ASHON lauds N2tn fundraising

The Association of Securities Dealing Houses of Nigeria has commended the capital market for raising N2tn in the primary market in 2024.

The second vice chairman of ASHON, Ify Ifejezie, made the remark in a statement on Thursday while closing trading on the Nigerian Exchange Limited for last year, highlighting the significance of driving market liquidity and investor confidence.

According to Ifejezie, the fundraising underscores the growth of the Nigerian capital market, despite challenges. “This is a testament to the strength of our market and the confidence investors have in it,” she said.

He added that ASHON, the umbrella body of securities dealing firms on NGX, played a role in liaising with regulators and the government to ensure the smooth functioning of the market.

Ifejezie noted that the market had demonstrated growth indicators, including an uptick in the All-Share Index and market capitalisation, positioning it as an investment destination for both local and international investors.

The President and Chairman of the Council, Chartered Institute of Stockbrokers, Oluropo Dada, also acknowledged the market’s positive performance.

He emphasised that the market had exceeded expectations, particularly in terms of year-to-date returns, which surpassed 36 per cent, outpacing inflation.

Dada expressed optimism about the outlook for 2025, forecasting a bullish market driven by strong local investor participation and a stable economic environment.

The PUNCH reported that the Association of Securities Dealing Houses of Nigeria is seeking an upward review of the stockbroking fees, which it described as static over the years, and the lifting of the suspension on margin trading.