Markets

NGX: N1.7 trillion new issuance, $4 billion eurobond listed in Q1 2022

As a result, the Nigerian Exchange (NGX) Limited All-Share Index (ASI) rose 0.7 per cent to close at 39,170.95, just as market capitalisation rose N150.8 billion to close higher at N20.4 trillion.

The Nigerian Exchange Limited (NGX) says it has listed new issuance valued at N1.701 trillion and eurobonds of $4 billion on its platform in the first quarter of 2022.

In a statement on Friday, the exchange noted that under the NGX’s bond market, the federal government dominated issuances, raising about N589.05 billion locally and listing $4 billion in eurobonds.

“Corporates also leveraged the low yield environment to fund expansion objectives and pursue debt refinancing, raising a total of N35.3 billion,” the statement reads.

“In the equities market, NGX started the year with the landmark listing of BUA Foods’ 18 billion shares listed at N40 per share, adding N720 billion to the NGX market capitalisation.

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“Abbey Mortgage Bank also listed its right issue of about N3.028 billion, while Access Holdings, following its merger and acquisition listed new shares of 35.545 Billion shares valued at N353.675 Billion.”

The exchange said these issuances listed across both the bonds and equities markets are integral in deepening the market.

It added it was vital in improving liquidity and tradability as well as increasing access to capital for funding growth initiatives.

“It is no secret that capital is critical for business growth either in form of debt through bonds, or equity through shares,” the statement added.

“The Exchange, as an important component of the capital market, therefore plays a significant role in the capital formation process because of the tremendous opportunities that ensue from its activities.

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“It is expected that a thriving Exchange will continue to mobilize long-term savings to finance long-term investment by providing risk capital in the form of equity or quasi-equity to entrepreneurs, a role NGX continues to prioritize.”

NGX had highlighted five major focus areas including building on digital transformation, listings and delistings, technology, partnerships and sustainability in its efforts to deepen access and attract a new crop of investors to the market.

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