NSE Achieves Milestone On Dealing Members Compliance | Independent Newspapers Limited
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NSE Achieves Milestone On Dealing Members Compliance

Posted: Sep 10, 2015 at 12:00 am   /   by   /   comments (0)

 Benchmark Index slips by 2.89%

By Bamidele Ogunwusi and Gloria Ishaleku,


The Nigerian Stock Exchange has announced that it recorded a 100 per cent compliance rate with the Dealing Member regulatory filings for the second quarter renditions for the period ended 30 June 2015, which was due on 17 August 2015.

This attainment bodes well with the Exchange’s implementation of its zero tolerance policy for infractions as all active Dealing Members of The Exchange are expected to submit their returns within the required timelines.

Chief Executive Officer (CEO) of the NSE, Mr. Oscar N. Onyema, OON, said: “the achievement is a reflection of the Exchange’s collaborative approach to regulation, with a strong emphasis on relationship management within an ethical problem solving prism. We believe that this approach is key to developing a strong and sustainable capital market”.

Commending the dealing members for the achievement Onyema stated that “this milestone is underpinned by Dealing Members buy-in to the Exchange’s vision to be the foremost securities exchange in Africa driven by regulation, efficiency, liquidity and innovation.  The Exchange is keenly aware of the burden of regulation on the Dealing Member community and therefore they deserve the kudos of their high sense of compliance despite the challenging times”.

He further said: “this landmark achievement serves to remind us, not only that we have come a long way in our journey to transform the Nigerian capital market but also that our great hopes and aspirations for this market are not a pipe dream no matter how daunting the challenges ahead of us.”

The NSE being a self-regulatory organisation maintains a body of rules to regulate the admission and supervision of its Dealing Members to enforce compliance with financial and operational requirements and the continuous monitoring and surveillance of their trade operations.

Meanwhile, activities on the floor of The Nigerian Stock Exchange (NSE) on Wednesday closed negative as the equities market was dragged down by blue-chip companies when the All-Share Index and Market Capitalisation declined by 2.98 per cent each.

Market Capitalisation depreciated by N311.142 billion to close at N10.128 trillion as against N10.439 trillion recorded at the close of trading on Tuesday even as the All Share Index declined by 904.78 basis points to close trading at 29,454.09 points compared with 30,358.87recorded on Tuesday.

The loss was attributed to heavy losses by blue-chip companies like Nestle Nigeria, Mobil Nigeria, Dangote Cement and Nigerian Breweries.

A total of 459.458 million shares worth N4.287 billion changed hands in 3,396 transactions against 190.859 million shares valued at N1.526 billion in 3,604 deals recorded on Tuesday, while the financial services sector recorded a total of 291.698 million shares worth N1.646 billion in 1,405 deals in contrast to yesterdays’ 160.527 million shares worth N918.213 million which changed hands in 1,954 transactions.

In the banking sub-sector, a total of 267.383 million shares valued at N1.565 billion were bought and sold in 1,642 transactions compared to the 121.454 million shares valued at N773.134 million exchanged in 1,432 deals.

Nestle Nigeria led the decliners’ table when it went down by N18.00, followed by Mobil Nigeria which depreciated by N750, Dangote Cement shed 694 kobo, Nigerian Breweries lost 487 kobo to, while UAC of Nigeria went down by 170 kobo, among others.

On the flip side, Guinness Nigeria led eight other gainers when it gained 626 kobo, followed by Fidson Healthcare which added 16 kobo, Trans-nationwide Express nicked 10 kobo, Nigerian Aviation Handling Company appreciated by 14, while Okumo Oil Palm increased by 7 kobo, among others.