A stock market expert, Mr Sunny Nwosu, on Monday advised the Federal Government to strengthen the regulation of the financial sector for economic growth.
Nwosu, the National Coordinator of Independent Shareholders Association of Nigeria (ISAN), made the suggestion in an interview with the News Agency of Nigeria (NAN) in Lagos.
He said that the economy might not record significant economic growth until the financial sector fully recovered from effects of the 2008/2009 financial crisis.
He said the effects of the crisis were still being felt in the financial sector, stressing that all the banks that were closed as a result of the 2008/2009 banking industry crisis should be made to return to business.
“The government allowed the person that caused the 2008/2009 banking crisis to go free.
“Until the same person or government is called back to remedy the crisis, the Nigerian economy may not record remarkable growth and may still be ranking low on the World Economic Forum (WEF) global competitiveness report,’’ Nwosu said.
The financial expert advised that transactions in the Nigerian financial system should be more open and transparent.
Meanwhile, a total of 639.317 million shares worth N7.842 billion were traded in 10,477 deals on the Nigeria Stock Exchange (NSE) last week.
This was in contrast to the 924.546 million shares valued at N14.194 billion that exchanged hands in 14,119 deals in the previous week.
The Financial Services Industry led the activity chart (measured by volume) with 517.865 million shares valued at N4.654 billion in 5,977 deals.
The Consumer Goods Industry followed with 54.733 million shares worth N2.526 billion in 1,703 deals.
The third place was occupied by the Conglomerates which recorded a turnover of 14.752 million shares worth N25.560 million traded in 452 deals.
The All-Share Index lost 383.22 points or 1.17 per cent last week to close at 32,383.15 against 32,766.37 posted in the preceding week.
Also, the market capitalisation, which opened at N11.962 trillion, shed N140 billion or 1.17 per cent to close at N11.822 trillion last week.
NAN reports that 32 equities lost price last week, lower than 41 equities of the preceding week.
Niger Insurance led the price losers’ chart in percentage terms by 18.92 per cent or 7k to close at 30k per share.
Law union trailed with a loss of 15.38 per cent or 10k to close at 55k, while Neimeth shed 10.61 per cent or 7k to close at 59k per share.
Conversely, Cutix led the gainers’ table in percentage terms by 15.37 per cent or 63k to close at N4.73 per share.
Forte Oil followed with a gain of 10.22 per cent or N2.05 to close at N22.10, while JAPAUL Oil appreciated by 9.09 per cent or 2k to close at 24k per share.
