By Dipo Olowookere

The Nigerian Exchange (NGX) Limited returned to the green territory on Wednesday after it closed higher by 0.57 per cent, though weak investor sentiment persisted.

It was observed that buying interest in some mid and large-cap equities helped Customs Street depose the bears at the close of business at midweek.

When the closing gong was struck by 2:30 pm yesterday, the All-Share Index (ASI) was up by 590.99 points to 104,549.74 points from 103,958.75 points and the market capitalisation increased by N365 billion to N64.521 trillion from N64.156 trillion.

During the trading day, the insurance sector experienced profit-taking, causing its index to weaken by 1.65 per cent at the close of transactions.

However, the energy space appreciated by 3.34 per cent, the consumer goods counter rose by 0.81 per cent, the banking industry expanded by 0.75 per cent, and the industrial goods sector leapt by 0.01 per cent.

Aradel Holdings gained 10.00 per cent to finish at N594.00, Chellaram improved by 9.98 per cent to N5.40, Stanbic IBTC rose by 9.92 per cent to N71.45, University Press soared by 9.64 per cent to N5.12, and DAAR Communications grew by 9.09 per cent to 84 Kobo.

On the side, McNichols fell by 10.00 per cent to N1.44, Caverton also tumbled by 10.00 per cent to trade at N2.07, Thomas Wyatt depreciated by 9.80 per cent to N1.84, Veritas Kapital lost 9.79 per cent to settle at N1.29, and Consolidated Hallmark shed 9.00 per cent to N2.73.

Yesterday, the bourse finished with 26 price gainers and 38 price losers, indicating a negative market breadth index.

The volume of transactions at midweek went down, according to data, by 22.24 per cent, while the value of trades and the number of deals increased by 10.29 per cent and 4.47 per cent, respectively.

This was because investors bought and sold 421.6 million equities valued at N15.0 billion in 16,256 deals yesterday versus the 542.2 million equities worth N13.6 billion transacted in 15,561 deals on Tuesday.

Universal Insurance traded 33.6 million shares worth N21.7 million to lead the activity log, Fidelity Bank sold 31.9 million stocks for N621.8 million, FCMB transacted 23.1 million equities valued at N269.5 million, Japaul exchanged 20.2 million stocks worth N43.4 million, and Veritas Kapital traded 17.1 million equities valued at N22.1 million.

By Aduragbemi Omiyale

On January 31, 2025, the stablecoin of Tether, USDT, will be delisted from one of the world’s largest cryptocurrency exchanges, Crypto.com

Business Post gathered that eight other tokens would also be yanked off the platform by Friday, with deposits for the affected digital coins disabled after the delisting.

The other tokens are Crypto.com Staked ETH, Crypto.com Staked SOL, PayPal USD, Wrapped Bitcoin, PAX Gold, PAX Dollar, XSGD, and DAI.

The decision to remove these coins from its trading platform is to comply with the Markets in Crypto-Assets Regulations (MiCA).

On January 17, 2025, the European Securities and Markets Authority (ESMA) asked exchanges to drop non-compliant tokens, stressing the need for crypto asset service providers (CASPs) to align their services in compliance with the MiCA regulations.

However, holders of these affected coins will have until March 31 to convert their assets to MiCA-compliant alternatives.

If this is not done, the crypto exchange will automatically convert assets to MiCA-approved stablecoins or assets.

Tether’s USDT is one of the most popular stablecoins in the world but in recent times, it has started to lose its market share because of the regulatory uncertainty in Europe, particularly due to MiCA, going from about $150 billion to $139 billion.

The new regulations in the EU require 60 per cent of stablecoin reserves in the region to be in Euros, which Tether’s chief executive, Mr Paolo Ardoino, said threatens the future of stablecoins.

By Aduragbemi Omiyale

To boost market surveillance and combat financial crimes in Nigeria’s increasingly digitalized capital market, the NGX Regulation Limited (NGX RegCo) and the Economic and Financial Crimes Commission (EFCC) have called for enhanced partnership.

This call was made during a meeting between the two organisations at the EFCC’s headquarters in Abuja on Tuesday, January 28, 2025.

The chief executive of NGX RegCo, the independent regulation subsidiary of NGX Group Plc, Mr Olufemi Shobanjo, informed the head of the EFCC, Mr Ola Olukoyede, that, “The digitalization of our markets has brought new challenges, necessitating a more robust collaborative approach.”

“While our 2013 MoU established initial cooperation parameters, the substantial market growth in 2024 demands an enhanced partnership framework.

“As a frontline regulator, we recognize the EFCC’s crucial role in providing enforcement support and specialized expertise to combat market abuse and protect investor interests,” he added.

Mr Shobanjo emphasized NGX RegCo’s dedication to maintaining market integrity and expressed confidence that reinforced collaboration with the EFCC would strengthen investor protection mechanisms.

Responding, Mr Olukoyede commended the desire to strengthen the existing relationship between the two agencies and assured that the commission was ready and willing to collaborate.

“I know you are also concerned with regulatory compliance because the issue of compliance is a key issue. It is part of our mandate to enforce compliance.

“Under my administration, we have strengthened our bond with different regulatory bodies. Let’s see how we can have a desk where we can work better and attend to you. I have a special interest in the capital market in respect of the abuse of assets and trades.

“We will try to review the MoU, make our observations in line with the relevant laws and regulations, and communicate our views to you. We pledge our commitment to this,” he said.

The strategic dialogue highlighted both organizations’ shared commitment to fostering a secure, transparent, and globally competitive Nigerian capital market that instils investor confidence and promotes sustainable economic growth.