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Chinwendu Obienyi
The Nigerian Stock Exchange (NSE) says it will continue to promote its ongoing remote trading despite a 14-day restriction of movement in Lagos, Ogun states and the Federal Capital Territory, Abuja (FCT) aimed at checking the spread of coronavirus (COVID-19) in the country.
Chief Executive Officer, NSE, Oscar Onyema, who gave the assurance in a statement in Lagos, said the exchange was very supportive of steps aimed at flattening the rising curve of COVID-19 cases in Nigeria.
Onyema said since the outbreak of the pandemic, financial markets, particularly the capital markets around the world have seen levels of volatility that were only comparable to the global financial crisis of 2007/2008.
He said, “The ability of our financial and money markets to continue to operate during this crisis is a testament to a well-functioning economy. That is why the statement put out yesterday by the Minister of Finance, Budget and National Planning, and the Governor of Central Bank of Nigeria that they have received presidential approval to include the Financial System and Money Markets in the list of exempted services from the lockdown of Lagos and Ogun States and the FCT is vital.
Given this new pronouncement, we will sustain our remote trading activities at normal hours and days, in line with the guidance provided by the World Federation of Exchanges. We will also continue to provide remote access to listed companies and issuers during this period”.
Meanwhile, transactions on the Exchange ended in the negative territory as investors lost over N16 billion yesterday.
Following declines in Zenith Bank, Access Bank and Sterling Bank, the All Share Index (ASI) dipped 0.14 per cent even as oil prices globally remained pressured. Similarly, market capitalisation declined to N11,100 trillion from N11.116 trillion recorded previously.The volume and value of stocks traded stood at 422.0 million units and N1.72 billion, exchanged in 3,448 deals.
