United Capital Group has acquired a five per cent equity stake in Nigerian Exchange Group, in a move aimed at deepening its participation in Nigeria’s capital market.
It said that the services covered financial advisory, securities brokerage and portfolio management.
The Nigerian Exchange Ltd rebounded on Tuesday, reversing several days of bearish trends, with a gain of N101 billion.
However, trading activities reflected a downward trend as the total value of shares traded decreased by 53.68 per cent.
Investors gained N62 billion or 0.11 per cent as the market capitalisation opened at N56.608 trillion and closed at N56.670 trillion.
Specifically, the Nigerian Exchange Ltd (NGX) market capitalisation opened at N56.738 trillion and closed at N56.604 trillion.
Notably, investors lost N38 billion, or 0.07 per cent, as the market capitalisation which opened at N56.069 trillion, closed at N56.031 trillion.
The backlogs of entitlements date back to military regimes and civilian administrations.
The market negative performance was driven by price depreciation in stocks like BUA Foods, MTNN, Unilever, Fidson Healthcare and United Capital.
