Capital market operators have attributed low liquidity, poor volume and apathy in the Nigerian Stock Exchange (NSE) to uncertainties in the nation’s economy.
They told newsmen in Lagos on Monday that economic uncertainties occasioned by non-passage of the 2017 Budget were affecting investors’ confidence in the market.
The immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), Mr Emeka Madubuike, said that the stock market performance was a reflection of the nation’s economy.
Madubuike advised  the Federal Government to address the defects in the economy to enable the market to move forward.
He said that uncertainties in the economy were negatively affecting the market, resulting  in low volumes due to loss of confidence.
Madubuike said that non-passage of the 2017 Budget was also affecting the economy.
”Nobody knows the direction of the economy,” he said, expressing dissatisfaction that the National Assembly  had yet to pass the budget.
“Budgets are estimates; I wonder why there should be politics in passing a budget. Why should a budget take four months to be passed? “he asked.
Madubuike said that the government should urgently map out strategies to ensure refining of crude oil in the country to avoid payment of subsidies.
He said that the economy might not experience any meaningful development without the utilisation of the capital market for infrastructural development.