Some capital market operators last week expressed optimism that the Federal Government’s decision to formulate national action plans to remove bottlenecks would ease the process of doing business, if properly articulated and implemented.
They said well-articulated action plans would positively turn around the nation’s fortunes and revitalise its economy.
Mr. Sehinde Adenagbe, a stockbroker, said the pronouncement, if well-implemented, would boost investors’ confidence in Nigeria. It would also make the Small and Medium Enterprises (SMEs) competitive in their actions.
Adenagbe said the government should ensure the establishment of collateral registries and credit bureaux for SMEs in its bid to improve ease of doing business in the country.
He noted that the government should leverage on the gradual peace in the Niger Delta to boost oil output and revenue.
Also, Mr Ambrose Omordion, the Chief Operating Officer, InvestData Limited, said early approval of this year’s budget would provide a direction of businesses, adding that it would boost economic activities in the country.
Omordion said the budget aids investment decision and was used by investors to ascertain any country’s economic direction.
On the stock market performance, he said the market would witness upward and downward trends, due to cautious trading occasioned by mixed sentiments.
Omordion said fund managers and market players would engage in profit-taking, following month end activities to balance their trading accounts.
He noted that another factor that would affect trading would be the market expectations of the nation’s 2016 fourth quarter Gross Domestic Product (GDP) data, and Nestle Nigeria 2016 audited result.
According to him, investors should combine technical and fundamental analyses for trading decisions to know the support and the resistance levels.
It was reported that the turnover of 765.66 million shares worth N9.72 billion were traded by investors in 12,468 deals last week.
This was in contrast with 1.07 billion shares valued at N8.61 exchanged in 14,486 deals in the previous week.
The Financial Services Industry remained the most active when measured by volume, with 575.29 million shares valued at N3.47 billion, traded in 6,738 deals.
It has thus contributed 75.14 per cent, and 35.71 per cent to the total equity turnover volume and value respectively.
The consumer goods sector was followed with 53.812 million shares worth N3.47 billion in 2,572 deals.
The third place was occupied by conglomerates industry, with a turnover of 48.96 million shares, valued at N229.41 million in 622 deals.
The Nigerian Stock Exchange (NSE) All-Share Index and market capitalisation for the first time in February, recorded weekly growth appreciating by 0.34 per cent, respectively.
The index grew by 85.46 points or 0.34 per cent, to close at 25,250.37 from 25,164.91, recorded in the corresponding week.
Also, the market capitalisation, which opened for the week at N8.709 trillion, inched N30 billion or 0.34 per cent, to close at N8.739 trillion.