Nigerian equities sustained the bull run Wednesday, as the Nigerian Stock Exchange (NSE) All-Share Index climbed to a new high of 36,236.49. The index rose 0.67 per cent, while market capitalisation added N78 billion to close at N11.583 trillion.
Year-to-date growth of the ASI stood at 29.1 per cent Wednesday, which is a new year high as investors’ sentiments remained positive. The market benchmark index is hitting a new year high just as the NSE is planning to establish a Corporate Governance Index (CGI) aimed enhancing information disclosure and promoting firm and fair corporate governance regime for sustainable growth of the nation’s capital market.
A total of 42 stocks appreciated in value compared with 22 that shed weight. Nestle Nigeria Plc led the price gainers with N24.50, while Total Nigeria Plc trailed with a gain of N14.00.
Analysts at Meristem Securities Limited said: “We expect the bullish tone to remain through the week though we do not foresee significant positive gains.”
Meanwhile, the NSE has entered a partnership with the Convention on Business Integrity (CBi) to provide a steady flow of robust data that will be used to develop a Corporate Governance Ranking System for listed companies in Nigeria. Established in 1997, CBi strives to empower people, their transactions, systems and institutions against corruption.
The Corporate Governance Ranking System by CBi will provide data and Information that the NSE will use to build a CGI that will score companies based on the quality of their corporate integrity; corporate compliance; understanding of fiduciary responsibilities by their directors and their corporate reputation.
The Chief Executive Officer of the NSE, Mr. Oscar Onyema, said the exchange has placed corporate governance on the frontburner as one of the critical fundamentals for ensuring a sound investment environment and maximising investor returns.
“We are proud to partner CBi, and confident that this will contribute to our goal of becoming the gateway to African markets,” he said.
Executive Director of CBi, Mr. Soji Apampa, the corporate governance ranking project will be funded under the World Bank-supervised Siemens Integrity Initiative, disclosing that Information Technology (IT) systems and e-learning technology will be deployed to make the ranking process efficient and cost effective .
