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Nigerian Capital Market Issuances Hit N1.55trn in September – SEC

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  • Nigerian Capital Market Issuances Hit N1.55trn in September – SEC

The Securities and Exchange Commission (SEC) on Sunday said that the total value of issuances in the Nigerian capital market amounted to N1.55 trillion in September.

Dr Abdul Zubair, SEC Acting Director-General, made the disclosure at the 2017 annual conference of Capital Market Correspondents Association of Nigeria (CAMCAN) in Lagos.

Zubair said that the issuances included equities, bonds and unlisted securities among others.

Zubair said that the equities accounted for 12 per cent of the total value of issuances in the market during the period.

He said that the secondary market total equities transactions appreciated by 78.6 per cent to N1.66 trillion between 2016 and September 2017.

The acting director-general said that foreign transactions increased by 47.31 per cent during the period.

He added that the Nigerian Stock Exchange (NSE) All-Share Index had returned 47.11 per cent as at Dec. 7, showing a remarkable recovery.

On the theme, “Deepening the Nation’s Capital Market for Economic Growth’’, Zubair said that the commission had designed and implemented laudable programmes to create more awareness and further deepen the market.

He said that SEC joined its counterparts all over the world to mark the IOSCO World Investors Week in Abuja and Lagos, bringing together stakeholders, investors and students to promote financial inclusion.

According to him, an ivestor education portal dedicated to educate investors on financial literacy and activities of the capital market has been designed and contents uploaded to deepen market participation.

Zubair said that the portal would soon be launched to become accessible to all market participants.

He, however, assured the investing public and stakeholders of its commitment of ensuring an uninterrupted and orderly operation of the market and regulations.

Zubair said that the commission would continue to ensure market efficiency, accountability and transparency in the capital market.

He enjoined the media to continue to support the commission in disseminating information about the capital market.

“The commission is poised to continue to ensure the stability of the Nigerian capital market and maintain the high level of investor confidence observed in the market,’’ Zubair said.

He said that SEC set up and inaugurated the board of the National Investor Protection Fund (NIPF) to restore investor confidence in the market, noting that hundreds of investors till date had benefited from the fund.

“It will be recalled that from a peak of N12.6 trillion in March 2008, the stock market suffered a setback arising from the global financial crisis, plummeting to N7.3trillion by December of that year.

“Retail investors became apathetic to investment in the capital market. In order to restore their confidence, the National Investor Protection Fund was set and inaugurated by the SEC board.

“To date, hundreds of investors have benefited from the fund, which enabled them to get protection in the event the crash,’’ he said.

There are a host of other measures the commission is pursuing to develop the capital market in a bid to make the dream of making the market the most developed in Africa by 2025 a reality.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Crude Oil

Oil Prices Continue to Slide: Drops Over 1% Amid Surging U.S. Stockpiles

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Crude Oil

Amidst growing concerns over surging U.S. stockpiles and indications of static output policies from major oil-producing nations, oil prices declined for a second consecutive day by 1% on Wednesday.

Brent crude oil, against which the Nigerian oil price is measured, shed 97 cents or 1.12% to $85.28 per barrel.

Similarly, U.S. West Texas Intermediate (WTI) crude slumped by 93 cents or a 1.14% fall to close at $80.69.

The recent downtrend in oil prices comes after they reached their highest level since October last week.

However, ongoing concerns regarding burgeoning U.S. crude inventories and uncertainties surrounding potential inaction by the OPEC+ group in their forthcoming technical meeting have exacerbated the downward momentum.

Market analysts attribute the decline to expectations of minimal adjustments to oil output policies by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, until a full ministerial meeting scheduled for June.

In addition to concerns about excess supply, the market’s attention is also focused on the impending release of official government data on U.S. crude inventories, scheduled for Wednesday at 10:30 a.m. EDT (1430 GMT).

Analysts are keenly observing OPEC members for any signals of deviation from their production quotas, suggesting further volatility may lie ahead in the oil market.

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Energy

Nigeria Targets $5bn Investments in Oil and Gas Sector, Says Government

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Crude Oil - Investors King

Nigeria is setting its sights on attracting $5 billion worth of investments in its oil and gas sector, according to statements made by government officials during an oil and gas sector retreat in Abuja.

During the retreat organized by the Federal Ministry of Petroleum Resources, Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, explained the importance of ramping up crude oil production and creating an environment conducive to attracting investments.

He highlighted the need to work closely with agencies like the Nigerian National Petroleum Company Limited (NNPCL) to achieve these goals.

Lokpobiri acknowledged the challenges posed by issues such as insecurity and pipeline vandalism but expressed confidence in the government’s ability to tackle them effectively.

He stressed the necessity of a globally competitive regulatory framework to encourage investment in the sector.

The minister’s remarks were echoed by Mele Kyari, the Group Chief Executive Officer of NNPCL, who spoke at the 2024 Strategic Women in Energy, Oil, and Gas Leadership Summit.

Kyari stressed the critical role of energy in driving economic growth and development and explained that Nigeria still faces challenges in providing stable electricity to its citizens.

Kyari outlined NNPCL’s vision for the future, which includes increasing crude oil production, expanding refining capacity, and growing the company’s retail network.

He highlighted the importance of leveraging Nigeria’s vast gas resources and optimizing dividend payouts to shareholders.

Overall, the government’s commitment to attracting $5 billion in investments reflects its determination to revitalize the oil and gas sector and drive economic growth in Nigeria.

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Commodities

Palm Oil Rebounds on Upbeat Malaysian Exports Amid Indonesian Supply Concerns

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Palm Oil - Investors King

Palm oil prices rebounded from a two-day decline on reports that Malaysian exports will be robust this month despite concerns over potential supply disruptions from Indonesia, the world’s largest palm oil exporter.

The market saw a significant surge as Malaysian export figures for the current month painted a promising picture.

Senior trader David Ng from IcebergX Sdn. in Kuala Lumpur attributed the morning’s gains to Malaysia’s strong export performance, with shipments climbing by a notable 14% during March 1-25 compared to the previous month.

Increased demand from key regions like Africa, India, and the Middle East contributed to this impressive growth, as reported by Intertek Testing Services.

However, amidst this positivity, investors are closely monitoring developments in Indonesia. The Indonesian government’s contemplation of revising its domestic market obligation policy, potentially linking it to production rather than exports, has stirred market concerns.

Edy Priyono, a deputy at the presidential staff office in Jakarta, indicated that this proposed shift aims to mitigate vulnerability to fluctuations in export demand.

Yet, it could potentially constrain supply availability from Indonesia in the future to stabilize domestic prices.

This uncertainty surrounding Indonesian policies has added a layer of complexity to palm oil market dynamics, prompting investors to react cautiously despite Malaysia’s promising export performance.

The prospect of Indonesian supply disruptions underscores the delicacy of global palm oil supply chains and their susceptibility to geopolitical and regulatory factors.

As the market navigates these developments, stakeholders remain attentive to both export data from Malaysia and policy shifts in Indonesia, recognizing their significant impact on palm oil prices and market stability.

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