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STOCKBROKER EXPRESSES OPTIMISM ON CAPITAL MARKET REBOUND

By NBF News
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THE Managing Director of Compass Investments and Securities Limited, Mr. Emeka Madubuike, has expressed optimism on the full recovery of the Nigerian capital market.

Madubuike told the News Agency of Nigeria, that the market would experience full rebound with the take-off of the Assets Management Company of Nigeria (AMCON) and the new management team of the Nigerian Stock Exchange (NSE).

The managing director made the comment in Lagos on Wednesday while reacting to the challenges witnessed in the market in 2010 and suggesting the way forward.

He said 2010 was a time of recovery for the capital market in spite of “some hiccups'' experienced.

'Last year was a year of recovery for the market, though all did not go as expected because of the hiccups experienced.

'But with the AMCON coming on board and the new management for the NSE, we are looking forward to greater stability in the market that will boost investors' confidence,'' he said.

Madubuike suggested that the exchange should be run by a technically competent person who had passion for the market and good public relations so as to boost investors' confidence.

He said the person should be a team player and able to reach out to those in authority.

'Whoever will take over the management of the exchange should see his tenure as a rebuilding time and time to rebuild confidence in the investors,'' the managing director said.

Last week, Mr Oscar Onyeama, the chief administrative officer, American Stock Exchange, was appointed as the new NSE managing director/chief executive.

If his appointment is ratified by the Securities and Exchange Commission, Onyeama will replace Prof. Ndi Okereke-Onyiuke, who was removed on August 4, 2010 as the director-general of the NSE.

The capital market has yet to find its footing since the 2008 global economic meltdown that rocked the financial sector, observers note.

The AMCON bill was signed into law by President Goodluck Jonathan on July 19, 2010.

He said that with the bill, AMCON would stabilise the financial sector and stimulate the nation's economic recovery.

“I sign this bill today in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,'' Jonathan had said.