The Chartered Institute of Stockbrokers has said that there is the need to take necessary steps to ensure that the growth recorded in the capital market is sustained.

According to the institute, this is essential to continually attract the attention of both foreign and local investors into the market.

Within the last two months, the market has recorded remarkable appreciation, with the Nigerian Stock Exchange’s All-Share Index rising to 25,947.60 basis points. The Index has risen by about 25 per cent year-to-date.

Explaining this at a media briefing in Lagos on Wednesday, the President CIS, Mr. Ariyo Olushekun, noted that already, a lot of foreign investors were taking position in the equities market ahead of the expected rise in the market.

He said, “We are pleased to note that recovery has already commenced in our market and we are sure that this recovery would be sustained. Already, you would notice that we are having a 14-15 per cent year-to-date return in the market.

“All indications point to the fact that we are going to see even more growth in the months ahead, and we can see this from the way that foreign portfolio investors have been playing in the market in the last two years and taking advantage of the undervalued prices of major companies.”

He noted that the growth recorded was mainly because all stakeholders were putting their heads together to ensure that there is market growth.”

In an attempt to seek for ways to ensure that investor interest in sustained in the market, stockbrokers under the aegis of the CIS will be organising a conference next month, to address issues and measures required to sustain the recovery in the market.

He added that the theme of the conference is “Appraisal of the Nigerian Economy- An Agenda for Sustainable Capital Market Recovery.”

He said, “The specific objective of the conference is to create a platform where stakeholders including capital market regulators, operators, investors, government functionaries, can articulate the short, medium and long-term workable measures to sustain on-going market recovery.

“It is important to note that speakers have been chosen on the strength of their professionalism and strong experience in the capital market and the Nigerian economy, and the Executive Governor of Lagos State, Mr. Babatunde Fashola, is expected to declare the conference open.”

He added that the Minister of Finance, Dr. Ngozi Okonjo-Iweala, the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, the Director-General, Securities and Exchange Commission, Ms. Arunma Oteh and the Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema, were sone of the expected dignitaries and speakers at the event.

Source: Punch/Udeme Ekwere