NSE TO LAUNCH DISCLOSURE GUIDELINES THIS YEAR

The Nigerian stock exchange (NSE) is to launch its corporate disclosure guidelines this year.

So declared the Chief Executive of the NSE Oscar Onyeama today January 27 while delivering his opening remark at the induction of 50 new dealing clerks into the stockbroking profession at the NSE events centre, Lagos.

He called on the new dealing clerks to see their induction as " a call to stand tall in integrity...and uphold the high ethics and values of the capital market "

According to him, 57 of them passed the examination by the Chartered institute of Stockbrokers and the in house training session at the exchange but seven did not make it through the final oral interview.

Throughout the ceremony the emphasis was on integrity and honesty as the hallmark of stockbroking.

To this end, added Onyeama, the NSE signed an MOU with tbe Economic and Financial Crimes Commission years ago for cooperation in tracking and checking serious market infractions.

He was also very glad to inform the audience which included guests of inductees, that 94% of authorised .market operators met the minimum operating standards set recently by the NSE.

On his part, the Director General of SEC Nigeria represented by Deji Falomo, head of SEC Lagos office reminded the inductees of SEC's zero tolerance for market infractions hence the recent recourse to risk based regulatory model.

It was for the reason and to reduce cost of compliance SEC reorganised recently to bring inspectorate division from Abuja to Lagos office and merge fund management with inspectorate.

To qualify for induction, a dealing clerk has to be sponsored by a stockbroking house that will be held liable for all his transactions and pass exam by the CIS and later, NSE training sessions and oral interview.

Comments

Post a Comment

Popular posts from this blog

2018: TWO BLOWS TO UNITED CAPITAL PLC.

When a child who in a previous examination scored 80%, comes home with a new report in which he now scores 67.2%, the parents have a right to sit him down and ask how come. So it must be between Nigeria's United Capital Plc and its discerning shareholders since the release of the company's 2018 audited figures. In 2018, all said and done, says the annual report, United Capital ended with 67.2 % profit margin compared to 80.2% in 2017. How come? What comes across from the figures was that the company received 2 blows to the jugular in 2018: Sharp drops in Investment income and fair value gain. Investment income dropped by 10.8% to N4422.8m from N4965.2m while fair value on financial assets plunged by 79.7% to N6.173m from 2017's N30.387m. In view of both drops, the group's gross earnings grew by only 33.9% to N9259.4m despite strong growths in net trading income, and net operating income leap to N757.5m from N143.5m  Other income streams ended with single digit increase....
Read more

KENYA AUCTIONS Ksh 13.84bn Treasury Bonds.

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...
Read more

NAIROBI SE's HIGH PRICED EQUITIES.

In the wake of Nigeria's high priced quoted companies posted in this blog a while ago, Henates took a look to at Nairobi Securities Exchange June 23 official list to identify its high priced equities and the outcome was interesting too. Of the 66 companies quoted on the market by June 23, 15 or 22.7% were valued averagely at above 30 times nominal value. A word of caution though: There are two clear differences between the Nigerian stock market list and that of Nairobi: In the Nigerian one most listed companies have par or nominal value of N0.50 as is there is an implied agreement on this. On the other hand, at Nairobi most of the equities do not share common par value, they differ greatly. Then another thing, Nigerian equities are not valued below par, Nairobi ones can and many are so valued. Of the top 15 high priced equities at the Nairobi market, Safaricom topped with because by June 23, at 23.25 Ksh average price, it was valued 465 times its nominal value of just 0.0...
Read more