Stocks halt eight-day gaining streak, shed N50.05billion on profit-taking

Gwarzo emerges AMERC Chairman

THE equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] depreciated by 0.50 per cent to close at 30,045.56 basis points, compared with the 0.17 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 13.31 per cent.

  Market breadth closed flat as UACN led 22 gainers against 22 losers topped by Okomu Oil at the end of yesterday’s session- an unimproved performance when compared with previous outlook.

  Market turnover closed negative as volume moved southwards by -13.31 per cent against 33.33 per cent uptick recorded in the previous session. Zenith bank, FBNH and Diamond bank were the most active to boost market turnover. Nigerian Breweries and Zenith bank topped market value list.

  On sectoral indices, insurance records 1.66 per cent gain to emerge the most supportive sectoral index among others while  banking emerged as worst hit to close with 1.83 per cent loss

  Meanwhile, the Ag. Director General of the Securities and Exchange Commission (SEC) Nigeria,  Mounir Gwarzo has been elected as Chairman of the Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO). The election took place at the on-going Annual meeting/conference of the regional body in Muscat, Oman and is to run for two years.

  By this election, Gwarzo is to serve on the Executive Committee of IOSCO, the highest decision making organ of the global securities regulatory organization for the next two years. 

IOSCO is recognized as the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95 per cent of the world’s securities markets in over 100 jurisdictions and its membership is steadly growing.

  In his acceptance speech, Gwarzo appreciated AMERC members for the vote of confidence on him and stated that his election was a further commitment of AMERC to build on the foundations laid in advancing IOSCO and AMERC.

Moving forward, Gwarzo said there is still a lot of work to be done despite the progress made so far by IOSCO and therefore called on members to continue to render the mutual support and cooperation of past years for the benefit of investors, markets and indeed the world economy.

He also advocated improved participation in IOSCO work streams and other relevant activities to enhance visibility of AMERC members within the Organization. 

“The essence of our membership of this important organization is not limited to setting standards only. As critical as standard setting may be to the IOSCO objectives, we also have a responsibility to build the required capacity and be able to deploy these standards for optimum result. We shall also find ways to take full advantage of the numerous opportunities which abound within IOSCO, either in the area of capacity building, enforcement cooperation and information sharing” Gwarzo added

  He noted that the Committee will continue to deepen discussions and debates on topical issues including but not limited to long term financing, financial inclusion and literacy, risk based supervision, corporate bonds market and regional integration.

  Also, a Memorandum of Understanding (MOU) was signed between SEC Nigeria and Angola. The MOU covers technical support and information sharing between the two countries. 

IOSCO was established in 1983 as the standard setter for the securities industry worldwide and currently has over one hundred ordinary members.