ASHON closes trading on NGX as CIS reviews market performance

Ify Ejezie, the 2nd Vice Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) closed trading for 2024 on the Nigerian Exchange Limited (NGX) on behalf of ASHON and highlighted the pivotal role of the Association in the market development .

The last trading day of every year is always celebrated on NGX as it is a period of reflection by securities dealers and a prelude to the annual market review by the Exchange and market operators.

Addressing the securities dealers on Tuesday at the close of trading, Ejezie, who represented the ASHON Chairman, Sam Onukwue, explained that the Association was a registered trade group and umbrella body for all securities dealing firms that trade on NGX.

Ejezie who was accompanied by a Council Member of ASHON, Muyiwa Adeyemi and the Executive Secretary, Athan Ogbozor, explained the roles of ASHON in the market.

“It is a great honour to be here today to close the market on behalf of ASHON. Such honour does not come every time . Our market has performed well in all the growth indicators such as All-Share Index and Market Capitalization. It is good to say that we have now taken control of our market. Our regulators are largely dominated by renowned stockbrokers. They understand the market. ASHON as a trade group represents the market in totality . We liase with the regulators and government on behalf of stockbrokers. We discuss issues that are beneficial to the market”, Ejezie said.

Earlier in his address, the 13th President and Chairman of Council, Chartered Institute of Stockbrokers (CIS), Oluropo Dada, who was accompanied by the Institute’s 1st Vice President, Fiona Ahimie, stated that the market surpassed expectation in 2024 despite the headwinds.

” The market is evolving and growing in leaps in bounds, having surpassed expectations in terms of resilience, reliability and of course, profitability. The year-to date returns on the stock market investment in in excess of 36 percent, outperforming inflation rate, possibly the only market that gave positive returns in Nigeria in 2024. The market capitalization significantly went up as a result of New Listings. In the Primary market, close to N2 trillion has been raised by Banks, confirming strong liquidity and strength.

” On the outlook for 2025, and going by the Federal Government of Nigeria’s budget that pegged inflation rate at 15 percent, it is almost certain that capital market, especially stock market will be the best investments destination. With the market being dominated by local investors, stability of prices can be quaranteed. By and large, I expect a bullish market”, said Dada.

Abimbola Babalola, Head, Trading and Products, NGX in his welcome comments stated that there was general improvement in the market performance across all asset classes in 2024, including equities , fixed income and Exchange -Traded Fund (ETF). He ascribed is to team work among the market regulators, government and operators . He congratulated stockbrokers for their support during the year and noted that more opportunities would spring up in the market in 2025. The market was closed by beating of the gong and singing of family song by stockbrokers amid jubilation.