Stockbrokers hail 2013 budget

0

As the All-Share Index rises by 845.18 points to close at 27, 287.85; compared with 26,442. 67 posted last week | By Eki Toju

Some capital market operators on Monday said that future improvements in the nation?s economy would depend on the judicious implementation of the 2013 Budget.

The operators, who commended the federal government on its early presentation of the 2013 budget proposal, said that its contents were economically viable.

President Goodluck Jonathan, on October 9, presented the 2013 budget proposal before a joint session of the National Assembly. The N4.92 trillion 2013 budget proposal is five per cent higher than the 2012 budget estimate.

Garba Kurfi, the Managing Director of APT Securities and Funds Ltd., said that the budget proposal, if properly implemented, would improve the fortunes of the nation?s capital market.

Kurfi said that the proposed five-year tax holiday for manufacturers of sugar in the 2013 budget for companies listed on the Nigerian Stock Exchange (NSE) would increase their fortunes.

He, however, urged the National Assembly to ensure early passage of the budget proposal, noting that timely passage of the budget would determine the speed at which the economy grew.

Rasheed Yussuf, the Managing Director of Trust Yield Securities Ltd., said that the budget?s goal to reduce domestic debts was good; adding that the reduction in government?s recurrent expenditure would consolidate macroeconomic gains.

?Expectations of improved third-quarter earnings of companies will boost stock market activities in the next couple of days,? he said.

Eugene Ezenwa, the Managing Director of Pac Securities Ltd., urged the federal government to ensure that all its privatised agencies were listed on the NSE to deepen the stock market and adequately utilise the capital market for its Transformation Agenda.

Meanwhile, investors bought 2.18 billion shares worth N17.49 billion in 27,786 deals as against 4.78 billion shares worth N40.47 billion, traded in 20,364 deals in the preceding week.

The financial services sector accounted for 1.74 billion shares valued N12.27 billion traded in 16,453 deals followed by consumer goods sector with 166.77 million shares worth N3.57 billion in 5,443 deals.

The All-Share Index rose by 845.18 points to close at 27, 287.85 compared with 26,442. 67 posted in the previous week.

Also, the market capitalisation increased by N275.59 billion to close at N8.69 trillion, representing an increase of 3.27 per cent against N8.419 trillion recorded in the previous week.

View the original article here

Send your news stories to [email protected] Follow News Ghana on Google News

LEAVE A REPLY

Please enter your comment!
Please enter your name here