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Market Digest Nigeria

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Net value of listed mutual funds hits N1.24tr -NSE

The Net Asset Value (NAV) of 56 mutual funds listed on the Nigerian Stock Exchange (NSE) rose from N1.24 trillion at the end of 2020. This figure represents 88.3 per cent of the total NAV in the Nigerian capital market.

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The Divisional Head, Listings Business, Nigerian Stock Exchange (NSE), Olumide Bolumole stated this at the exchange’s digital closing gong ceremony to commemorate the election of Mrs. Tope Omojokun as the President, Fund Managers Association of Nigeria (FMAN).According to him (NSE), the number of registered mutual funds with the Securities and Exchange Commission (SEC) also grew from 76 in 2019 with NAV of N600 billion to 102 with NAV of over N1.43 trillion in 2020.

He said the NSE would continue to strategically position itself to support the growth of the fund managers and the stakeholders.

Last year, The Exchange admitted two mutual funds ₦500,000,000 ARM fixed-income fund and ($1,000,000) ARM Eurobond fund on its memorandum-listing platform.

The exchange has also achieved all-around increased efficiency in terms of competitive pricing structures, improved turnaround time and enhanced customer experience. As such, market participants continue to look forward to more listings in the coming months.

Meanwhile, the NSE engaged with Exchange Traded Funds (ETFs) issuers’ in the Nigerian capital market consistent with its commitment to deepen activities in the segment.

The virtual session highlighted key development areas for the market specifically in terms of product issuances, market liquidity, regulatory landscape and capacity building.

Speaking at the event, the Divisional Head, Trading Business, NSE, Jude Chiemeka, said: “ETFs are one of the fastest-growing capital-market investment vehicles in advanced economies, offering transparency, liquidity, diversification, and lower costs.

 

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