- Advertisement -spot_img
28.2 C
Lagos
HomeBusinessNGX records N4.3 trln listings in equities, fixed income in 2023

NGX records N4.3 trln listings in equities, fixed income in 2023

- Advertisement -spot_img

By Ifeyinwa Ezeokoli 

 

The Nigerian Exchange Limited (NGX) Limited posted N4.3 trillion in listings across equities and fixed-income markets in 2022.

The NGX Chief Executive Officer, Temi Popoola, disclosed this at the NGX 2022 Market Recap and 2023 Outlook on Wednesday in Lagos.

Popoola said the equities market performance in 2022 was evidenced by the 19.98 percent increase in the All-Share Index.

He said that the total turnover of trades in 2022 improved by 27 percent from N916 billion to N1.16 trillion year-on-year from 2021.

Popoola noted that market participation was heavily skewed to the domestic investors. 

“The fixed income market saw a slight uptick in turnover to N3.89 billion in 2022 from N3.53 billion recorded in 2021,” he said.

According to him, the yearly performance can be attributed in part to the N4.3 trillion in listings recorded by NGX across equities and fixed-income markets.

He noted that these listings included the raising of N2.54 trillion of bond listings for the Federal Government of Nigeria, listings totaling N1.35 trillion from companies such as BUA Foods Plc and Geregu Power Plc.

READ ALSO: FRSC warns convoy drivers against reckless driving, excessive speed

“Corporate bond listings also contributed significantly to the Exchange’s performance, with a total of N364.78 billion raised through listed instruments such as Dangote Industries Plc’s N177.12 billion senior unsecured bonds, Lagos Free Zone Company SPV Plc’s N25 billion fixed rate infrastructure bonds and Ardova Plc’s N11.44 billion and N13.86 billion fixed rate senior unsecured bonds.

“NGX also listed FGN Multi-Tranche $4 billion Eurobonds which further demonstrated its diversity of offerings and its ability to attract a wide range of businesses looking to raise capital,” Popoola added.

According to him, the value of these listings displays NGX’s commitment to positioning itself as a premier location for capital raising and formation, as well as its ongoing development efforts in the Nigerian capital market post its demutualisation.

“The Exchange’s ability to facilitate a wide range of transactions and attract a diverse range of businesses highlights its position as a leader in financial market innovation and progress on the African continent,” he added.

Speaking on 2023 outlook, Popoola said that the NGX would take a flexible approach to strategy execution by doubling down on its 2022 achievements and expanding on several levers.

“As you know, the NGX Technology Board Listing Rules were approved by the apex regulator, the Securities and Exchange Commission in December 2022.

“With this, we aim to drive more technology companies to the Exchange and deepen capital formation in the technology sector. Currently, we are in consultations with stakeholders in the sector and we are confident of securing a few big names within the year,” he said.

He disclosed that the NGX would develop new products aimed at attracting the lower rung of the Nigerian demography. 

“NGX is focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market.

 “Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments,” he added.

Join Our Mailing List!

* indicates required
- Advertisement -spot_img
- Advertisement -spot_img
Must Read
Related News
- Advertisement -spot_img