Operators have expressed optimism that the nation’s bourse will witness positive performance in 2020 due to low interest rate in money market instrument and early passage of the budget.
They stated this in separate interviews in Lagos on Thursday, while reacting to the stock market expectations in 2020, news agency Voice of Nigeria reports.
Mr Ambrose Omordion, the Chief Executive Officer, InvestData Ltd., said low interest rate regime, increased credit to the real sector and early assent to 2020 budget were factors that would impact positively on the market.
The Securities and Exchange Commission (SEC) says it is reviewing the Nigerian Stock Exchange (NSE) demutualisation application.
The SEC acting Director-General, Ms Mary Uduk, disclosed this at the third quarter post-Capital Market Committee (CMC) meeting news conference held in Lagos on Friday.
Uduk assured stakeholders that the commission would ensure a transparent and equitable process in the exercise.
The capital market stakeholders have called on Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and other stakeholders to formulate strategies that would boost local participation in the nation’s bourse.
The capital market stakeholders made this call during an interview with News Agency of Nigeria (NAN) in Lagos, while reacting to investor apathy in the equities market.
Investors’ confidence in the Federal Government of Nigeria’s Securities remained high at the FGN Bond Auction conducted by the Debt Management Office (DMO) which reflected an increase in subscription.
The DMO offered three (3) Instruments (5-year, 10-year and 30-year bonds) with a total face value of N150.00 billion which were well received by investors.
Total subscriptions received from competitive bids for the instruments was N255.99 billion, indicating a subscription level of 171%.
The Securities and Exchange Commission (SEC) has said that the introduction of checklist review process for the capital market would make the system more competitive, reduce cost, promote efficiency, transparency and accountability.
The Acting Executive Commissioner Operations at SEC, Mr. Isyaku Tilde, stated this at the engagement session with Association of Issuing Houses, Trustees and Solicitors on the commencement of checklist review over the weekend, Voice of Nigeria reports.
Some capital market operators yesterday said there was the need for the new ministers to commence work without delay to revive the nation’s economy to avoid another round of recession.
They told the News Agency of Nigeria in Lagos that the ministers must swing into action to revive the economy which was gradually descending into another round of recession.
Mr Sola Oni, a chartered stockbroker and Chief Executive Officer, Sofunix Investment and Communications, said the ministers needed to commence work without wasting time to revitalise the economy.
Capital market operators on Tuesday said that restoration of Value Added Tax (VAT) on capital market transactions would discourage investors from the market and weaken financial inclusion drive of the Federal Government.
The operators were reacting to government’s plan to restore VAT on all capital market transactions effective from July 25 while speaking with the News Agency of Nigeria in Lagos.
They also said that the restoration would further dampen investors confidence in the market and as well discourage foreign participation.
The Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with the Nigerian Financial Intelligence Unit (NFIU) to combat Ponzi schemes and fraud in the capital market.
Mrs Mary Uduk, the Acting Director-General of SEC, disclosed this in a statement in Abuja.
She said the collaboration was necessitated by the need for SEC and NFIU to close ranks in the face of “insider dealings, reawakening of Ponzi schemes, cybercrime and other fraudulent activities that have engulfed the market in the last few years”.