The Nigerian Exchange Limited (NGX) has listed new issues worth N1.08 trillion and Eurobonds of $4 billion on its platform in the first half (H1) of 2022, investigations reveal.
These issuances listed across both the bonds and equities markets were essential in deepening the market, tradability and improving liquidity as well as increasing access to capital to fund growth returns.
Daily Sun investigations reveal that 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. 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 during the period under review.
Furthermore, NPF Microfinance Bank listed 3,107,001,335 ordinary shares of 50 kobo each arising from the offer of 2,286,657,766 ordinary shares of 50 kobo each at N1.50 per share via a Rights Issue on the basis of 1 new ordinary share for every 1 ordinary share held and public offer of 713,342,234 ordinary shares at N1.50 per share made by NPF Microfinance Bank Plc amounting N4.66 billion while other memorandum listing stood at N2 billion.
For the NGX’s bond market, the Federal Government of Nigeria dominated issuances, raising about N2,494,110,547,000.00 locally and listing $4 billion in Eurobonds. According to the NGX, capital is critical for business growth either in the form of debt through bonds, or equity through shares. Speaking on the performance, the Chief Executive Officer, NGX Limited, Temi Popoola, noted that the NGX being a significant component of the capital market will continue to play a significant role in the capital formation process because of the tremendous opportunities that ensue from its activities.