Lagos (Lagos State) – The Association of Stockbroking Houses of Nigeria (ASHON), on Monday called for quick release of the flexible foreign exchange guidelines to reduce economic uncertainties in the country.
Mr Emeka Madubuike, ASHON President, told the News Agency of Nigeria (NAN) in Lagos that the delay had affected economic activities negatively.
Madubuike said the country needed clear policy direction to achieve desired growth and development.
He stated that the capital market and economy in general would not witness sustainable growth with continuous delay in the forex guidelines.
According to him, forex policy, interest rate and inflation rate are critical for investment decisions because they determine the macroeconomic direction of any country.
He said investors had developed wait and see attitude because of the delay in the release of the guidelines.
He, however, called on investors to invest in equities that had shown resilience in terms of growth over a long period of time.
Madubuike added that investors should take advantage of the low price of such equities to increase their stake in the capital market and reap the benefit later.
NAN reports that a turnover of 959.92 million shares worth N7.87 billion were exchanged by investors in 17,561 deals last week.
This is against the 1.26 billion shares valued at N11.58 billion traded in 17,434 deals in the corresponding week.
The financial services sector led the activity chart in volume terms by 782.48 million shares worth N4.11 billion achieved in 10,477 deals.
The conglomerates industry followed with 59.43 million shares worth N99.62 million achieved in 762 deals.
The third place was occupied by the consumer goods sector with a turnover of 46.55 million shares valued at N2.83 billion transacted in 2,703 deals.
However, the NSE All-Share Index lost 401.80 points or 1.45 per cent to close at 27,232.62 from the 27,634.42 posted in the preceding week.
In the same vein, the market capitalisation shed N138 billion or 1.45 per cent to close at N9.353 trillion in contrast to the N9.491 trillion recorded in the previous week.
Cadbury topped the losers’ chart in percentage terms by 9.71 per cent or N18.51 to close at N20.50 per share.
Airline services and logistics trailed with a loss of 9.38 per cent or 18k to close at N1.74, while United Bank for Africa depreciated by 9.11 per cent or 43k to close at N4.29 per share.
On the other hand, Unity Bank led the gainers’ table in percentage terms by 30.43 per cent or 28k to close at N1.20 per share.
NEM Insurance followed with a gain of 24.68 per cent or 19k to close at 96k, while Union Dicon Salt appreciated by 15.69 per cent or N1.95 per share. (NAN)