Unceasing Slow Progress Despite Negative Sentiment – Oct’ 14 SSS Report

Proshare

 Tuesday, November 04, 2014 1.30PM /sss@proshareng.com
 

The Nigerian Capital Market in the first month of Q4’14 sustained the negative sentiment witnessed and experienced in Q3 as market regulators and operators continued to roll out and implement principles, rules, innovations and market products which are expected to contribute to further growth of the market.
 

Market operators like Afrinvest Securities Ltd, a subsidiary of Afrinvest West Africa successfully launched their online trading portal formally called AFRINVESTOR and the TNI crew in a bid to enlighten investors on where to trade and who to trade with took time to visit the firm on the review of the portal.
 

The AFRINVESTOR affords its users access to best-in-class trading opportunities built on three (3) factors inclusive of its trading tools, education in terms of comprehensive resource and market insights, while the Mobile App version of the LeadTrader portal is expected to hit the market soon.
 

The Exchange, a self-regulatory organization, also recorded a landmark achievement during the month as it got admitted as a full member of the World Federation of Exchanges (the “WFE”) via a unanimous vote, being the third African Stock Exchange to be granted this status.
 

Also, the Exchange officially launched the Corporate Governance Rating System (CGRS) on November 3, 2014 which marks the beginning of a new era in market transparency and a new model for 21st century corporate reporting in Nigeria, and in Africa as a whole.
 

The Corporate Governance Rating System (CGRS) done in collaboration with the Convention for Business Integrity (CBI) is designed to evaluate companies based on the quality of their corporate integrity; corporate compliance; understanding of fiduciary responsibilities by their directors and their corporate reputation.

Primary market activities also continue to record improvements as the list of issuers that plan to engage the market on capital raising keeps increasing. United Bank for Africa Plc has stated its plan to raise Tier 1 Capital by way of a Rights Issue, subject to Shareholders and Board resolutions authorizing the Bank to raise additional capital by various means, including a Rights Issue.
 

Also, Presco Plc has announced the commencement of the process to raise up to N3 billion by way of Rights Issue following shareholders’ approval at the Annual General Meeting held on 22 July 2014. This is expected to present existing shareholders the opportunity to increase their investment in the company.

In this edition of The Nigerian Capital Market Service Report, we continue the updates of our various data section and among other regular 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 October 2014 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.
 

 Do feel free to share your opinions/observations and feedback with us vide sss@proshareng.com
 

Thank you.
 

For: Analyst Editorial Board 

 

Reshu BAGGA

CEO, The Analyst

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