Some capital market operators on Monday said that activities in the nation’s bourse would continue to experience mixed performances until a new government is sworn-in.
They said in Lagos that the slowdown was due to investors “wait and see” attitude.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., Lagos said that for now investors were repositioning ahead of the transition on May 29.
Omordion said that anxiety surrounding the economic agenda of the incoming government was also responsible for mixed performances. Omordion, however, expressed optimism that the market would normalise once the economic blueprint of the incoming government was certain.
Mr Sehinde Adenagbe, Managing Director, Union Standard Securities Ltd., said the market would experience more influx of both local and foreign investors once an economic direction was ascertained.
Adenagbe said that the market reacted positively to the outcome of the elections but witnessed profit-taking thereafter.
He urged the incoming government to ensure friendly economic policies and patronise the capital market for developmental projects instead of depending on money market instruments.
Meanwhile, a turnover of 2.06 billion shares worth N17.18 billion were traded by investors in 25,577 deals last week.
This is against the 1.92 billion shares valued N19.402 exchanged in 23,988 deals in the preceding week.
The Financial Services Industry led the activity chart with 1.61 billion shares worth N9.90 billion traded in 14,438 deals.
The Conglomerate Industry followed with 214.68 million shares worth N1.58 billion traded in 1,604 deals.