GTB 737 banner Yudala banner

SEC optimistic on capital market turnaround in 2016

By News Express on 01/12/2015

Share on facebook Yahoo mail icon Gmail icon

Views: 2,935


The Securities and Exchange Commission (SEC) on Monday expressed optimism that capital market activities would witness a turnaround in 2016 due to its various initiatives.

Mr Mounir Gwarzo, the Director-General of the commission, told the News Agency of Nigeria (NAN) in Lagos that he was optimistic that the market would perform better in 2016.

Gwarzo said that the commission was looking at ways to stabilise the market and encourage domestic investors to return to the market.

He said that SEC was committed to increasing domestic investors’ participation in the market, noting that the market was now dominated by foreign investors.

“The foreign investors, like we say, are hot money and sometimes when they are not comfortable even though fundamentals are still okay, they will try to either walk away or hold on.”

He listed some initiatives the commission pursued during the year to bring in domestic investors to include e-dividend payment, direct settlement and dematerialisation.

The director-general said that SEC had also embarked on public enlightenment to educate investors on gains of investing in the market.

“The market is also happy with some of the enforcement actions we have been taking which shows that anybody that does wrong in the market will be punished.”

Speaking on the market downturn, Gwarzo said that he was not happy with the current developments in the market.

“I’m not too happy the way the market is today, but it’s a market that goes up and down. It’s not a market that is continuously growing.

“If you invest one million naira in the market, it’s not sacrosanct that it will now turn back to be N1.5 million or N1.2 million. Its a market that can go up and go down.”

He said that the market situation was a reflection of economic situation of the country.

Gwarzo described the development as a normal trend in all capital markets in the world.

According to him, the commission is also engaging government in terms of some fiscal incentives that can be provided to enhance activities in the market.

He said that the National Investor Protection Fund (NIPF), inaugurated by the commission, was another initiative that would boost investor confidence in the market.

“The NIPF we have set up will give a lot of comfort to the investors even though it may not ameliorate their problems 100 per cent, but we believe it will give them some comfort.”

He said that investors, who lost money in the market, could be compensated through the fund.

“I’m very positive that the market will be better next year.”

Meanwhile, a turnover of 1.04 billion shares worth N13.01 billion were exchanged by investors in 13,407 deals last week.

This was against 793.56 million shares valued at N7.15 billion traded in 12,831 deals in the preceding week.

The financial services sector led the activity chart with 857.05 million shares worth N6.77 billion traded in 7,916 deals.

The consumer goods industry followed with 64.55 million shares worth N4.22 billion traded in 2,479 deals.

The third place was occupied by the Conglomerates with a turnover of 62.75 million shares worth N585.66 million in 638 deals.

The NSE All-Share Index lost 513.83 points or 1.83 per cent to close at 27,617.45 last week against 28,131.28 posted in the preceding week.

Also, the market capitalisation, which opened at N9.670 trillion, lost N175 billion to close at N9.495 trillion.

Tiger Brands topped the losers' chart in percentage terms, dropping by 17.65 per cent or 33k to close at N1.54 per share.

Unity Bank trailed with a loss of 11.30 per cent or 13k to close at N1.15, while May & Baker dropped 10.48 per cent or 11k to close at 94k per share.

On the other hand, Ikeja Hotel led the gainers' table in percentage terms, growing by 12.27 per cent or 40k to close at N3.66 per share.

Unilever followed with a gain of 9.68 per cent or N3.52 to close at N39.90, while Caverton increased by 9.28 per cent or 22k to close at N2.59 per share. (NAN)

•Photo shows SEC DG, Mounir Gwarzo.

Source News Express

Posted 01/12/2015 06:23:56 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
FG bans conference bags, T-shirts and other souvenirs...

Jubrin apologises over call for Buhari’s resignation

Sultan wants FRSC personnel as drivers of convoys...

Weather Forecast for Today, By the Nigerian Meteorological...

Heavily armed policemen seal off PDP National Secretariat...

Europe on high alert after Brussels attacks •IS...

Obasanjo wades into Chibok schoolgirls abduction saga, holds...

Obiano’s wife lauds Skye Bank for supporting CAFE...

Breaking: Catholic Church to review doctrines •Pope Francis...

FG releases N150m for training of Akwa Ibom...

Court denies Nnamdi Kanu, 3 other Biafra activists...

Nigeria, India partner on vessel development, maritime security...

 

Latest News Jobs: Kaduna State Government announces recruitment exercise 569,395 candidates score over 200 marks in 2017 UTME Lagos to commence Eid-Kabir sales of Lake Rice Buhari gives Service Chiefs marching orders PDP records hitch-free Ward Congress in Anambra Court orders interim forfeiture of more assets linked to Diezani Kaduna, Anambra, Kano boost Nigeria’s participation in Open Government NAPTIP inaugurates new Squad to fight human trafficking How Buhari/Osinbajo Government breeds hate killings and speeches: Intersociety Okowa decries renewed violence between Igbide, Okpolo-Enwhe communities Saudi Govt. apologises for maltreating Nigerian pilgrims 5,000 participants grace Catholic Men Organisation Annual Convention in Lagos; 3,000 inducted

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,500 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,399 views) Shameless Genevieve Nnaji exposes breasts in public (206,730 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,548 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,345 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,862 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (134,081 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,200 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (118,127 views) Lagos plane crash: Journalist releases victims’ names (109,497 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,802 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,348 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,664) Business Verdict (20) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (174) Entertainment (352) Features (479) Global Business Monitor (170) International (1,498) Interviews (128) Live Commentary (28) Love Matters (68) News (27,660) Opinion (785) Pidgin (8) Politics (3,866) Religion (599) Sports (1,308) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

President Muhammadu Buhari's National Broadcast

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!