A turnover of $1,174.50 million was recorded in the FX Spot and Derivatives market for the week ended October 4, 2024, representing a decrease of 5.39 per cent from $1,241.45 million reported for the week ended September 27, 2024.

According to FMDQ Securities Exchange, the week-on-week (WoW) decrease in total turnover was driven by the 6.31 per cent decrease in FX Spot transactions, which recorded a total value of $1,160.50 million, compared to $1,238.67 million recorded in the week ended September 27, 2024, offsetting the 403.60 per cent increase in FX Derivatives turnover.

The WoW increase in FX Derivatives turnover was solely driven by the $403.5 per cent increase in FX forwards turnover, whilst there was a continued lack of activity in both the Exchange Traded FX Futures and Cleared Naira-Settled Non-Deliverable Forwards markets.The average Nigerian Autonomous Foreign Exchange (NAFEX) was $/₦1,663.16, compared to $/₦1,661.20 recorded in the week ended September 27, 2024.

Meanwhile, MeCure Industries Plc (the Company), one of the nation’s pharmaceutical companies quoted on the Nigerian Exchange Limited (NGX) has announced the acquisition of a 10 per cent equity stake in the company, by Zrosk Investment Management Limited.

According to the company’s press statement, the transaction, which was conducted off-market, has been finalised following approval from the Nigerian Exchange Group (NGX).

The company noted that the partnership with Zrosk Investment Management Limited brings financial backing and a shared vision to expand and enhance MeCure’s footprint in the pharmaceutical and healthcare sectors.

Commenting on the acquisition, Co-CEO of MeCure Industries Plc, Arjun Udani, stated: “We are delighted to welcome Zrosk Investment Management Ltd as a key shareholder in MeCure.

“This investment reflects the confidence in our long-term growth strategy and our commitment to delivering quality healthcare solutions to millions of Nigerians.

“With Zrosk’s support, we are well-positioned to execute our ambitious expansion plans and continue positively impacting the healthcare sector in Nigeria and beyond.”

Managing Director/Chief Investment Officer of Zrosk Investment Management Limited, Samson Esemuede, expressed his excitement about the partnership: “One of our core convictions at Zrosk IM is that ownership of industrial capacity on the African continent is shifting towards indigenous hands.

“We view the stock market as a theatre of such transition, and we see Mecure Industries as a potential dominant player in the pharmaceutical value chain on the continent.

“We were drawn to Mecure Industries’ commitment to domesticate pharmaceutical industrial and intellectual capacity which we view as critical, especially within the context of an extremely high level of pharmaceutical product price inflation.”