Missed Expectations from Capital Market – THISDAYLIVE

As the current administration begins a gradual winding down in preparation for the 2023 general election, THISDAY begins a sectoral analysis of the economy in a way to call the attention of political office seekers to the missed opportunities and the existing low-hanging fruits.The capital market, most especially the Nigerian Exchange Limited All-Share Index appreciated to 43,839.08 basis points as of October 31, 2022, against the threshold of 34,044.

And then, the stock market of the Nigerian Stock Exchange , now called Nigerian Exchange Limited ended 2015 with a N1.63trillion loss, while the market index opened t 2015 with 34,657.15 basis points to close at 28,642.25 basis points. The eight main Exchanges in Nigeria are Nigerian Exchange Limited , FMDQ Securities Exchange, National Association of Securities Dealers , AFEX Commodity Exchange, Gezawa Commodity Market & Exchange, Lagos Commodities & Futures Exchange, Nigeria Commodity Exchange , and Prime Commodity Exchange.

According to him, “Considering the relationship between capital market and the economy, his contribution to the market is negative, given that economy has not done well in the area of managing price stability ; driving economic growth ; the unemployment rate is worrisome, and performance of the external sector is nothing to celebrate.The present administration effectively accessed the capital market to raise capital through Sukuk and FGN Bonds.

The use of Sukuk to raise funds to finance infrastructure contributes directly to achieving this objective. Echoing Yusuf’s standpoint, Olayinka said that the administration of Buhari has used the market more to raise short-term and long-term capital in support of his administration’s public sector domineering focus, in an economy that has private sector dominance.

The vice president, of Highcap Securities Limited, Mr. David Adnori explained that the capital market under Buhari so far has witnessed advancement in the secondary market as the result of the mega listing of giant telecom companies. There were also mega listings such as BUA Cement and Foods. The discussions on the demutualisation of the NSE had been ongoing since 2001 although there were no deliberate efforts made in advancing the process until 2011.

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