STAKEHOLDERS in the capital market plan to meet with President Muhammadu Buhari on how to stabilise the capital market through friendly policies that can boost liquidity.

Mr. Emeka Madubuike, President, Association of Stockbroking Houses of Nigeria (ASHON) confirmed in an interview with the News Agency of Nigeria (NAN) yesterday in Lagos that government needed to be more involved in the market for economic growth.
He added that the economy would not grow strictly only on money market.

“We cannot develop the economy strictly via the money market, it’s a mismatch. We need to develop the economy on an enduring basis,” Madubuike said.
He said that government should ensure the listing of all its privatised agencies on the Nigerian Stock Exchange (NSE) to increase market depth.

Madubuike noted that privatisation of government agencies should be done through the capital market and should not be sold to some select individuals.

The ASHON president attributed the lull at the equities market to supply pressures, occasioned by developments at the foreign exchange market and slide in crude oil prices.
He then urged investors to use the opportunity to increase their stakes in the capital market to maximise costs.

“This is the best time for people with investible funds to invest in the market to reduce their costs and people that purchased at higher prices when the market was bullish will gain when the market stabilises,” Madubuike said.
He said that the trend would not last forever because of strong market fundamentals.

Another market operator, who pleaded anonymity, said that the operators were discussing with the government on the need to finance the 2016 budget deficit through the capital market.