Some financial\u00a0market operators on Monday called on the National Assembly to fast track the passage of the 2017 Budget to boost liquidity in the economy and ensure its effective implementation.
\nThey told newsmen in Lagos, Monday, that budget approval was necessary to stimulate the economy through government spending.
\nHead Research, SCM Capital Ltd., Mr Sewa Wusu, called for the quick passage of the budget to stimulate economic activities, noting that\u00a0non-passage of the budget was affecting various sectors of the economy.
\nWusu said that the late passage would affect the budget implementation,\u00a0especially the capital budget.
\nHe said that the budget approval should be hastened for government to hit the ground with implementation as the highest spender in the country.
\nWusu, however, attributed the zigzag performance at the stock market to low confidence of both local and foreign investors.
\nHe said that investors were still weary of market outlook due to macro economic development.
\nWusu attributed foreign investors\u2019 lack of confidence in the market to foreign exchange issues, noting that they were yet to be convinced of the Forex supply side in spite of the apex bank\u2019s regular intervention.
\nHe said that investment in the market, with the turn of events, was for investors with high risk appetite.
\nA Professor of Economics, Sheriffadeen Tella of the Olabisi Onabanjo University, Ago-Iwoye,\u00a0said that budget approval delay would affect the multiplier effects on sectoral expansion and employment generation.
\nTella said that the stock market had failed to respond to some impressive results declared so far.
\nAccording to him, this is because people have low income which is largely devoted to meeting basic needs than investment in the face of rising prices.
\nHe added that Nigerians were generally risk averse and were yet to overcome the negative effects of loss of fund in the protracted economic crisis of the recent past.
\nReports say that a turnover of 1.31 billion\u00a0shares worth N10.32 billion were exchanged by investors in 13,042 deals last week against 1.03\u00a0billion\u00a0shares\u00a0valued\u00a0at\u00a0N7.98 billion exchanged hands in 13,441 deals in the preceding week.
\nThe\u00a0 Financial\u00a0 Services\u00a0 industry, when measured\u00a0 in volume terms,\u00a0 led\u00a0 the\u00a0 activity\u00a0 chart\u00a0 with\u00a0 1.14\u00a0 billion\u00a0 shares worth N6.03 billion traded in 7,518 deals.
\nIt contributed 87.01 per cent and 58.39 per cent to the total equity turnover\u00a0volume\u00a0and\u00a0value.
\nThe\u00a0 Consumer\u00a0 Goods\u00a0 sector followed\u00a0 with\u00a0 71.21\u00a0 million shares,\u00a0 valued at\u00a0 N2.31 billion transacted in\u00a0 2,261 deals.
\nThe\u00a0third\u00a0place\u00a0was\u00a0occupied by\u00a0Services Industry, with\u00a0a turnover of 29.39 million shares worth N24.59 million in 258 deals.
\nThe NSE\u00a0All-Share Index and market captialisation depreciated by 0.77 per cent\u00a0and\u00a00.80 per cent to close the week at 25,454.93 and N8.807 trillion respectively against 25,653.16 and N8.878 trillion achieved in the previous week.
\nLafarge Africa led the gainers\u2019 table for the week in percentage terms, improving by 13.92\u00a0per cent or N5.01 to close at N41.01 per share.
\nFidson Healthcare followed with a gain of 13.48 per cent or 12k to close at N1.01, while Livestock Feeds increased by 10.94 per cent or 7k to close at 71 per share.
\nOn the other hand, Guinness led the losers\u2019 chart in percentage terms, dropping by 9.77 per cent or N6.50\u00a0to close at N60 per share.
\nSeplat\u00a0trailed with a loss of 9.73 per cent or N38.72 to close at N359.28, while Diamond Bank shed 8.51 per cent or 8k to close at 86 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"
Some financial\u00a0market operators on Monday called on the National Assembly to fast track the passage of the 2017 Budget to boost liquidity in the economy and ensure its effective implementation. They told newsmen in Lagos, Monday, that budget approval was necessary to stimulate the economy through government spending. Head Research, SCM Capital Ltd., Mr Sewa […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-148140","post","type-post","status-publish","format-standard","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/148140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=148140"}],"version-history":[{"count":0,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=\/wp\/v2\/posts\/148140\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=148140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=148140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetidenewsonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=148140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}