Nigeria’s Securities and Exchange Commission (SEC) announced today that it would make its issuing process more effective by giving incentives to issuers in a bid. The SEC says it is doing this to raise more funds from Nigeria’s capital market.
The Acting Director-General of the SEC, Ms. Mary Uduk, said this while speaking to journalists in Lagos, adding that the body hopes to attract more investors to its issuing process. “We are almost through with the report. We looked at the entire value chain and we are working with the NSE to ensure that documents filed with the exchange are not requested for a second filling at the SEC,” she said.
Also adding to this, the Commission’s Corporate Services head said that the SEC has already issued a communique that public companies trading securities ‘must be registered with the commission before the end of December 2018, to promote activities on the NASD OTC market.’
Below is the Ventures Africa Weekly Economic Index, for the week ending 10th of August 2018. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of 10th August 2018, showed that the All-Share Index depreciated by 2.89 percent from the previous week ending 3rd August 2018. Market capitalization at the close of trading during the week under review was N12.941 trillion, a 2.86 percent decrease from N13.322 trillion recorded the previous week. The All Share-Index for the week under review closed at 35,446.47
Top five price gainers and decliners in the week under review:
Top five price gainers
Neimeth International Pharmaceuticals Plc.
Niger Insurance Co. Plc.
Newrest ASL Nigeria Plc.
Livestock Feeds Plc.
Top five price decliners
Secure Electronic Technology Plc.
Cornerstone Insurance Plc.
Ikeja Hotel Plc.
Mutual Benefits Assurance Plc.
Linkage Assurance Plc.
How did the Naira fare?
The value of the Naira against the dollar stayed the same in the week under review. The naira remained at N362/$ on the 10th of August 2018, the same value recorded on the 3rd of August 2018.
How did the price of oil fare?
Oil prices started the week just below $74 per barrel. However, by Friday, 1oth of August 2018, prices had dropped below $73. Oil prices finished the week at $72.63, a seven-week low reportedly caused by US-China trade war over tariffs and the Iranian sanctions.