Business
Current Price Movements On NSE, Artificial – Expert
A stock market expert, Mr Edwin Ikhinmwin, last Wednesday, said the current price movements in the capital market was more of artificial than real.
Ikhinmwim, Managing Director, Emi Capital Resources Ltd., told newsmen in Lagos that capital market could not be separated from the nation’s economy.
He said that the country was at the moment suffering from the economic challenges which had its bears on the capital market, adding, “A sick economy reflects a sick capital market”.
“The market flourishes with fundamentals, but for now, the price movement seems to be artificial. And come to think of it, the market is not disassociated from the larger economy.”
“Whatever affects the economy affects the market,” he said.
Ikhinmwin stressed the need for the government and regulatory authorities to address the illiquidity for the capital market to move forward.
He said that infrastructure development should equally be addressed to encourage small and medium scale enterprises to play its role in the market.
“There is need for infrastructure development. Nigeria needs to boost its export and encourage good road network for businesses to move.”
“Conducive atmosphere is also needed for foreign investor to invest in the country,” he said, adding that investors’ confidence will be restored when all these were effectively addressed.
“What we are talking about is investors’ confidence that is eroded. To bring the market up again, investors confidence needed to be restored,” Ikhinmwin said.
He said that prices of stocks have been fluctuating because “investors burnt their fingers after the global financial crisis” adding that they had engaged in panic buying to recoup their lost investment.
According to him, all the people that have burnt their fingers will not want it burnt again.
“So, what happens is that they sell off any kobo that accrues to their investment, thus making it difficult for the market to grow,” he said.
Mr. Emmanuel Ikazoboh, NSE Interim Administrator, had last Monday said that investments in the critical infrastructure and continued focus on promoting macro-economic stability were expected to facilitate shift in the economy.
Business
FG Fixes Uniform Prices for Housing Units Nationwide, Approves N12.5m For 3-bedroom Bungalow ……..Says Move To Enhance Affordability, Ensures Fairness
“The approved selling prices are as follows: One-bedroom semi-detached bungalow, N8.5 million; two-bedroom semi-detached bungalow: N11.5 million and three-bedroom semi-detached bungalow, N12.5 million,” the statement added.
Minister of Housing and Urban Development, Ahmed Dangiwa, stated that priority in the allocation of the housing units would be given to low and middle-income earners, civil servants at all levels of government, employees in the organised private sector with verifiable sources of income, and Nigerians in the Diaspora who wish to own homes in the country.
The Permanent Secretary in the ministry, Dr. Shuaib Belgore, explained that several payment options have been provided to make the houses affordable and flexible. These include outright (full) payment, mortgage, rent-to-own scheme, and installment payment plans.
The ministry further announced that the sale of the completed housing units across the northern and southern regions will soon commence.
“Applications can be made through the Renewed Hope Housing online portal at www.renewedhopehomes.fmhud.
The ministry, however, clarified that the approved prices apply strictly to the Renewed Hope Housing Estates which are funded through the ministry’s budgetary allocation, as against the Renewed Hope Cities in Karsana Abuja, Janguza Kano, Ibeju Lekki, Lagos which are being funded through a Public Private Partnership (PPP).