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NSE DGs pronouncement today may determine market direction In the wake of improved market activity on the floor of the Nigerian Stock Exchange (NSE) which led to a recorded four percent gain in just one week, Ndi Okereke-Onyiuke, director-general of the Nigerian Stock Exchange, will today appraise the Exchange’s 2009 performance and review activities of the capital market. The outcome of the assessment will help investors know how to channel their resources into the market, this year. Onyiuke’s market appraisal is coming barely five days after the new director-general of the Nigerian Securities & Exchange Commission (SEC), Arunma Oteh, promised to direct all her energy towards fulfilling the commission’s mission statement of developing a capital market that is fair, transparent and efficient and that is comparatively the best in Africa and the world. As the Nigerian capital market starts the year 2010 on a positive note, market analysts are beginning to realise the need for decision makers in the Nigerian stock market to continue to send the right signals about the critical importance of integrity and transparency by setting high standards in regulatory enforcement and deepen the market in terms of new products and in relation to the equity and fixed income markets, which are being envisaged as vehicles of resource mobilisation for development. Despite closing the year 2009 on a bullish note amidst share price losses, Bloomberg had earlier declared the Nigerian Stock Exchange’s All-Share Index as the worst performing in the world, having reviewed 91 largest indexes across the globe. While local and foreign investors hope for an improved market performance in year 2010, not a few investors may still be licking the wounds inflicted on them by the phenomenal global economic meltdown, as they lost about N1.97 trillion in the nation’s stock market, last year. Besides, with many highly capitalised equities suffering heavy share price depreciations as a result of increased profit taking and confidence crisis in the sector, investors diverted most of their portfolio to the over-the-counter bond market. BUSINESSDAY January 12, 2010