The equities market closed yesterday on a negative note to commence the weekly trading activities on the downswing after the market also closed last Friday negative.
The market performance indices, NSE ASI, depreciated by 0.21 per cent.
The downswing, according to market watchers, was due to sustained sell offs by investors.
Consequently, the All-Share Index dropped by 56.73 basis points or 0.21 per cent from 27,146.57 index points last Friday to 27.089.84 while the market capitalisation of equities depreciated by N28 billion to close at N13.178 trillion from N13.206 trillion.
On the activity chart, the banking sub-sector dominated in volume terms with 135.4 million shares exchanged in 353 deals. The sub-sector was enhanced by activities in the shares of GTBank Plc and ET1.
The premium sub-sector, boosted by activities on the shares of FBNH Plc and Access Bank Plc, followed with 78.6 million units traded in 1,090 deals.
In all, investors exchanged a total of 290 million shares in 2,900 deals.
Further analysis of the day’s trading showed that UCAN Plc and UAC-Property Plc each gained 9.09 percent to close at N6.60 and N1.08 per share respectively, while John Holt Nigeria Plc followed with 8.93 per cent to close at 61 kobo per share and Seplat Petroleum Plc with a gain of 7.12 per cent to close at N4.26 per share.
On the flip side, Livestock Feeds Plc led the losers’ chart with a drop of 7.14 per cent to close at 39 kobo per share.
Lasaco Assurance Plc followed with a loss of 6.90 per cent to close at 27 kobo per share while Cutix Plc dropped by 6.67 per cent to close at N140 per share.
SEC, FCCPCC pledge collaboration on mergers
The Securities and Exchange Commission [SEC] and the Federal Competition and Consumer Protection Commission (FCCPCC) have agreed to work together in a bid to simplify the processes of mergers of companies in Nigeria.
This was disclosed by the Acting Director General of SEC, Ms. Mary Uduk, during the signing of a memorandum of understanding between SEC and FCCPCC in Abuja.
Uduk expressed the need for both organisations to work together to ensure that there is no vacuum in a bid to ensuring that the collaboration would lead to a stronger economy for the country.
“We are happy with the work the FCCPCC has done so far and on our part as SEC, we are willing to provide you with any relevant assistance you would need to hit the ground running and improve our nation’s economy, ” she said.
The acting DG disclosed that the commission presently had capacity in the area of mergers and would be willing to share knowledge with the new organisation.
In his remarks, the Director General of FCCPCC, Mr. Babatunde Irukera, commended the DG for the leadership the SEC has provided and for the friendship and collaboration that have helped to bring both organisations this far.
According to him, “we would like to commend the way you have approached your work, especially the merger review, I think it has become examplenary to everyone and the rest of the country and both internationally and domestically, and your mode of leadership made it possible.
“The work between the two organizations has created a master stroke and without your leadership it would not have been possible.
“Not only has that helped this new institution to begin to get its bearing correctly it has also helped the investment community to see what the real possibilities are available in Nigeria.”