NAN-HE-3
Market
By Lilian Okoro
Lagos, Sept.19, 2016 (NAN) A financial expert, Mr Boniface Ekezie, on Monday urged the Federal Government to tackle the challenges facing manufacturers to grow the nation’s Gross Domestic Products (GDP).
Ekezie, who is also the President of Shareholders Association of Nigeria (SAN), gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
According to him, manufacturers are the major drivers of the economic growth, and if they can operate optimally, there will be employment opportunities and this will boost the GDP.
“There is no magic that will strengthen the naira and ensure availability of dollars when the country has been import-dependent.
“The manufacturers are suffering from the challenges of inability to source dollars for raw materials due to high exchange rate, and this pave the way for setback in business activities.
“The way forward is for the Federal Government to create an enabling environment for the manufacturers to operate effectively,’’ he said.
The expert said that an enabling environment and stable policy would enable foreign investors to bring into the economy hard currencies and lower the exchange rate.
Meanwhile, an analysis of the market activities for the three-day trading last week after the Eid-el-Kabir break showed that market indicators appreciated by 1.02 per cent.
The All-Share Index grew by 280.96 points or 1.02 per cent to close at 27,858.48 compared with 27,577.52 posted the previous week.
Similarly, market capitalisation, which opened at N9.473 trillion rose by N97 billion or 1.02 per cent to close at N9.570 trillion.
NAN reports that 34 equities appreciated in price during the week, higher than 24 equities recorded the previous week.
ConOil led the gainers’ table in percentage terms by 33.84 per cent or N8.05 to close at N31.84 per share.
Unilever followed with a gain of 14.23 per cent or N5.73 to close at N46, while Afriprud appreciated by 13.71 per cent or 34k to close at N2.82 per share.
Conversely, Neimeth topped the losers’ chart in percentage terms by 8.47 per cent or 10k to close at N1.08 per share.
AIICO Insurance trailed with a loss of 7.46 per cent or 0.05k to close at 62k, while Transcorp shed 7.14 per cent or 0.08k to close at N1.04 per share.
A turnover of 611.527 million shares worth N5.495 billion were exchanged by investors in 9,650 deals during the week under review.
This was against a total of 1.183 billion shares valued at N10.300 billion in 16,522 deals exchanged by investors in the corresponding week.
The Financial Services Industry led the activity chart in volume terms by 517.964 million shares valued at N2.933 billion traded in 5,931 deals.
The Consumer Goods Industry followed with 30.470 million shares worth N1.488 billion in 1,561 deals.
The third place was occupied by the Conglomerates Industry with a turnover of 27.836 million shares worth N55.012 million in 395 deals. (NAN)
LUC/GOK/IA
(Edited by Olagoke Olatoye/Idris Abdulrahman)