NGX Attracts N4.3trn New Listings Across Equities, Fixed Income Instruments

Nigerian Exchange Limited (NGX) Limited, has recorded N4.3 trillion in listings across Equities and Fixed Income markets in 2022.

The chief executive officer, NGX, Mr Temi Popoola, stated this at the NGX 2022 Market Recap and 2023 Outlook held yesterday in Lagos.

Popoola said: “in 2022, the equities market performance was evidenced by the 19.98 per cent increase in the NGX All-Share Index. The total turnover of trades in 2022 improved by 27 per cent from N916 billion to N1.16 trillion year-on-year from 2021, while 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, the yearly performance can be attributed in part to the N4.3 trillion in listings recorded by NGX across equities and fixed income markets, saying, these listings included the raising of N2.54 trillion of bond listings for the Federal Government of Nigeria, as well as equity listings totalling N1.35 trillion from companies such as BUA Foods Plc and Geregu Power Plc.

“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,” he added.

According to Popoola, 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.

To him, “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 also said, NGX partnered with MTN Nigeria to further enhance retail participation in the country’s capital market, noting that, NGX also forged strategic partnerships by signing Memoranda of Understanding with the Bank of Industry and Dubai Financial Market to deepen the capital market and build capacity for inclusive growth.

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

He pointed out that the Exchange sets its sight on the development of new products aimed at attracting the lower rung of the Nigerian demography, saying, “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.”