SEC seals Stockmatch’s offices over illegal investment activities

In a renewed onslaught against promoters of Ponzi schemes, the Securities and Exchange Commission (SEC), on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State for allegedly engaging in illegal investment activities.According to the commission, the office of the company in Wulari Plaza on Lagos Street  Maiduguri, was shut down for allegedly carrying out investment operations that fall within the ambit of fund managementwithout registration by the SEC. “This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down” “The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC. “The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures asdoing this will be in contravention of the Investments and Securities Act, 2007″ the SEC stated. The Commission, therefore, advised the public to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by it. It warned that any member of the investing public dealing with unregistered entities was doing so at his/her own risk. It further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website.

Equity market sustains bullish run, gains N158bn

Trading activities on the floor of Nigerian Exchange (NGX) Tuesday sustained an upward trajectory as the market appreciated by N158 billion. The market capitalisation of listed equities increased by 0.44 per cent to N35.842 trillion from N35.684 trillion reported the previous day. The NGX All Share Index also appreciated 286.26 basis points to 65488.67 points from 65202.41 points traded on Monday. Investors’ attention during the day were directed towards shares of Transnational Corporation of Nigeria (Transcorp), AccessCorp, and Fidelity Bank, ETI and others. An analysis of the investment showed that Cornerstones Insurance led gainers table with 9.84 per cent to N1.34 per unit, CWG followed with a gain of 9.74 per cent to close at N4.28 per unit, SCOA added 9.38 per cent to close at N1.40 per unit, ABC Transport increased by 8.33 per cent to close at N0.52 per unit. BUAFoods added 7.91 per cent to close at N165 per share. On the contrary, Nigerian Breweries, SUNU Assurance and Chellaram Plc recorded the highest loss during the day in percentage terms, declining by 10 per cent to close at N38.25, N0.72 and N3.96 per share respectively. John Holt trailed with a drop of 8.81 per cent to close at N1.45 per unit while Mutual Benefits dipped 6.82 per cent to close at N0.41 per share. The volume of trades increased by 61.864 million representing  26.71 per cent as investors traded 293.463 million shares valued at N4.122 billion in 5895 deals against 231.599 million shares worth N3.992 billion exchanged hands the previous day in 5494 deals. Transactions on the shares of Transnational Corporation of Nigeria (Transcorp) led market activities during the day with 41.441 million shares valued at N185.042 million, AccessCorp followed with account of 36.158 million shares worth N616.420 million, Fidelity Bank traded 32.105 million shares valued at N229.733 million, Omatek exchanged 15.006 million shares cost N4.293 million while Ecobank Transnational Corporate sold a total of 13.200 million shares valued at N208.479 million.

FGN August Bond Auction hits N312.56bn subscription -DMO

The Debt Management Office (DMO) has reported a substantial subscription of N312.56 billion in the Federal Government of Nigeria (FGN) bond auction for August. This is coming amidst prevailing uncertainties in the financial market as this impressive response underscores investor confidence in government securities. Conducted on Monday, the FGN bond auction featured four distinct instruments: the 14.55 percent April 2029 FGN bond, the 14.70 percent June 2033 FGN bond, the 15.45 percent June 2038 FGN bond, and the 15.70 percent June 2053 FGN bond. Each instrument carried a value of N90 billion, culminating in a total offering of N360 billion. Despite the prevailing market conditions, the auction garnered an outstanding subscription of ₦312.56 billion, indicating a strong appetite among investors. Of notable interest was the 15.70 June 2053 (30-year bond), which maintained robust demand with a bid-to-cover ratio of 2.71 times. The successful bidders were allocated a total of N227.76 billion across the four instruments. The allotment rates varied, with the 14.55 percent April 2029 instrument and the 14.70 percent June 2033 instrument being set at 13.85 percent and 15.00 percent, respectively. Likewise, the 15.45 percent June 2038 instrument carried an allotment rate of 15.20 percent, while the 15.70 percent June 2053 instrument stood at 15.85 percent. The FGN bond, akin to the FGN savings bond and the sovereign Sukuk, constitutes a vital component of local government borrowing. This resounding success in the auction reflects the ongoing interest and confidence in FGN securities, demonstrating the significance of prudent financial management amidst market uncertainties.

Nigeria’s equities bounces back, gains N41bn

Transactions on the floor of the Nigerian Exchange (NGX) on Wednesday closed on a positive note, appreciating by N41 billion.  The market capitalisation of listed equity appreciated by 0.12 percent to N34.973 trillion from N34.932 trillion reported the previous day. The NGX All Share Index also increased 75.16 basis points to 64267.36 points from 64192.20 points traded the previous day. A review of the investment showed that Nascon, Chams Plc, and Abbey Building Society led the gainers’ table in percentage terms, gaining 10 percent to close at N35.75 per share, N0.99 and N1.21 per share respectively. Skyways Aviation Handling followed with a gain of 9.96 percent to close at N28.15 per share, and Dangote Sugar Refinery added 9.93 percent to close at N32.65 per unit. On the other hand, Thomas Way and TIP topped the losers’ chart with a drop of 10 percent each to close at N1.17 and N0.72 per share respectively. UPL trailed with a loss of 9.78 percent to close at N2.49 per unit, Omatek fell by 9.76 percent to close at N0.37 per share, JohnHolt was down by 9.44 percent to close at N1.63 per share. Volume of trades declined by 431.313 million, representing 56.60 percent as investors traded 330.784 million shares valued at N4.269 billion in 6251 deals against 762.097 million shares worth N7.710 billion in 7935 deals. Trading activities on the shares of Transnational Corporation of Nigeria (Transcorp) led market activities with 58.829 million shares worth N209.186 million, FBNHoldings followed with an account of 27.951 million shares cost N502.759 million, Ecobank Transnational Incorporate traded 21.303 million shares cost N330.246 million, AccessCorp exchanged 20.697 million shares cost N34.178 million while Chams Plc traded 16.964 million shares valued at N16.135 million.

Equity market continues bullish run, gains N534bn

Nigeria’s equity market on Monday appreciated by N534 billion as an investment in the shares of United Bank of Africa, FCMB, Access Bank and others lifted the market activity The market capitalization of listed equities increased by 1.60 percent to N33.731 trillion from N33.197 trillion reported the previous day. The NGX All Share Index also increased by 980.97 basis points to 61949.24 points from 60968.27 points traded on Friday. A review of the investment during the day showed that JapaulGold, UPL, and Fidelity Bank led the gainers’ table gaining 10 percent each to close at N0.77 percent, N2.75, and N7.70 percent respectively, Meyer Paint and Eterna Plc also increased by 10 percent each to close at N23.10 per share. On the contrary, Triple G topped the losers’ chart during the day, shedding 9.87 percent to close at N3.38 percent each, Cornerstone Insurance and NSL Tech trailed with a loss of 9.09 percent each to close at N1.00 and N0.30 per unit respectively. ABC Transport fell by 6.82 percent to close at N0.41 per share, Julius Berger was down by 3.23 percent to close at N30.00 per share. Volume of trades increased by 20.692 million, representing 20.73 percent as investors traded 1.205 billion shares valued at N14.039 billion in 12128 deals against 998.080 million shares valued at N15.956 billion in 10580 deals. Transactions in the shares of FCMB group was the toast of investor during the account for 173.808 million shares valued at N930.697 million, United Bank for Africa followed with an account of 160.673 million shares worth N2.119 billion, Access Corp traded132.518 million shares valued at N2.383 billion, Jaiz Bank exchanged 80.637 million shares worth N138.392 million while Transnational Corporation of Nigeria Plc sold a total of 74.963 million shares cost N285.247 million.