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NSE says AMC will boost capital market operations

The Nigerian Stock Exchange has said that the proposed Asset Management Company will boost activities in the capital market.

The Director-General, NSE, Prof. Ndi Okereke-Onyiuke, said this while addressing market operators on the trading floor on Wednesday. She noted that the AMC would also address the various, challenges rocking the Nigerian financial system, and the economy as a whole.

The DG, however, called on the market operators to deliberate on issues regarding the AMC during their forthcoming annual conference which will hold later this month.

Spokesperson for the NSE, Mr. Sola Oni, in a text message to journalists, quoted the DG as saying that the asset management company was not a design by the government to bail out just the capital market, but the entire financial system of the country.

He said, ”The Director-General advised stockbrokers to include asset management company among the issues to be discussed at their conference in Ibadan. It will help appreciate the fact that the Federal Government’s aim for setting up the Asset Management Company is not to bail out the market, but the whole gamut of the economy.”

Meanwhile, activities at the NSE closed on a negative note on Wednesday, with major indicators recording significant declines.

Specifically, the market capitalisation of the listed equities, fell by one per cent or N52bn to close at N5.353tn down from N5.405tn recorded on Tuesday.

Similarly, the NSE‘s All-Share Index closed at 22,985.05, representing a fall by one per cent or 221.30 basis points from 23,206.35 on Tuesday.

Two petroleum marketing stocks- Oando Plc and African Petroleum Plc- had the highest price losses of the day, shedding 2.2 per cent and 3.2 per cent to close at N90 and N32.01 per share respectively.

Lafarge Wapco Plc followed, also shedding 3.2 per cent to close at N30.06 per share.

On the other hand, Nestle Nigeria Plc had the highest gain, rising by five per cent or N10.40 to close at N218.40 per share.

Conoil Plc also gained five per cent or N1.79 to close at N37.60 per share, while, Nigerian Bottling Company Plc and Nigerian Breweries Plc appreciated by five per cent and 1.7 per cent to close at N22.27 and N55 per share in that order.

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