Nigeria Stock Exchange Boss elected as President of African Securities Exchanges Association

The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr. Oscar N. Onyema, has been elected President of African Securities Exchanges Association (ASEA).
This decision was reached at the Executive Committee meeting of ASEA after its 18th annual general meeting held in Diana, Kenya.
Commenting on the election of the new president, the out-going president of ASEA and the Chief Executive, Stock Exchange of Mauritius, Mr. Sunil Benimadhu, said: “I welcome the newly elected president and committee members, and we look forward to ASEA’s continuing progress as it seeks to enhance the global competitiveness of Member Exchanges”.
In his welcome remarks, Onyema stated: “I am honoured to be elected president of ASEA which is the largest platform for Africa’s stock, futures and options exchanges. I would like to thank the outgoing Executive Committee led by Mr. Benimadhu for their stewardship of the Association over the last two years, and I look forward to working with ASEA members, our global counterparts and regulators to contribute to the association’s rich legacy, as well as to promoting our markets in a broad range of areas”.

To support the Association’s mission and vision, Onyema highlighted four key strategic objectives that the new Executive Committee will focus on to support the effective mobilization of capital for economic development: Strengthen the Association’s governance, financial and reporting framework; Promote the sustainable development of African capital markets; facilitate an increase in market access at the regional level, and promote cross-listing among African exchanges; and align the goals of African capital markets with those of the African Development Bank (AfDB).
Meanwhile, the Nigerian equities market returned to positive territory yesterday as the benchmark index appreciated by 0.71 per cent to close at 34,115.84 from 33,875.26 attained on Monday. Market capitalisation also increased to 11.26 trillion from 11.18 trillion the previous trading day.
Trading activities also increased by 34.55 per cent as investors bought 357.77 million shares worth N4.36 billion, in 4,666.00 deals, compared to 265.90 million shares worth N2.88 billion, in 3,567.00 deals exchanged on Monday. Zenith Bank Plc, Resort Savings & Loans Plc and FBNH Plc were the most actively traded stocks on the exchange yesterday in terms of volume, while Zenith Bank Plc and FBN Holdings Plc in terms of value.

Culled from Business News