NSE Bars Journalists As Osibanjo Visits Exchange
ON NOVEMBER 14, 20166:49 AMIN BUSINESS, FINANCE, NEWSCOMMENTS
By Nkiruka Nnorom The Nigerian Stock Exchange, NSE, Friday, denied journalists who were earlier invited from various media houses in Nigeria, entrance to the gallery to cover the parley between the Vice-President of the Federation, Professor. Yemi Osibanjo, and the stockbrokers. Osibanjo was scheduled to visit the Exchange on Friday to perform the traditional closing gong ceremony and also hold an interactive session with the media. Osinbajo The NSE through its Media Relation Officer, Mr. Joseph Kadiri, had sent out invitation three days ahead of the visit and followed it up with a reminder on Thursday, November 10, only to shut out newsmen from the event eventually. The NSE twin market indicators – the market capitalisation and the All Share Index, ASI, have recorded negative year-to-date-return of 8.5 per cent and 8.4 per cent respectively and week-to-date return of -3.0 per cent each as at the close of transactions on Friday. Also, the free fall in the prices of stocks listed in the stock market had resulted in cumulative losses of N561 billion to investors in four weeks, ending November 11, 2016. Following this, there has been repeated calls from all stakeholders in the market for a joint effort between the feeral government, the apex regulatory body in the capital market, the Securities and Exchange Commission, SEC, the NSE and other stakeholders to review events in the market nd come up with ways to revive the market and return it to the path of growth. It was, therefore, not surprising when the visit of the VP was announced. However, when Vanguard demanded for explanation for shutting out journalists, Mr. Olumide Orojimi, Head, Corporate Communications, NSE, said that only three journalists from the print and another three from the electronic media were cleared to cover, ask questions on behalf of others and syndicate the news to other journalists who cover and monitor developments at the stock exchange. He went further to say that His Excellency had requested for cancellation of media coverage, and approved only few media houses. When Vanguard probed further, Kadiri said that barring journalists from the event was a ‘new development and an order that was passed on to him this morning.” On trying to find out the content of the discussion, those that were allowed entry told Vanguard that the VP was not audible enough and so they could not immediately explain what he said. Meanwhile, investors woes continued unabated last week as they lost N279 billion from their investment in the market. This in addition to N282 billion lost in the last three weeks, brought the total loss to N561 billion in one month. At the close of transaction on Friday, the market capitalisation, which opened at N9.288 trillion fell by 3.0 per cent to close at N9.009 trillion. The ASI fell by the same margin to close at 26,170.88 points from 26,981.60 points. Market watchers said they anticipate a quiet start to the equities market this week, as investors continue the search for new triggers from expected economic numbers that will dictate overall market direction.
Read more at: http://www.vanguardngr.com/2016/11/nse-bars-journalists-osibanjo-visits-exchange/
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