Some capital market operators on have urged the Federal Government and market regulators to lay emphasis on market development to ensure the listing of multinationals on the nation’s bourse.
They told the News Agency of Nigeria (NAN) on Tuesday in Lagos that listing of multinationals would boost investor participation and increase market depth.
Mr Ariyo Olushekun, former President, Chartered Institute of Stockbrokers (CIS), said that government, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange should focus on market development to increase activities.
Olushekun said that government and market regulator needed to work together to ensure the listing of companies from major sectors of the economy on the exchange.
He said that government at all levels should increase their participation in the market to boost investor confidence.
According to him, the major task of the regulators should be how to woo government at all levels to participate actively in the market.
Olushekun said that the Federal Government’s transformation programme would not be effective without the inclusion of the capital market.
He said that the transformation programme would not go far or achieve the desired mileage without a capital market that offers long-term funding for developmental projects.
Malam Garba Kurfi, Managing Director, APT Securities and Funds Ltd., said that SEC and NSE should strengthen investor education to boost investor participation in the nation’s bourse.
Kurfi said that the market could only be deepened with enhanced participation of both retail and institutional investors.
He said that the enlightenment should be a continuous exercise to revamp activities at the stock market.
NAN reports that a turnover of 949.68 million shares worth N10.28 billion traded in 14,833 deals against 1.39 billion shares valued N12.170 billion in 14,821 deals.
The Financial Services Industry led the activity chart with a total of 577.29 million shares worth 4.87 billion traded in 8,006 deals
The Oil and Gas industry followed with a turnover of 228.997 million shares worth N1.64 billion transacted in 1,798 deals.
The third place was occupied by the Conglomerates sector having accounted for with 50.98 million shares worth N275.45 million achieved in 794 deals.
The All-Share Index lost 331.01 or 1.10 per cent to close at 29,834.21 against 30,165.22 posted in the previous week due to price depreciation by some blue chip companies.
Also, the market capitalisation which opened at N10.367 trillion dropped by N114 billion or 1.10 per cent to close at N10.253 trillion.
Transcorp topped the losers’ chart in percentage terms, shedding 9.58 per cent or 68k to close at N6.42 per share.
Access Bank trailed with a loss of 9.23 per cent or 48k to close at N4.72, while Learn Africa dropped 8.70 per cent or 8k to close at N0.84 per share.
On the other hand, Okomu oil Palm led the gainers’ table in percentage terms, increasing by 24.32 per cent or N6.97 to close at N35.63 per share.
National Salt followed with a gain of 10.90 per cent or 76k to close at N7.73, while Axa Mansard rose by 10.74 per cent or 26k to close at N2.68 per share. (NAN)
Source : Leadership