By NKIRUKA NNOROM
A total of N195.36 billion was raised from new issues on the Nigerian Stock Exchange, NSE during the year ended 31st December, 2012, translating into a two-year total of N2 trillion in the value of capital raised on the Exchange.
Also, the NSE generated N3.95 billion in revenue, 11 percent growth over N3.71 billion earned in the same period of 2011.
Similarly, operating surplus for the year rose by 346 percent to N1.2 billion from N258.297 million in 2011.
Making the revelation at the 52nd Annual General Meeting in Lagos, Mr. Oscar Onyema, NSE chief executive said that equity transactions accounted for majority of the revenue with companies in the main board pooling 99 percent of value of trades for the year.
He assured that the NSE is making efforts to increase the size of contribution of the alternative securities market from the present state through a continuous drive to sponsor events that would attract more listings from small and medium scale enterprises.
He explained that the NSE has made great strides in its journey towards providing a world-class market experience, as well as improving service excellence. “We have undertaken major reviews of our market and operations, and we have implemented innovations that will deliver a robust and efficient capital market,” he said.
Onyema also restated the Exchange’s commitment towards providing a stronger regulatory environment and to make the market more accessible.
“For almost two years, we have successfully delivered on key strategic initiatives to create an African institution that competes effectively in the global market place. These initiatives support our efforts to develop a more transparent, liquid and accessible market with a modern market structure to support the delivery of a wide range of investment products.
We have also engaged with investors, listed companies, market operators, the regulator, and prospective issuers, who had lost faith in the capital market and are optimistic that together, we are moving in the right direction,” he added.
Earlier in his address, the President of Council of the NSE, Alhaji Aliko Dangote, said that the Exchange is set to launch a derivatives market in 2014 as part of its transformation agenda and commitment to meet clients’ needs.
Dangote noted that the 2016 transformation agenda, which include achieving $1 trillion market capitalisation, ‘guided by our five pillars established for the Exchange’, has already begun to yield results.
He said, “On the back of our rebranding initiative for our board/market segments, which consolidated thirty-three industry sectors into twelve sectors, the Exchange was in a better position to promote international industry classifications to the market, as well as to prospective issuers.”