The Nigerian Stock Exchange (NSE) on Thursday declared gross earnings of N8.1 billion for the financial year ended December 31, 2014, despite trading remaining on downward trend for the third consecutive days as a result of sell pressure.
Oscar Onyema, CEO, NSE, said at the Exchange’s 54th annual general meeting in Lagos, that this was against the N5.4 billion posted in the 2013, saying the earnings represented a growth of 47 percent when compared with figure for 2013.
Transaction fees contributed largely to the revenue growth accounting for 52 per- cent of its total revenue, he said, as the company’s business was impacted by domestic and global shocks, international price of crude oil and significant pressure on the Naira. The 2015 elections, festering insurgency in some parts of the nation and tight monetary policy, contributed to the ‘flight to quality’ strategy adopted by foreign investors, he said.
According to him, the ‘flight for quality’ manifested in a sell-down of securities and repatriation of funds during the period. On 2015 outlook, he said that the company was well- positioned to take advantage of emerging market trends, economic and market cycles, saying “with some hard work and perseverance, I have no doubt that we can be the vibrant exchange that connects Nigeria, Africa and the world.”
The company’s 2015 out- look would be influenced by a number of Nigerian macroeconomic variables such as crude oil prices, foreign exchange movements and national security, he noted, and the Exchange would continue to deliver on its strategic commitments, drive operational excellence, and create value to all various stakeholders. “Our businesses are healthy as demonstrated by our results, and to that end,we will continue to deliver several initiatives to support the execution of our growth strategy” he said.
According to the report, the company’s operating surplus before tax stood at N3.95 billion compared with N3.26 billion achieved in the corresponding period of 2013. Operating surplus after tax rose to N3.89 billion in contrast with N3.26 billion posted in 2013, while total assets stood at N20.67 billion against the N15.69 billion declared in the comparative period of 2013.
However, the News Agency of Nigeria reports that the market indices dropped by 0.05 percent with the market capitalization dropping by N6 billion to close at N11.421 trillion compared with N11.427 trillion posted on Wednesday.
Also, the NSE All-Share Index lost 17.92 points or 0.05 percent to close at 33,460.50 from 33,478.42 points recorded on Wednesday.
