Equities market ends lower as speculation stokes volatility
• New portal for e-dividend under way
The equities market closed yesterday on a negative note, as Nigerian Stock Exchange [NSE] All Share Index [ASI] depreciated by 0.19 per cent. to close at 30,311.77basis points, compared with the 2.29 per cent appreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at 12.54 per cent.
Market breadth also closed negative as Mansard led 19 gainers against 29 losers topped by Vanleer at the end of yesterday’s session- an improved performance when compared with previous outlook.
Market turnover however closed positive as volume moved up by 62.50 per cent against 26.59 per cent uptick recorded in the previous session. Afrinsure, Access and ETI were the most active to boost market turnover. ETI and Nestle topped market value list.
Volume shockers included Nigerian Police Microfinance bank which led the list of active stocks that recorded impressive volume spike at the end of yesterday’s session.
Meanwhile, the Central Bank of Nigeria and Securities and Exchange Commission ,in collaboration with relevant stakeholders,have leveraged the NIBSS Document Management System to develop a common portal for uploading completed e-dividend mandate forms, detailing relevant bank account and shareholder/investor information.
This resulted from the observation that the current process of enrolment for e-Dividend payment is cumbersome and has contributed to low adoption of the e-Dividend scheme.
Launched by SEC on 29th July 2015, the portal has been designed for the use of banks and registrar’s, to digitise the manual process of verification of shareholders, account details and ensure efficiency in the enrolment process for e-dividend payment. Also, NIBSS has conducted necessary user training for the nominees of the Banks and Registrars.
Under the new portal scheme, all registrar’s ‘ outlet and Nigerian Banks’ branches are points of upload of completed e-dividend mandate forms that is, the investors may approach either a bank branch or a registrar’s office to process the e-dividend mandate.
Also, ‘’where the investor approaches the Registrar; registrar will validate investor’s shareholder account number, name and Clearing House Number (CHN) and upload the scanned copy of the mandate form onto the portal for immediate access by the investor’s chosen Bank.
‘The Bank will validate investor’s Bank account details and Bank Verification Number (BVN) and approve or reject the mandate online.
‘Where the investor approaches the Bank ; The Bank will validate bank account details and Bank Verification Number (BVN) of the investor and upload a scanned copy of the form onto the portal for immediate access by the investor’s chosen Registrar.
‘’ The Registrar will validate investor’s shareholder account number, name and Clearing House Number (CHN) and approve or reject the mandate online.
‘’NIBSS is responsible for the creation of the portal administrators for bank and registrars’’.
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