…New CIS president unveils next level agenda***
The domestic bourse sustained losses on Tuesday with key market indices declining further by 0.58 per cent, culminating Market capitalisation slide by N75bn, to close at N12.980 trillion, compared with N13.055 trillion recorded on Monday.
Specifically, the All-Share Index which opened at 25,027.61 dropped 143.91 points or 0.58 per cent to close at 24,883.70.
Consequently, the Month-to-Date gain moderated to +0.8 per cent while the Year-to-Date loss increased to -7.3 per cent.
Dangote Cement recorded the highest loss to lead the laggards’ chart, dropping N5.80 to close at N136 per share.
Guinness trailed with a loss of 50k to close at N14.50, while Mansard Insurance lost 13k to close at N1.45 per share.
Ikeja Hotel dipped 11k to close at N1.01, while United Capital decreased by 10k to close at N3.14 per share.
On the other hand, Nigerian Breweries led the gainers’ table, gaining N2 to close at N34 per share.
Value Fund gained N1.55 to close at N115.05, while Ardova appreciated by 60k to close at N12.75 per share.
Cadbury increased by 45k to close at N7.05, while Guaranty Trust Bank grew by 25k to close at N24.80 per share.
Access Bank led the activity chart, exchanging 29.21 million shares worth N191.69 million.
Fidelity Bank followed with 27.78 million shares valued at N50.05 million, while Guaranty Trust Bank exchanged 25.28 million shares worth N625.55 million.
Zenith Bank traded 15.31 million shares valued at N257.79 million, while Wema Bank accounted for 11.12 million shares valued at N5.95 million.
In all, the total volume of trades increased by 17.84 per cent to 206.61 million units, valued at N2.48 billion and exchanged in 3,925 deals.
This was against 175.33 million shares worth N1.43 billion achieved in 4,294 deals on Monday.
In the meantime, Mr Olatunde Amolegbe, the new president of the Chartered Institute of Stockbrokers (CIS), at his investiture on Tuesday in Lagos unveiled policies aimed at taking the institute to the next level.
Amolegbe, the 11th CIS president, promised to work in harmony with members of the council to take CIS to the next level in all aspects.
“I will work in harmony with distinguished council members to ensure that we take CIS to the next level in all aspects.
“These include conducting examinations, policy advocacy, membership relationships, trainings and professional development,” Amolegbe stated.
He reiterated his earlier position that regulators should not increase the minimum capital base of operators as the current operating environment would not support such move.
“We will continue to work in close partnership and cooperation with the Securities and Exchange Commission (SEC), Association of Securities Dealing Houses of Nigeria (ASHON) and all the registered securities trading platforms in the country.
”May I at this juncture make a strong plea that any plans to increase the minimum share capital requirement for Capital Market Operators be suspended for now,” said Amolegbe.
According to him, the essential need of the Nigerian Capital Market, especially the stock trading at this moment, is access to trading liquidity.
“It was liquidity that enabled our stock market to grow in quantum leaps during the historic bull market run of 2005 – 2007.
”And that, in turn, galvanised the primary market where several companies and governments at various levels were able to raise massive capital for expansion and development projects,” he said.
The new president said that his administration would work assiduously to return the market to that level, albeit with a more effective, stronger and coordinated regulatory mechanism.
“As we have already witnessed, the Nigerian Capital Market has proved its resilience and world-class structures by carrying on its major day-to-day operational activities unhindered since the pandemic started.
“It is an easily verifiable fact that many investors have received dividend income and earned capital gain even during the lockdown period.
“My team will ensure that CIS queues in maximally on the new world defined by high technology and enlarged business horizons,” he said.
Amolegbe further said the COVID-19 pandemic had worsened an already bad operating environment for Stockbrokers and Securities Dealing Firms, which was why the stockbrokers should redouble efforts in the area of advocacy.
“They should redouble efforts to get government and key players in the economy to accept the fact that the capital market holds the key to the long term economic sustenance of Nigeria as a country,” the new president said.
Gov. AbulRahman AbdulRazak of Kwara, in his goodwill message assured Amolegbe of his administration’s preparedness to partner with the institute as professionals in the areas of capital mobilisation for economic growth and development.
Also, Gov. Nasir El Rufai of Kaduna state, represented by the commissioner for Business, Innovation and Technology, Mallam Idris Nyam, said the state government would work with the capital market through the institute to address youth unemployment.