By Goddy Egene
Stakeholders in the capital market have hailed the final approval given by the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) for the demutualisation of the Nigerian Stock Exchange (NSE), saying it will lead to the growth of the market and the economy.
The approval by SEC and CAC has led to the completion of the demutualisation process of the exchange, transforming it into a profit-making and limited liability company.
With the demutualisation, a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group), has been created with three operating subsidiaries.
The subsidiaries are: Nigerian Exchange Limited (NGX Limited), which will be the operating exchange; NGX Regulation Limited (NGX REGCO), the independent regulation company; and NGX Real Estate Limited (NGX RELCO), the real estate company.
Stock market in reverse mode, loses N1 36trn in February -
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Nigeria: Border Opening Spurs Stock Market
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Border opening spurs stock market
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The equities market rebounded strongly last week after recording momentary losses penultimate week as a result of the negative reaction to the uptick in short-term yields at the Nigeria Treasury Bill (NTB) primary auction with investors gaining N1.334 trillion at the end of the week’s trading.
This is even as stock dealers have said that re-opening of the land borders by the federal government would add more impetus to market recovery.
Though they believe the re-opening may not directly impact on the market, but they said that the expected positive effect on the macro economy would eventually rub off on the market.