By InvestAdvocate

Lagos (INVESTADVOCATE) – The First listed NewGold Exchange Traded Fund (ETF) on the Floor of the Nigeria Stock Exchange (NSE) closed at N2, 584.00 Kobo ahead of the yuletide.

The Fund was listed at N2, 526.00 Kobo compared to its current Market price as at December 23 2011 on the Daily Official List of the Nigeria’s Exchange; indicating it appreciated by 2.29 percent (2.29%) within five days of listing the Fund.

As earlier reported, on December 19 2011, Absa Capital, the Corporate and Investment Banking Division of Absa Bank Limited South Africa listed 400,000 NewGold shares on the Floor of the Nigeria’s Exchange in Lagos Nigeria.

This listing on the Nigeria’s Exchange makes it the third African Country where the NewGold ETF has been listed; others are South Africa and Botswana.

The NewGold has been reported to be South Africa’s largest ETF and fourth largest Gold ETF in the world.

Temi Ofong, Managing Partner at Absa Capital said the Nigerian listing is expected to help develop the investor Market in one of Africa’s fastest growing economies by widening the choice of Asset Classes available to Local investors, as well as to increase significantly liquidity on the Nigeria’s Exchange.

“NewGold has also proven to be one of the best performing ETFs in South Africa over five years, with a one year annualised return of 41.49 percent (41.49%), two year return of 26.02% and return over three years of 18.92%” he said.

Basile Ngome of Absa Capital said that more of the NewGold ETF will be made available subsequently as investors seek to buy the shares.

“The Firm will be working with Vetiva Capital Management Limited, a Member of the Nigerian Stock Exchange to make these shares available” Ngome said.