NSE opens trading with 0.06%

Portfolio Repositioning: NSE sheds N115bn, reverses trend by 0.90%
Written by Maritime First

…As SEC tasks stakeholders on capital market growth, professionalism***

The Nigerian Stock Exchange (NSE) opened trading for the week on Monday on a positive note with a marginal growth of 0.06 per cent, as leveraged positively, from marginal growth from gains in the mid and large capitalized stocks.

Specifically, the market capitalization which opened at N12.901 trillion, inched N8 billion or 0.06 per cent to close at N12.909 trillion.

In the same vein, the All-Share Index increased by 16.92 points or 0.06 per cent to close at 29,287.87 against 29,207.95 achieved on Friday.

Flour Mills led the gainers’ table, growing by N1.50 to close at N16.50 per share.

Also read:   NSE: Market capitalisation on downhill slope, Further Sheds N33bn

NASCON came second with a gain of 50k to close at N15.50, while Cadbury increased by 45k to close at N11.45 per share.

Redstar Express also garnered 45k to close at N5.40, while MTN Nigeria Communications gained 45k to close at N129.45 per share.

On the other hand, Total topped the laggards’ chart with a loss of recorded N8 to close at N24.30 per share.

Forte Oil trailed with N2.70 to close at N24.30, while GlaxosmithKline declined by N1 to close at N9.20 per share.

Nigerian Breweries lost 40k to close at N60, while Guaranty Trust Bank was down by 15k to close at N28.85 per share.

Wapic Insurance was the toast of investors accounting for 84.903 million shares worth N33.977 million.

NAN reports that FBN Holdings dominated trading activities with an account of 16.21 million shares valued at N100.53 million.

Zenith Bank traded 14.71 million shared worth N282.273 million, while Mutual Benefit Insurance accounted for 14.22 million shares valued at N2.85 million.

United Bank for Africa exchanged 13.51 million shares worth N81.91 million.

In all, investors traded 216.29 million shares valued at N2.27 billion achieved in 3,206 deals.

This was in contrast with a turnover of 298.404 million shares valued at N1.83 billion traded in 3,377 deals on Friday.

In the meantime, the Securities and Exchange Commission (SEC), has urged members of the Chartered Institute of Stockbrokers (CIS) to uphold tenets of the profession in order to promote the capital market.

Mrs Mary Uduk, the Acting Director-General, SEC said this during her induction as an Associate Member of the CIS in Lagos on Monday.

Uduk said in a statement that promoting and protecting the interests of the profession through prescribing and upholding the highest standards would contribute to the “capital market of our dreams.”

The CIS is a provider of knowledge, skills and capacity development of professionals in the field of securities and investment; and is the only professional body in Nigeria empowered to conduct qualifying examinations and provide professional qualifications for stockbrokers to ensure high standards in the country’s stockbroking profession.

She said the strong collaboration between the CIS and the SEC has led to the achievement of tremendous results over the years, especially in deepening the capital market.

“One of such collaborative initiatives led to the development of a stand-alone capital market studies curriculum to be introduced at the Basic and Secondary Schools levels of education in Nigeria.

“The initiative, which is in partnership with other stakeholders is one of the cardinal objectives of the Capital Market Master Plan aimed at inculcating a culture of financial literacy and boosting investment education in Nigeria,” she said.

According to Uduk, the strength of character and service innovation of our professionals is one of the yardsticks with which the Nigerian capital market is benchmarked by the investing community.

“The way and manner capital market professionals conduct businesses with clients will affect how our market is perceived.

“At the Commission, we recognise that the Institute is a critical stakeholder in the capital market, and therefore, should strive to continue to maintain the highest level of professional standard, ” she said.

She expressed delight at becoming a member of CIS, a highly revered body of securities & investment experts, whose pivotal role was to maintain high standards in the stockbroking profession in Nigeria.

Also speaking, Mr Dapo Adekoje, President of CIS said the institute took the issue of professional standards and ethical behaviour of its members seriously, as erring members were investigated and disciplined as necessary.

Adekoje said the principal activities of the Institute includes the provision of examinations leading to qualifications as Securities and Investments Professionals.

“The Institute also organises seminars and Continuing Professional Education Courses for members and practitioners to improve standards and professional competence.




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Maritime First