LAGOS – Some capital market operators on Monday urged the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) to ensure high level of capital market literacy among Nigerian investors.
The experts in separate interviews with the News Agency of Nigeria (NAN) in Lagos noted that that capital market literacy in the country still remains low.
Mr Gbenga Obisesan, the Managing Director, Topmost Securities Ltd., said that research has shown that the level of capital market literacy in Nigeria stood at 16 per cent.
Obisesan said that the outcome of the research was clear indication that there was still a lot of work to be done in respect of capital market literacy.
According to him, capital market literacy in Nigeria cannot be said to be new because it is as old as the institution of capital market, yet no desirable outcome was achieved.
Mr Dele Odusanya, a Stockbroker with Quantum Securities Ltd., said that capital market literacy programmes in the country currently lacked strategic direction and proper coordination. [eap_ad_2] Odusanya said that there should be an increase in public awareness about the market, suggesting that capital market literacy programmes should be included in curriculum of professional bodies, schools and Universities.
He said the capital market was yet to be where it should be, adding that its contribution to GDP was low and in terms of its relevance and active participation in the key sector of the economy.
Meanwhile, the All-Share Index of the NSE depreciated by 229.55 points or 0.56 per cent last week to close at 40,819.72 from the 41,049.27 achieved in the preceding week.
Also, the market capitalisation dropped by N76 billion or 0.56 per cent to close at N13.478 trillion from N13.554 trillion realised in the preceding week due to price depreciation.
Ikeja Hotels Plc topped the losers’ chart in percentage terms by 29.30 per cent or 63k to close at N1.52 per share.
Transnation Wide Express trailed by 17.18 per cent or 28k to close at N1.35, while Jos International Breweries dropped by 13.82 per cent or 34k to close at N2.12 per share.
On the contrary, May & Baker Nigeria led the gainers’ table in percentage terms by 36.43 per cent or 51k to close at N1.91 per share.
A.G Leventis followed with a gain of 16.67 per cent or 22k to close at N3, while Mansard Insurance gained 16.28 per cent or 42k to close at N3 per share.
A turnover of 1.586 billion shares worth N26.92 billion were achieved in 22,238 deals against 3.752 billion shares valued at N62.12 billion achieved in 22,109 deals in the previous week.
The financial services sector remained the most active, accounting for 1.11 billion shares worth N8.77 billion traded in 11,102 deals.
The conglomerates sector came second on the week’s activity chart, trading 158.53 million shares worth N989.50 million in 1,640 deals.
NAN reports that the consumer goods sector followed with a total of 92.42 million shares valued at N5.86 billion in 3,307 deals. (NAN) [eap_ad_3]
