Economy
Onyema Tasks Newly Inducted 46 Stockbrokers on Integrity
By Dipo Olowookere
Chief Executive Officer of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, yesterday charged the newly inducted authorised dealing clears to uphold the high ethics and values for which the exchange and the capital market are renowned.
On Monday, July 15, 2019, a total of 46 new stockbrokers were inducted after going through rigorous trainings at the Chartered Institute of Stockbrokers (CIS) and the NSE.
During their induction yesterday, Mr Onyema reminded the new stockbrokers of the highest level of ethics and sense of responsibility expected from them from time to time as they have engagements with investors at the nation’s stock and capital markets.
“Today’s ceremony is not just a celebration, it marks a call 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. That is the big hurdle that you must cross effortlessly in your daily practice of this profession,” the NSE chief told the authorised dealing clerks, who swore to abide by the rules of the market.
Speaking further, Mr Onyema emphasised that, “NSE has clear and enforceable rules and operates with a zero tolerance policy on all infractions.
According to him, “The NSE will support the inductees in developing their capacity. However, if infractions occur, NSE will not hesitate to wield the axe on any erring member that falls short on any of its rules.”
Mr Onyema also advised the new clerks to stay relevant in today’s dynamic environment, emphasizing that continuous training is a tool that should not be underestimated, noting that the exchange established X-Academy to provide education to individuals who wish to improve their understanding of various aspects of the capital market.
“I urge you to take advantage of this platform, especially the recently launched e-learning platform, to stay up to date on market developments,” he added.
Present at the ceremony was the doyen of stockbrokers, Mr Rasheed Yussuf, who called on the newly inducted dealing clerks to let their words be their bond, saying “this would engender confidence and growth of your respective organizations and the capital market at large.”
Business Post gathered that out of the 53 candidates who had passed the CIS examination and went through the mandatory practical Automated Trading System (ATS) training at the NSE, only 46 passed the final oral examination at the exchange.
By Modupe Gbadeyanka
The management of Dangote Petroleum Refinery and Petrochemicals Limited has revealed that the price of Premium Motor Spirit (PMS) remains at N1,275 per litre.
Earlier on Wednesday, there were reports that the company increased its ex‑depot price by N75, some hours after renewed hostilities in the Middle East.
On Monday evening, it was reported that Iran fired missiles at its neighbours in the Gulf region after the United States seized two Iranian-linked vessels on the Strait of Hormuz.
These actions briefly raised the price of crude oil on the global market to over $115 per barrel, but it quickly eased to almost $100 per barrel on Wednesday.
Shortly after it was reported that Dangote Refinery had pushed its PMS gantry price to N1,350 per litre, the price was reversed.
Confirming this in a statement made available to Business Post, Dangote Refinery said it is sustaining its current prices to reaffirm “its commitment to supporting stability in the domestic energy market and cushioning the wider economy against external shocks.”
“By absorbing prevailing cost pressures, the refinery continues to help moderate inflationary risks, promote energy affordability, and ensure uninterrupted supply amid ongoing global uncertainties,” another part of the statement read.
The private refiner “reaffirmed its dedication to the steady supply of high‑quality petroleum products to the Nigerian market, while supporting national objectives of price stability and energy security.”
It urged the public “to rely solely on official statements from Dangote Petroleum Refinery and Petrochemicals Limited for accurate and up‑to‑date information on its operations and pricing.”
By Aduragbemi Omiyale
Dangote Refinery has reversed a N75 ex-depot price increase of premium motor spirit (PMS), also known as petrol, on Wednesday.
On Wednesday, the private crude oil refinery raised the price of the product to N1,350 per litre, but this was quickly reversed to N1,275 per litre.
The company had carried out a second increment in less than two weeks, amid renewed attacks in the Middle East, though the crude oil price went down on Tuesday to $109 per barrel.
According to a report by pricing platform Petroleumprice.ng, the upward price adjustment was suspended shortly after it was raised, restoring the previous pricing structure at the loading gantry and easing immediate concerns among downstream marketers.
Industry operators say the move has helped calm nerves across the market, where traders had already begun repositioning on expectations of a higher pricing cycle.
Before the previous price hike, the gantry price was N1,200 per litre, but the organisation pushed it higher by N75.
As of the time of filing this report, Business Post observed that Brent crude futures were traded at $101.00 per barrel, while the US West Texas Intermediate (WTI) crude futures were sold for $93.01 per barrel.
By Adedapo Adesanya
Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.
Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.
However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.
The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.
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