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Shareholders Restate Confidence in Market

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Shareholders under the aegis of Nigeria  Shareholders Solidarity Association (NSSA),  have restated their confidence in the Nigerian capital market despite the slow recovery, saying the market will rebound very soon.

Speaking to  newsmen  at the end of NSSA Annual  Seminar for Audit Committee Members , hosted by KPMG Professional Services in Lagos yesterday,  the President of the association, Mr. Timothy Adesiyan, noted that given the efforts of regulators and new disclosure requirements for  listed companies,  the future of the market was bright.

“We have confidence in the Nigerian capital market that it will bounce back  very soon. Considering the proactive way the regulators are going about their tasks, we believe the future of  is bright.  The various efforts should be supported by operators and other stakeholders so as to  boost the recovery of the market,” he said.

Adesiyan added that the prospects of the market are also bright because the expected adoption of  the International Financial Reporting Standard (IFRS)  by listed companies, would elicit  additional disclosures  by companies.

“These disclosures would make the companies perform better in terms of giving factual information about their operations. There is no hiding place for any company as far as IFRS is concerned. If a company decides to hide one information,  while giving information on other aspect of  its operations, it will contradict and the   truth will come out,” he said.

Speaking on the seminar, titled: “Understanding IFRS Financial Statements-Considerations for the Audit Committee,” Adesiyan said it was timely because it had   prepared the shareholders  to ask  relevant questions on the financials of companies.
He commended KPMG for the   training, saying it had exposed them to the various questions they should as members of audit committees.

Meanwhile, the stock market fell by 0.48 per cent yesterday to extend the bear run to the second day. The market had opened on negative note the previous day, falling by 0.41 per cent.
More equities lost value yesterday, causing the Nigerian Stock Exchange (NSE) All-Share Index to close lower at 20,693.84. Similarly, the market capitalisation of equities fell by N31 billion to close at N6.522 trillion.

The bears were in full control of the market as 27 equities dipped in value compared with only 11 that appreciated.  The NewGold Exchange Traded Fund led the price losers with N64 to close at N2, 768   share. Julius Berger Nigeria Plc trailed with a loss of N1.11 to close at N28.00 per share.

On the hand, Nestle Nigeria Plc led the price gainers with N2.00 to close at N442 per share. Oando Plc closed as the second highest gainer with N0.45 to close at N18.40 per share.

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Updated 7 Years ago

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