…As SEC, NSE streamline processes to boost market listing***

Activities at the Nigerian Stock Exchange (NSE) on Thursday sustained positive trend for the fourth straight trading session with a growth of 1.07 per cent, moving the market Year-to-Date performance into positive region.

The All Share Index (ASI) gained 332.36 points, and increase of 1.07 per cent to close at 31,477.51 against 31,145.15 on Wednesday.

The year-to-date performance of the NSE-ASI bounced back into positive territory to stand at 0.15 per cent.

Similarly, the market capitalisation grew by N146 billion, to close at N13.864 trillion compared with N13.718 trillion achieved on Wednesday.

The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, Nestle Nigeria, Beta Glass, Mobil Nigeria, MTN Nigeria Communications and Dangote Cement.

Analysts at Afrinvest Limited expected the rally in the equities market to persist in the short term, following sustained interest in MTNN shares.

Market breadth remained in the negative region with 14 gainers against 24 decliners.

Law Union and Rock Insurance recorded the highest price gain of 10 per cent, to close at 44k per share.

Japaul Oil & Maritime Services followed with a gain of 9.09 per cent to close at 24k, while Nigerian Aviation Handling Company (NAHCO) appreciated by 7.91 per cent to close at N3.41 per share.

Beta Glass rose by 7.60 per cent to close at N75, while Conoil appreciated by 6.95 per cent to close at N21.55 per share.

On the other hand, Academy Press and Livestock Feeds led the losers’ chart by 10 per cent each, to close at 27 kobo and 54k, respectively, per share.

Courteville Business Solutions and United Capital followed with a decline of 8.70 per cent each, to close at 21k and N2.10, respectively, while Chams depreciated by 8.33 per cent, to close at 33 kobo, per share.

Transactions in the shares of Sovereign Trust Insurance topped the activity chart, accounting for 280.76 million shares worth N64.6 billion.

United Bank for Africa (UBA) followed with an account of 44.42 million shares valued at N256.51 million, while MTN Nigeria Communications traded 34.23 million shares worth N5.24 billion.

Zenith Bank traded 33.49 million shares valued at N630.73 million, while Transnational Corporation of Nigeria (Transcorp) sold 17.43 million shares worth N19.87 million.

In all, total volume traded appreciated by 90.03 per cent with a turnover 559.76 million shares worth N8.68 billion traded in 6,042 deals.

This was in contrast with 294.57 million shares valued at N17.47 billion in 4,835 deals on Wednesday.

In the meantime, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have streamlined  the processes involved in the listing on the nation’s stock market for more efficiency and cost effectiveness.

A statement in Lagos on Thursday said the approval process between the two organisations had been streamlined.

It said that the streamlined process which would come into effect on June 1, was aimed at reducing the regulatory burden on issuers by eliminating duplication of processes between them.

“With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.

“In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC.

“Also, the exchange will rely on SEC for approval of offer documents such as prospectus,” it said.

Mr Isiyaku Bala Tilde, SEC Acting Executive Commissioner Operations, was quoted by the statement as saying that streamlining the process was a major milestone.

“Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting New Listings.

“One of our core values is leading by example, and we hope that other stakeholders will also look inward to explore similar initiatives which will ensure quick time to market of securities in our market.

“We have no doubt that the streamlined process will enhance the competitiveness of the Nigerian capital market as a global investment destination,” tilde said.

Ms Tinuade Awe, NSE Executive Director, Regulation, commended SEC for streamlining the listing process.

“I commend the SEC for working with us in streamlining the listing process for securities on the exchange.

“The NSE is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market.

“As an agile exchange, we are determined to make it easier for issuers to list their securities in our market in an efficient, timely and cost effective manner.

“The NSE began its collaboration with the SEC by identifying areas of duplication and overlap between the two organisations, paving way for a better experience for issuers.

“We believe this will potentially attract more issuers to list their companies and other securities on the NSE,” awe said.