Nigerian stock market sees sustained gains and expanded IPO access

The Nigerian stock market has maintained a bullish trend, marking several consecutive sessions of growth. The Nigerian Exchange (NGX) saw market capitalization increase, driven by gains in various sectors including oil and gas, consumer goods, and banking. Notable performers included Sovereign Trust Insurance, Champion Breweries, and Aradel Holdings. Additionally, Seplat Energy Plc reached a record share price of N14,907.80, reflecting a significant year-to-date increase amid global energy market disruptions.

In a move to increase market accessibility, Moniepoint Microfinance Bank, in collaboration with TeamApt Ltd., is facilitating the Dangote Petroleum Refinery’s initial public offering (IPO) through its nationwide network of point-of-sale (POS) terminals and digital platforms. This initiative allows retail investors to subscribe to the N525 per share offering with minimum and maximum limits, bypassing traditional brokerage channels to reach communities outside major financial centers.

The Chairman of the NGX Group noted that the Dangote Refinery IPO serves as a signal of the Nigerian capital market's capacity to support large-scale capital raising and provides institutional and retail investors with opportunities to participate in significant industrial growth.