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.

The Nigerian stock market rebounded on Tuesday following renewed interest in banking stocks.

Banking stocks emerged as the frontrunners, leading the market to reverse the previous losses and chart a path of growth.

At the forefront of the trading activity were some of the industry’s heavyweights, with Guaranty Trust Holding Company taking the lead.

Guaranty Trust Holding Company led with 245,459,806 shares valued at N7.94 billion that exchanged hands. This was followed by FBN Holdings, which recorded 45,468,550 units estimated at N1.09 billion.

Access Holdings also trailed FBN Holdings with 42,872,090 units evaluated at N727.95 million.

United Bank for Africa (UBA) witnessed considerable activity as well, with 22,451,746 units of its stocks worth N537.74 million traded.

Breaking away from the banking trend momentarily was Transcorp Plc, an indigenous conglomerate, which saw significant traction in the market.

The company witnessed 36,077,777 units of its stocks traded, valued at N502.35 million.

The resurgence in banking stocks injected a sense of optimism into the market, leading to a notable uptick in key indices.

The All-Share Index appreciated by 0.35 percent, reaching 98,225.63 points, while the year-to-date return surged to an impressive 31.36 percent.

Also, the market capitalization of listed equities experienced a significant boost, rising by N196 billion to settle at N55.55 trillion.

The positive momentum extended across various sectors, with banking, insurance, and oil & gas sectors experiencing gains of 1.70 percent, 0.15 percent, and 1.07 percent, respectively.

This resurgence underscored the market’s resilience and its ability to rebound swiftly from previous downturns.

Despite pockets of decline observed in the consumer and industrial goods indices, the overall market sentiment remained bullish.

The day’s trading activity painted a picture of enthusiasm, with total deals, volume, and value recording notable increases of 7.30 percent, 99.18 percent, and 193.52 percent, respectively.

In summary, the Nigerian stock market’s rebound, led by banking giants, reflects renewed investor confidence and optimism.

The impressive performance of key players in the banking sector signals a positive trajectory for the market, setting the stage for further growth and stability in the coming sessions.