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NASS, operators, SEC parley to improve equities market
As part of measure at finding a lasting solution to the lull in transactions at the equities market, members of National Assembly (NASS) have promised at assist the capital market in restoring investors’ confidence in the market and sustain improvement being witnessed in the market in recent times.
During a meeting held at the Lagos office of the Securities and Exchange Commission (SEC), the leadership of the house at both the Senate and the House of Representatives promised to be part of confidence building efforts in the stock market.
Specifically, Mr Herman Hembe, the Chairman of the House Committee, who was at the quarterly meeting, said he was impressed with the meeting and promised that the House would help the capital market in ensuring sustained growth in the market. “We are very happy with what we are seeing here today and we, on our part, will do whatever is necessary to support the capital market”
The Chairman Senate Committee on Capital Market, Senator Adeseun, who was represented by the Clerk of the Committee, Sir Sammy Efetia, also expressed pleasure in the meeting.
Meanwhile, the various confidence building strategies recently embarked upon by the new management at the Securities and Exchange Commission (SEC) has started to yield positive results as the market performance on the Nigerian Stock Exchange (NSE) has been on the increase in recent times.
Apart from the NSE All-Share index which went up drastically in the last two weeks, the market capitalisation which was around N6 trillion has gone up N7 trillion in the period, while volumes of shares traded upon in the period also increased.
Market operators linked the performance to a number of reasons, including the new posture and actions taken by the new management of the commission. These, according to them, include the recent registration meeting the commission held in Lagos; timely treatment of requests being made to the commission and various meetings the new management held with various stakeholders in the market
For instance, Emeka Madubike, President, Association of Stockbroking Houses Owners of Nigeria (ASHON) said if the trend was sustained, the confidence building posture of the new team in the commission would surely put the market on the part of growth.Share