Market Maintains Negative Sentiment; SEC Reverberates Re-capitalization Deadline-Jun '15 SSS Report


Wednesday, July 01, 2015 10.05AM /

Market performance in the month of June closed red as NSE ASI records -2.49% losses to extend the bearish trend witnessed in previous month as YTD performance also closed red in with -3.46% as H1’15 ends while market and key stakeholders still awaits economic direction from the new administration.

Activities in the primary market segment remain relatively low generally as Stanbic IBTC Holdings Plc notified the market of its proposed Rights Issue of 800,000,000 Ordinary Shares of 50k each at N25.50 per share on the basis of 2 new ordinary shares for every 25 ordinary shares held while the IPO market is yet to witness any deal.

Market Regulators continue their investors’ protection and market development functions as the Nigerian Stock Exchange released two (2) key circulars to its members. One bothers on the online trading platforms which tends to guide operators and help NSE to effectively monitor and regulate the online trading process while the other bothers on SEC’s Complaint Management Framework; stressing compliance.

The top capital market regulator, SEC, on its part stressed its commitment to the deadline earlier fixed for the re-capitalization of CMOs while it also issued a directive to all capital market registrars to return all unclaimed dividend of 15 months and above to the paying companies.

It is pertinent to state that Proshare NG sued SEC during the tenure of the immediate past Director-General, Ms. Arunma Oteh, with a court injunction filed against the directive while the commission in late January 2015 hit the market with its new rule stating that all unclaimed dividends of 12 months should be returned to paying companies.

In this edition of The Nigerian Capital Market Service Report, we continued the updates of our various data section with latest updates required in the report.  This is to ensure that we deliver a comprehensive capital market service report that helps cover and track innovations, developments as well as service issues in the market effectively.

In all, the June 2015 SSS Quality Report is a snapshot and aide memoire of these developments as we keep tracking milestones that the investing public should be aware of.

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For: Analyst Editorial Board

CEO, The Analyst

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