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Rabiu Momodu The positive sentiment that is sweeping through the  market last week also robbed-off in the Over-the-Counter market as the NASD Plc’s market capitalisation rose by 2.6 percent to N547.46 billion. This is even as the exchange said ii is migrating to a new trading platform “NASD Electronic Trading System: N-ETS” with effect from Monday November 23, 2020.

MAJOR stakeholders in the Nigerian capital market have berated attempt by the Federal Government to set up an Unclaimed Dividend Trust Fund, describing the move as a disincentive and an attempt to expropriate shareholders’ wealth. Unclaimed dividends are estimate to hit N200 billion by the year-end as several shareholders still neglect or are unable to claim their dividends. Cash dividends are classified as unclaimed if not collected within the payment period. Stakeholders said the proposed controversial plan by the Federal government to manage unclaimed dividends would have adverse effects on investor confidence and future growth of the market.

Activities on the floor of the Nigerian Stock Exchange closed on a negative note last week as the All-Share Index and market capitalisation depreciated by 2.57 per cent to close the week at 34,136.82 and N17.84tn respectively. Similarly, all other indices finished lower with the exception of NSE Insurance Index which appreciated by 0.51 per cent while the NSE ASeM Index closed flat. A total turnover of 11.40 billion shares worth N35.89bn in 39,265 deals were traded last week by investors on the floor of the Exchange, in contrast to 4.51 billionn shares valued at N58.73bn that exchanged hands the previous week in 47,140 deals.

  Tunde Afolabi Members of the Nigerian Stock Exchange (NSE) yesterday approved the listing of the Nigerian Exchange Group Plc (NGXG) on the exchange once the demutualisation process is completed. The approval was given at the 59th annual general meeting (AGM) and under the resolution passed subject to the receipt of requisite approvals of relevant regulatory authorities, following the conversion and re-registration of NGXG, the group is authorized to undertake a listing by introduction of its shares on stock exchange. Consequently, the NSE will no longer be wholly owned by its dealing and non-dealing members.