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SEC, NSE set to attract more listing in capital market
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SEC, NSE set to attract more listing in capital market


[Image: CAPITAL-MARKET.jpg]
•Stocks sustain rising profile with 1.07% gain
To woo more firms to list on the nation’s bourse, the Securities and Exchange Commission (SEC), and the Nigerian Stock Exchange (NSE), have announced plans to make the processes of listing on the Exchange more efficient and cost-effective by streamlining the approval process between the two regulators.

According to NSE, the streamlined process, which will become effective June 1, is aimed at reducing the regulatory burden on issuer’s by eliminating duplication of processes between the SEC and NSE.

“With the streamlined processes, the SEC and the NSE will carry out joint site visits of companies intending to get listed, following the registration of their securities with the SEC.

“In the same vein, certain offer documents such as the Vending Agreement, Underwriting Agreement, Trust Deed and ISPO, identified to be strictly within the jurisdiction of the SEC are to be submitted only to the SEC. Also, The Exchange will rely on SEC for approval of offer documents such as a Prospectus.”

The Ag. Executive Commissioner, Operations, SEC, Isiyaku Bala Tilde, said: “Streamlining the issuance process with the listing process of the NSE is a major milestone for the Commission in its quest to create an enabling environment capable of attracting new listings.”

Similarly, the Executive Director, Regulation, NSE, Ms. Tinuade Awe, said: “I commend the SEC for working with us in streamlining the listing process for securities on the exchange. The NSE is much obliged for the SEC’s demonstration of a worthy example of effective collaboration all through this process in the interest of the market.”
Meanwhile, the Nigerian equity market sustained its rising profile yesterday, causing the All-share index to appreciate further by 1.07 per cent.

Specifically, at the close of transactions, the All-Share Index (ASI) gained 332.36 absolute points, representing a growth of 1.07 per cent to close at 31,477.51 points, while the market capitalisation grew by N146 billion  to close at N13.864 trillion.

The upturn was significantly impacted by value appreciation recorded in some medium and large capitalised stocks, Nestle Nigeria, Beta Glass, Mobil Nigeria, MTN Nigeria, and Dangote Cement.
However, market breadth remained in the negative region with 14 gainers against 24 decliners.

Law Union and Rock Insurance recorded the highest price gain of 10 per cent to close at 44 kobo per share. Japaul Oil & Maritime Services followed with 9.09 per cent to close at 24 kobo, while. Nigerian Aviation Handling Company (NAHCO) appreciated 7.91 per cent to close at N3.41, per share.

Beta Glass rose by 7.60 per cent to close at N75, while Conoil gained 6.95 per cent to close at N21.55, per share.
On the other hand, Academy Press and Livestock Feeds led the losers’ chart with 10 per cent each, to close at 27 kobo, and 54 kobo, per share, respectively.

Courteville Business Solutions and United Capital followed with 8.70 per cent each, to close at 21 kobo, and N2.10, respectively, while Chams fell 8.33 per cent to close at 33 kobo, per share.

Total volume traded appreciated by 90.03 per cent to 559.76 million shares worth N8.68 billion, traded in 6,042 deals. Transactions in the shares of Sovereign Trust Insurance topped the activity chart 280.76 million shares worth N64.6 billion.

United Bank for Africa (UBA) followed with f 44.42 million shares valued at N256.51 million, while MTN Nigeria traded 34.23 million shares at N5.24 billion.

Zenith Bank traded 33.49 million shares at N630.73 million, while Transnational Corporation of Nigeria (Transcorp) sold 17.43 million shares worth N19.87 million.

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