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.












Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

CRUDE IN THE NORTH: OIL MAY THREATEN NATION’S ‘FOOD BASKET’

Image
…CAUTIONS OPTIMISM AS EXPERTS SPEAK THE NIGERIAN NATIONAL PETROLEUM CORPORATION, NNPC, ANNOUNCED, LAST WEEKEND, THAT IT HAS DISCOVERED CRUDE OIL, GAS AND CONDENSATES IN THE KOLMANI RIVER II WELL IN NORTHERN NIGERIA. THE ROAD TO THE DISCOVERY WAS PAVED WITH BILLIONS OF NAIRA SPENT ON EXPLORATION. THOUGH THE FEDERAL GOVERNMENT HAS NOT DISCLOSED THE ACTUAL AMOUNT SPENT IN SEARCHING FOR HYDROCARBONS IN NORTHERN NIGERIA, PROFESSOR JERRY GANA, WHO WAS THEN-CHAIRMAN OF THE NORTHERN NIGERIA ECONOMIC SUMMIT, HAD, IN 2013, STATED THAT UP UNTIL THEN, N27 BILLION HAD BEEN SPENT ON OIL AND GAS EXPLORATION IN THE LAKE CHAD BASIN. THIS WAS FOLLOWED BY BUDGETARY ALLOCATIONS IN MILLIONS OF DOLLARS IN PURSUIT OF OIL SEARCH IN THE NORTH. THE OPPORTUNITY COST OF THE FEDERAL GOVERNMENT’S DECISION TO SPEND BILLIONS IN SEARCHING OF CRUDE OIL IN THE NORTH INCLUDED THE ABANDONED BRASS AND OLOKOLA LIQUEFIED NATURAL GAS, LNG, PROJECTS, THE REVAMP OF THE COUNTRY’S REFINERIES, THE POSSIBILITY OF ...
Read more