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Capital market stakeholders seek tax incentives

By BusinessNews Staff on October 16, 2013

Two capital market stakeholders, on Monday called for the introduction of tax incentives by the Federal Government to deepen the growth of the Nigerian Stock Exchange.

They told the News Agency of Nigeria in Lagos that there was the need for the government to make quotations attractive and to boost the performance of companies already listed.

The Chief Executive Officer, APT Funds and Securities Limited, Malam Garba Kurfi, said that tax holidays would enable new entrants to consolidate on their operations and project for the future.

Kurfi said that tax holidays would encourage more companies to seek listing on the nation’s bourse.

President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the taxes paid by quoted companies and investors in the market were enormous.

Okezie said that taxation, like corporate tax in the market, contributed to the closure of some manufacturing companies operating in the country.

He said the government should announce tax holidays as it had failed to provide social amenities and a friendly operating environment for companies.

Meanwhile, a turnover of 1.48 billion shares worth N15.16bn were transacted in 21,606 deals last week, against the 1.63 billion shares valued at N15.37bn traded in 15,935 deals in the previous week.

The Financial Services sector remained the most active, accounting for 996.51 million shares worth N7.76bn, traded in 11,818 deals.

The Conglomerates sector followed with a turnover of 320.56 million shares valued at N774.09m, achieved in 1,656 deals.

Also, the NSE All-Share Index rose by 65.8 basis points or 0.18 per cent to close at 36,991.62, compared with the 36,925.82 posted in the preceding week.

NAN reports that the market capitalisation grew by N21bn or 0.18 per cent to close at N11.782tn, from the N11.761tn recorded in the corresponding week.

International Energy Insurance led the gainers’ table in percentage terms, appreciating by 32.39 per cent or 23 kobo, to close at 94 kobo per share.

Forte Oil trailed with 21.89 per cent or N8.62 to close at N48 per share, while Wema Bank gained 19.61 per cent or 20 kobo to close at N1.22 per share.

On the other hand, Berger Paints topped the losers’ chart in percentage terms, dropping by 12.64 per cent or N1, to close at N7.60 per share.

Transnational Corporation of Nigeria dropped by 9.52 per cent or 18 kobo to close at N1.71, while Port Land Paints & Products Nigeria lost 8.93 per cent or 50 kobo to close at N5.10 per share.

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