Chidi Nkwopara
9 July 2009
Owerri — The Owerri branch of the Nigerian Stock exchange (NSE) is yet to be fully operational, several months after it was commissioned.
Vanguard investigation revealed that the low volume of trade recorded at the Owerri Stock Exchange, was due largely to poor patronage.
It was further gathered that business at the trading house is too low, as very few brokers make use of the facilities installed at the massive edifice housing the Owerri NSE branch.
Only two brokers were seen trading during the peak trading period at the time Vanguard visited the establishment on Wednesday, which was a far cry from the expectations of the initiators of the Owerri Exchange.
A staff of the Exchange, who spoke to Vanguard on grounds of anonymity, expressed optimism that things would change for the better in future.
However, careful observers of the developments in the Owerri NSE have remained doubtful, considering the proximity of the Port Harcourt and Onitsha trading floors.
Respondents argued that Onitsha and Port Harcourt trading floors, which are still struggling to survive, are located in commercial centres, stressing that the sophistication of the Owerri trading house may not be enough to improve patronage.
Be the first to Write a Comment!
Copyright © 2009 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
