By Kayode Tokede
Nigerian Exchange Limited (NGX) has announced the release of an enhanced version of its mobile app, X-Mobile on Wednesday.
X-Mobile — which was first launched in 2019 in its Beta state — is a dynamic and user-friendly mobile app, designed to enhance investors’ participation in the Nigerian capital market. Now accessible in the Google Play Store and Apple iOS Store, X-Mobile provides market participants, especially retail investors, with convenient, faster and real-time access to information about NGX, its listed securities and Trading License Holders.
Some of the key features of the X-Mobile include market snapshots and analytics, securities prices, financial news and trade simulation. It provides a directory of NGX Trading License Holders, as well as aggregated access to their online and mobile trading Apps. With X-Mobile, users can create personalized watch lists to keep track of chosen securities, eradicating the need to access multiple information sources.
Speaking on the development, the Chief Executive Officer, NGX, Mr. Temi Popoola, commended the efforts of the teams and individuals who have successfully driven the completion of X-Mobile since 2019. “The delivery of X-Mobile is in line with NGX’s strategic intent to provide an exchange that is easily accessible to stakeholders leveraging digital technology. X-Mobile, therefore, provides a platform to engage with existing and potential investors who now have increased appetite for data and detailed disclosure information to aid sound investment decisions. We are confident that the app will complement the NGX website and other NGX portals currently being used to provide information to market stakeholders.”
On his part, the Divisional Head, Trading Business, NGX, Mr. Jude Chiemeka, stated that, “X-Mobile affirms our commitment to make financial services more inclusive and provide superior customer experience in the access and use of capital. The app has, therefore, been enhanced to ensure that capital market players and potential investors have the requisite resources to make the most out of their engagement with the market. We believe that X-Mobile is on course to become the primary interface for local and international investors to stay abreast of market trends and domestic economic performance.”
Existing users of the beta version of X-Mobile will be required to create new accounts as the app now requires password login. Other features that users can look forward to include the market news feed; and the trade engine simulator where they can learn or improve on their trading proficiency.
Ecobank declares N182.92bn PAT in Q3 2023
Ecobank Transnational Incorporated, has recorded a profit of N182.92 billion in its third quarter 2023 results.
According to the results posted on the Nigerian Exchange Limited (NGX) website, the Bank announced a 59 percent gross earnings growth in Q3 2023 Results.
The Gross earnings also grew by 59 percent from N761.30 billion to N1.211 trillion.
According to the results, profit before tax stood at N262.17 billion.
Meanwhile in its second quarter results Pre-tax profit increased to N92.52 billion from N56.89 billion profit in Q2 2022.
The increase in second-quarter profits helped its half-year profit before tax to rise by 38 percent to N150.31 billion compared to N108.96 billion in the same period last year.
Market capitalisation gains N44.16bn as NGX ASI advances by 0.11%
Since the recent announcement of recapitalisation by the Central Bank of Nigeria Governor, the market had continued to see a rise in investment moves amongst banks thereby boosting the market capitalisation of the NGX.
As at yesterday’s trading, the NGX Market CAP recorded a gain of N44.16billion in Naira terms while the NGX All-Share Index (ASI) advanced by 0.11 percent.
Compared to the previous day’s gain of 0.34 percent, which closed at 71,284.56 basis points, the NGXASI now stands at 39.25 percent.
The total volume of stocks traded also advanced by 49.77 percent to close at N540.09 million, valued at N10.24 billion and traded in 6,516 deals. GTCO was the most traded stock by volume and value, with N67.23 million and N2.60 billion units traded.
At the close of trading, the market recorded 25 gainers, 31 losers, and 55 unchanged. NNFM topped the gainers list, while NSLTECH topped the list of losers.
Naira hits N831.47/$1 in official market
The Nigerian naira appreciated against the dollar on Wednesday, 29th November 2023, closing at N831.47/$1 at the official market.
The positive trajectory aligns with expectations among experts, who anticipated that the Central Bank of Nigeria’s (CBN) recent initiative to clear a portion of its FX backlog would boost confidence in the currency.
The domestic currency appreciated 6.06 percent to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N50.41 gain or a 6.06 percent increase in the local currency compared to the N841.14 it closed on Tuesday.
The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing a 18.88 percent growth compared to the previous day.
However, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26 percent, quoted at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
Governor of the CBN, Yemi Cardoso, disclosed this on Friday at the bankers’ dinner in Lagos.
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