Investors on the Nigerian Stock Exchange (NSE) were not lucky to record sustained gain on Tuesday July 30 as the market booked loss of about N63billion as against gain of N15billion recorded on the first trading day of this week.
At the sound of closing gong on Tuesday, the NSE All Share Index (ASI) closed lower by 0.46 percent to 27,820.57 points as against preceding trading day level of 27,950.36 points; while the value of listed equities on the Nigerian Bourse decreased to N13.558trillion as against preceding day high of N13.621trillion. The stock market’s year-to-date (YtD) negative returns currently stands at -11.49 percent.
FBN Quest research analysts had in their July 29 note expected the market to trade sideways in the Tuesday’s session. Eleven (11) stocks gained as against 20 losers.
Nestle Nigeria Plc led the basket of losers after its share price declined by N10.5 or 0.80percent, from N1310 to N1299.5. Also, Nigerian Breweries Plc followed after losing N5 or 8.33percent, from N60 to N55; while Dangote Flourmills Plc lost 30kobo or 1.53percent, from N19.6 to N19.3.
Julius Berger Nigeria Plc led the gainers table after its share price advanced from N18.1 to N18.75, adding 65kobo or 3.59percent; followed by Vitafoam which rose from N4.09 to N4.3, adding 21kobo or 5.13percent. Also, Dangote Sugar Refinery Plc share price moved up, from N10.6 to N10.8, adding 20kobo or 1.89percent.
Vetiva research analysts, who expect to see a flurry of earnings on Wednesday July 31 as the month comes to an end, added that “with the trend of limited reactions to the results we have seen so far, we do not expect the earnings to have any significant impact on investor sentiment and the performance of the index. As such, we foresee another bearish session despite the attractiveness of prices across the board.”
GTBank Plc, UBA Plc, Zenith Bank Plc, FBN Holdings Plc were actively traded stocks. In 3,192 deals, equities dealers exchanged 155,213,865 units valued at N2.230billion.
The World Federation of Exchanges (WFE), the global industry group for exchanges and central counterparty clearing house (CCPs) on Tuesday July 30 responded to the International Organisation of Securities Commissions’ (IOSCO) Consultation Report on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.
The consultation report highlights the current issues and risks that have been identified with the trading of crypto-assets on trading platforms (CTPs) such as transparency of operations, price discovery mechanisms, clearing and settlement, safekeeping of participants’ assets, identification and management of conflicts of interests.
It also identifies the fragmented approach across regulatory jurisdictions in the regulation of CTPs, due to differences between the emerging sets of rules that are being proposed and implemented by individual national authorities. The WFE supports IOSCO’s proposals to highlight the key considerations that national regulators should consider, and to provide toolkits that they could use when regulating CTPs.
In its response, the WFE recommends the establishment of a co-ordinated, widely understood and applied approach to the regulation of CTPs, under the guidance of IOSCO’s Objectives and Principles of Securities Regulation (IOSCO Principles) and hopes that international standard setters will continue to work together to produce a unified, global approach to the regulation of CTPs.
This approach will likely benefit national regulators, consumers and the industry alike, as much needed certainty and clarity is introduced to the marketplace.
