Newly listed Greenwich ETF to track NSE’s 30 most capitalised companies
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Greenwich Asset Management Limited, Monday, listed it’s Greenwich Alpha ETF (“Greenwich Alpha”) on the Nigerian Stock Exchange (NSE).
The NSE in a statement issued Monday, noted that the Greenwich Alpha is an open-ended ETF which tracks the NSE 30 Index; an index which constitutes 30 of the most liquid and capitalized stocks trading on the Exchange.
The ETF units were listed at N100 each following an Initial Public Offer (IPO) on Monday, August 19, 2019, the NSE stated further.
According to the NSE, Greenwich Alpha ETF is designed for investors to access the constituent companies of the NSE 30 index, thereby getting the performance of the index.
Speaking at the listing, Dayo Obisan, the managing director, Greenwich Asset Management Limited said, “The Greenwich Alpha ETF Fund is designed for and offered to investors seeking exposure to the Nigerian equities market, particularly to the constituents of the NSE-30 index. It offers the full benefits of diversification through a single transaction thereby reducing associated transaction cost and helping investors spread their risk. We will continue to encourage retail and institutional investment in this Fund based on its potentials.”
On his part, Jude Chiemeka, head, trading business division, NSE said, “We are delighted to welcome Greenwich Asset Management Limited to our growing list of ETF providers.
Globally, ETFs continue to make an impact as effective tools for accessing the market, diversifying investments, and serves as an alternative investment solution for intermediaries to recommend to their clients. As the leading stock exchange for listing and trading ETFs in West Africa, we will continue to lead innovation in the market as well as support the issuance of products and investment vehicles that meet the objectives of investors. We operate an efficient, orderly and transparent market based on cutting edge technology, to support product development efforts for the benefit of all investors. We remain resolute in our commitment to partnering with all market stakeholders, to continue to build and develop the Nigerian capital market, while offering a wide range of investment vehicles for all investors”.