Equity Market Ends Lower

capital market
  • Equity Market Ends Lower

The market capitalisation of equities listed on the Nigerian Stock Exchange fell further at the close of trading on Tuesday as the share prices of 21 firms dropped.

The NSE All-Share Index declined by 0.40 per cent to 36,333.80 basis points from 36,479.42bps on Monday, while the market capitalisation dipped by N54bn to N13.261tn from N13.315tn.

The gains recorded by 22 firms were not enough to prevent the market from finishing lower at the end of trading.

Cap Plc, Mutual Benefits Assurance Plc, Seplat Petroleum Development Company Plc, Sovereign Trust Insurance Plc and AXA Mansard Insurance Plc emerged the top losers, while Airline Services & Logistics Plc, Livestock Feeds Plc, United Capital Plc, and Neimeth International Pharmaceuticals Plc were the biggest gainers.

Meanwhile, the NSE has announced the launch of an e-payment platform that will enable users to conveniently make payments for products, services, events and trainings offered by the bourse.

It said the platform, called X-Pay, could be accessed on personal computers, tablets, smartphones and other mobile devices.

According to a statement, with features like invoice payments, intuitive products display, dynamic search functionality, X-Pay is a value-added service that accepts Visa, MasterCard Verve and UnionPay credit and debit cards.

The NSE said the platform aimed to deliver a faster and safer payment method, protected by best-in-class information technology and card security features in line with global best practices.

The Head, Shared Services Division, NSE, Mr Bola Adeeko, said, “We are thrilled to launch X-Pay, a solution that builds on our customer-centric focus and our efforts to transform the Nigerian capital market into a more efficient model.

“X-Pay reinstates our commitment to move towards cashless transactions and build a sustainable cashless ecosystem, while satisfying users’ preferences for self-serve bill payment options that are convenient and secure.”

According to Adeeko, the NSE is leveraging the power of innovation and digital technology to improve its efficiency and reduce the cost of transactions.

He said, “With X-Pay, our stakeholders will now enjoy easy access to a wider catalogue of our products and services, and be able to select and purchase from anywhere, at any time.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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