By MICHAEL EBOH
LAGOS—Despite the improvement in trading in the secondary segment of the Nigerian capital market, yesterday, the value of investment on the Nigerian Stock Exchange, NSE, have recorded a decline of N1.351 trillion since the beginning of 2011.

The value of investments, represented by the market capitalisation, dipped by 20.58 per cent from N7.914 trillion recorded at the commencement of trading in 2011 to N6.563 trillion at the close of trading yesterday.

To this end, stockbrokers in the market yesterday, expressed concerns over the decline in the fortune of the market.

At the launch of the new ceremonial jacket and badges for operators in the market and staff of NSE, Mr. Rasheed Yusuf, President, Association of Stockbroking Houses of Nigeria, ASHON, expressed concern over the dip in the fortune of the Nigerian stock market, blaming it on the dwindling economic fortune of the country.

He called on the Council of the NSE to prevail on the government to take urgent measures in fixing the economy as this will have a positive effect on the capital market.

He said the market was in a celebratory mood, but the operators in the market are not celebrating, especially with the current state and persistent decline in the indices of the market.

Yusuf said: “There is the need to draw attention of the government and policy-makers to the situation in the market. The market is currently not performing well and this is as a result of the dwindling economy. The government should be informed on the need to put the capital market back on track.”

Yusuf harped on the need for the government take urgent steps in fixing the economy to ensure the growth of the capital market.

According to him, if the economy is fixed, more companies will record improvement in their activities and approach the capital market to raise funds, which will in turn bring about an improvement in the fortune of the market.

He disclosed that many companies that have secured the approval of the authorities of the Nigerian capital market to list, have refused to honour the commitment to list due to the downturn recorded in the market over the past months.

He further advised the authorities in the market to ensure that operators are taken into consideration when decisions affecting the capital market are being made.

According ton Yusuf, when decisions are to be made, the people mainly affected by the decisions should be carried along and their inputs should be considered so as to avoid disaffection and rancour in the market.