The African Development Bank (AFDB) has provided funding to the Securities and Exchange Commission (SEC) to help it develop its regulatory capability, particularly in the areas of investor protection and systemic risk mitigation.
The AfDB Group/Capital Markets Development Trust Fund award will be used to fund the implementation and capacity development of a risk-based supervisory system.
The project’s main goals, according to the SEC, are to provide technical assistance and capacity building in specific areas of the commission’s operations, to support the implementation of a risk-based supervision framework, to improve the securities markets regulatory environment, and to broaden market instruments.
The risk-based supervision framework implementation component, according to the commission, will include the development of best practice risk-based supervision inspection manuals, tools, and guidelines for the market, as well as the development of best practice risk-based supervision inspection manuals, tools, and guidelines.
Meanwhile, despite losses that outpaced gains yesterday, the Nigerian Exchange Limited (NGX) closed higher for the third straight trading session, as investors’ wealth climbed by N163 billion in three trading days.
Specifically, the market capitalization of listed stocks increased by N163 billion to N20.574 trillion yesterday, up from N20.411 trillion on Tuesday. In addition, the All-Share Index (ASI) increased by 313.44 points, or 0.8%, from 39,176.62 to 39,490.06.
Investors traded 570.203 million shares worth N2.282 billion in 3764 deals yesterday, compared to 181.417 million shares worth N2.089 billion in 3599 deals the day before.
On the price movement chart, 24 stocks declined in value, while eight stocks increased in value. HoneyWell Flourmills headed the gainers’ list with a 10% gain to N1.87 kobo, followed by Wema Bank with a 3.95 percent rise to 79 kobo.
Flour Mills Nigeria Plc closed at N29.90 kobo, up 3.18 percent. AIICO Insurance closed at 97 kobo, up 2.11 percent. GTCO Plc rose 1.07 percent to N28.40 kobo at the close.
STS REIT, on the other hand, was the biggest loser, losing 9.99 percent to end at N61.75 kobo, while Tripple G trailed with a loss of 9.28 percent to close at N0.88 kobo.
Regal Insurance was down 8.51 percent to N0.43 kobo, Prestige Insurance was down 8.33 percent to N0.44 kobo, and Japaul Gold was down 7.84 percent to N0.47 kobo.
Honey Well Flour was also the talk of the town during the day, with investors swapping 384.071 million shares for N654.159 million.
Vitafoam Nigeria Plc came in second with 21.366 million shares worth N331.210 million, followed by FCMB with 13.602 million shares worth N42.706 million, Japaul Gold with 12.857 million shares worth N6.360 million, and Sterling with 12.029 million shares for N18.500 million.