The Securities and Exchange Commission, SEC has warned Nigerians against investing in ponzi schemes across the country.
SEC disclosed that ponzi scheme operators such as iBSmartify Nigeria, Federate Investors Trading Company and others were not registered or regulated by the Commission, news agency VON reports.
“The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.
The benchmark index appreciated 17bps to close at 24,972.82 points as investors cherry-picked bellwethers including NESTLE (+10.0%), ACCESS (+1.5%) and FLOURMILL (+4.4%). As a result, market capitalisation increased by ₦21.9bn to settle at ₦13.0tn while YTD loss eased to -7.0%. Activity level improved as volume and value traded rose 32.7% and 70.8% respectively to 266.0m units and ₦2.7bn. The most active stocks by volume were GUARANTY (43.7m units), UACN (41.2m units) and FCMB (22.5m units) while GUARANTY (₦1.0bn), UACN (₦288.7m) and NESTLE (₦236.5m) led the value chart.
Following the gradual ease of lockdown instituted across China, manufacturing activities rebounded in May, after contracting in the prior month. Specifically, manufacturing PMI rose to the expansionary territory of 50.7 index points in May, from 49.4 points in April. This is not surprising as we had expected the gradual re-opening of the Chinese economy would keep manufacturing activities afloat in May, even as the external sector remains broadly weak due to pressured demand. Despite the positive outturn, we do not believe the Chinese economy is completely out of the woods.
Equities trading on the floor of the Nigerian Stock Exchange opened on a positive note on Wednesday after a two-day holiday to commemorate the end of the Muslim Ramadan.
The market capitalisation appreciated by N9 billion or 0.07 percent to close at N13.14 trillion from Friday’s close of N13.13 trillion .
In the same vein,the All share index increased by 0.07 percent or 16.48 basis points to close at 25,221.23 basis points after opening activities at 25,204.75 basis points.
Despite the lockdown following the COVID- 19 pandemic, the Nigerian stock market has recorded a gain of N897b boosted by the remote trading via fintech, in April.
According to the Securities and Exchange Commission Director General, Mary Uduk, the capital market community has put measures in place to ensure the market does not shut down, VON reports.
“The Nigerian Stock Exchange is continuing with trading. The FMDQ and all the exchanges are actually continuing and everything is going well.
The Nigerian Stock Exchange (NSE) recorded a bullish performance on Tuesday with the market capitalisation improving by N58 billion following gains in high capitalised stocks.
Specifically, the market capitalisation which opened at N11.786 trillion rose by N58 billion or 0.49 per cent to close at N11.844 trillion.
Also, the All-Share Index increased by 111.59 points or 0.49 per cent to close at 22,727.87 against 22,616.28 achieved on Monday.
The Securities and Exchange Commission (SEC) has issued additional guidance to operators and quoted companies and stakeholders in the capital market.
The circular is in reaction to the outbreak of the coronavirus pandemic (COVID-19) globally, which has led to social distancing, lockdown, and travel restrictions.
These guidelines were disclosed in a circular issued by SEC to market operators and stakeholders.
Some of the additional measures by the apex capital market regulator include;
Investors have lost N2.3 trillion in one month as uncertainty in the domestic and global economy, triggered by the devastating effect of the raging COVID- 19 crisis continue to hit hard on the equities sector of the Nigerian Stock Exchange (NSE).
Market capitalisation of listed equities, which opened the month of March at N13.449 trillion, depreciated by N2.3 trillion to close at N11.100 trillion yesterday.
The All-share index equally declined by 4,516.1 points or 21.2 percent from 25, 816.57 to 21, 300.47 points.
The Securities and Exchange Commission, SEC, has issued an advisory that would mitigate the impact of COVID-19 on capital market operations.
In a circular to capital market stakeholders on COVID-19, the SEC released a number of market-focused adjustments to be adopted in the interim in response to the effects of COVID-19 which includes filing and processing of applications electronically, extension of deadline on 2019 annual reports and First Quarter, Q1 2020 reports and postponement of the Q1 Capital Market Committee meeting earlier scheduled for April 23, 2020.