Home Business Capital market: Operators urge FG to create forex window for foreign investors

Capital market: Operators urge FG to create forex window for foreign investors


Lagos –  Some capital market operators on Monday urged the Federal Government to create a foreign exchange window for foreign investors to deepen activities at the Nigerian Stock Exchange (NSE).

They told the News Agency of Nigeria (NAN) in Lagos that foreign exchange challenges had affected transactions by foreign investors in the capital market.

Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., Lagos said the called was necessary because of the Federal Government stance on naira devaluation.

Kurfi also said that many manufacturing companies were finding it difficult to import raw materials for production.

Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., Lagos said the delay in the passage of the 2016 budget had also contributed to the downward trend in the capital market and the economy in general.

Omordion appealed that the issues impeding Presidential assent to the 2016 budget be resolved immediately by the National Assembly in the national interest.

Omordion attributed gains recorded by the market last week to impressive first quarter unaudited results announced by some quoted companies.

Meanwhile, NAN reports that a turnover of 885.4 million shares valued at N5.83 billion were exchanged in 13,870 deals by investors last week.

This is against 8.05 billion shares worth N13.33 billion traded in 15,212 deals in the preceding week.

The Financial Services sector led the activity chart by 747.82 million shares valued at N3.83 billion traded in 8,768 deals.

The Consumer Goods sector followed with 45.52 million shares worth N977.58 million exchanged in 2,145 deals.

The Agriculture sector had a turnover of 32.31 million shares worth N48.46 million traded in 247 deals.

The All-Share Index increased by 130.84 points or 0.53 per cent to close at 24,850.11 from the 24,719.27 posted in the preceding week.

Also, the market capitalisation appreciated by N45 billion or 0.53 per cent to close at N8.548 trillion from N8.503 trillion in the preceding week.

Tiger Branded led the gainers’ table by 20.87 per cent or 48k to close at N2.78 per share.

Eterna followed with a gain of 20.37 per cent or 33k to close at N1.95, while Trans Nationwide Express rose by 14.14 per cent or 14k to close at N1.13 per share.

Conversely, Law Union and Rock Insurance topped the losers’ chart by 18.03 per cent or 11k to close at N0.50 per share.

Fidelity Bank trailed with a loss of 13.57 per cent or 19k to close at N1.21, while Union Homes Savings and Loans lost 9.58 per cent or 41k to close at N3.87 per share. (NAN)

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