The Securities and Exchange Commission on Thursday reiterated its commitment to implement the commodity ecosystem in the country. The Head, Investment Education, SEC, Mr Francis Okafor, said this on the sidelines of the World Investors Week in Abuja. He said the commission was focused on increasing the nation’s commodity exchange, adding that the commodity ecosystem was mainly about commodities and agricultural products. Okafor said, “In the early days, we had groundnut pyramids, among others, but it is no longer in existence because they have died; this is what the ecosystem is trying to bring back. “Beyond oil, agriculture is a subsector that can increase and bring the country to limelight; we have seen that agriculture is going down and that is where the commodity ecosystem comes in.
Skyway Aviation Handling Company Limited (SAHCOL) will next month open to public investors as it enlists on the floor of the Nigerian Stock Exchange (NSE).The Guardian learnt that the listing was aimed at improving the financial status of the company, especially to enable it acquire more state-of-the-art ground handling equipment. It was yesterday gathered that the management and board of the company had met with the Bureau of Public Enterprise and Securities and Exchange Commission (SEC) to make public share offering on the company, which the Federal Government privatised in 2009. Before the privatisation, SAHCOL was a subsidiary of the defunct national carrier, Nigeria Airways. The company was acquired by SIFAX, as one of its conglomerates in 2009. If all goes according to plan, SAHCO...
As the coast becomes clearer following last week’s emergence of candidates for various offices at the party level, activities in the equities sector of the Nigerian Stock Exchange (NSE) witnessed some level of stability at the end of transactions yesterday, causing the All-share index to appreciate marginally by 0.2 per cent. Specifically, at the close of transactions yesterday, the All –Share Index rose by 61.81 absolute points, representing 0.19 per cent increase to close at 32,444.96 points. Similarly, market capitalisation rose by N23 billion to close at N11.844 trillion. The improved performance was significantly impacted by gains recorded in medium and large capitalised stocks, amongst which are; Stanbic IBTC Holdings, Conoil, Nigerian Breweries, Zenith Bank and NEM Insurance.
The Nigerian Stock Exchange (NSE) has suspended trading on six companies not filling their accounts in accordance with the post-listing requirements of the exchange. The companies are: DN Tyre & Rubber Plc, FTN Cocoa Processing Plc, International Energy Insurance Plc, Thomas Wyatt Nigeria Plc, Union Dicon Salt Plc and Unic Diversified Holdings Plc According to the NSE, “ pursuant to Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of The Exchange , which provides that if an issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will: send to the issuer a second filing deficiency notification within two business days after the end of the cure period; suspend trading in the issuer’s securities and notify the Securi
Activities on the Nigerian Stock Exchange remained volatile in most trading sessions throughout last week, extending a back-to-back losing streak, occasioned by persistent profit booking in blue-chip stocks. The development fueled significant decline at the end of transactions last week, causing the All-Share Index (ASI) and market capitalisation to plunge by 1.17 per cent. While analysts have argued that the market downturn creates more entry opportunities for bargain hunters ahead of the third quarter earnings reporting season, investors’ flight for safety over uncertainties arising from next year’s general elections has triggered much apathy in the market. For instance, investors wealth depreciated by N105 billion in three trading days, from Tuesday to Thursday, with the marke
The Nigerian Stock Exchange and other stakeholders will converge on Lagos this week for the fourth edition of the NSE-Bloomberg CEO conference. According to a statement by the NSE, the event, themed ‘Reshaping the Nigerian economy for sustainable growth’, will focus on the issue of the fourth industrial revolution and its implications for the Nigerian economy. The statement said the roundtable conference would bring together business leaders across multiple sectors as well government officials to examine the present state of the Nigerian economy in the light of the unfolding fourth industrial revolution and chart a way forward. The Chief Executive Officer, NSE, Oscar Onyema, described the annual event as a platform that would ensure continuous dialogue with key stakeholders and pr
The Securities and Exchange Commission has promised to build the capital market architecture through reforms driven by its capital market master plan initiatives. The Head, Registration and Market Infrastructure Department, SEC, Emomotimi Agama, while speaking at the Chartered Institute of Stockbrokers’ 22nd Annual Conference, said the reforms aimed to protect investors, ensure fair, efficient and transparent markets and reduce systemic risk. He added that the master plan would promote regulations that would provide a level playing field for participants, rid the market of all forms of malpractices, ensure market integrity and promote international competitiveness. According to him, the commission has leveraged the Financial Sector Regulatory Coordinating Committee to share releva
Chinese stocks tumbled Monday as investors returned to a pile-up of negative news that accumulated over a week-long holiday, from disappointing economic data to worsening tensions with the United States. The benchmark Shanghai Composite Index slid 3.72 percent, or 104.84 points, to 2,716.51. The Shenzhen Composite Index, which tracks stocks on China’s second exchange, fell 3.83 percent, or 55.26 points, to 1,386.28. Hong Kong’s Hang Seng Index ended down 1.39 percent, or 370.00 points, at 26,202.57. Chinese markets were already the world’s worst performing this year, driven down largely by government attempts to rein in credit, and the worsening trade fight with Washington. But more bad news emerged while Chinese financial markets slumbered last week. Telecoms equipment m
As Green Bond issuance set to gain traction in the country, the Nigerian Stock Exchange (NSE) is proposing a set of rules that will guide the listing of those bonds on the exchange. Green bonds are special bonds issued to finance or re-finance in part or in full new and existing eligible environmental or climate projects. The federal government kicked off the issuance of green bonds by raising N10.69 billion last December and this was expected to be followed by more issuances by the government and other corporates. And to facilitate the subsequent listing of those bonds, the NSE has exposed rules to market participants for their contributions. The rules are titled: “Rules for listing of green bonds on Nigerian Stock Exchange.” The NSE proposed that the green bonds shall comply with t
The Nigerian equities market yesterday succumbed to a 0.79 per cent loss to extend the losing streaks as investors sold off on some major industrial and consumer goods large-cap stocks. The All-Share Index (ASI) shed 257.62 points, representing a decline of 0.79 per cent to close at 32,454.03 points. Also, the market capitalisation declined by N94 billion to close at N11.848 trillion. The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Dangote Cement, Nigerian Breweries, Unilever Nigeria, FBN Holdings and Access Bank. Analysts at Cordros Capital stated that “our outlook for equities in the near to medium term remains conservative, in the absence of a near term one-off positive catalyst; and more so, amidst political uncertainty a