Our capital market performance has been impressive — PEARL

By Ridwan Adekunle

The President of Nigeria’s leading capital market awards, PEARL Awards Nigeria, Mr. Tayo Orekoya (FCA), has described the performance of the capital market in the first three quarters of year 2022 as impressive.

Orekoya said this during the press conference for 2022 PEARL awards night held on Lagos recently.

He explained that the performance in the Q3 of 2022 has been a great turn up.

He said the market has experienced volatility across the global market, the stock market of rhe Nigeria Exchange has maintained its positive momentum in the first nine months of the year, gaining 4.15 trillion  thus outstanding global markets.

“Market Capitalisation which opened in 2022 at N22.297trillion gained 8.63 per cent to close at N26.451 trillion as at 30th September, 2022.

“Also, the NGX All-Share Index which opened at 42,716.44 closed at 49,024.16 basis points appreciating by 14.8 per cent. However, investors in the market have equally witnessed double digit inflation, forex scarcity as well as uncertainty in the global markets,” he said.

However,  he said, “The impact of the COVID-19 pandemic on corporates have left indelible economic scars from which most organisations are yet trying to get outside the woods.

“Conversely, some other corporates have seized the initiatives provided by the economic challenges to latch unto opportunities availed by the situation. To assure the depth, growth and sustainability of our markets.”

Speaking on the award, he stressed that PEARL Awards Nigeria also  implores major stakeholders including Government, regulatory authorities, market players and indeed all stakeholders of our capital market in collaboration with the government to continue to strive towards achieving market growth, stability and innovativeness.

In his words, “Regulators in particular must intensify efforts towards utilizing innovative approaches towards engendering restoration of investors’ confidence in the market and deepening the market for enhanced development.

“As partner in progress with capital market regulators, our focus is to continue to promote healthy competitiveness, reward outstanding performance, thereby enhancing vibrancy of the market,” Orekoya said.