The Nigerian Stock Exchange (NSE) on Wednesday urged investors not to panic as a result of the perceived downturn in the capital market as the fundamentals remained as strong as ever.
Yvonne Emordi, Head of Strategy at NSE, said dropping prices of equities did not mean the market was heading into another recession but that market makers and all market stakeholders were working effectively to stabilise the market.
She spoke in Lagos at the 2nd Technical Session for Institutional Investors organised by Investment One Financial Services Ltd. (formerly GT Asset Management).
Speaking on the theme, “Strategic Positioning of the NSE,’’ Emordi said that the NSE was committed to protection of investors’ interest, noting that the Exchange would continue on product development and technology to ensure a world-class market.
“By end of 2013, we will have established our technology competitiveness, restore regulatory soundness and advocate the policy changes,” Emordi said.
She also called for the implementation of the plan to remove stamp duty and Value Added Tax (VAT) on capital market transactions as announced by the Federal Government in December 2012, noting that the delay in gazetting the initiative was not in the interest of investors.
In his own remarks, Nicholas Nyamali, the Managing Director, Investment One, said that the company was committed to clients’ objectives of wealth creation, adding that the company would continue to ensure timely and insightful market information and excellent customer service.
He said that the event was organised to engender understanding and enlightenment with a view to ensuring continuous growth of the market.