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Nigerian Exchange Grows 1.26% to Opens Week Positive

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Nigerian stocks

By Dipo Olowookere

The first trading session of the week on the floor of the Nigerian Exchange (NGX) Limited finished on a positive note as it closed 1.26 per cent higher.

The growth was influenced by buying interests in shares in the industrial goods sector, especially Dangote Cement and others.

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Consequently, the All-Share Index (ASI) increased by 528.15 points to 42,411.12 points from 41,882.97 points, while the market capitalisation rose by N275 billion to N22.130 trillion from N21.855 trillion.

Meyer ended the session as the best-performing stock after its value went up by 9.09 per cent to 36 kobo, followed by Academy Press, which appreciated by 8.15 per cent to 51 kobo.

FTN Cocoa rose by 8.11 per cent to 40 kobo, GlaxoSmithKline grew by 7.08 per cent to N6.05, while MTN Nigeria gained 7.05 per cent to sell for N186.80.

NASCON closed the session as the worst-performing stock after its price declined by 6.79 per cent to N13.05 and was trailed by Cornerstone Insurance, which fell by 6.00 per cent to 47 kobo.

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Coronation Insurance depreciated by 5.88 per cent to 48 kobo, Oando declined by 4.26 per cent to N4.72, while Champion Breweries went down by 4.06 per cent to N2.60.

The most active stock yesterday was Unity Bank as it traded 48.3 million units worth N20.5 million and was trailed by Universal Insurance, which sold 21.1 million units valued at N4.2 million.

FBN Holdings transacted 19.9 stocks valued at N235.2 million, UPDC REIT traded 16.9 million shares worth N75.8 million, while GTCO exchanged 12.8 million equities for N336.8 million.

At the close of business, investors traded 229.6 million shares worth N3.3 billion in 4,426 deals compared with the 444.9 million shares worth N3.3 billion transacted in 3,594 deals, signifying a decline in the trading volume and value by 48.39 per cent and 3.92 per cent respectively, while the number of deals grew by 23.15 per cent.

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In terms of the performance of the sectors, the industrial goods index rose by 0.66 per cent, while the energy, banking, insurance and consumer goods counters depreciated by 0.86 per cent, 0.47 per cent, 0.15 per cent and 0.05 per cent respectively.

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SEC warns capital market operators against working with clients linked to proscribed terrorist groups

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1642608603 Lamido Yuguda

Nigeria’s security and Exchange Commission has notified Capital Market Operators (CMOs) not to work with clients related to proscribed terrorist groups in any part of Nigeria.

The SEC disclosed this in a circular after Nigeria’s Justice Ministry revealed a gazette declaring bandit groups operating in any parts of the country as Terrorists

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They added that existing CMOs would be screened prior to executing any transaction from the date of the circular.

What the SEC is saying

The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism and Illegal.”

The SEC added that the FG has proscribed their existence and restrained any person or group of persons from participating in any manner whatsoever in any form in the activities of any of the groups.

They also stated that Capital Market Operators (CMOs) are required to screen and verify every client against the above-proscribed groups and any other proscribed terrorist group(s), citing the  United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client and when carrying out one-off transaction(s).

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It also urged CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit.

What you should know

The FG released a gazette last week signed by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN officially declaring bandit groups operating in any parts of the country as Terrorists.

... SEC warns capital market operators against working with clients linked to proscribed terrorist groups Read More on ... Nairametrics.

Source: NairaMetrics

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Business News

SEC warns capital market operators against working with clients linked to proscribed terrorist groups

Published

on

1642608604 1642608603 424 Lamido Yuguda

Nigeria’s security and Exchange Commission has notified Capital Market Operators (CMOs) not to work with clients related to proscribed terrorist groups in any part of Nigeria.

The SEC disclosed this in a circular after Nigeria’s Justice Ministry revealed a gazette declaring bandit groups operating in any parts of the country as Terrorists

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They added that existing CMOs would be screened prior to executing any transaction from the date of the circular.

What the SEC is saying

The SEC warned that “Capital Market Operators (CMOs) are hereby notified that in line with the requirements of the Terrorism Prevention Act (No. 10,2011) and Terrorism (Prevention) Proscription Order Motion, 2021, the Federal Government of Nigeria has declared the activities of “YAN BINDIGA GROUP”, YAN TA’ADDA GROUP AND OTHER SIMILAR Groups in any part of Nigeria as Terrorism and Illegal.”

The SEC added that the FG has proscribed their existence and restrained any person or group of persons from participating in any manner whatsoever in any form in the activities of any of the groups.

They also stated that Capital Market Operators (CMOs) are required to screen and verify every client against the above-proscribed groups and any other proscribed terrorist group(s), citing the  United Nation Security Council Resolutions (UNSCRs) list, Office of Foreign Assets Control (OFAC) list, etc. prior to the on-boarding of a new client and when carrying out one-off transaction(s).

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It also urged CMOs to file suspicious transaction reports (STRs) immediately to the Nigerian Financial Intelligence Unit.

What you should know

The FG released a gazette last week signed by the Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN officially declaring bandit groups operating in any parts of the country as Terrorists.

... SEC warns capital market operators against working with clients linked to proscribed terrorist groups Read More on ... Nairametrics.

Source: NairaMetrics

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Continue Reading