Nigerian Exchange(NGX) records N3.4tr listings in Q1

Written by on April 11, 2022

The Nigerian Exchange (NGX) listed new securities worth about N3.4 trillion in the first quarter.

The new listings included a $4 billion Eurobond issued by the Federal Government.

Listing report provided by the NGX indicated that the issuances listed across the bonds and equities markets as the capital market continues to provide access to capital to fund growth initiatives.

Under the NGX’s bond market, the Federal Government dominated issuances, raising about N589.05 billion locally and listing $4 billion in Eurobonds. Companies also leveraged the low-yield environment to fund expansion objectives and pursue debt refinancing, raising a total of N35.3 billion.

In the equities market, NGX started the year with the listing of BUA Foods’ 18 billion shares at N40 per share, adding N720 billion to the NGX market capitalisation. Abbey Mortgage Bank also listed its right issue of about N3.028 billion, while Access Holdings Plc, which resulted from the transition of Access Bank to a holding company, re-listed new shares of 35.545 billion shares valued at N353.675 billion.

Chief Executive Officer, Nigerian Exchange (NGX), Mr. Temi Popoola, said capital remains critical for business growth either in form of debt through bonds, or equity through shares.

According to him, the Exchange will continue to mobilise long-term savings to finance long-term investment by providing risk capital in the form of equity or quasi-equity to entrepreneurs, a role NGX continues to prioritise.

Popoola had highlighted five major focus areas in the year in NGX’s efforts to deepen access and attract new generation of investors to the market.

He said the Exchange would drive its growth in 2022 by focusing on five strategic areas, including building on digital transformation, listings and delistings, technology, partnerships and sustainability.

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