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Stocks Extend Losses, Exchanges Collaborate for Growth

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  • Stocks Extend Losses, Exchanges Collaborate for Growth

The nation’s stock market extended its decline on Monday as 25 companies, led by Ikeja Hotel Plc, recorded losses at the end of trading.

The market capitalisation of listed equities fell slightly to N13.315tn while the All Share Index of the Nigerian Stock Exchange closed at 36,479.42 basis points.

Twenty-one stocks appreciated at the close of trading on Monday, with Consolidated Hallmark Insurance Plc leading the pack.

Last week, the NSE ASI depreciated by 0.37 per cent, while the market capitalisation appreciated by 0.38 per cent to close at 36,499.67bps and N13.322tn, respectively.

Meanwhile, the Nigerian capital market will on Wednesday witness the launch of the Association of Securities Exchange of Nigeria at the Nigerian Stock Exchange.

The NSE, in a statement on Monday, described ASEN as the nation’s first association of domestic securities exchanges and a non-profit industry association established to accelerate the development of domestic securities exchanges and support the Nigerian capital market to achieve greater global competitiveness.

According to the bourse, membership of the association currently includes AFEX Commodities Exchange, FMDQ OTC Securities Exchange, NASD OTC Securities Exchange, Nigeria Commodity Exchange and the NSE.

It said the launch would be attended by the Chairman, House of Representatives Committee on Capital Markets and Institutions, Mr Yusuf Tajudeen; the Acting Director-General, Securities and Exchanges Commission, Mrs Mary Uduk; the Director-General, Debt Management Office, Mrs Patience Oniha; the Chairman, Heirs Holding, Mr Tony Elumelu and the President, National Council, NSE, Mr Abimbola Ogunbanjo.

Speaking on the development, the Chairman, ASEN Board of Trustees and Chief Executive Officer, NSE, Mr Oscar Onyema, said, “We are excited to launch ASEN, an association that will help build a stronger capital market and cultivate a culture of mutual support and collaboration among stakeholders.

“Global securities exchanges are responding to developments in the operating environment and competitive landscape, by establishing mechanisms for cooperation that position not only their businesses but their markets to become more attractive to investors.”

Onyema said Nigerian securities exchanges must, therefore, embrace a broader collaborative effort to unlock new opportunities and efficiencies in view of increasing global competition.

“The establishment of this association is a bold step towards the actualisation of that vision of becoming globally competitive trading venues,” he added.

A member, Board of Trustees, ASEN and CEO, NASD Plc, Mr. Bola Ajomale, stated, “This event is the culmination of deliberate cooperation between the various exchanges in the Nigerian capital market. Collaboration between exchanges in this manner will ensure some level of uniformity and consistency in governance while allowing each member to continue along its natural trajectory.

“Ultimately key stakeholders in the Nigerian capital market – regulators, issuers, investors and operators – will be the real beneficiaries. We also believe the existence of such an association will significantly support market structure in Nigeria.”

According to the statement, other members of the Board of Trustees, ASEN include Mr Ayodeji Balogun (representing AFEX), Ms Zaheera Baba-Ari (representing NCX) and Mr. Bola Onadele. Koko (representing FMDQ).

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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