LAGOS-Some capital market operators have urged the incoming government led by retired Maj.-Gen. Muhammadu Buhari to map out strategies to manage the short fall in the nation’s oil revenue.
They told newsmen in separate interviews in Lagos that the incoming government must introduce measures to curb short fall in oil prices to boost economic activities.
According to them, the nation’s bourse, contrary to other opinions, remains under pressure from the persistent fall of crude oil prices at the global market.
Alhaji Rasheed Yussuf, the immediate President, Association of Stockbroking Houses of Nigeria (ASHON), said that the new administration should ensure diversification of the nation’s economy.
Yussuf said that the country would experience major growth and development through diversification with less emphasis on oil.
He said that the new administration should concentrate more on local borrowing through the capital market instead of relying on foreign borrowing.
Yussuf said that expenditure excesses by both executive and National Assembly members should be addressed as part of efforts to maximise revenue.
Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., called for the blockage of inherent tax linkages in the country.
Kurfi said that government could increase revenue generation through taxation, noting that methods of tax collection must be improved upon.
He said that the incoming administration must complement government’s efforts in solving insurgency in the Northeast to increase economic activities.
A  turnover of 1.17 billion shares worth N11.96 billion were exchanged by investors in 17,769 deals last week.
This was against 2.06 billion shares valued N17.18 billion traded in 25,577 deals in the corresponding week.
The Financial Services Industry led the activity chart with 796.234 million shares worth N6.20 billion achieved in 10,081 deals.
The Conglomerates Sector followed with a turnover of 239.23 million shares valued N862.50 million in 1,157 deals.
The third place was occupied by the Consumer Goods Industry with 46.984 million shares worth N2.435 billion in 2,811
deals.
Also, the All-Share Index rose by 222.39 points or 0.64 per cent to close at 34,708.11 due to price gains compared with 34,485.72 achieved in the preceding week.
Similarly, the market capitalisation appreciated by N36 billion to close at N11.787 trillion, against N11.751 trillion posted in the previous week.
Presco led the gainers’ chart in percentage terms, increasing by 15.73 per cent or N4.09 to close at N30.09 per share.
Vitafoam followed with a gain of 9.77 per cent or 43k to close in N4.83, while A.G. Leventis gained 9.68 per cent or 15k to close at N1.70 per share.
On the other hand, Unity Bank topped the losers’ chart, dropping by 22.20 per cent or N1.11 to close at N3.89 per share.
Dangote Sugar Refinery trailed with a loss of 15.49 per cent or N1.12 to close at N6.11, while AIICO Insurance fell by 10.53 per cent or N1.12 to close at N6.11 per share.