As NGX RegCo resolves to enhance market fairness, transparency through technology
Increased buying interest in the shares of some banks, especially FBN Holdings Plc and Fidelity Bank Plc lifted the Nigerian Exchange Limited (NGX) All-Share Index (ASI) by 0.07 per cent.
Indeed, at the close of transactions yesterday, the ASI gained 46.18 points, representing a gain of 0.07 per cent to close at 70, 819.49 points. Also, market capitalisation rose by N26 billion to close at N38.911 trillion.
The upturn was driven by price appreciation in large and medium capitalised stocks amongst which are; UAC of Nigeria (UACN), FBN Holdings (FBNH), Fidelity Bank, GlaxoSmithKline Consumer Nigeria and MeCure Industries.
Analysts at Vetiva Dealings and Brokerage, said: “Market activity surged on the back of improved trades in the banks and the telecoms sector. We are likely to see the market close the week on a positive and busy note.”
As measured by market breadth, market sentiment was slightly negative as 26 stocks gained relative to 27 decliners. UPDC emerged the highest price gainer of 9.91 per cent to close at N1.22 kobo.
MeCure Industries followed with a gain of 9.85 per cent to close at N3.57, while SCOA Nigeria advanced by 9.73 per cent to close at N1.24 kobo.
Japaul Gold and Ventures rose by 9.58 per cent to close at N1.83, while UACN appreciated by 8.47 per cent to close at N16.00, per share. On the other side, VFD Group led others on the losers’ chart with 10 per cent each to close at N184.50 kobo.
Multiverse Mining and Exploration followed with a decline of 9.38 per cent to close at N2.90 kobo while The Initiates Plc (TIP) was down by 9.35 per cent to close at 97 kobo.
Regency Alliance Insurance lost 8.57 per cent to close at 32 kobo, while DAAR Communications depreciated by 8.33 per cent to close at 22 kobo.
The total volume of trade increased by 1.9 per cent to 569.19 million units, valued at N16.79 billion and exchanged in 6,169 deals. Transactions in the shares of Japaul Gold and Ventures led the activity with 113.964 million shares worth N208.555 million.
Stanbic IBTC Holdings followed with account of 96.918 million shares valued at N6.778 billion, while United Bank for Africa (UBA) traded 75.218 million shares valued at N1.548 billion.
FBNH traded 42.645 million shares worth N849.769 million, while Fidelity Bank traded 34.7 million shares worth N319.058 million.
MEANWHILE, NGX Regulation Limited (NGX RegCo) has assured retail investors of its commitment to ensuring fairness and transparency in the capital market, as it aims to further improve investor confidence and drive financial inclusion in the retail investor ecosystem.
The Head, Market Surveillance and Investigations, NGX RegCo, Abimbola Babalola, stated this, during the NGX RegCo Retail Investor Workshop held in Lagos.
The webinar, themed: “Expanding Reach for More Impact: Deepening financial inclusion in the retail investor,” featured experts, who explored present landscape, identified of existing challenges, and presented solutions aimed at enhancing market participation and expanding access to market for retail investors.
Babalola noted that NGX Regulation has a mandate of protecting investors, saying, “In other to achieve this, at NGX RegCo, we ensure that all our rules are properly documented with interpretative guidelines issued alongside them. By going through these, everyone participating in the market will understand the rules and how it is being operated.
“Most of what we do in the market is fully automated. For example, the trading engine has an algorithm devoid of human elements. We ensure that every participant observes the rule of the exchange, and we have technology driven methods of detecting unscrupulous elements trying to take advantage of the market.”
In his opening remarks, the Executive Director, Capital Markets, NGX, Jude Chiemeka, said it is essential to foster a market that provides everyone the opportunity to participate in the financial market if Nigeria is to fulfill the 95 per cent financial inclusion target by the end of 2024.
