New listings by Fidson Healthcare Plc and a real estate investment trust managed by Chapel Hill Denham Management Limited helped inject fresh momentum into trading activities on the Nigerian Exchange Limited (NGX), pushing weekly turnover to about N177.7 billion, equivalent to roughly $127.9 million.
Although overall trading volumes declined compared to the previous week, the introduction of new securities and improving investor sentiment signaled early signs of recovery in Nigeria’s equity market after a period of subdued activity.
Data from the exchange showed that investors traded about 3.695 billion shares valued at N177.687 billion across 370,980 deals during the week ended March 7.
The figures represented a decline from the previous week when 5.494 billion shares worth N196.709 billion changed hands in 370,233 transactions.
Despite the lower headline numbers, analysts say the week’s performance revealed underlying improvements in market confidence, particularly as new listings expanded investment opportunities for institutional and retail investors.
One of the notable developments during the week was the listing of 105,003,725 additional ordinary shares by Fidson Healthcare Plc, a pharmaceutical company led by Fidelis Ayebae.
The shares were issued as part of the company’s employee share ownership scheme, increasing Fidson’s total issued and fully paid share capital from approximately 2.295 billion shares to about 2.4 billion shares.
While the listing did not represent a traditional fundraising exercise, market analysts say it reflects growing corporate confidence and a strategy aimed at strengthening employee participation in the company’s long-term growth.
Employee share schemes are increasingly viewed as tools for improving corporate governance, boosting staff motivation and aligning management performance with shareholder value.
Another significant listing came from Chapel Hill Denham Management Limited, which introduced 68,158,000 units of its Series 5 Nigeria Real Estate Investment Trust to the market.
The new units were listed at N103 each under a broader N400 billion issuance programme designed to expand the scale of the trust.
The listing increased the outstanding units of the trust from approximately 1.588 billion to about 1.657 billion units.
The trust trades on the main board of the Nigerian Exchange Limited under the symbol NREIT and provides investors with exposure to diversified real estate assets.
Investment trusts of this nature are designed to generate income through property holdings while allowing investors to participate in real estate markets without directly purchasing physical property.
