Economy
SEC to Enlighten Investors on ‘Investing in Difficult Times’
By Modupe Gbadeyanka
Efforts are being made by the Securities and Exchange Commission (SEC) to educate investors in the Nigerian capital market to understand the rudiments of investing in difficult times.
On Tuesday, August 18, 2020, the commission will hold a webinar, where experts in the sector will dissect this topic and explain ways investors can make a profit in this present situation.
It is no news that since the beginning of the year, the global COVID-19 pandemic has affected many businesses as well as economies of the world.
The effect of the virus, which is yet to wrap, caused economies of the United Kingdom, France and others to slip into recession and recently, Nigeria’s Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, warned that the country may fall into an economic crisis soon.
As things continue to get harder and the purchasing power of citizens further shrinks, it may be tough for capital market investors, who are battling with a double war of rising inflation rate and the declining interest rate on their investments, especially on government debt securities.
To help investors navigate these issues, the apex capital market regulator has come with this online lecture, which starts by 11am Nigerian time.
Speakers for the event are Mrs Tope Omojokun, Mr Derrick Msibi and Mr Efiok Efiok.
Mrs Tope Omojokun has over 17 years’ experience across Commercial and Corporate Banking, Wealth and Investment Management.
She has worked with Access Bank Plc. (formerly Intercontinental Bank Plc.) and later joined E.oN (UK) Limited as a Credit Specialist before proceeding to Asset and Resource Management Company Limited (ARM), where she was a Relationship Manager with the Wealth Management division before joining Investment One Funds Management Limited.
She holds a Bachelor’s Degree in Economics from the Obafemi Awolowo University, Ile-Ife, an MA (Management) from the University of Nottingham and is currently pursuing a Doctoral degree (Ph. D) in Business Administration (Entrepreneurship) at Babcock University. Tope currently serves as President of Fund Managers Association of Nigeria.
On his part, Mr Derrick Msibi is the Chief Executive of STANLIB Asset Management, the investment arm of the Liberty Group, an insurance company listed on the Johannesburg Stock Exchange and a part of the Standard Bank Group.
STANLIB is a steward of R569 billion of customer investments in various investment strategies straddling listed and alternative investments.
Mr Msibi is a chartered accountant with degrees in finance and accounting at both bachelors, honours and masters level from the University of Cape Town. He is a holder of the Program for Management Development Certificate from Harvard Business School and a Certificate of Management (a corporate-customised programme) from London Business School.
For Mr Efiok Efiok, who joined the SEC in 2002, he holds a degree in Business Management and is an associate of the Chartered Institute of Stockbrokers (CIS), Nigeria. H
e worked from 2002 to 2008 in the Collective Investment Services Department (now Investment Management Services Department, the Department responsible for the regulatory authorization and supervision of all forms of Collective Investment Schemes products.
He moved to the Monitoring and Investigation Department, 2008 – 2013, as part of the team undertaking continuous supervision of operations and operational capacity of all registered Capital Market Operators with respect to their registered market functions.
From 2014 to 2016, Mr Efiok served as Head of Fund Management Supervision Division, responsible for continuous supervision of Market intermediaries undertaking Asset management activities and subsequently became the Head of Investment Management Department from 2016 – till date.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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