Economy
NSE Inducts 50 Dealing Clerks
By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) has inducted 50 qualified dealing clerks.
Business Post reports that the inductees were among the 57 candidates who had already passed the Chartered Institute of Stockbrokers (CIS) examination and have gone through the mandatory practical Automated Trading System (ATS) training at the NSE and passed the oral examination at the NSE.
Speaking at the induction ceremony last Friday at the Stock Exchange Building in Marina, Lagos, Chairman of the NSE, Mr Oscar Onyema, described the event as “remarkable”, emphasising that it “represents the symbolic unleashing of a force of qualified stockbrokers who are the future leaders of the Nigerian capital market.”
According to him, at the NSE, “we believe that people will always make the difference in any endeavour, especially the capital market, when every other supporting conditions are right. It is for this reason that we carefully put prospective employees, dealing members, and other players through a stringent screening process that ensures only the cream of the crop make it through our doors.”
He urged the qualified stockbrokers to “stand tall in integrity, to be impeccable in character, to be professional in service and to uphold the high ethics and values for which the Exchange and the capital market are renowned.”
According to Mr Onyema, “That is the big hurdle that you must cross effortlessly in your daily practice of this profession.”
He said the NSE will “continue to do our part in ensuring that we provide a competitive platform for you to participate in the financial market. Please note that we have clear and enforceable rules, with a zero tolerance policy on all infractions.
“To accentuate this, we signed an MOU with Economic and Financial Crimes Commission (EFCC) a couple years ago to increase cooperation and communication in the fight against financial crimes in the capital market.
“To ensure a stronger, more efficient broker-dealer community that is well suited for doing business in the 21st century, we launched Minimum Operating Standards (MOS). We are pleased to state that 94 percent of Dealing Member firms achieved the set requirements and standards. We will continue to monitor to ensure that these standards are maintained.
He said in addition to the MOS, “we have executed several initiatives to enhance the experience of issuers, dealing members, investors, and other stakeholders. Some of the initiatives targeted at the dealing brokers include: X-Whistle enables market participants to confidentially report fraud and infractions, and X-Compliance Report, a transparency initiative designed to help maintain market integrity by providing compliance related updates on all listed companies; Compliance Status Indicator symbols for near real time update of company compliance status on the Ticker Tape; and BrokerTraX for the compliance status of the brokers and dealing clerks on the Exchange.
“To automate and enhance the regulatory and oversight function of NSE over its Dealing Members in the area of rendition of regulatory filings, analysis of financial renditions, capital and liquidity monitoring as well as compliance monitoring and reporting in line with global best practice, we developed and launched X-Boss. We also launched SMARTs solution for efficient/effective market surveillance.
“As a sustainable Exchange, the NSE continues to highlight the importance of sustainable business practices in delivering value and supporting economic growth. While we are pleased to report that we have held ourselves accountable to the highest standards, we are also intensifying our advocacy efforts to support the integration of the Environmental, Social and Governance (ESG) imperatives in the Nigerian capital market.”
Also, the NSE boss informed the audience that “the Exchange’s Sustainability Disclosure Guidelines will be launched this year,” pointing out that, “As we continue to work on our goal of becoming a more agile and demutualized exchange, the importance of your role cannot be over emphasized. It goes without saying that the investing community will know and judge the Nigerian capital market through your character and service innovation; the manner in which you engage and render your professional duties to your clients will go a long way in shaping the perception of our market. We will work with you to support you in developing your capacity and businesses.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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