The Nigerian Exchange Ltd. (NGX) on Tuesday transacted 733.05 million shares worth N35.288 billion in 16,619 transactions.

This is in contrast with 500.59 million shares worth N12.110 billion that was traded in 17,637 deals earlier.

Meanwhile, transactions in the shares of Fidelity Bank topped the activity chart with 285.15 million shares worth N5.774 billion.

MTN Nigeria followed with 86.850 million shares valued at N20.931 billion while Access Corporation transacted 35.56 million shares worth N851.27 million.

Universal Insurance traded 29.810 million shares valued at N15.188 million and Guaranty Trust Holding Company sold 28.510 million shares worth N1.935 billion.

Meanwhile, the stock market on Tuesday witnessed a downturn as investors lost N1.116 billion with mixed performance indices.

Market capitalisation dropped by N1.116 billion or 0.70 per cent to close at N65.577 trillion, compared with N66.693 trillion posted on Monday.

Similarly, the All-Share Index (ASI) fell by 185 points or 1.17 per cent, to settle at 105,931.18 from N106,116.18 earlier recorded.

The negative trend was driven by profit taking in MTN Nigeria, Africa Prudential, PZ, First Bank Holding Company and others.

However, the market breadth closed positive with 33 gainers and 19 losers, suggesting positive sentiment.

On the gainers’ chart, Legend Internet Plc rose by 10 per cent, closing at N8.25 while ABC Transport gained by 9.94 per cent, to settle at N1.88 per share.

Cadbury Nigeria rose by 9.91 per cent, ending the session at N32.15 and Champion increased by 9.79 per cent to close at N4.71 per share.

Similarly, Eterna soared by 9.46 per cent, closing at N48.00 per share.

On the losers’ chart, Livestock Feeds declined by 9. 71 per cent, settling at N7.22 while Multiverse Mining fell by 9.62 per cent, closing at N7.05 per share.

McNichols Plc dropped by 9.47 per cent to close at N1.72 and Omatek lost by 9.23 per cent, closing at 59k per share.

Also, MTN Nigeria shed by 6.07 per cent to finish at N240.00 per share. (NAN)

The Corporate Affairs Commission (CAC) has directed companies, limited liability partnerships, and business owners operating under unregistered business names to register within six weeks.

In a statement on Tuesday, the CAC warned that failure to register will result in enforcement action, including prosecution.

“The commission wishes to inform the general public that its a criminal offence under Section 863 of the Companies and Allied Matters Act, 2020 to carry on business in Nigeria as a Company, Limited Liability Partnership, Limited Partnership or under a Business Name without registration under the Act or by a name (or acronym) other than the name (or acronym) by which the business was registered under the Act,” the statement reads.

“The General Public should note that Section 729 of the Act requires every Company registered under the Act to state its name as registered and its registration number outside every place where it carries on business.

“In addition, the Company is required to state its registered name and registration number on all its official publications, including its letterhead, signage(s), marketing and publicity materials.

“In particular, the General Public should note the provisions of Section 862 (1) of the Act which provides that any person who, in any document required by, or for the purpose of any of the provisions of the Act (including the aforementioned official publications of a Company), makes a statement which is false in any material particular knowing it to be false, commits an offence and is liable on conviction to imprisonment for a term of two years in addition to a daily fine against the Company for every day during which the offence continues.

“In view of the foregoing, every Company, Limited Liability Partnership, Limited Partnership and Business Name proprietor(s) is hereby required to ensure full compliance with the above requirements of the Act within six (6) weeks of this notice failing which the Commission shall take all necessary steps (including prosecution) to enforce compliance.”

In April 2024, Mahmud Bello, the commission’s registrar-general, said business owners in Nigeria can conveniently register their businesses online within 48 hours.