…As index drops
BY CHINENYE ANUFORO
In line with its mandate of promoting and influencing the economic growth and development in the country, the Nigerian Stock Exchange (NSE) has concluded plans to organize the first investor forum for Nigerians in the Diaspora.
The forum which is expected to take place on Monday, January 19, 2015 at Hilton Zurich Airport Hotel, Switzerland, is targeted at Nigerian Diaspora in Switzerland and across Europe.
The Chief Executive Officer of The NSE, Mr. Oscar N. Onyema, explained that the Exchange recognizes Nigerians in the Diaspora as a rich resource with unlimited investment potential.
“Diasporas present wonderful opportunity to help the development of the Nigerian economy by investing through the NSE, as they can help attract sufficient and stable access to international investment. The main objective of the forum is to facilitate portfolio investments and inspire Diaspora-led investment for sustainable economic growth, by encouraging the Diaspora to actively participate in investment efforts in the Nigerian capital market”.
Onyema added that the forum will enable the Diasporas know that there are attractive opportunities available in the Nigerian stock market for them to make investments. “We have the companies that can help grow wealth, as well as give local businesses and owners the capital they need to continue this growth”.
According to the Head, Corporate Services Division, NSE, Mr. Bola Adeeko, the event is in collaboration with the Embassy of Nigeria, Switzerland, Nigerians in Diaspora Organization (NIDO) and Capital Bancorp Plc. He noted that the forum which will be hosted as a side event to the 2015 World Economic Forum (Davos), in Zurich, Switzerland, will provide a platform for participants to constructively engage in capital market issues and gain an in-depth understanding of capital market investments options, challenges and opportunities.
Meanwhile, selloff in the Nigerian bourse continued yesterday as the benchmark index closed negative to reverse the marginal gain witnessed on Monday. The All Share Index (ASI) dipped by 344.86 basis points to close at 29,889.86 points, driving YTD losses to 13.8 per cent.
Similarly, market capitalization lost N114.2 billion to close at N9.9 trillion. The drop according to analysts with Afrinvest was on the back of the sell down witnessed in the Consumer Goods and Banking stocks like Nigerian Breweries, GTBank , Nestle and Access .
Source : SunOnline