LAGOS- Some investors in the capital market are now eyeing other investment windows since the slide in the prices of stocks has so far defied intervention measures.
Reports say that investors had since mid-March when the lull in the market began, cumulatively lost about 47 per cent of the net worth in the 211 listed equities at the NSE.
The investors, who spoke separately with newsmen in Lagos today, said that they had gone beyond mourning their losses and that they were now anticipating the intervention of the stakeholders to rescue the market.
Chief Bode Ajiboye, a pharmacist, described the current market situation as an unfortunate situation for investors in the emerging Nigerian capital market.
Ajiboye, who started investing in the capital market in late 1970s told NAN that the best option for investors now was to invest in the numerous kobo stocks.
He also urged government to take active interest in the Nigerian capital market and emulate governments from other jurisdictions to bailout investors and the private sector.
In his opinion, Mr. Chimezie Okwoi, said that he was divesting gradually from the capital market and investing in other areas, especially in the transport sector to cushion the effect of the losses.
Okwoi, who is a marginal investor, dismissed any long term approach to portfolio investment, stressing that most Nigerians were now depending on the exchange for their
income.
He frowned at borrowing heavily to invest in the capital market and claimed that the market depression would challenge more Nigerians to appreciate the dynamics of the market.
Another investors, Miss Elizabeth John, said that she had chosen to be a long term investor rather than engaging in short term investment to cope with the situation.
She said that she would seek other sources of income and not depend wholly on market returns.
“The decision is based on the fact that the stock market was getting more elitists,” she said.
She said that the current market situation called for concerted effort by the stakeholders to salvage and sustain the enthusiasm of Nigerians in the market.
“Investing in the stock market is becoming increasingly competitive and a big man’s affair. The government and the authorities concerned should do something about it.
“A situation where the Central Security Clearing System(CSCS) should not be used as a collateral to get some loans from the banks should be discouraged,” she said.
She advised fellow investors to engage in long term investments and exercise patience with their stocks and don’t rush out at any slightest excuse.
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