NGX restrategises to boost listing, market participation
• As market capitalisation dips by N257 billion
Nigerian Exchange Limited (NGX) has disclosed plans to partner the incoming administration to develop the right policies that will promote and attract listings in the capital market.
This is just as the exchange revealed that despite a total of N360 trillion moved within the Nigerian economy in 2022, only N1 trillion made its way into the capital market.
Chief Executive Officer of NGX, Temi Popoola, made this known at a Closing Gong Ceremony held in honour of the CEO of StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith in Lagos recently.
He stated that the market can thrive with an enabling policy from the government, noting that the Exchange is looking to collaborate with the new administration to develop the right policies that will promote listings in the market.
He said: “The age-old question for the capital market has always been how to get more corporates to list on the exchange, the Federal government policies have influenced listings in the market. “For instance, in the ’70s, as a result of the indigenisation policy introduced by the then administration, listings grew from 6 to 81.
“We are looking to collaborate with the new administration to develop the right policies that promote listings in our market with the support of stakeholders like the Chartered Institute of Stockbrokers (CIS), Association of Securities Dealing Houses of Nigeria (ASHON), Association of Issuing Houses of Nigeria (AIHN) and others.”
According to him, the exchange is keen on growing Nigeria’s retail participation and boosting investors’ confidence in market. He assured that the exchange will continue to seek ways of supporting the new administration.
Chief Executive Officer, StoneX Group for Europe, the Middle East and Africa (EMEA), Philip Smith, noted that there is a need for the government to be conscious of the market by initiating policies that attract listings on the exchange.
Smith also disclosed that plans were underway to deepen retail participation in the Nigerian capital market.
Meanwhile the equities market reversed gains to close on a downturn yesterday, as market capitalisation declined by N257 billion.
Yesterday, the market capitalisation of listed equities declined by 0.89 per cent to N28.373 trillion from N28.63 trillion reported the previous day.
Also, the All Share Index also declined by 471.43 basis points to 52109.43 points from 52580.86 points reported the previous day.
On the price movement chart, ABC Transport led gainers table in percentage, adding 10 per cent to close at 44 kobo. MRS followed with a gain of 9.97 per cent to close at N40.80 kobo.
NPF Micro Finance Bank gained 9.37 per cent to close at N1.75 kobo, Courtvellle Business Solutions added 9.3 per cent to close at 47 kobo, Triple G also appreciated by 9.26 per cent to close at N2.95 kobo.
However, Academy Press topped the losers, chart, declining by 10 per cent to close at N1.53 kobo, Ardova Plc trailed with a loss of 9.88 per cent to N22.35 kobo. Mcnichols fell by 9.35 per cent to close at 68 kobo.
Honey Well Flour Mills was down by 8.62 per cent to close at N2.65 kobo. Regal Insurance dipped by 6.25 per cent to close at 30 kobo.
Volume of trades declined by 346.559 million, representing 50.90 per cent as investors traded 334.237 million shares valued at N5.148 billion in 5350 deals against 680.796 million shares valued at N7.892 billion in 6666 deals,
Transactions in the share of AccessCorp Plc led activity chart, with 64.689 million shares valued at N656.268 million, GTCO Plc followed, accounting for 51.125 million shares worth N1.34 billion.
Zenith Bank traded 29.058 million shares worth N725.712 million, Transnational Corporation of Nigeria traded 26.115 million shares valued at N73.78 million, United Bank for Africa exchanged 18.601 million shares worth N156.25 million.