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SEC Tasks Quoted Companies on Regulatory Compliance Lists Benefits

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Nigeria SEC- Investors king

SEC Tasks Quoted Companies on Regulatory Compliance Lists Benefits

The Securities and Exchange Commission (SEC) has urged quoted companies to take regulatory compliance seriously, saying that keeping track of compliance requirements is essential for the promotion of sustainable development of businesses.

Lamido Yuguda, Director-General, SEC, made the call while delivering a goodwill message at the third symposium of the Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI) with the theme: “The Burden of Regulatory Compliance on Companies in Nigeria” in Lagos.

He explained that the overriding rationale for the sundry obligations of public companies is needed for an efficient market driven by transparency, accountability, full disclosure and good governance amongst others.

“While these regulatory requirements may appear burdensome to companies, they exist for the protection of investors who rely on accurate and timely information to make an informed judgment and for the proper governance of the companies.

“Failure to comply with these requirements exposes companies to the risk of being sanctioned by the relevant regulatory authorities. Sanctions for non-compliance could be in form of fines and penalties which could, in turn, lead to drains on the bottom-line, value erosion and loss of investors’ confidence in the business with attendant effects on the capital markets.

“Non-compliance also causes reputational risk in terms of bad publicity to the defaulting company and may ultimately result in revocation and withdrawal of license and permits issued by relevant authorities,” he said.

He, however, said that the Commission is engaging with quoted companies and has put measures in place to ease some of the observed burdens on companies.

Also speaking, Mrs. Cecilia Madueke, the Company Secretary for Julius Berger Nigeria Plc, charged companies to see regulation and compliance as a significant risk to their businesses, saying that compliance should always be on the front burner for the governance body of each company.

“In what is clearly a challenging time for businesses, keeping pace with new and changing federal and state regulation is one of many factors that will be critical to success in 2021,” she said.

She lamented the regulatory contradictions in Nigeria, saying that government agencies set up to enable and facilitate the “Ease of Doing Business” constitute themselves into clogs in the wheels of business competitiveness and sustainability, thereby eroding the government’s efforts and commitment leading to the weekly loss.

Analysis by sectors revealed that the industrial goods sector emerged as the lone gainer, appreciating by 1.4 percent.

In their projections for the current week, analysts at Cowry Asset Management said the equities market would trade further southwards as investors stay on the sidelines to target new support levels, “especially in Zenith Bank share price that will be marked down by N2.70k dividend payment.”

Making a similar projection, analysts at Cordros Capital said investors are expected to take advantage of the significant moderation in the share prices to make a re-entry in dividend-paying stocks in the week ahead.

“However, we believe that investors will remain reluctant to leave gains in the market. As such, we expect intermittent profit-taking to continue due to uncertainties about the direction of yields in the FI market. As a result, we think the market will be choppy,” they said.

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Nigerian Exchange Limited

BUA Foods Posts First Loss Since Listed, Stock Investors Lose N29 Billion

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stock bear - Investors King

The Nigerian stock market opened the week in the red as 22 stocks lost points against 16 that gained. The newly listed BUA Foods Plc posted its first loss on Monday, shedding N4.20 or 6.36 percent from N66 per share to N61.80.

Since listed on January 5, 2022, the price of BUA Foods has risen by 65 percent to bolster the net worth of Abdulsamad Rabiu, the company’s major shareholder, by N420.5 billion.

Investors transacted 214,315,212 shares worth N2.689 billion in 4,410 deals during the trading hours of Monday. The market value of listed stocks dipped by N29 billion from N23.951 trillion recorded on Friday to N23.922 trillion on Monday. Market index, NGX All-Share Index depreciated by 0.12 percent to 44,399.66 index points.

Sectorial analysis showed the NGX Banking Index shed 8bps on JAIZBANK (-2.94%), UNITYBNK (-2.04%), STERLNBANK (-1.27%) and UBA (-1.21%). Losers were FIDELITYBK (+1.92%) and ETI (+1.16%).

The NGX Consumer Goods Index gained 20bps on NB (+2.83%) and HONYFLOUR (+0.30%).  INTBREW (-3.88%) and PZ (-2.10%) lost points.

The NGX Oil and Gas Index gained 21bps on ETERNA (+6.95%) and OANDO (+0.42%) while the NGX Industrial index gained 81bps on BUACEM (+2.19%). CUTIX (-2.03%) and WAPCO (-0.78%) lost points.

The Exchange year-to-date return moderated to 3.94 percent from 4.01 percent it closed on Friday. See top gainers and losers below.

Top Gainers

Symbols Last Close Current Change %Change
TIP N 0.40 N 0.44 0.04 10.00 %
SUNUASSUR N 0.31 N 0.34 0.03 9.68 %
ETERNA N 5.61 N 6.00 0.39 6.95 %
WAPIC N 0.48 N 0.51 0.03 6.25 %
CHIPLC N 0.67 N 0.70 0.03 4.48 %

Top Losers

Symbols Last Close Current Change %Change
VERITASKAP N 0.23 N 0.21 -0.02 -8.70 %
MBENEFIT N 0.27 N 0.25 -0.02 -7.41 %
CORNERST N 0.55 N 0.51 -0.04 -7.27 %
BUAFOODS N 66.00 N 61.80 -4.20 -6.36 %
COURTVILLE N 0.37 N 0.35 -0.02 -5.41 %

Top Trades

Symbols Volume Value
TRANSCORP 39347236.00 43050455.73
FBNH 25495680.00 305974260.65
GTCO 24811707.00 625087836.05
ZENITHBANK 20918370.00 532963107.60
FIDELITYBK 10356143.00 27223806.31

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Nigerian Exchange Limited

BUA Foods Plc Leads Stock Gainers Last Week, Stocks Market Gained N323 Billion

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Stock - Investors King

The newly listed BUA Foods Plc led gainers last week as stock investors gained N323 billion to extend 2022 profit to 4.07 percent.

During the week, investors exchanged 1.600 billion shares worth N32.716 billion in 22,607 deals during the week, in contrast to a total of 2.027 billion shares valued at N59.014 billion that exchanged hands in 15,750 deals in the previous week.

The Financial Service Industry led the activity chart with 731.264 million shares valued at 6.517 billion traded in 10,822 deals; thus contributing 45.71 percent and 19.92 percent to the total equity turnover volume and value, respectively.

The Conglomerate Industry followed with 403.646 million shares worth N452.909 million in 1,537 deals. In third place was the Consumer Goods Industry, with a turnover of 314.768 million shares worth N17.759 billion in 4,101 deals.

Transnational Corporation of Nigeria Plc, BUA Foods Plc and Jaiz Bank Plc were the three most traded equities, accounting for 775.685 million shares worth N16.625 billion in 2,644 deals. Therefore, contributing 48.49 percent and 50.82 percent to the total equity turnover volume and value, respectively.

The Nigerian Exchange Limited (NGX) All-Share Index gained 1.37 percent to close the week at 44,454.67 index points, up from 43,854.42 index points recorded in the previous week.

Market value of listed equities appreciated by N323 billion from N23.628 trillion achieved in the first week of 2022 to N23.951 trillion last week.

Similarly, all other indices finished higher with the exception of NGX CG, NGX insurance, NGX AFR bank Value, NGX Consumer Goods and NGX Lotus II Indices, which depreciated by 0.79 percent, 1.54 percent, 0.07 percent, 4.35 percent, and 1.34 percent, respectively while the NGX ASem, NGX Growth I and NGX Sovereign bond indices closed flat.

Thirty-three equities appreciated in price during the week, lower than Forty equities in the previous week. Thirty-five equities depreciated in price, higher than Thirty-one equities in the previous week, while Eighty-eight equities remained unchanged lower than Eighty-four equities recorded in the previous week. See top gainers and losers below.

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Nigerian Exchange Limited

Nigerian Stocks Market Posts Second Decline in 2022

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stock bear - Investors King

The Nigerian Exchange Limited (NGX) posted its second decline in 2022 on Thursday as the NGX All-Share Index shed 0.01 percent to close at 44,604.74 index points.

Activity on the Exchange floor was mixed as investors traded 321,753,226 shares worth N3.655 billion in 4,565 transactions during the trading hours of Thursday, against 266,328,204 shares valued at N3.822 billion in 4,502 deals during the trading hours of Wednesday.

Market value of listed equities dipped slightly to N24.032 trillion, down from N24.034 trillion it closed on Wednesday.

Sectorial performance showed the NGX Banking Index gained 7bps on JAIZBANK (+6.06%), STERLNBANK (+0.66%), ETI (+0.58%) and ZENITHBANK (+0.20%). UBN (-1.77%) lost points. While the NGX Consumer Goods Index gained 16bps on INTBREW (+4.04%). Losers were HONYFLOUR (-2.35%) and UNILEVER (-1.49%).

The NGX Oil and Gas and Industrial Indexes closed flat.

The year-to-date return of the Exchange stood at 4.42 percent as 14 stocks closed in the green against a total of 15 stocks that lost points. See the other details below.

Top Gainers 

Symbols Last Close Current Change %Change
TRANSCORP N 1.03 N 1.13 0.10 9.71 %
CHIPLC N 0.63 N 0.68 0.05 7.94 %
REGALINS N 0.42 N 0.45 0.03 7.14 %
JAIZBANK N 0.66 N 0.70 0.04 6.06 %
INTBREW N 4.95 N 5.15 0.20 4.04 %

Top Losers

Symbols Last Close Current Change %Change
NEM N 4.40 N 3.96 -0.44 -10.00 %
CUSTODIAN N 7.90 N 7.15 -0.75 -9.49 %
UACN N 9.60 N 9.10 -0.50 -5.21 %
FTNCOCOA N 0.39 N 0.37 -0.02 -5.13 %
JAPAULGOLD N 0.45 N 0.43 -0.02 -4.44 %

Top Trades

Symbols Volume Value
TRANSCORP 104577412.00 115220278.03
JAIZBANK 66714125.00 45050551.78
MBENEFIT 13746763.00 3754719.34
FBNH 12587856.00 151301248.60
GTCO 10922827.00 277933410.55

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