The Chartered Institute of Stockbrokers has said that the sustenance of the recovery in the equities section of the Nigerian Stock Exchange is a major focus for 2013.

According to the institute, stockbrokers have a duty to ensure that things are put in place to boost the Nigerian market and make it even more attractive for both foreign and local investors.

Last month, statistics from the NSE showed that the All-Share Index closed the month at 26,494.44 basis points, representing an improvement by 0.24 per cent or 63.52 points, compared to 26,430.92 points at the end of October.

Also, the market capitalisation of the listed equities rose marginally by 0.5 per cent or N44bn to close the month at N8.466tn, up from N8.422tn recorded at the end of the previous month.

With an aim to record improved activities at the end of the month, the stockbrokers, under the aegis of the CIS, would be holding a conference next week to address issues and measures required to sustain the recovery in the market

In a statement on Wednesday, the President of the CIS, Mr. Ariyo Olushekun, said the institute decided on the national workshop as part of efforts to take its rightful place in charting a new course for Nigeria.

According to him, brokers have resolved to take a more active role in influencing economic policy by organising annual national workshops that would contribute immensely to the transformation, not only of the capital market, but the national economy as a whole.

He explained that the workshop would bring together key players in both the public and private sectors of the Nigerian economy to brainstorm, and generate ideas, which will serve as useful input to the national budget and enhance the quality of the policy making process.

“It will also assist government agencies to track budget performance and showcase best practices in service delivery. Further, the workshop will present an avenue to influence government policies thereby ensuring the growth and development of key sectors of the Nigerian economy,” he said.

He said that this year’s workshop, with the theme, ‘Working the Transformation Agenda: The Real Issues,’ will focus on telecommunications and power sectors of the economy.

Olushekun noted that the two sectors were chosen because they hold strategic importance to the realisation of the vast potential of the Nigerian economy, and reinvigoration of the capital market.

He added that the Vice President, Mr. Namadi Sambo; 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, NSE, Mr. Oscar Onyema, were some of the expected dignitaries and speakers at the event.

Source: Punch (written by Udeme Ekwere)