Nigerian equities gained 0.03 percent or N22 billion on Thursday to maintain a tepid but positive sentiment amidst mixed trading activities.

The slight increase was attributed to investors’ renewed interest in banking, insurance, and industrial goods stocks, although profit-taking activities persisted in the consumer goods sector.

Leading the gainers’ chart was Guaranty Trust Holding Company (GTCO), whose share price surged from N38 to N40, an increase of N2 or 5.26 percent. Following closely was Oando with its share price climbing from N10.20 to N10.70, up by 50 kobo or 4.90 percent.

Learn Africa also made significant gains, rising from N3 to N3.30, adding 30 kobo or 10 percent to its share price.

Despite the slight green close, investor optimism over the first-quarter financial results of listed companies seemed to dwindle, contributing to the market’s subdued performance.

The year-to-date return for the equities market marginally increased to 31.40 percent.

Key performance indicators, including the All Share Index (ASI) and market capitalization, made slight gains from the previous trading day’s lows of 98,223.97 points and N55.552 trillion to 98,255.72 points and N55.570 trillion, respectively.

Nigerian Breweries, United Bank for Africa (UBA), GTCO, Zenith Bank, and Transcorp were among the actively traded stocks, as investors participated in 8,415 deals, exchanging 676,422,174 shares worth N16.664 billion.

While the market’s movement was modest, the incremental gain reflects the resilience of investor sentiment amidst prevailing uncertainties.

The Nigerian Exchange Limited (NGX) sustained its downward trend on Tuesday as investors lost N269 billion amidst subdued trading activities.

This decline represents the third consecutive session of losses for the exchange.

The All-Share Index (ASI) depreciated by 0.48 percent to settle at 98,228.50 points while the market capitalization declined to N55.55 trillion.

Market participants experienced a decline in wealth as the total deals decreased by 9.45 percent to 9,620, and the value of trade reduced by 6.76 percent to N8.35 billion.

Despite the overall decline, the traded volume saw a slight increase of 0.93 percent to 425.66 million units.

The NGX recorded a mixed performance with 15 gainers and 28 losers at the close of trading. FBN Holdings, Unity Bank, and Champion Breweries were among the leading decliners and contributed to the downward trajectory of the market.

Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining by 3.11 percent, 1.48 percent, and 0.66 percent, respectively.

Meanwhile, the oil/gas and industrial goods indices remained unchanged.

In terms of gainers, JapaulGold, May & Baker, and Presco closed in the green appreciating by 10 percent each.

United Bank for Africa (UBA) took the spotlight as the most traded security both in terms of volume and value, with 102.23 million units worth N2.68 billion transacted in 952 trades.

The heightened trading activity surrounding UBA followed the recent release of its annual report, which revealed a remarkable 110 per cent growth in gross earnings for the first quarter of 2024.

As the NGX continues to grapple with downward pressure, market observers remain vigilant, closely monitoring unfolding developments and their potential impact on investor sentiment and market dynamics.

Amidst a backdrop of strategic vision and digital transformation, the Nigerian Exchange Group (NGX Group) has unveiled plans to revolutionize capital raising and expand its footprint across the African continent.

At the 63rd Annual General Meeting (AGM) held recently in Lagos, the group disclosed its intent to launch an online platform for public offers while forging ahead with its expansion into new African markets.

The announcement is a significant milestone for the NGX Group, reinforcing its commitment to innovation and growth within the African capital markets.

With a focus on enhancing accessibility and efficiency, the forthcoming online platform for public offers is poised to redefine the capital-raising landscape, providing issuers with a smarter and more streamlined avenue to raise capital.

According to a statement from the group, the platform will facilitate various public offerings, including initial public offerings (IPOs), rights issues, and other offerings, thereby revolutionizing the subscription process and operational workflow in the capital market.

This move underscores NGX Group’s dedication to driving growth and innovation while fostering a conducive environment for capital formation.

Furthermore, the NGX Group’s expansion strategy extends beyond domestic borders, with plans to deepen its presence across the African continent.

The recent acquisition of stakes in Ethiopia’s first-ever securities exchange marked the group’s entry into East Africa, highlighting its commitment to catalyzing growth and innovation within the region’s capital markets.

Commenting on the development, Dr. Umaru Kwairanga, Group Chairman of NGX Group, expressed gratitude to shareholders for their support and emphasized the board’s commitment to steering the company toward greater value creation.

Dr. Kwairanga affirmed the NGX Group’s readiness to capitalize on emerging opportunities, underpinned by positive reforms and forward-looking initiatives.

Echoing Dr. Kwairanga’s sentiments, Mr. Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, underscored the pivotal role of technology in driving the company’s future growth trajectory.

Mr. Popoola emphasized the transformative potential of digitalization, which aims to democratize access to public issuances and support capital-raising efforts for companies across Nigeria.

As shareholders approved a N10 billion rights issue, resolutions were passed to increase share capital, signaling confidence in NGX Group’s strategic direction and growth prospects.

The approval paves the way for the company to embark on its expansion initiatives and capitalize on emerging opportunities within the African capital markets.

Looking ahead, NGX Group remains steadfast in its commitment to leveraging technology, innovation, and strategic partnerships to drive sustainable growth and prosperity.

With a clear focus on digital transformation and African expansion, the company is poised to redefine the landscape of capital markets, fostering inclusivity, accessibility, and economic development across the continent.