capital market

NASS commends SEC on fiscal sustainability

Published

2 years ago

September 8, 2022

The Management of the Securities and Exchange Commission has been commended on decisive steps taken in ensuring that it attains fiscal sustainability.

Chairman of the House of Representatives Committee on Finance, Hon. James Abiodun Faleke who stated that at the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper, MTEF/FSP interactive session with the House of Representatives Committee on Finance in Abuja Tuesday, expressed his pleasure at the various efforts the Commission has taken so far in shoring up its finances.

Faleke said, “Last year when you came here, we challenged you to look inwards and return the SEC to sustainability and I am happy you have done that and that you are living up to expectations. I want to commend you for your efforts thus far, while also admonishing you to work harder.”

Speaking earlier, Director General of the SEC, Mr. Lamido Yuguda stated that 2020 and 2021 were particularly difficult times for the Commission as the SEC was running a deficit.

According to him, “When we came on board, it was very difficult but we assured the National Assembly that we were going to take certain actions to make this deficit a thing of the past and our story this year is that we have actually turned the corner.

“If you look at our 2021 and 2020, compare with the 2022 budget and the six months in 2022 you will see that there is an actual improvement in the way we manage the finances of the Commission. It shows our budget for 2022 and the actual out time for the first half of that year. You can see that we projected a deficit of N1.6 billion, but as at the end of the first half, we have a surplus of about N2.5billion.”

He stated that the presentation is a summary of the kind of efforts the current Management has made over the past few years to position the Commission on the path of fiscal sustainability.

Yuguda told the Members that the SEC has so far carried out its promise to reduce the top heavy structure in the Commission by offering some top personnel a voluntary exit package.

He said, “Mr. Chairman we were top heavy and we said before this committee that we had a plan to offer a voluntarily early exit to some of our top personnel and I am happy to report that at the end of last year we offered this scheme and quite a number of our staff took the offer and we were able to substantially reduce our work force by almost 30 per cent.

The DG disclosed that although the Commission makes more money when the economy is buoyant, he also stated that due to the current shape of the economy, there was the need to cut cost to ensure

While admitting that the Commission has been operating under very difficult circumstances since it is currently superintending over a market that was affected by the negative impact of the coronavirus pandemic, he assured that steps are being taken to ensure that the fortunes of the SEC continues to improve.

He said, “If we go through the Medium-Term Expenditure Framework which we started last year, if we look at 2022 and 2023, you will see that we have worked on our expenditure and the deficit is now turning into a surplus. surplus. We therefore need the support of all to engineer the kind of transition we are thinking of at the SEC.”

capital market

Stock market weekly review: FBN Holdings leads 41 others, as investors gain N811bn

Published

13 hours ago

May 6, 2024

NewsDirect

FBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd.(NGX) market indices up by 1.46 percent, week-on-week, making investors gain N811 billion.

The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 percent to close at N27 per share.

Sterling Financial Holdings followed by 27.75 percent to close at N4.88, while UACN gained 24.60 percent to close at N15.45 per share.

Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 percent to close at N36.80 per share.

Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 percent to close at N43.60, University Press trailed by 16.67 percent to close N2.05 per share.

Neimeth International Pharmaceuticals shed 14.14 percent to close at N1.70, Berger Paints Plc declined by 9.87 percent to close at N13.70 and Vitafoam Nigeria lost 9.81 percent to close at N17 per share.

Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.

Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.

Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 percent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.

Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 percent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.

Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.

The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 percent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.

In third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.

Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.

These contributed 46.31 and 43.85 percent to the total equity turnover volume and value, respectively.

capital market

Trading on NGX increases by 28%, investors gain N467bn

Published

14 hours ago

May 6, 2024

NewsDirect

The Nigerian Exchange Ltd. (NGX) on Friday recorded 28.14 percent increase in the value of equity transactions, resulting in investors gaining N467 billion.

Specifically, 446.57 million shares valued at N7.10 billion were exchanged in 9,297 deals, in contrast to 665.20 million shares valued at N5.54 billion in 8,446 deals on Thursday.

Consequently, the market capitalisation which opened at N55.856 trillion, gained 0.83 percent or N467 billion to close at N56.323 trillion.

The All-Share Index also added 0.83 percent or 825 points to close at 99,587.25, as against 98,762.78 recorded in the previous session.

As a result, the Year-To-Date (YTD) return rose to 33.18 percent.

Renewed interest in MTN Nigeria, alongside Tier-one banks, Presco Plc, UACN, United Capital, among other leading stocks, sustained the market’s positive trend.

Also, market breadth closed positive with 27 advanced equities outnumbering 20 declined ones.

On the gainers’ chart, Presco led by N22.90 to close at N252.80, Dangote Sugar followed closely by N4.25 to close at N47, while Ellah Lakes Plc gained 30k to close at N3.32 per share.

Jaiz Bank also advanced by 21k to close at N2.35 and Flour Mill rose by N3.25 to close at N36.80 per share.

Conversely, Conoil and Tantalizers led the losers chart by N10.80 and 4k each to close at N97.20 and 36k per share, respectively.

McNichols Plc lost 12k to close at N1.14, Linkage Assurance trailed by 9k to close at 86k and Guinea Insurance shed 3k to close at 30k per share.

Meanwhile, Access Corporation led the activity chart in volume and value with 151.80 million shares worth N2.68 billion, followed by Veritas Kapital with 49.88 million valued at N30.91 million.

United Bank of Africa (UBA) traded 32.89 million worth N845.74 million, Universal Insurance sold 27.14 million shares valued at N9.76 million and Transnational Corporation transacted 21.82 million shares worth N310.32 million.

capital market

NGX-ASI grows by 0 35%, as GTCO stocks trade high

Published

6 days ago

May 1, 2024

NewsDirect

The NGX All-Share Index (ASI) advanced by 0.35% on Tuesday to close at 98,225.63 basis points.

This is compared to the previous day’s loss of 0.28% to close at 97,879.94 basis points.

Generally, the Nigerian stock market closed positively, gaining 345.69 basis points, reflecting a positive market breadth.

The total volume traded advanced by 99.18% to close at N552.21m, valued at N14.92bn and traded in 9,350 deals. GTCO was the most traded stock by volume and value, with N245.46m and N7.95bn units traded, respectively.

At the close of trading, the market recorded 28 gainers, 18 losers, and 81 unchanged. CAP topped the gainers’ list, while DANGSUGAR topped the losers’ list.

Meanwhile, GTCO had the highest volume, contributing 44.45%, while FBNH and ACCESSCORP followed closely.

The value chart also revealed that GTCO contributed the most, with a 53.26% share.