Tuesday,May 04, 2021 05:50 PM / [email protected] / Header Image Credit: EcoGraphics

Nigerian Stock Market closed the month of April 2021 in thegreen zone as market witnessed renewed bargain hunting as against negativeposture recorded in the previous month of March 2021. The NSEASI inched upby +2.02% as against -1.90%  loss recordedin the month of March 2021 while the NASD USI closed northwards with +5.74% gain recorded at theend of the month under review as against +4.64% gain in March 2021.

YTD, the NSEASI ended the month underreview in the negative territory with -1.08% loss while the NASD USI closed northwardswith +7.76%.

On market development, regulation and investorsprotection, the Securities and Exchange Commission released an amendment to its rule on sub-brokers. This amendment recognized the creation of a newsub-section called "Sub-broker Serving Multiple Brokers Through a DigitalPlatform" and it is expected to help regulatethe activities of the fintech platforms engaging in market relatedactivities in conjunction with registered CMOs.

Furthermore, it alsocreated a new rule (Rule 76) on risk management which all sub-brokers using digital platforms are expected to comply with. The amendments and thenew rule can be accessed here.

Also, the Nigerian Exchange Group, during the monthunder review, announced the completion of its demutualisation exercise along with the CEOs of the various entities that emerged. Following this, the new corporate brands of the various entities have been made public and the new share of the NGX admitted to trade on the NASD OTC Exchange.

In an attempt to protectthe 31m costumers and the minority shareholders of First Bank, the Central Bankof Nigeria (CBN) removed the boards of the bank and its parent company (FBN Holdings Plc) due to the announcement of the bank to replace its Managing Director, Dr Sola Adeduntan, without the prior knowledge andapproval of the CBN. The decision of the sacked board of First Bank has beenreversed by the CBN as Dr Sola Adeduntan has been re-instated while independentanalysis on the CBN action on the bank can be accessed here.

In this edition of The Nigerian Capital MarketService Report, we continue the updates of our data section with latest figures onEconomic indicators & Upcoming Events in the market and economy. This is toensure that we deliver a comprehensive capital market service report that helpscover and track innovations, developments as well as service issues in themarket effectively.

In all, the April 2021 SSS Quality Report isa snapshot and aide memoire of developments in our market - tracking milestonesthat the investing public should be aware of. Do feel free to share youropinions/observations and feedback with us vide [email protected]

Thank you.

For: Analyst Editorial Board

Saheed KIARIBE

Executive Director,Research Services

Chart 1: Capital Market Size By Exchanges ?óÔé¼ÔÇ£ April 2021

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