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Tag: NGX

  • Foreign inflows propel NGX turnover to N11.3tr

    Foreign inflows propel NGX turnover to N11.3tr

    • Result doubles 2024 figures
    • Experts attribute success to policy reforms

    Nigerian Exchange (NGX) total turnover doubled to all-time high of N11.23 trillion last year as foreign investors increased stakes on equities, it was learnt yesterday.

    Trading data obtained by The Nation yesterday indicated that total value of transactions at the Exchange rose by 101 per cent from N5.587 trillion in 2024 to N11.23 trillion in 2025, the highest in the history of the market.

    The transactions had stood at N3.578 trillion, N2.324 trillion, N1.899 trillion and N2.168 trillion in 2023, 2022, 2021 and 2020 respectively.

    The record market performance was driven by upsurge in activities by foreign portfolio investors, whose participation in the Nigerian market had risen to the highest level in the past four years.

    The market also recorded another breakthrough as the country made net positive flow in the two-way trading by foreign investors. Compared with the previous trend where outflows were more than inflows, inflows surpassed outflows in 2025, showing that foreign investors were becoming more comfortable with retaining their funds in Nigeria.

    The turnover further illustrated the positive outlook for the Nigerian market, after Nigerian equities closed 2025 as one of the world’s five best-performing stock markets. The All Share Index (ASI) of the NGX- which doubles as Nigeria’s sovereign equities index, closed 2025 with a full-year return of 51.19 per cent, equivalent to net capital gain of N32.13 trillion.

    Group Managing Director, Nigerian Exchange Group (NGX Group) Plc, Temi Popoola, attributed the sustained rally at the stock market to investors’ confidence in the country’s macroeconomic outlook.

    He said: “The Nigerian capital market in 2025 demonstrated resilience despite domestic and global economic headwinds.

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    “This performance underscores the importance of policy consistency, purposeful reforms, and strategic collaboration in strengthening investor confidence and sustaining market growth.

    “During the year, efforts to advance economic reforms and improve market structures helped support a stable environment for capital formation, while our continued investment in technology played a critical role in expanding access, enhancing transparency, and improving operational efficiency across the market.”

    He commended President Bola Ahmed Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence.

    According to him, the capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment.

    Popoola assured that the NGX Group would continue to collaborate with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing the market’s position as a catalyst for sustainable economic growth.

     Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr. Sehinde Adenagbe, said the market performance has strong correlation with the economic reforms of the current government.

    He said: “There is no gain saying that since President Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest.

    “The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening”.

    He added that further digitisation of the economy and the capital market has smoothen the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group, which has tremendously increased inclusiveness in the market.

     According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.

    Adenagbe said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration.”

    He highlighted the enactment of the Investment and Securities Act (ISA) 2025 signed into law by President Tinubu, removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list” and the reforms in the foreign exchange (forex) market as major impetus for the market.

    According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.

    “Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.

     He, however, called for more supportive policies that encourage new listings, including moribund state-owned-enterprises that can be turned around as well as incentives for long-term institutional investment.

    Adenagbe said: “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development.

    “The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment.”

    Managing Director, GTI Capital, Mr. Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.

    He noted that the stock market is the closest reflection of a country’s global economic rating as investors are sensitive to risks.

  • AFC, NGX partner to unlock capital for infrastructure development

    AFC, NGX partner to unlock capital for infrastructure development

    Nigeria needs to mobilise long-term domestic capital to bridge its infrastructure deficit, estimated to reach $2.3 trillion by 2043.

    Experts at a two-day capacity-building programme organised by Africa Finance Corporation (AFC) and Nigerian Exchange Limited (NGX) were unanimous on the need to strengthen the technical capabilities required to structure and finance infrastructure projects through Nigeria’s capital markets.

    The two-day workshop held in Lagos convened professionals from regulatory agencies, institutional investors, project sponsors, and financial institutions to strengthen capacity in project and infrastructure finance, and to explore how Nigeria’s capital markets can serve as a critical platform for financing sustainable infrastructure.

    Nigeria’s infrastructure deficit, long recognised as a constraint on productivity and competitiveness, is estimated to reach US$2.3 trillion by 2043, with some projections rising toward US$3 trillion over the coming decades.

    The workshop was convened to address the urgent need for innovative financing mechanisms capable of mobilising long-term domestic capital into bankable infrastructure opportunities.

    Executive Board Member and Head of Financial Services, Africa Finance Corporation (AFC ), Banji Fehintola, said closing the continent’s funding gap requires building local expertise and robust market structures that can support complex, long-term projects.

    “At AFC, we are committed to advancing not just project financing, but the full framework required to deliver bankable, sustainable infrastructure solutions. Our partnership with NGX reflects our belief that Nigeria’s capital markets can and must play a pivotal role in mobilising the scale of domestic resources required to drive the country’s long-term development,” Fehintola said.

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    Chief Executive Officer, Nigerian Exchange (NGX), Jude Chiemeka, highlighted the importance of deepening expertise across the market.

    According to him, as capital markets assume a more central role in financing Africa’s development, building technical depth across the entire ecosystem becomes essential.

    “Through NGX X-Academy, our dedicated capacity-building platform, we are equipping market participants with the specialized knowledge required to originate, structure and manage infrastructure assets that meet both local needs and global investment standards. This collaboration with AFC is a critical step in ensuring that Nigeria and the wider region develop the institutional capabilities to attract and deploy patient capital at scale,” Chiemeka said.

    Over the two-day programme participants explored frameworks for project structuring, risk allocation and credit enhancement- tools essential for bringing infrastructure assets to market. The sessions also examined emerging capital market instruments including green bonds, infrastructure REITs, blended finance structures and partial risk guarantees, highlighting practical pathways to mobilize long-term domestic and international capital for infrastructure.

    The workshop marks a milestone in the growing collaboration between AFC and NGX, reinforcing their shared commitment to unlocking sustainable, market-led infrastructure financing. Both institutions plan to build on this momentum through follow up initiatives aimed at deepening engagement and translating insights from the programme into tangible financing solutions for critical infrastructure projects.

  • Fed Govt to list N1tr real estate funding on NGX

    Fed Govt to list N1tr real estate funding on NGX

    • Single digit mortgage to close housing gap coming

    The Federal Government has initiated a direct retail investors’ participation in its N1 trillion housing funding scheme.

    The initiative is a move to bridge the housing deficit and develop domestic mortgage market.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun will tomorrow lead the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) at the Nigerian Exchange (NGX).

    The MREIF, which targets N1 trillion, has already successfully launched two tranches of N250 billion. The listing on the NGX will allow existing and new investors to trade on the units of the real estate investment trust (reit), while affording the fund opportunity to scale up its size through additional issuances.

    MREIF is designed to offer affordable mortgage financing with repayment terms of up to 25 years, featuring substantially lower interest rates than standard commercial rates.

    The MREIF is structured to unlock value from Nigeria’s public real estate assets by creating a transparent and market-driven investment platform.

    Through its listing on NGX, the fund will expand access to real estate investments, drive sector growth, and contribute to national development objectives while offering investors competitive long-term returns

    The Federal Government provided the seed funding, while the private sector has been incentivized to drive the subsequent phases of the project.

    Beyond its immediate impact on the housing sector, the listing of the MoFI Real Estate Fund on the NGX carries wider economic implications. It represents a strategic policy shift by the federal government from direct public spending to market-based social investment, where both government and private investors collaborate to finance affordable housing sustainably.

    Read Also: NGX Group engages women on investment

    By bringing MREIF into the capital market, the government is providing an avenue for private and institutional investors to participate directly in the real estate financing process. This will mobilize long-term capital, deepen Nigeria’s capital market, and improve liquidity within the housing finance ecosystem.

    The listing also enhances transparency and accountability, as MREIF will now be subject to NGX disclosure requirements, including periodic financial reporting and investor oversight. This level of openness is expected to strengthen investor confidence and ensure that funds are efficiently utilized for their intended purpose.

    Under the scheme, Nigerian civil servants and other eligible citizens will be able to access mortgage loans with only 10 per cent equity contribution, enjoying single-digit interest rates- a notable shift from the prevailing double-digit rates that have long constrained housing affordability.

    The initiative is being executed through a collaborative arrangement involving MoFI, Family Homes Funds Limited (FHFL), and ARM Investment Managers, who serve as the fund managers of the MREIF.

    Funding for the programme is structured to ensure both affordability and sustainability. A major component is a credit line secured by FHFL from the African Development Bank (AfDB), which will lower the overall cost of financing and make it possible for mortgage loans to be issued at reduced rates.

    Managing Director, Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, described the project as a milestone in the government’s drive to promote affordable homeownership.

    He said: “This is about ensuring that Nigerians can own homes at interest rates that make sense. From the beginning, we set a ceiling of 12 per cent on mortgage rates under this fund and we’re committed to pushing that number lower. Today’s agreement with Family Homes Funds allows us to offer mortgages at single-digit rates — below 10 per cent.”

    He noted that the strategic focus of the initiative is to continually source cheaper financing from both local and international markets, thereby allowing the benefits of lower-cost funds to be passed on to citizens through reduced mortgage rates.

    “The savings from these lower-cost funds are now being passed on to Nigerians through reduced interest rates on mortgages,” Takang said.

    The MREIF mortgage facility will be available through a network of selected commercial and mortgage banks licensed by the Central Bank of Nigeria (CBN). These financial institutions will disburse loans in compliance with the underwriting standards of the Nigeria Mortgage Refinance Company (NMRC), ensuring proper risk management and oversight across the system.

    Speaking on the broader vision of the initiative, National Coordinator of MREIF, Sani Yakubu, said the programme was designed to deepen mortgage penetration and make homeownership attainable for more Nigerians.

    He said: “We are increasing the number of platforms through which Nigerians can access mortgage financing. This programme is designed to reach as many Nigerians as possible, and the private sector is playing a lead role. The fund managers are working closely with eligible financial institutions, including commercial and mortgage banks, that have experience and regulatory backing to provide mortgage services.”

    Yakubu said that more than 10 financial institutions have already been on-boarded for the initial phase of the project, with additional partners expected to join soon.

  • Industry witness stock market growth with NGX Pension Broad Index

    Industry witness stock market growth with NGX Pension Broad Index

    As the Nigerian stock market sustained momentum growth in First Quarter, 2025, a key development relevant to the pension industry is the performance of the NGX Pension Broad Index (NGXPBI), The Nation has learnt.

    The NGX Pension Broad Index (NGXPBI), which serves as a benchmark is designed to reflect the performance of stocks typically invested by Pension Fund Administrators (PFAs).

    This was shown in the First Quarter, 2025 of the National pension Commission (PenCom).

    The report showed that as of the first quarter of 2025, the NGXPBI recorded resilient growth, closely tracking the overall market while maintaining a more stable outlook due to its emphasis on fundamentally sound companies.

    This trend, according to PenCom, suggests improved returns for pension portfolios with equity exposures aligned with regulatory guidelines.

    The report read: “The upward trajectory of the NGX Pension Broad Index (NGXPBI) reinforces the strategic importance of equity investments in boosting long-term pension fund performance.

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    PFAs stand to benefit from both capital gains and robust dividend payouts, particularly from firms in the banking and industrial sectors. Investor confidence was bolstered by improved policy clarity in the financial markets, enhanced foreign exchange liquidity, and strong dividend announcements by leading listed companies. The financial sector continued to gain from ongoing recapitalisation initiatives and sustained policy reforms by the Central Bank of Nigeria.

    “The stock market growth was buoyed by strong corporate earnings, continued investor confidence, and improving macroeconomic indicators. The NGX All-Share Index (ASI) rose from 102,926.40 points at the start of the quarter and closed at 105,660.64 points as of 31 March 2025, reflecting a quarterly gain of 2.66%. Investors showed strong interest in key sectors, particularly consumer goods and banking, with several mid-cap stocks, such as Honeywell Flour Mill, Presco, and PZ Cussons, delivering impressive year-to-date returns of over 50%. [Source: NGX, April 2025]

    “Market capitalization also followed a positive trajectory, supported by increased trading volumes and market breadth. Although detailed figures for Q1; 2025 capitalization are pending, the consistent rise in equity prices implies that the capitalization likely exceeded the ₦62.76 trillion recorded at the end of Q4:2024”, PenCom stated.

  • Coronation Infrastructure Fund to list on NGX

    Coronation Infrastructure Fund to list on NGX

    Coronation Asset Management Ltd, a subsidiary of Coronation Group, is set to list the Coronation Infrastructure Fund (CIF) on the Nigerian Exchange Limited (NGX).

    The  move follows the Fund’s record-setting debut as Nigeria’s highest-ever Series I capital raise for a local infrastructure fund, with N8.79 billion secured from institutional and retail investors.

    Coronation Infrastructure Fund will list 87.9 million units at N100 per unit, representing the proceeds from its successful Series I raise.

     This milestone follows strong investor interest at launch, with CIF already earning recognition as Nigeria’s Best Performing Maiden Infrastructure Fund by Gazet International Awards. The listing will enhance visibility, transparency, and accessibility to institutional and retail investors, enabling broader participation in long-term infrastructure development.

    “The Coronation Infrastructure Fund is not only a strategic investment tool; it is a nation-building mechanism. This listing on the NGX creates the access and liquidity required to enable Nigerian investors to participate in the structural transformation of the economy,” said Aigbovboise Aig-Imoukhuede, Chief Executive Officer, Coronation Asset Management.

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    CIF invests across priority sectors: transportation, real estate, utilities, social infrastructure, telecom, and energy—ensuring diversification and measurable economic value. The Fund has already distributed over N1.7 billion in dividends across two income distribution cycles, underscoring its performance and reliability as an infrastructure-focused product. For investors, CIF delivers more than yield; it offers transparency, liquidity through the exchange listing, and consistent market engagement through quarterly infrastructure newsletters that deepen investor education.

    Head, Coronation Infrastructure Fund at Coronation Asset Management, Mayowa Ikotun, said:  “Infrastructure is the bedrock of inclusive economic growth. With CIF, we are deploying capital with intention—targeting high-impact projects that deliver long-term returns while solving real developmental challenges.”

    CIF is a purpose-built financial product designed to channel long-term capital into Nigeria’s most pressing infrastructure needs while offering investors access to steady income and capital appreciation.

  • Legend Internet lists N11.3b shares on NGX

    Legend Internet lists N11.3b shares on NGX

    Legend Internet Plc yesterday became a publicly quoted company with the listing of the internet services company on the Nigerian Exchange (NGX), heralding a new wave of tech listings on the stock market.

    A total of 2.0 billion ordinary shares of Legend Internet were listed at N5.64 per share, representing initial market capitalisation of N11.28 billion. Meanwhile, the company’s share price appreciated by the maximum allowable gain to close at N6.20 per share or market capitalisation of N12.4 billion.

    The listing by introduction was the first by any company in the internet segment of the telecommunications sector and the first company to be listed this year.

    At a facts-behind-the-listing ceremony, Chairman, Legend Internet, Dr Ladi Bada said that the listing signaled the readiness of the company to operate at the highest level of corporate governance.

    According to him, the listing at the NGX is more than a financial event, but a signal declaration that the business is ready to be held to the highest standards, performance, and public trust.

    “I’m proud to say that Legend Internet has met this moment with the same energy, integrity and purpose that has guided it from the beginning. This is not just a win for our company, it is a win for Nigeria’s digital economy,” Bada said.

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    Chief Executive Officer, Legend Internet Plc, Aisha Abdulaziz explained that when the company started, it was not just an internet company but a movement in the digital service .

    “Every Nigerian deserves premium digital services. Our journey has always been connecting. Our business has always been a trust. Listing on NGX is a commitment to transparency. We are scaling. We are expanding in new technologies, deepening our infrastructure and reaching more underserved communities,” Abdulaziz said.

    Chairman, Nigerian Exchange Group (NGX Group) Plc, Dr Umaru Kwairanga commended the company for the bold initiative of listing on the Exchange.

    He noted that listing was an enhanced status of adherence to corporate governance and opportunities to take advantage of an array of the Exchange’s different asset classes  to raise capital.

  • Legend Internet goes public with NGX listing

    Legend Internet goes public with NGX listing

    • Tech firm gets approval to list shares

    Legend Internet Plc, Nigeria’s leading last-mile fiber company with a distinct focus on fiber-to-the-home (FTTH) solutions and a pioneer in tech-driven digital services, will be listed on the main board of the Nigerian Exchange (NGX).

    The listing by way of introduction, scheduled for Thursday, implies that Legend Internet has complied with all the listing requirements of NGX.  

    Chief  Executive Officer,  Legend Internet Plc, Aisha Abdulaziz, said the forthcoming Listing and bell-ringing ceremony marked a significant milestone in Legend’s mission to drive digital inclusion and redefine home connectivity across the country.

     “Legend’s listing on the NGX is more than a corporate milestone—it’s a national moment, We are building Africa’s most customer-focused internet company, powered by world-class infrastructure and made-in-Nigeria innovation. Going public allows more people to be part of this story and share in the value we’re creating,” Abdulaziz said.

    According to her,  built on a bold vision to deliver seamless, secure, and accessible internet for Nigerians, Legend has grown rapidly by combining nationwide fiber infrastructure with a suite of innovative digital products, designed to transform how people live, work, and connect.

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    She pointed out that with an expanding fiber footprint and a commitment to service excellence, Legend has positioned itself as a dominant force in Nigeria’s connectivity space.

     But beyond broadband, the company is building a tech ecosystem of services that puts power in the hands of users including LegendMail – Nigeria’s first email ecosystem with built-in payments, secure storage, and a unified user ID, MailPay – A seamless way to send and receive money directly from mailbox, MyLegend App – A central hub where users manage subscriptions, troubleshoot issues, and access support instantly and Legend Pay – a secure digital payments platform, designed to simplify financial transactions for users and businesses.

    “Bundling digital services on fiber infrastructure – Creating an integrated digital experience that connects communication, finance, and storage in one ecosystem.

    These tools are designed to help Nigerians manage their digital lives more efficiently, while remaining locally built, locally relevant, and globally inspired.

    “Legend’s  listing on NGX will enable the company to accelerate its nationwide expansion, invest in local talent, enhance technology stack, and deepen customer engagement across both consumer and enterprise markets.

     “We’ve proven that innovation can be born here, scaled here, and listed here, As we go public, we are unlocking new growth opportunities—not just for Legend, but for Nigeria’s digital economy at large,” Abdulaziz said.

     Chief Marketing Officer, Legend Internet Plc, Shakirah Alaga, said the listing would bring together key stakeholders across government, business, technology, and investment communities to celebrate Legend’s evolution from a bold startup to a publicly listed digital infrastructure leader.

  • NGX, African Exchanges call for reforms to drive market growth

    NGX, African Exchanges call for reforms to drive market growth

    Industry leaders at the African Securities Exchanges Association (ASEA)  yesterday emphasised the need for modernisation, regulatory reforms, and digital innovation to drive the expansion of Africa’s capital markets.

    They spoke at the first quarter webinar themed “Enhancing Equity Markets for Sustainable Growth”. The webinar brought together key stakeholders to discuss critical strategies for market development.

    Key discussions highlighted cross-border listings, financial inclusion, and asset tokenization as essential growth strategies. Exchanges must embrace blockchain-driven solutions, tokenized securities, and digital assets like stablecoins to attract capital and remain competitive.

    Chief Executive Officer, Nigerian Exchange (NGX), Jude Chiemeka, said that Africa’s capital markets must keep pace with the digital revolution.

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    According to him, NGX is modernizing regulations, driving innovation, and creating products for SMEs and young investors to ensure broad market participation.

     He also stressed the need for collaboration among exchanges, governments, and stakeholders to streamline listing rules and integrate technology into mainstream finance.

    He added that as Africa’s capital markets evolve, NGX Group remains committed to regulatory engagement, digital transformation, and sustainable growth to solidify the continent’s position in the global financial landscape.

    Chief Executive Officer, World Federation of Exchanges, Nandini Sukumar commended NGX Group’s role in supporting Ethiopia’s Securities Exchange (ESX) and called for regulatory reforms to enhance capital access in emerging economies.

    ASEA President and Chief Executive Officer, Rwanda Stock Exchange, Pierre Celestine Rwabukumba, reinforced the importance of capital mobilization through exchanges.

    Chief Executive Officer, Nairobi Securities Exchange, Frank Mwiti highlighted the growing relevance of stablecoins and tokenized securities.

    Project Manager, African Exchanges Linkage Project (AELP), Lina Tonui stressed that regional collaboration is key to boosting liquidity, investor confidence, and Africa’s global financial standing.

  • NGX urges advocacy on policy changes

    NGX urges advocacy on policy changes

    Group Chairman, Nigerian Exchange Group (NGX Group) Plc, Alhaji  Umaru Kwairanga has urged members of the Chartered Institute of Stockbrokers (CIS) FCT and Northern District to intensify their advocacy efforts.

    Speaking at the CIS FCT & Northern District End-of-Year Lecture and Party held in Abuja, Kwairanga emphasized the critical role of the district in shaping economic policies, particularly given its strategic location in the nation’s political capital.

    Said he: “As the district based in the nation’s political capital, we are uniquely positioned to influence crucial policies that shape our financial markets.

     “I urge the district’s executive committee to strengthen engagement with key policymakers by organizing strategic fora, such as breakfast meetings and quarterly business dinners, in 2025”.

    He noted that many key players in the current administration, including the Minister of Finance and the Governor of the Central Bank, are distinguished members of CIS, creating an opportunity for effective collaboration to advance the capital market.

    The event, themed around health and wellness, also provided an opportunity for the Group Chairman to highlight the importance of maintaining personal well-being. Reflecting on the institute’s demographic profile, he stated, “Our institute has one of the oldest demographics among professional bodies. As we manage wealth portfolios for our clients, we must also prioritize managing our health. Health is indeed wealth.”

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    He encouraged attendees to take full advantage of the health-focused talk by medical professionals featured at the event.

    The Group Chairman concluded by commending Mr. Sehinde Adenagbe, the District Chairman and a fellow NGX Group board member, along with the district’s Executive Committee, for their efforts in organizing the event.

    The CIS FCT & Northern District End-of-Year Lecture and Party served as a platform for members to reflect on the year, express gratitude, and renew their commitment to both personal and professional growth as they prepare for the opportunities and challenges of 2025.

  • NGX records 32% increase in turnover amid modest gains

    NGX records 32% increase in turnover amid modest gains

    The Nigerian Exchange NGX) ended weekend on a cautiously optimistic note as market indices showed modest gains amid robust trading activity.

    Total equity turnover reached 1.952 billion shares worth N35.864 billion across 48,553 deals.

    This represented a volume increase compared to the prior week, which saw 1.482 billion shares valued at N38.875 billion traded in 44,795 deals.

    The financial services sector dominated activity by volume, accounting for 1.041 billion shares valued at N16.207 billion across 21,099 deals. This contributed 53.34 per cent and 45.19 per cent of total equity turnover volume and value, respectively.  Following were the oil and gas sector with 273.407 million shares worth N6.717 billion and the services sector, which recorded a turnover of 141.184 million shares valued at N779.166 million.

    Among equities, Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc collectively contributed 23.64 per cent to total turnover volume, with 461.500 million shares worth N6.183 billion traded across 4,658 deals.

    The NGX All-Share Index (ASI) inched up by 0.11 per cent to close at 97,829.02, while market capitalisation gained 0.13 per cent to settle at N59.292 trillion.

    Significant gains were seen in indices such as the NGX Insurance Index, which rose by 4.54 per cent and NGX Consumer Goods Index, which increased by 1.93 per cent. However, indices like the NGX Banking Index dropped by 2.57 per cent while NGX Growth Index dipped by 13.47 per cent.

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    Leading the week’s top gainers was Eunisell Interlinked Plc, which surged by an impressive 60.72 per cent to close at N19.27. Similarly, Tantalizers Plc and John Holt Plc advanced by 57.33 per cent and 42.49 per cent, respectively.

    On the flip side, Mecure Industries Plc led the losers, dropping 18.53 per cent to close at N10.55.

    The bond market recorded heightened activity, with 149,349 units worth N152.438 million traded across 30 deals. This marked a notable increase compared to the previous week’s 17,905 units worth N15.387 million across 19 deals.

    The FGSUK2033S6 bond accounted for the lion’s share of the activity, trading 111,161 units valued at N112.949 million across 13 deals.

    Meanwhile, Exchange Traded Products (ETPs) saw mixed activity, with 36,273 units worth N7.508 million traded in 78 deals, a decline from the previous week’s 64,852 units worth N7.918 million in 77 deals.

    The notable activity witnessed on the Exchange was highlighted by the supplementary listing of Federal Government of Nigeria (FGN) bonds. The listing, which took place on Monday, November 18, 2024, involved significant additions to the 19.30 per cent FGN APR 2029 and 18.50 per cent FGN FEB 2031 bonds, reflecting the government’s continued drive to bolster liquidity in the bond market and support fiscal initiatives.

    The supplementary issuance added 57.2 million units to the 19.30 per cent FGN APR 2029 bond, raising its outstanding units from 211.2 million to 268.4 million. Similarly, the 18.50 per cent FGN FEB 2031 bond saw an increase of 232.3 million units, taking its total outstanding units to 1.51 billion.

    The NGX welcomed Haldane McCall Plc, which listed 3.122 billion shares by introduction at N3.84 per share on Wednesday, November 20. United Bank for Africa Plc also opened its rights issue for trading, offering nearly 6.84 billion ordinary shares of 50k held as at the close of business on Tuesday, 5 November 2024 and opened on Friday, 15 November, at N35 per share on a 1-for-5 basis ordinary shares.

    According to market pundits, the upward movement in key indices, coupled with vibrant trading volumes, reflects investor optimism despite the declines in select sectors.

    The supplementary listing of bonds viewed by analysts as a positive step for investors seeking long-term, low-risk instruments is expected to sustain momentum in the NGX bond market. Meanwhile, investors are expected to closely monitor upcoming government fiscal policies and global economic trends to guide their strategies in the equity and bond markets.