and an accumulated fund of N19.31bn, to close the year with a sound liquidity position and strong balance sheet.

“The Exchange has delivered strong and broad-based results which strengthen our foundation for long-term prosperity, and will drive growth in the near-term. We will continue to adapt to stakeholder needs in the evolving business climate, developing innovative and diverse products that perform well in different market conditions, while maintaining a regulatory framework that engenders confident investors.”

The Nigerian bourse started the week on a negative note, as the NSE All-Share Index declined by 0.37 per cent to settle the year-to-date return at 31.57 per cent. Similarly, volume traded and market turnover declined by 44.25 per cent and 62.84 per cent at the close of the trading day, which recorded 16 laggards. However, 23 counters soared amid the day’s loss.

Jaiz Bank Plc led the losers’ chart with a decline of 4.29 per cent to close at N0.67. Other top losers were Skye Bank Plc, Neimeth International Pharmaceuticals Plc and United Bank of Africa Plc, which slid by 3.64 per cent, 3.12 per cent and 3.01 per cent, accordingly.

Fidson Healthcare Plc led the gainers’ chart with a share price appreciation of five per cent to close at N3.15.

Facebook Comments


Please enter your comment!
Please enter your name here