BUSINESS
SEC Emphasizes Professionalism in the Capital Market
By Tony Obiechina, Abuja
The Securities and Exchange Commission has again restated the need for capital market operators to maintain professionalism and good ethical conduct in the discharge of their duties.
The Director General of the SEC, Mr. Lamido Yuguda who stated this during a meeting with the Chartered Institute of Stockbrokers in Abuja, Wednesday, added that it would make the market more transparent and attract investors.
Yuguda while soliciting the support of the CIS in the Commission’s quest to improve professionalism and good conduct in the capital market, also commended the Institute for working in tandem with the Commission, expressing the hope that the collaboration would continue.
“CIS has supported the SEC in our various initiatives in the past and we hope that this support will continue with the various initiatives we plan to roll out this year.
“We, therefore, urge the CIS to encourage its members to uphold the Code of Ethics of the profession and as contained in the Rules and regulations of the commission,” he said.
The SEC DG stated the importance of a harmonious working relationship between the regulator and the Self-Regulatory Organisations adding that it would translate into a more vibrant capital market.
According to him, “It is very important for us to work harmoniously we want a harmonious capital market where the regulators and the Self-Regulatory Organisations complement each other. We want a harmonious capital market where the forces compliment and rein-enforce each other and not fight. With all the initiatives we are bringing out in place, we are all heading towards a more robust and vibrant market”.
Only recently, in a bid to curb poor market conduct, the SEC had resolved to intensify monitoring and surveillance of the market and vowed to apply stiff sanctions to any operator who engages in unethical conduct.
Yuguda said capital market operators are the face of the market and they interact daily with investors adding that it is therefore important that they prioritise interest of investors over their own and be seen to demonstrate the highest level of integrity and transparency in conducting their activities.
According to him, “Poor conduct dissuades investors from our market and therefore counters our collective objective of broadening and deepening the market.
“We also expect that the institute will continue to make it mandatory for its members to undertake annual professional development programs that address emerging issues. I believe that this will go a long way in ensuring that the practitioners in the market are highly skilled and are equipped to make real impact towards growing the market.
In his remarks, the President of CIS, Mr Olatunde Amolegbe commended the SEC on the various initiatives is has been carrying out in a bid to deepen and develop the market and added that the CIS would continue to provide the necessary support in areas where it is required.
Also speaking, Past President of CIS Mr. Ariyo Olushekun said the CIS is committed to working with the SEC to ensure professionalism in the capital market, improve ethical standards and weed out bad eggs in the market.
This according to him, will strengthen confidence and lead to more investors coming back to the market so that the market can play the role it is supposed to play in the economy of the country.
He therefore pledged the commitment of the CIS to always work with the SEC to develop the market and also to police the market.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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