Stock market volatility: Operators seek FG intervention fund


Operators in the Nigerian capital market have moved for Federal Government intervention fund to save the market from the current volatility and grow the economy.
The coalition of the Chartered Institute of Stockbrokers, CIS, Association of Issuing Houses of Nigeria, ASHON and Association of Issuing Houses of Nigeria, AIHN at a press conference in Lagos kicked against the reintroduction of stamp duty by the Federal Government, saying “it will add to the cost of transaction in the market.” Speaking, Acting President, CIS, Mr. Oluwaseyi Abe said “ The capital market is going through challenges that are not uncommon with other markets especially the automated markets which operate in a crest and trough pattern in response to variables in the macro economy and within the market itself.”
Pulse of the economy
According to him “This is so because the capital market is an integral part of the economy which ideally serves as a barometer for measuring the pulse of the economy. Moreover, we operate in a globalised economy where geographical barriers have been broken down by the internet, so global trends tend to create a domino effect in various economies and markets. Until 2008, the Nigerian capital market had remained relatively stable.
He stressed that the original problem of the market can be traced to lacuna created by the Central Bank of Nigeria, CBN by failing to regulate banks’ involvement in margin loans for speculative trading and the apex bank’s mismanagement of the information to stop margin loan which created panic in the market and coincided with the 2008 global financial meltdown.




For the full story, check the Vanguard newspaper.












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