The Second Vice President of the Association of Securities Dealing Houses of Nigeria (ASHON), Ify Ifejezie, closed operations by 2024 at Nigerian Exchange Limited (NGX), on behalf of ASHON, highlighting the pivotal role of the Association in the development of the market.
The last trading day of each year is always celebrated on NGX as it is a period of reflection for securities traders and a prelude to the annual market review by the Exchange and market operators.
Addressing securities brokers on Tuesday at the close of business, Ejezie, who represented ASHON Chairman Sam Onukwue, explained that the Association was a registered trade group and an umbrella body for all securities companies listed on the NGX .
Ejezie, who was accompanied by an ASHON board member, Muyiwa Adeyemi and the executive secretary, Athan Ogbozor, explained the roles of ASHON in the market.
“It is a great honor to be here today to close the market on behalf of ASHON. That honor doesn't always come. Our market has performed well on all growth indicators such as All-Share Index and market capitalization. It's good to say that we have now taken control of our market. Our regulators are largely dominated by reputable stockbrokers. They understand the market. ASHON as a trade group represents the market as a whole. We liaise with regulators and government on behalf of stockbrokers. We discuss issues that are beneficial to the market,” Ejezie said.
Earlier in his speech, the 13th President and Chairman of the Board of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada, accompanied by the Institute's First Vice President, Fiona Ahimie, stated that the market exceeded expectations in 2024 despite the headwinds. against.
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“The market is evolving and growing by leaps and bounds, exceeding expectations in terms of resilience, reliability and, of course, profitability. Stock market investment returns so far this year are over 36 percent, outpacing the rate of inflation, possibly the only market to return positive returns in Nigeria in 2024. Market capitalization increased significantly as a result of the new quotes. In the primary market, banks have raised close to N2 trillion, confirming strong liquidity and strength.
“On the outlook for 2025, and taking into account the budget of the Federal Government of Nigeria which pegged the inflation rate at 15 percent, it is almost certain that the capital market, especially the stock market, will be the best destination for investments. Since the market is dominated by local investors, price stability can be guaranteed. Overall I expect a bull market,” Dada said.
NGX Head of Trading and Products, Abimbola Babalola, in his welcome remarks stated that there was an overall improvement in market performance across all asset classes in 2024, including equities, fixed income and exchange-traded funds (ETFs). . He attributed the teamwork between market regulators, government and operators. He congratulated stockbrokers for their support during the year and noted that more opportunities will emerge in the market in 2025. The market closed with the sound of the gong and the singing of a familiar song by stockbrokers amidst the jubilation.
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