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New Listing: SEC Moves To Partner FG To Increase Market Depth

The Securities and Exchange Commission (SEC) on Monday said it would partner with the Federal Government to ensure listing of new companies on the nation’s bourse in 2016. Mr Mounir Gwarzo, SEC Director-General, told the News Agency of Nigeria (NAN) in Lagos that the commission’s major target in 2016 was to ensure listing of more companies, to deepen the market. Gwarzo said that the depth of the market would increase with the listing of more companies. “The depth of the market is very shallow and dominance of the banking sector is affecting the market because once it loses, the market will go down,” he said. The director-general said that the commission would engage government to ensure listing of new companies and privatised government entities. Gwarzo said that 2016 would be a challenging year for the market globally, with continued slide in the oil price and developments in the foreign exchange market. He said the commission would strengthen enlightenment campaign programme, to increase retail investor participation. Meanwhile, NAN reports that a turnover of 2.18 billion shares worth N10.75 billion were exchanged by investors in 21,471 deals last week. This was against 1.46 billion shares valued N14.17 billion traded in 15,164 deals in the preceding week. The Financial Services Industry led the activity chart with 1.91 billion shares worth N6.13 billion, transacted in 13,687 deals. The Conglomerates sector followed with 97.55 million shares valued N261.50 million, achieved in 959 deals. The third place was occupied by the Consumer Goods Industry, with a turnover of 94.74 million shares worth N3.122 billion, traded in 3,531 deals. The NSE All-Share Index last week rose by 312.50 points or 1.32 per cent to close at 23,826.50, compared with 23,514.04 achieved in the preceding week. Also, the market capitalisation appreciated by N107 billion or 1.33 per cent, to close N8.194 trillion as against N8.087 trillion posted in the previous week. Transcorp led the gainers’ table in percentage term, growing by 30.61 per cent or 30k, to close at N1.28 per share. Tiger Brands followed with a gain of 26.37 per cent or 24k to close at N1.15, while FBN Holdings grew by 25 per cent or 90k to close at N4.50 per share. Conversely, Honey Well topped the losers’ chart in percentage term, dropping by 17.78 per cent or 32k, to close at N1.48 per share. FCMB Group trailed with a loss of 16.10 per cent or 19k to close at 99k, while Seplat declined by 11.44 per cent or N20.25 to close at N156.71 per share. (NAN)

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