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SEC to Launch Revised 10-Year Master Plan

Regulators	740 VIEWS
Regulators
740 VIEWS

Monday, January 10, 2022 / 11:10 AM / by Kayode Tokede of This Day/ Header Image Credit: Business Day

The Securities and Exchange Commission (SEC) is to organize a capital market conference to launch a revised version of the 10-year Capital Market Masterplan in 2022 to reflect the dynamism of the market and developments in FinTech among others.

Director General of the SEC, Mr. Lamido Yuguda stated this in Abuja this Weekend in a New Year Message.

The SEC DG stated that as the Year 2022 commences, the Commission is confident that the results of the various initiatives implemented will begin to gradually manifest, spurring developments in many aspects of the market.

He expressed the hope that as the restrictions of Covid-19 and its variants are eased up, the Market will witness renewed confidence expected to introduce fresh investments from domestic and foreign investors.

According to Yuguda, "As we expect improvements in both economic and capital market activities, we must remain committed to developing the market in line with the 10-year Master Plan. Some of the key initiatives to be pursued in 2022 are as follows: The repeal of the Investment and Securities Act (ISA) 2007 and passing of the Investment and Securities Bill 2021 to align the enabling law with the realities and trends in capital market regulation and practice in Nigeria."

Meanwhile, the Nigerian equities market closed on a positive note at the close of trading last Friday on the back of the gains recorded in major sectors.

At the close of business for the day, the Nigeria Exchange Limited (NGX) All Share Index (ASI) went up by 0.57 per cent to settle at 43,854.42pts. Similarly, the NGX-ASI gained 2.66 per cent Week-to-Date (WTD).

In Friday's trade, market breadth index was broadly positive with 31 gainers against 9 losers.

The performance was positive as the gains recorded in CORNERST (+10.00%), MEYER (+10.00%), ARDOVA (+9.92%), BUAFOODS (+9.92%) and PZ (+9.84%) offset the losses printed in CHIPLC (-9.59%), SOVRENINS (-7.14%), UPDC (-3.28%), JBERGER (-2.46%) and REGALINS (-2.08%).

In the same vein, sector performances were broadly positive at the close of trade with the Oil and Gas (+0.98%), Banking (+0.44%), Industrial (+0.26%) and Consumer Goods (+0.19%) sectors closing positively.

In terms of activity levels, total volume and value increased by 126 per cent and 481 per cent respectively, as investors exchanged about 395 million units of shares worth N12.40 billion. BUA Foods Plc (+9.92%) was the most actively traded stock with about 205 million units of shares worth about N10 billion.

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The post SEC to Launch Revised 10-Year Master Plan as NGX ASI Close Higher first appeared in ThisDaylive.com on January 10, 2022.