Economy

NSE maintain bearish trend despite listing of Ellah Lakes additional shares

NSE: Investors lose N8 billion, as Market capitalisation slides to N12.878trn
Written by Maritime First

…As SEC partners association, to develop curriculum for tertiary institutions on Capital Market***

The Nigerian Stock Exchange ((NSE) market indices on Monday maintained the bearish posture, in spite of the listing of additional 1.88 billion shares of Ellah Lakes Plc.

The market capitalisation dropped by N40 billion to close at N13.192 trillion against N13.232 trillion achieved on Friday.

Also, the All-Share Index lost 110.37 points or 0.37 per cent close at 29,936.33 from the 30,046.70 posted on Friday due to price losses by some blue chips.

Dangote Cement and MTNNigeria Communications led the price losers’ table with loss of N1.60 per share each to close at N182.40 and N130, respectively.

Guinness was down by 55k to close at N46.95, Oando declined by 20k to close at N3.70, while NAHCO dipped by 19k to close at N2.80 per share.

On the other hand, Forte Oil led the gainers’ table, appreciating by N2.90 to close at N32.30 per share.

Unilever followed with a gain of N1 to close at N32, while Dangote Flour Mill added 50k to close at N16.50 per share.

Zenith Bank increased by 20k to close at N20.20, while NASCON went up by 20k to close at N15 per share.

A breakdown of the activity chart shows that Wema Bank was the most active stock, accounting for 2.69 billion shares valued at N1.71 billion.

Fidelity Bank followed with 24.64 million shares worth N42.88 million, while Thomas Wyatt traded 22.91 milion shares valued at N7.10 million.

Zenith Bank traded 15.64 million shares worth N315.17 million, while Access Bank sold 10.44 million shares valued at N66.29 million.

In all, 2.86 million shares worth N3.92 billion were traded by investors in 3,360 deals.

This was in contrast to a turnover of 145.28 million shares valued at N2.83 billion traded in 2,445 deals on Friday.

In the meantime, the Securities and Exchange Commission (SEC) is partnering with the Association of Capital Market Academics of Nigeria to develop a curriculum for the Nigerian Capital Market Institute (NCMI).

Mrs Mary Uduk, SEC’s Acting Director-General said the curriculum would help set a benchmark that would enable accreditation of capital market studies in tertiary institutions by the National Universities Commission (NUC).

Uduk said this when the interim Executive Officers of the Association of Capital Market Academics of Nigeria visited her in Abuja on Monday.

She pledged the commission’s commitment to assist the association achieve its objectives.

The director-general said research was very key especially in the capital market to enable it move forward.

She said: “Working with this academic body is vital to moving the capital market forward.

“We are going to be working together, we will leverage on your expertise to lift a side of the capital market that we really need your touch.

“I appeal to you that each time we call on you to do some programmes, write some papers and do some research you will not relent.

“I pray with this collaboration you will help to find out why companies fail and succeed and recommend solutions that will ensure those that are failing stay afloat.

“This was important not only for the market but for the country also, because as companies fail,  people lose their jobs and the number of unemployed increases.”

Earlier,  the interim President of the Association,  Prof. Uche Uwaleke called for the collaboration of the SEC with the association to drive capital market programmes in tertiary institutions.

Uwaleke said: “The HOD Finance, University of Maiduguri said the Capital Market Programme in the school was suspended by NUC because there was no benchmark for the course.

“The Association wants to come up with a benchmark in collaboration with the commission so that NUC can use that to approve such programmes in Nigerian Universities.

“Our members can also be part of your various committees such as the, Capital Market Planning and  Literacy Committee to make our inputs.”

The Association comprise of members of the academia teaching Capital Market related courses in Nigerian tertiary institutions.

The Association aims at promoting the frontiers of capital market research and literacy in Nigeria tertiary institutions.

 

 

 

 

About the author

Maritime First