By Michael Eboh &Providence Obuh
Stockbrokers have expressed their grievances over recent unpleasant comments about the capital market by individuals in positions of authority in the country.

The stockbrokers , represented by Mr. Olu Odejimi, Managing Director, Clearview Securities and Doyen of the dealing members, at the close of trading, Monday, on the floor of the NSE, expressed dismay at recent negative comments about the capital market, attributed to a key government official.

He noted that such comments are capable of hindering efforts by operators to ensure return of stability in the market and further aggravate the current downturn recorded in the market.

He called for caution on comments about the capital market by highly placed individual, noting that efforts by capital market authorities to woo foreign and local investors into the market would not yield positive results if comments about the market are not checked.

Last weekend, the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido was quoted as saying that a number of Nigerian banks were operated like gambling houses while he described the Nigerian stock market as a casino, where fraudulent business transactions are perpetuated to the detriment of the citizenry.
He was also quoted as saying that politicians, particularly public office holders, were accomplices in the shady deals in which depositors of banks and investors in the stock market were being manipulated.
However, the CBN has denied making such remarks, stating that the Governor had explained that the management of some of the rescued banks during the period did not entirely raise fresh capital, but deployed depositors’ fund through collusion with some stock brokers in buying their respective shares in the stock market and manipulating the prices, thereby creating a bubble which would eventually burst with dire consequences _ a situation he alluded to as similar to what operates at the Casinos.
Meanwhile, an upward trend was recorded on the Nigerian Stock Exchange (NSE), Monday, as the value of listed equities appreciated marginally by N5.74 billion.
In particular equities value, represented by the market capitalisation, rose by 0.9 per cent to close at N6.024 trillion from N6.018 trillion at which it opened.  Another key performance indicator, the All share index garnered 23.48 basis points to close 24,632.78 points.
The improvement in the indices was occasioned by gains recorded on the prices of blue chip stocks, especially stocks in the Banking and Petroleum (Marketing) sub-sectors.
Flour Mills Nigeria Plc recorded the most share price gain, rising by N2.00 to close at N70.00 per share, followed by Nigerian Breweries Plc with a gain of N1.26 to close at N63.00 per share and Cement Company of Northern Nigeria Plc garnered N0.50 to close at N17.05 per share.
Other share price gainers include: First Bank of Nigeria Plc N0.45, Dangote Sugar Refinery Plc N0.14, Guaranty Trust Assurance Plc N0.10, Starcomms Plc N0.10, Guaranty Trust Bank Plc N0.10, Sterling Bank Plc N0.09, Zenith Bank Plc N0.07, among others.
On the contrary, Total Nigeria Plc recorded the most share price loss dropping by N3.94 to close at N250.00 per share, followed by Nigerian Bottling Company Plc with a loss of N1.45 to close at N30.00 per share and Oando Oil Plc dipped by N0.94 to close at N73.06 per share.
Other share price losers include: N0.70, Diamond Bank Plc N0.37, Eterna Oil Plc N0.37, Costain West Africa Plc N0.34, Stanbic IBTC Bank Plc N0.27, Skye Bank Plc N0.20, among others.
Equities trading depreciated by 48.44 per cent, as a turnover of 162.35 million shares valued at N1.64 billion was recorded in 5,291deals, in contrast to Friday’s turnover of 314.87 million shares valued at N3.13 billion in 6’540 deals.
The Banking sub-sector dominated the other sub-sector on the sectorial analysis accounting for 49.75 per cent of the market turnover with 80.76 million shares valued at N747.06 million in 2,794 deals.  First Bank of Nigeria Plc recorded the most patronage in the sub-sector trading 22.26 million shares valued at N278.89 million in 718 deals, Guaranty Trust Bank Plc followed with the exchange of 10.57 million shares valued at N176.03 million in 367 deals and United Bank for Africa Plc recorded 7.05 million shares valued at N70.53 million in 258 deals.
The Insurance sun-sector followed on the sectorial analysis accounting for 9.85 per cent of the market turnover with 15.98 million shares valued at N14.33 million in 196 deals.  African Alliance Insurance Plc led the sub-sector trading six million shares valued at three million in 2 deals, NEM Insurance Company Nigeria Plc followed with the exchange of 3.72 million shares valued at N1.92 million in 28 deals and Custodian and Allied Insurance Plc recorded 1.21 million shares valued at N4.22 million in 29 deals.


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