Epunchng - Most read newspaper in Nigeria 12th-Oct-2017 - Page 27

THURSDAY, OCTOBER 12, 2017 27 capital market Profit-taking drags equities down by N43bn Stanley Opara P ROfiT-TAking on equities that had gained over time pressured nigerian stocks to plummet on Wednesday, shedding approximately n43bn. The performance of the equities market was dragged by a declining All-Share index, which lost 34 basis points to close at 36,652.82 basis points; while the year- to-date gain moderated to 36.4 per cent. A total of 336.385 million shares valued at n1.834bn exchanged hands in 3,689 deals. The nigerian Stock Exchange market capitalisation trimmed by n43bn to close at n12.616tn from n12.659tn. Respective losses by 2.9 per cent, 1.7 per cent and 2.3 per cent in nigerian Breweries Plc, United Bank for Africa Plc and Stanbic iBTC Holdings Plc were the major drags to Wednesday’s performance. Similarly, activity level worsened as volume and value traded shrank by 4.7 per cent and 43.6 per cent to 336.4 million units and n1.8bn, respectively. IOSCO analyses credit rating agencies’ products Stanley Opara T HE Board of the international Organisation of Securities Commissions has published a report titled, ‘Other CRA Product’, which provides market participants with a better understanding of certain non-traditional products and services offered by credit rating agencies. These non-traditional products may include, for example, private ratings, confidential ratings, expected ratings, indicative ratings, prospective ratings, provisional ratings, preliminary ratings, one- time ratings, regional ratings, national ratings, point-in-time ratings, scoring, credit default swap spreads, bond indexes, portfolio assessment tools, credit assessments, rating assessments, assessments, fund ratings, data feeds, research or other tools. The iOSCO explained this in a statement on Wednesday. Although OCPs and services are distinct from commonly identified issuer- paid or subscriber-paid traditional credit ratings, they may be used by market participants to make investment and other credit- related decisions. issuers and obligors may also use them to make decisions about whether to obtain a traditional credit rating from a particu "5$66&FrF44FRf&W'B52FW67&&VB6w&W0b52BFV"7W'&V@7FGW22vV2'W6W70&7F6W2BG&VG2vFFR5$GW7G'FP&W'B66VFVBFB506VB&R&W76fRFFP7&BbFRfW"vWfV&V7FfW26WBf'FFP44&6W2&Vv&FpFR7FfFW2b7&VFB&FpvV6W2Bv6&VFRFFRVƗGBFVw&GbFP&Fr&6W73FWVFV6PB6fƖ7G2bFW&W7CG&7&V7BFVƖW70b&Fw2F667W&S@6fFVFf&F6V6FǒB'6W'fVBF@FRVvB"6'&FP&v6F7G'V7GW&W066V'5$2FVvvR7FfG"ffW"6W'f6P"&GV7B&RBF6FfPbvWFW"FW&R7V&V7BFFR6FRb6GV7BখfV&W"#b44V&Ɨ6VB67VFF&W'BvFfWrF&W'Fp44+G2VFW'7FFr`FR52FR442FRVFpFW&FƖ7f'VЦf"6V7W&FW2&VwVF'0B2&V6v6VB2FPv&7FF&B6WGFW"f 6V7W&FW2&VwVFFP&v6F( 2V&W'6&VwVFW2&RFRW 6VBbFRv&N( 26V7W&FW0&WG2&RFPW&6F7F2BB6FVW0FWB6V7F"W&f&6Pv2֗VB2F&VRbffPF6W266VBvW"FP7W&6RFWvVB"@W"6VBBVBvW'2FR&6b&VWvVBFW&W7@6&B7W&6P2BƖvR77W&6P2v6&V6FVB'W"6VBBbrW"6VB66&FvǒFRv2FWfvVB7VBGf6r'bW"6VB66VB`&6R&V6F6W@WG&WVFWfVV@62v6vV@bW"6VB6֖&ǒFPGW7G&vG2FWFFV@"W"6VBfvrv0FR6VVB6`'FW&vW&2v6&V6FVB'"W"6VBआvWfW"&6PFW&V6FvW&'&WvW&W2G&vvVBFP67VW"vG2FWW"6VBvW"vRFP&涖rFW7B"W 6VBFR&6b76W2T$B7F&2%D2খfW7F"6VFVB7FV@6FfRvVFW6F0&WB'&VGF&VV@V6vVBg&W7FW&F( 07F6Rfvr7F62v6Gf6VBv7BFV6ƖW'2FR&W7BW&f&֖p7F62vW&R6&B46BƖvP77W&6RvRfFfЦvW&2rV@&67W&6R2@VfW'6G&W722vW&PFRv'7BW&f&֖r7F626VFFrffRW"6VBBpW"6VBBBrW"6VB&W7V7FfVǒ6VFrFPW&f&6RbFR&WBǗ7G2Bg&fW7@6V7W&FW2Ɩ֗FVB7B6B( 2F6FVB'FP&WB'&VGFvRWV7@6VFVBF7F7G&pFRFW&2fW7F'0FR6FVBbFP&VV6RbRF#p6'&FRV&w2v6&RWV7FVBF&R&vVǐ6FfR( Ф7W&6P7F6266V@f"6VF&WN( 2f( $#&W6FVBVF6&RfVFW&FbvW&'26&RG6WSwVW7B"&"6VG'F&V7F"&66W72fVFF2榖FRFƓB7Bf6R&W6FVBdG"6&fW7GW2GW&rFRdVF6&PFvF6fW&V6Rv2vVFW6FFvRfFWvfW7F'2rf"FV'B7G'VVG2VG2VW@7FW&খtU&fW7F'2FRfVB6R6VvV@bFRf6&WBvVFW6F&VWvVBFV F'7Bf"FV'B7G'VVG2FRV'W&6@fW&vB&FW26&V6&FV@&W7V7FfRFV6ƖW2b20W"6VBB2"W"6V@BFRVBbvVFW6F( 0G&Fr7FfFW22&W7VBFRfW&vRW&W@&FRFVB'2ヂW"6V@F66RBC2W"6VB7FfFW2FRG&V7W'&276RvW&R6&7FW&6V@''VƗ6fW7F"6VFVG02FRfW&vRB&2V@FV6ƖVB'BW"6VBF66RBsBW"6VBFW&RvW&RV@Gf6VVG2FRP( 6FBF&VRFFV'2'cbW"6VB@BW"6VB66&FvǓvRFR6FRЦFB"FFV'0vFW76VBVBFV6ƖW2`W"6VB3W"6V@BCBW"6VB&W7V7FfVǒখFR6RfVFVBf"G&V7W'&G07G&VwFVVB2fW&vP&BVG2FV6ƖVB'W"6VBF6WGFRBR#W"6VBFV7G'VVG0vFW76VBVBFV6ƖW2RGf6VBvRffP&VV6vVBBFP66RbG&Fr7FfFW2vVFW6FFR&fVRGf6V@&vǒBFRFW&&氦f&VvW6vR&W@'RW"6VBF66PB3RSRF"FW&Pv2vWfW"fVV@vFW76VBBFR&Vf&W&WB2FR&66VBB3c2F"खVFV7G2#VRF707FW&VFV22&W'FV@72b#Sf"FPRFVFVB6WFV&W 3#RFR72v2&WfVV@FRf67FFVVG0bFRFVfVBvFFPvW&7F6W6vRvVFW6FখVFVB6֖&ǐ&W'FVB72b"SVf"FP6'&W7FrW&Bb#@VFVB6WFV&W"3#BFR6( 2&WfVVP7FBB2v&f"FRW&@6&VBF2&&W'FV@2b6WFV&W"3#BগG2w&72&fBf"RЦF#Rv2F&&W&W6VFr6vf6BFV6ƖP6&VBF"&&V6&FVB0b6WFV&W"3#BখF2V"FPvW&6F&WN( 0W&VwVF"FR6V7W&FW0BW6vR6֗76F76fVBFR&&B`F&V7F'2bVFV0GVRFV&W6fVBFW&7&62ffr6R&G6&VFW'2bFR6FRfRFR6֗766B&V6RV6W76'&FW"BFrFRv'&p'FW2FR6W'F7F0FBvVBvfRFVGfFvRfW"RFW"FR4T2&W'BB6BBVBFf&W7F60FR&v6F7G&W76pFBFR6֗76BFW F7FwV6VBW'6ƗFW2B&WfW6ǒVBf&W0VWFw2vFFRW7Fr&&@Fv&G2&W6frFR7&6W0'WBFR66FVV@F&RwVVBvFVVF6'&FRvfW&6R&7F6W0F7&Vv&BFFR6FR`6'&FRvfW&6Rf V&Ɩ26W22V&Ɩ26FP&VwVF"6BBv2&V@FBFR7FfFW2bFR6琧vW&R6GV7FVBvFFP6fW2bW7Fr6'&FPvfW&6R&VwVF2FRvW&6F&WBFV7W&RFR&FV7F`֖& G6&VFW'2@FW"fW7F'2( ĆfrfVBF&W6fRG0ƖvW&r7&62FR6֗76WW&66RbFRvW'26fW'&V@B'FRfW7FVB@6V7W&FW27B#rF&FV7@fW7F'2BFRFVw&G`FR6V7W&FW2&WBW&V'&fW2FRFVBbখFW&&&Bf"FR6琧vF6VbFFv&R42FW&6&( 4T27FFV@FVFRFW&&&BpFW'2v2FFVBFfW'6VPFR6GV7Bbf&V60fW7FvFFFRff'2`FR666&FrF4T2FR&67FfFW2`FR6&RFRW&FbFV2BFR&f6`6FW&r6W'f6W2গBv2FR6W&Fv0FV6&RfW7F"0w&VƖvW&Ɩ֗FVB@6&VFW"FRFW&7@6bvW&0vW'2bfVFW&6PFVB66v25U$4R7F60G&vvVBFv6VF&&( 2&WBV&ǒvVFW6FvR&W'6W0FRVFVB&"V֗&FW0BF"vW&Rf&FR6VFFWfV'"W"6VBFPf'7BW"26&W23 b6VF&&( 232Ɨ7FV@7W&6Rf&26vF42G&rB"W"6VBFRǒvW"FR6V7F v2'W&&v6v0W'BW"6VB66&FpF&WWFW'27B7W&W'2B6Ɩ@GVW6FgFW"&VwVF'0&FW&VBR7W&6P'&W'2F7F'W6W726Fr&VwVF'fF2FR6VG&&2FVFVv7F6R6Ɩ6PFR6V7F"GW&r&V6V@F27W7VFp'W6W72B6WfW&f&2BfW7F'2&R'&6pf"76&R6VWB6V7F"&Ʀ&v6BVvVBG2W 6VBFǒƖ֗BGVW6FgFW"V6rBvV@&W7V&֗B&WVW7BFFP&VwVF"f"&fbF&VR&Ɩ&CҐ&vG277VRfVgW'FW 'BbW"6VB7FfPG&FRWG&6V֖6&VR66VF&62GW7G&W2v2667VGfƖpW"6VB'WBFW WG&6V֖6f&WG&&&v&V&VFVB0W"6VBgFW"Vvr'6WfVW"6VBGVW6FGV&( 2FW&6R`W"6VBFR&6bW"6VB&6R'V &W'FW2vR0W"6VB&6R'Fv0VVBFR'RF&FW6Ɩ"'bW"6VBF"VFvVBW' W"6VB2F"f'7@&FR7BVfǐG&FVB7F6&6R'0W"6VBF"F&GVRFV6PF&BV'FW"V&w2gFW FR66RfVB6FWv2