Nigerian Stock Exchange Takes Public Offerings Online With X-PO Platform
The Nigerian Stock Exchange (NSE) has launched a new online platform for subscription of public offerings (POs) after a ‘No Objection’ letter was received from the Securities and Exchange Commission (SEC).
The new platform called X-PO is the first end-to-end online public offerings platform in Africa and designed to improve the experiences of stakeholders in the public offerings value chain by providing a more smarter and effective way of managing public offers in the Nigerian capital market.
According to the Exchange, the X-PO is a self-service portal that allows investors to conveniently subscribe and make payments for public offers through mobile (USSD) and the web. This new platform reduces the usual hassle attached to physical completion and submission of public offerings applications forms and going to the bank for payment.
Commenting on the X-PO platform Mr. Oscar N. Onyema, OON, the Chief Executive Officer, NSE, said, “The launch of the X-PO platform reinforces The Exchange’s commitment to revolutionise stakeholders’ experience in the Nigerian capital market leveraging technology. The X-PO has been designed to enhance the efficiency of PO subscription process and operational workflow to support Issuers in raising capital and enhance the reach of POs while promoting financial inclusion and retail investors’ participation in the market. Furthermore, X-PO will accelerate the reconciliation and allotment process for POs, as well as reduce the incidence of unclaimed dividends, thereby boosting investor confidence in the capital market.”
The Nigerian Stock Exchange will continue to innovate and adopt new technologies that will not only help businesses improve operational efficiency but also enhance corporate governance.
“The launch of the X-PO is particularly timely given the new normal occasioned by the COVID-19 pandemic. The platform’s sustainable approach affirms NSE’s commitment to deploying environmentally friendly business practices and promoting paperless public offer subscriptions. We have also taken into consideration the vital need for privacy and data protection, deploying the highest levels of security to ensure that stakeholders can enjoy a safe and secure digital public offering experience,” Mr. Onyema further stated.
He added that investors, registrars, issuing houses, brokers, banks, and regulators within the Nigerian capital market space can expect to enjoy a wide range of benefits from the new X-PO platform.
Nigerian Exchange Sustains Bullish Momentum, Adds N305bn to Investors’ Wealth
The Nigerian Exchange Limited (NGX) continued its bullish run on Wednesday as investors gained N305 billion.
The Exchange has now gained N471 billion in the last two trading sessions following a N259 billion decline recorded on Monday due to the plunge in the value of some medium-cap stocks.
At the close of trading on Wednesday, the All-Share Index and market capitalization rose by 0.78% to 71,808.64 and N39.294 trillion, respectively.
The year-to-date gains of the index rose to 40.11%.
A total of 34 stocks closed in the green against 22 that closed in the red as a total of 121 stocks exchanged hands during the day.
This positive momentum was primarily driven by share price appreciation from top gainers, including Thomas Wyatt (9.93%), FBN Holdings (9.91%), Multiverse (9.90%), Ecobank Transnational Incorporated (9.88%), and Infinity Trust Mortgage Bank (9.70%).
However, some stocks experienced losses, including Axa Mansard Insurance, Guinea Insurance, and Oando Plc, with share dips of 9.69%, 9.68%, and 9.13%, respectively.
Sectorial performances varied with NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices recording losses, while the Oil/Gas sector reported a lull performance.
Notably, tier I banking stocks fueled the Banking sector to a substantial 5.01% gain, with GTCO, United Bank for Africa, AccessCorp, and Zenith Bank leading in volume and value, contributing to the overall market bullishness.
Positive trading activity continued, with a 19.90% increase in total deals, 59.15% rise in volume, and an 8.88% uptick in value, totaling 8,412 deals, 690.01 million units, valued at N12.10 billion.
GTCO emerged as the most actively traded security in terms of volume and value, with 76.70 million units worth N3.04 billion exchanged in 260 deals.
Global Markets Face Headwinds as European Equities Drop Amid Economic Concerns
European equity experienced a decline following losses in Asian shares, the pressure created by weak oil prices and growing apprehensions about China’s economic outlook.
The Euro Stoxx 50 contract fell by 0.5%, mirroring a broader trend of cautiousness in the markets.
The drop in Asian stocks from Hong Kong to mainland China and Australia followed a third consecutive daily decline for the S&P 500 and contributed to a general atmosphere of market uncertainty.
Treasury yields rose after a previous drop, with the 10-year note experiencing its lowest levels since August.
The shift in sentiment was evident in a seven-basis-point jump, in tandem with a selloff in Japanese sovereign debt.
Energy producers faced declines due to oil reaching its lowest point since June amid oversupply concerns.
Also, Moody’s Investors Service’s downgrade of its outlook on several Chinese companies, coupled with worries about the nation’s debt burden, contributed to equity weakness.
A surprise contraction in China’s imports in November further fueled concerns about the economic slowdown.
Investors are now eyeing Friday’s US jobs report following private payrolls data that fell short of estimates, indicating potential softening in the employment market.
Meanwhile, oil stabilized after a five-day losing streak, and focus is on the upcoming OPEC+ production plans.
The dollar remained relatively steady against major currencies, and as markets await the Federal Reserve’s meeting next week, there is anticipation regarding potential shifts in market expectations based on quarterly forecasts.
In corporate news, Apple Inc. is preparing for new models and upgrades, aiming to reverse declining sales, while Advanced Micro Devices Inc. targets the artificial intelligence market dominated by Nvidia Corp.
Gold extended gains and bitcoin traded below $44,000, a level not seen since June last year.
Nigerian Exchange Rebounds with N166bn Gain, Led by Key Banking and Tech Stocks
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