By Peter Egwuatu & Michael Eboh
The new Director General of Securities and Exchange Commission (SEC), Ms Arunma Oteh will today in Lagos meet with Capital Market Committee (CMC) to unveil her agenda and chart a way forward to move the nationâ€™s capital market.
Vanguard gathered that the new SEC DG will discuss with market operators on how to move the capital market and make it attractive to both local and foreign investors.
Her immediate focus in the market, according to source will be on margin transactions, Asset Management Company (AMC) , investor protection and enforcementâ€
It was also gathered that her reforms would be anchored on the five pillars of integrity, restoration of confidence in the market, building institutional capacity, broadening and deepening the market, as well as instituting transparent regulations.
According to source, â€œ She is expected to tackle the issue ofÂ transparency and discuss which undermines the market and soils reputation, and find a solution to eliminating all incidences of sharp practices in the market.â€
Capital market opertors expected at the meeting include: All market operators and registered capital market consultants (Registrars, Trustees, Issuing Houses, Reporting Accountants, Capital Market Solicitors, Broker/Dealers and Rating agencies, Association of Custody Houses of Nigeria, Members of CMC Sub Committees (i.e Bonds, OTC, Rules, Compliance, Standards andÂ New Products and Processes).
Others to attend the meeting are : Representatives of the observer groups i.e. Central Bank of Nigeria (CBN) Nigeria Deposit Insurance Corporation (NDIC) Debt Management Office (DMO) National Insurance Commission (NAICOM) Corporate Affairs Commission( CAC), Abuja Securities and Commodity Exchange (ASCE) and Nigerian Stock Exchange (NSE), representatives of the Federal Ministry of Finance, Federal Mortgage Bank of Nigeria and Federal Inland Revenue Service.
Meanwhile, trading on the Nigerian Stock Exchange (NSE) was driven, Wednesday, by activities in the shares of IHS Plc, as it accounted for 54.99 per cent of the total market turnover.
In particular, equity trading appreciated by 65.18 per cent, as a turnover of 888.62 million shares valued at N5.19 billion was traded in 7,899 deals, in contrast to the previous dayâ€™s turnover of 537.96 million shares valued at N4.45 billion in 7,468 deals.
Investors exchanged IHS Plcâ€™s shares, numbering 488.64 million shares valued at N1.97 billion in 20 deals. Despite the increased patronage, its share price dipped by N0.21 to close at N4.03 per share.
To this end, the Information and Communication Technology sub-sector dominated the other sub-sectors, accounting for 55.66 per cent of the market turnover, with 494.64 million shares valued at N1.98 billion in 101 deals. Starcomms Plc recorded a turnover of 3.44 million shares valued at N7.27 million in 30 deals and Chams Plc traded 2.52 million shares valued at N1.83 million in 46 deals.
The Banking sub-sector followed on the sectorial analysis, accounting for 28.57 per cent of the market turnover, with 253.9 million shares valued at N2.08 billion in 4,424 deals. United Bank for Africa Plc recorded the highest patronage in the sub-sector, trading 28.83 million shares valued at N389.04 million in 374 deals, FinBank Plc followed with the exchange of 26.42 million shares valued at N21.2 million in 190 deals and Fidelity Bank Plc recorded 25.31 million shares valued at N69.91 million in 250 deals.
The upward trend in the key market indices continued, as the value of listed equities, represented by the market capitalisation and All-share index appreciated further by 2.16 per cent.
The capitalisation which opened at N5.562 trillion rose by N120.28 billion to close at N5.682 trillion while the index garnered 499.42 basis points to close at 23,595.59 points from 23,096.17 points at which it opened.
Nestle Nigeria Plc recorded the most share price gain, rising by N5.00 to close at N270 per share, Nigerian Breweries Plc followed with a gain of N2.76 to close atN59.00 per share and Unilever Nigeria Plc garnered N1.11 to close at N24.44 per share.
Other share price gainers include: UAC Nigeria Plc N1.02, GTBank Plc N0.91, United Bank for Africa Plc N0.65, First Bank of Nigeria Plc N0.60, Dangote Sugar Refinery Plc N0.59, Flour Mills Nigeria Plc N0.54, Cement Company of Northern Nigeria Plc N0.50, among others.
On the contrary Mobil Oil Nigeria Plc recorded the most share price loss, dropping by N2.45 to close at N97.50 per share, Conoil Plc followed with a loss of N1.67 to close at N31.90 per share and Alumaco Plc dipped by N1.02 to close at N19.38 per share.
Other share price losers include: Ecobank Nigeria Plc N0.39, Honeywell Flour Mills Plc N0.38, IHS Plc N0.21, Vitafoam Plc N0.19, Ashaka Cement Plc N0.15, Glaxo SmithKline Consumer Plc N0.10, Nigerian Aviation Handling Company Plc N0.09 among others.