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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 Stock Exchange

Stock Investors Lose Another N11 Billion on Wednesday

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) extended decline on Wednesday as sentiment remained weak across the Exchange.

Investors exchanged 155,773,059 shares valued at N1.510 billion in 3,256 transactions during the trading hours of Wednesday, in contrast to 184,442,908 shares worth N2.343 billion that exchanged hands in 3,809 transactions on Tuesday.

Market value depreciated by N11 billion to N20.243 trillion on Wednesday, further down from N20.254 trillion it closed on Tuesday. While NGX All-Share Index dipped by 0.05 percent to 38,852.69 index points.

Transcorp Hotel Plc led gainers with N0.45 or 10 percent. Followed by Pharm-Deko Plc’s N0.16 or 9.88 percent gain. See the details below.

Top Gainers

Symbols Last Close Current Change %Change
TRANSCOHOT N 4.50 N 4.95 0.45 10.00 %
PHARMDEKO N 1.62 N 1.78 0.16 9.88 %
CONOIL N 22.35 N 24.55 2.20 9.84 %
CORNERST N 0.49 N 0.53 0.04 8.16 %
NEM N 1.90 N 2.00 0.10 5.26 %

Top Losers 

Symbols Last Close Current Change %Change
VERITASKAP N 0.23 N 0.21 -0.02 -8.70 %
UCAP N 9.00 N 8.55 -0.45 -5.00 %
CHAMS N 0.22 N 0.21 -0.01 -4.55 %
ACCESS N 8.90 N 8.60 -0.30 -3.37 %
JAPAULGOLD N 0.47 N 0.46 -0.01 -2.13 %

Top Trades

Symbols Volume Value
UNIVINSURE 19040500.00 3808100.00
UBA 18778552.00 143097682.80
ZENITHBANK 11757422.00 268830997.45
GTCO 10015581.00 271262745.25
UCAP 8519588.00 74569386.55

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Nigerian Stock Exchange

Stock Market Extends Decline Amid Profit-taking

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Stock - Investors King

The Nigerian stock market extended declines on Tuesday as selloff in the banking sector plunged investors’ wealth by N17 billion.

The Nigerian Exchange Limited All-Share Index depreciated by 0.08 percent to 38,873.85 index points, down from 38,906.42 index points recorded on Monday. While market value of listed equities dipped by N17 billion from N20.271 trillion on Monday to N20.254 trillion on Tuesday.

Investors traded 184,442,908 shares valued at N2.343 billion in 3,809 transactions during the trading hours of Tuesday, against 190,959,987 shares worth N2.353 billion in 3,462 transactions that exchanged hands on Monday.

In terms of volume traded, United Bank for Africa Plc led with 38994303.00 shares worth N297,640,689.80. GTCO followed with 19036730.00 shares valued at N517,862,116.20. See the details below.

Top Gainers

Symbols Last Close Current Change %Change
MRS N 13.85 N 15.20 1.35 9.75 %
VERITASKAP N 0.21 N 0.23 0.02 9.52 %
REGALINS N 0.44 N 0.47 0.03 6.82 %
UNITYBNK N 0.53 N 0.55 0.02 3.77 %
COURTVILLE N 0.31 N 0.32 0.01 3.23 %

Top Losers

Symbols Last Close Current Change %Change
NEIMETH N 1.90 N 1.75 -0.15 -7.89 %
CHAMS N 0.23 N 0.22 -0.01 -4.35 %
JAPAULGOLD N 0.49 N 0.47 -0.02 -4.08 %
SOVRENINS N 0.25 N 0.24 -0.01 -4.00 %
WEMABANK N 0.79 N 0.76 -0.03 -3.80 %

Top Trades

Symbols Volume Value
UBA 38994303.00 297640689.80
GTCO 19036730.00 517862116.20
ZENITHBANK 14199218.00 326522432.45
UCAP 12887768.00 114176622.20
ACCESS 10083060.00 90170729.90

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Nigerian Stock Exchange

NGX to Host Inaugural TechNovation Conference

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Nigerian Exchange Group- Investors King

Nigerian Exchange (NGX) Limited is set to host the inaugural edition of its TechNovation Conference on Thursday, 30 September 2021.

NGX TechNovation Conference is a flagship event that provides a platform for local and global technology leaders to syndicate conversations around technology, partnerships and innovation that can advance technology adoption in the Nigerian capital market.

With the theme, “Technology, Platforms and Markets”, the event will be hosted by the Chief Executive Officer (CEO), Nigerian Exchange (NGX) Limited, Mr. Temi Popoola, CFA and will feature leading industry experts across the public and private sectors including the Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda; Dr. Segun Aina, President, Africa Fintech Network; and Olugbenga Agboola, Co-Founder and CEO, Flutterwave.

Key topics to be addressed during the conference are: The Future is Digital – Digital Transformation, New Tech and Emerging Markets; The Path to Exponential Growth – New Technology, Platforms, Emerging Markets, Data & Regulation; and Beyond Tech – Partnerships, Business Models and Innovation. Interested participants can register online.

Some of the other confirmed speakers at the event include; Iyin Aboyeji, Founder & General Partner, Future Africa; Bayo Adekanbi, Chief Transformation Officer, Data Science Nigeria; Dayo Obisan, Government Relations, SEC; Abasi Ene-Obong, CEO, 54Gene; Oremeyi Akah, Chief Customer Experience Officer, Interswitch; Ini Akpan, Country Manager, Opay; and Andreas Itern, Co-Founder & CEO, F10.

The advancement and exponential growth of technology around the world have signaled a new wave of opportunities for forward-thinking organizations. NGX remains committed to leveraging technology to provide a broad range of services including but not limited to smart capital formation. TechNovation will, therefore, serve as a platform that can create opportunities for smart business leaders looking to tap into the next level of growth and competitive advantage.

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