As a result of the feedback received from various stakeholders in the capital market, the Securities and Exchange Commission on Friday postponed the deadline for the transition from the use of dividend warrants to e-dividend payment.

According to SEC the deadline, which was originally slated for June 3, 2013, has been postponed till further notice.

A statement by SEC, said the move would enable it to further enlighten retail investors and other investing publics on the merits of e-dividend payment.

It added that the commission was also engaging the monetary authorities on modalities for e-dividend to be paid into both savings and current accounts.

The statement stated, “We hereby assure all investors that protecting their interest is the key focus of the commission. In this respect, the commission is seeking to ensure that investors no longer lose their dividends due to diversion and loss of dividend warrants.

“We also encourage listed companies and registrars to do all that is necessary to reduce the quantum of unclaimed dividends.”

The statement added that SEC had made available a dedicated telephone line, which could be obtained from its website.

Meanwhile, the equities section of the Nigerian Stock Exchange recorded significant gains on the last trading day of last week, rising to levels last witnessed in 2008.

The gains recorded in the market were boosted by activities in the conglomerates, banking and cement sub-sectors.

Thus, the market capitalisation of the listed equities gained 5.88 per cent or N623bn from N10.601tn at the beginning of the week  to N11.225tn.

Similarly, the NSE All-Share Index rose by 1,950.25 basis points or 5.88 per cent to close on Friday at 35,109.33 basis points, up from 33,159.08 recorded at the beginning of the week.

Also, the NSE 30 Index appreciated by 85.10 points or 5.37 per cent from 1,583.57 points to close at 1,668.67.

The Managing Director, Trust Yields Securities Limited, Mr. Rasheed Yussuf, said robust financial results as well as renewed appetite from foreign investors accounted largely for the major appreciation.

“The market is being driven largely by investors’ reactions to the positive financials posted by the banking and consumer sectors, and the sustained growth in the economy,” he said.

At the close of trading activities, UACN Plc led 32 other stocks on the price gainers’ chart rising by 10 per cent or N5.88 to close at N64.68 per share.

African Prudential Plc followed on the chart, with a 10 per cent gain to close at N1.54 per share.

Eterna Oil Plc and Union Bank of Nigeria Plc rose by 10 per cent each to close at N2.97 and N9.79 per share.

Source: Punch (by Udeme Ekwere)