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Research crucial for capital market development – DG SEC



By Kayode Tokede

The Director-General of the Securities and Exchange Commission (SEC), Dr Lamido Yuguda on Tuesday said research was critical for development of Nigeria’s capital market.

Yuguda said this at a virtual symposium organised by the Nigerian Capital Market Institute (NCMI) and the Capital Market Academics of Nigeria (CMAN) in Abuja.

The symposium was themed: “Role of the Academia in the Development of the Nigerian Capital Market.”

He said research was needed in investment performance management, efficiency of tax policies, securitisation of various financial and other physical assets, among others, to develop the market.

Yuguda called on capital market academics to collaborate with stakeholders in the industry to address the market challenges to meet set targets.

“We urge CMAN to continue to encourage its members to conduct market-based and empirical research in the capital market such that practical recommendations may serve as policy inputs to the regulators and other stakeholders.

“This symposium will go a long way to engender interest in capital market research among the academia, and deepen the knowledge of the capital market in Nigerian institutions.

“It will also raise the bar in capital market literacy,’’ he said.

He assured stakeholders that the commission was committed to developing and enforcing relevant rules and regulations that would further develop and deepen the market.

Professor of Capital Market and the President of CMAN, Uche Uwaleke lamented that the country’s capital market was not where it should be.

Uwaleke said that tangible collaboration with the academia would be a game changer in efforts geared toward the development of the market.

He recommended the introduction of capital market programmes in universities through the National Universities’ Commission and the development of effective dialogue with academics involved in capital market research.

The Managing Director of NCMI, Mr Ismaila Ville, said the institute was set up as a training arm of SEC to provide capital market education for its staff and the capital market community.

The Chief Executive Officer, the Nigerian Stock Exchange(NSE), Mr Oscar Onyema said the symposium would bridge the knowledge gap that existed in the country’s capital market.

Onyema said the partnership between the market and the academia would bring enhanced investments to create an engine for innovations and economic growth.

“World-class research universities are at the forefront of pioneering such partnerships. I am happy that the academia in Nigeria are beginning to look in this partnership direction,’’ he said.

The Group Managing Director of the FMDQ, Mr Bola Onadele, stressed the need for the capital market to support the academia first before expecting the assistance in return.

The Chief Executive Officer, Emerging Africa Capital Group, Mrs Toyin Sanni said that the academia had a huge role to play in the development of the capital market.

Sanni called for an improved capital market education and literacy programme to help the public to understand investment decisions and risks associated with it.

“There is capacity gap and we operators are feeling it. We need the support of the academia in this,’’ she said.

capital market

Naira closes at N881/$ in official trading window



The Nigerian Naira on Tuesday depreciated 7.63 percent to close at N881.88 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed./ /

Nigerian NewsDirect also gathered that the naira traded N1157 to a dollar at the close of market in the parallel market./ /

This represents an N67.28 loss or a 7.63 percent decline in the local currency compared to the N814.60 it closed on Monday.

The intraday high recorded was N1159/$1, while the intraday low was N701/$1, representing a wide spread of N458/$1./ /

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $118.06 million, representing a 17.99 percent increase compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.17 percent, quoted at N1157/$1, while peer-to-peer traders quoted around N1160.18/$1. 

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capital market

FBNH, Access Corporation lead gainers on NGX



First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.

This is as investors also lost N132.43billion on the Nigerian equities market yesterday.

The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.

YTD, the NGXASI stands at 39.22 percent. 

The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.

The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.

At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.

Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.

UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.

According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.

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capital market

FG raises oil price, exchange rate projections



The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.

This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.

Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.

Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.

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