Director-General of SEC, Ms. Arunma Oteh
As the stock market continues recover, the apex regulator of the capital market, Securities and Exchange Commission (SEC) has reinstated its commitment to ensure that more retail investors patronise the market.
Speaking at the 16th Annual Stockbrokers’ Conference in Lagos Thursday, Director-General of SEC, Ms. Arunma Oteh, said the commission would in 2013 roll out stronger regulatory framework that would guide collective investment schemes (CIS), thus encouraging retail investors to embrace the investment window.
According to her, SEC would continue to educate retail investors on the need to embrace CIS in order to avoid loss of investment, just as she disclosed that the capital market generally would be repositioned to tap from the Federal Government transformation agenda of the agricultural sector.
She therefore, urged participants in the market to be prepared to tap from the development in the market.
In his welcome address, President, Chartered Institute of Stockbrokers (CIS), Mr. Ariyo Olushekun, said the Institute is a key stakeholder in the Nigerian economy. According to him, the activities of stockbrokers members and the fortune of their clients depend significantly on the economic health of the country.
“We have therefore, always sought to help craft policy solutions for some of the most pressing economic challenges in the country. We are happy to note that our policy prescriptions at past conferences, contributed to the enactment of the Pension Reform Act of 2004 and the establishment of the Asset Management Corporation (AMCON) Act of 2010, amongst others,” he said.
The CIS boss expressed delight at the recent recovery of the market, saying it has opened an avenue for wealth creation for Nigerians.
“We must all embrace this development and contribute to the virility of the market and the overall economy,” he said.
Meanwhile, the Nigerian Stock Exchange (NSE) All-Share Index grew further soaring by 1.3 per cent to close at 27371.30, while market capitalisation added N123 billion to close at N8.722 trillion.
A total of 37 stocks appreciated led by Nigerian Breweries Plc with N2.20 to close at N4.00 per share. Conversely, 14 stocks declined led by Flour Mills of Nigeria Plc with N0.60 to close at N65.30 per share.