As corporations across the world battle the impacts of the Coronavirus (COVID-19) pandemic, Chief Executive of the Nigerian Stock Exchange (NSE), Oscar Onyema, says the support of securities exchanges has become even more relevant if capital market ecosystems must build sustainable businesses and stimulate growth across Africa.
Onyema noted this among some of the success factors of the NSE during the African Stock Exchanges panel session at the Brand Africa 100 Launch, in commemoration of the Africa Day 2020, organised by IC Events, Brand Leadership and Africa Practice on Monday, May 25, 2020.
Onyema, who spoke alongside the CEO, Johannesburg Stock Exchange, Dr. Leila Fourie and that of Nairobi Securities Exchange, Geoffery Odundo, discussed the impacts of COVID-19 on their respective economies.
The panelists expressed similar experiences in terms of volatility of the market, future expectations of issuers and the critical need for partnerships across Africa to boost productivity and project the continent’s best brands.
Speaking to the impact of COVID-19 on Nigeria’s capital market ecosystem, the NSe boss recalled: “Since we transitioned to seamless remote trading and working in response to COVID-19, we have seen a lot of activity across diverse asset classes.
Investors, he continued, “have enjoyed dividend payouts in double digits in the equities market; attained relative safety in the fixed income market; and are reaping strong returns in alternative asset classes like the Newgold ETF.
“On the part of the issuers, while there continues to be activity in the primary market, we foresee an increased inclination from governments and corporates to raise capital in the domestic market, particularly through bonds and secondary market issuances.”
During the launch, Brand Africa 100 revealed the results of its latest survey and ranking of the most admired brands across Africa, as Dangote emerged Africa’s Most Admired Company Listed on the NSE; followed by Guaranty Trust Bank as the continent’s Most Admired Financial Institution.
Other brands of Nigerian origin among the top 100 brands in Africa included Maltina (Nigerian Breweries), Jumia (online market platform), and telecommunication giant- Glo.
