Leadership (Abuja)
Chris Ugwu
20 December 2011
In its efforts to create an alternative investment portfolio, the Nigerian Stock Exchange(NSE) yesterday listed New Gold Exchange Traded Funds (ETF) to enable investors to invest directly in gold.
A total of 400,000 units was admitted on the daily official list of the Exchange.
However, the new product lost N2.00 to close the day at N2.424 from a value of N2.544 even as a total of 2,035 valued at N6.2 million were traded in the day.
The Chief Executive Officer of the Exchange, Mr. Oscar Onyema, while addressing the capital market community, said the new product was part of effort by the Exchange to deepen the market value and create the necessary leverage for investors to diversify their investments in the capital market.
Onyema said the new product would further help investors to diversify their investment drive in the market as well as give increased return on dividend.
According to him, the Exchange would put in place the necessary infrastructure posted by evolving challenges in growing a developing market.
“We are taking cognisance of the loss of confidence of investors, as it is a global phenomenon that is not peculiar to the domestic market. We will make sure that we bring our market to international standard,” he added.
Also speaking during the official listing, the Head of Investment at ABSA Capital, liquidity provider to the fund,Dr. Vladimir Nedeljkovic, explained that the fund which is a cross border one was currently traded on the Johannesburg Stock Exchange and other Exchanges of the world.
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