Trading at the stock market fell last week after an impressive performance in the first week of May.
Specifically, the volume and value of trading fell while the main index, declined 0.72 per cent compared with a growth of 4.4 per cent the previous week.
Specifically, investors traded 926.418 million shares worth N9.768 billion in 20,910 deals, down from 1.662 billion shares valued at N18.205 billion that exchanged hands in 28,791 deals the previous week.
Also, the Nigerian Stock Exchange (NSE) All-Share Index and market capitalisation both depreciated by 0.72 per cent to close at 23,871.33 and N12.441 trillion respectively. Market analysts said the low performance was due to profit taking by investors after most of the stocks gained significantly the previous week.
Despite the Covid-19 pandemic, the stock market has remained active, delivering value to investors. Last week, the Securities and Exchange Commission (SEC), urged listed companies to continue to make adequate disclosures on the impact of COVID-19 on their businesses for investors to make necessary investment decisions.
SEC said in a circular that, “While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.
“We also wish to assure investors that while efforts are on-going to ensure that capital market services remain accessible, the commission’s priority is the protection of investors.”
The SEC also stated that following the federal government’s partial easing of the lockdown measures introduced to minimise the spread of Covid-19 across Nigeria, the commission has reopened its head office in Abuja.
However, due to the need to protect its stakeholders and members of staff, the commission issued some guidelines among which is that stakeholders are strongly advised to use our various e-channels to communicate and interact with the commission and that physical visits should only be considered as a last resort.
Other guidelines issued by the SEC are that all meetings and events will be convened electronically until further notice; all filings shall continue to be received electronically; all visitors will be subjected to temperature checks and hand sanitization before gaining access to the commission’s building; and also visitors are expected to wear facemasks and abide by social distancing rules while present in the commission’s facility.
The commission stated that personal visits are not allowed at this time adding that visitors would be expected to state their purpose and identify themselves at the entrance.