Author Topic: MARKET‘LL BEGIN RECOVERY THIS WEEK – DG NSE  (Read 1127 times)

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MARKET‘LL BEGIN RECOVERY THIS WEEK – DG NSE
« on: October 07, 2008, 03:11:58 PM »
Market‘ll begin recovery this week – DG NSE


The decline, which the Nigerian capital market had been witnessing in the past seven months may come to an end this week, according to the Director-General, Nigerian Stock Exchange, Prof. Ndi Okereke-Onyiuke.
 
Photo file

Onyuike Okereke

The DG, who said this during the 14th Annual General Meeting of the Central Securities Clearing System Limited in Lagos, on Monday, said that investors would start to experience a significant improvement in the market.

She stated that wide ranging measures that were expected to shore up the major market indicators had been put in place by the NSE.

This, she noted, would be announced after the NSE’s council meeting on Tuesday.

She pointed out that fresh funds would be injected into the market to ensure stability.

On whether the Federal Government had failed in its effort to revive the market and ensure stability, she said, “We knew from the outset that the government would not be able to solve the problem in the market, we only went to them because one of the agencies (Central Bank of Nigeria) that could help us is a government agency. What we wanted them to do was to assist us through moral suasion.”

She added, “The problem in the market was not caused by us but we are the ones that will solve the problem. As I speak to you now, the problem is almost over. I assure you that after tomorrow’s meeting, we will make some announcements after which you will start to see improvements in the market, starting from this week”

Meanwhile, CSCS Limited has recorded an increase of 381 per cent in profit after tax for its 2007 financial year.

According to the company’s audited result for the year ended December 31, 2007, profit after tax stood at N3.58bn as against N745m in 2006.

Turnover also grew by 269 per cent, up from N2.24bn in 2006 to N8.27bn in the year under review.

The company’s shareholders, at the AGM, approved N400m dividend, translating into 40 kobo per share and a bonus of four shares for every one held as at December 31, 2007.

However, the market capitalisation of the 310 listed equities closed lower, depreciating by N45bn or 0.5 per cent to close at N9.684tn.

Similarly, the All-Share-Index of the NSE dropped by 0.5 per cent to close at 45,504.69

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MARKET‘LL BEGIN RECOVERY THIS WEEK – DG NSE
« on: October 07, 2008, 03:11:58 PM »

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