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capital market

Stockbrokers’ Institute inducts 215 members

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The Chartered Institute of Stockbrokers (CIS), has inducted 215 newly qualified stockbrokers as associate members and urged them to operate with highest standard of professionalism.

The induction at the weekend in Benin City was part of the major events that characterized the Institute’s 26th Stockbrokers’ Conference.

Addressing the new stockbrokers, the Institute’s President, Mr Oluwole Adeosun, who congratulated the inductees, advised them to abide by the profession’s Code of Conduct.

“You have joined a very distinguished and privileged class of financial professionals, respected all over the world. Stories abound of how Stockbrokers are given privileged attention at airports, conventions, luxury hotels, and above all, in matters of important appointments in various countries of the world.

“If you conduct yourself within the Code of Ethics, as transmitted to you during your training, it is assured that you will be a success in life. You will secure well paying jobs and build a happy and worthy family. However, remember that to achieve all these, you have to conduct yourselves in accordance with the Code of Ethics of the Institute,” said Adeosun.

During the Conference, the Executive Governor of Edo State, Godwin Obaseki, advocated massive investment in Agriculture, especially oil palm as a strategic move to boost foreign exchange earnings for Nigeria.

Obaseki explained that stockbrokers played critical roles in the flow of investments into various sectors of the economy saying the Nigerian economic growth was hinged on a vibrant private sector, propped by a thriving capital market.

Obaseki, who was represented by the Edo State Government’s Head of Service, Mr Anthony Okungbowa said:

“We are fortunate to have in our state, the biggest publicly traded commercial agricultural companies, notably Okomu Oil Palm PLC and Presco PLC , both of which operate massive oil palm. Plantation in the State. These companies have grown exponentially, returning high dividend to investors in the last few years,” said Obaseki.

In his welcome address, the President, Chartered Institute of Stockbrokers (CIS) Mr Oluwole Adeosun, lauded the Edo State Government for hosting stockbrokers and urged other State Governments to support the nobel course. Adeosun underscored the essence of the 2022 Stockbrokers’ Conference:

“2022 Annual Conference beams it’s searchlight on agriculture, exploring the nexus between the sector and the capital market as drivers of employment and economic growth, and proffering effective strategies to restore Nigeria to the path of double-digit growth in Gross Domestic Product (GDP) through agricultural development,” Adeosun said.

The topics addressed included Commodities Exchanges and Agricultural Development in Nigeria, the cost of food importation with the adverse effects on forex earnings, harnessing Technology to drive innovation and growth in the Capital Market, Financial Inclusion and Capital Market Literacy in Nigeria and Market Regulation in the Digital Age among others.

The Stockbrokers visited two major quoted agricultural companies that are based in Edo State: Okomu Oil Palm Company Plc and Presco Plc as part of the Conference.

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capital market

NGX: Sell-offs in banking stocks drop value of transactions down 2.60%

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Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd.(NGX) down by 2.60 per cent.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.
Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchange in 7,726 deals posted on Thursday.
Consequently, the market capitalisation, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.
The All-Share Index also dropped 0.31 per cent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.
As a result, the Year-To-Date (YTD) return dipped to 33.12 per cent.
Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank,  Access Corporation,  Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.
Meanwhile, market breadth closed negative with 20 losers and 14 gainers.
On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.
Deap Capital Management shed 7.35 per cent to close at 63k and Caverton went down by 6.83 per cent to close at 1.50 per share.
On the gainers’ chart, FTN Cocoa Processors led by 9.60 per cent to close at N1.37, RT Briscoe trailed by 9.26 per cent to close at 59k, Livestock Feed gained N1.45 per share.
Royal Exchange Assurance added 8.06 per cent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 per cent to close at N1.30 per share.
On the activity chart, UBA led in volume with 38.72 million shares traded in value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 biliion.
Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.
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Financial expert seeks alignment of FG’s fiscal policy with CBN’s monetary policy

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A financial expert, Mr Eddie Osarenkhoe, has advised the Federal Government to align its fiscal policy with the Central Bank of Nigeria’s monetary policy to achieve economic stability.

Osarenkhoe, the immediate past President of Finance Houses Association of Nigeria (FHAN), gave the advice while speaking with newsmen on Wednesday in Ota, Ogun.

He attributed the current steady appreciation of the naira to CBN’s reforms and the country’s ability to pay some of its debts.

Osarenkhoe applauded the CBN reforms which, he said, had helped to sustain the steady appreciation of the naira against the dollar.

The financial expert stated that CBN was able to check speculators in the foreign exchange, thus resulting in continuous appreciation of the nation’s currency.

“If the federal government is able to come up with fiscal policy in alignment with that of CBN, it will help the nation’s economy a great deal,” he said.

According to him, the economy needs to improve through exports to enable the country to earn more foreign exchange.

The naira has shown a remarkable strength against the US dollar, trading below N1,000 at the official market.

This development has been attributed to the strategic financial policies being implemented by the President Bola Tinubu-led administration and CBN.

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Investors lose N457bn as bearish sentiment continues

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Investors in the Nigerian equities market lost N457 billion at the end of trading on Wednesday.

This followed the dip in the share value of Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors on the trading floor today.

After five hours of trading at the capital market, the equity capitalisation crashed to N56.5 trillion from N56.9 trillion posted by the bourse on Tuesday.

Similarly, the All-Share Index (ASI) fell below the 100,000-mark to 99,908.89 from 100,717.21 achieved by the bourse the previous day.

The market breadth was negative as 17 stocks advanced, 26 declined, while 78 others remained unchanged in 9, 074 deals.

Ikeja Hotel topped the gainers’ list with +10.00 percent to close at N7.26 from its previous N6.60 per share.

Fidelity Bank, Academy, Morison, and Prestige also increased their share prices by 9.88 percent, 9.77 percent, 9.71 percent, and 9.26 percent respectively.

On the flip side, Livestock Feeds, Computer Warehouse Group, International Energy Insurance, and FTN Cocoa Processors led other price decliners as they shed 10.00 percent, 9.79 percent, 9.79 percent and 9.72  percent each off their share prices.

UBA recorded the highest volume by trading 55.013 million shares valued at N1.28 billion in 1,092 deals followed by Zenith Bank with 47.029 million shares worth N1.69 billion traded by investors in 907 deals.

Access Corp traded 44.986 million shares valued at N789 million in 845 deals.

On the value index, Zenith Bank recorded the highest value for the day trading stocks worth N1.69 billion in 907 deals followed by UBA which traded equities worth N1.284bn in 1,092 deals.

Access Corp traded stocks worth N789 million in 845 deals.

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