TradeXop, a private equities exchange platform run by private equity and venture capital firm Thawer Ashcroft Crowne and Co. was launched in Nigeria this week.
The trading portal, which is subscribed to by both CNBC-Africa and Bloomberg, already records trades of Nigeria Stock Exchange-listed securities worth US$5-6M everyday. BusinessDay is the only Nigerian publication given access to the portal.
A summary of Monday’s trading on the platform showed that turnover of N1.3 billion was recorded, surpassing expectations of a N900 million turnover.
As at Monday, Nestle Nigeria recorded the largest deal size, racking up N393 million in only five contracts. Nigerian Breweries recorded the second largest deal size with N379.5 million In 33 contracts. Other equities in the list of top ten largest deal size was Guinness, Ecobank, Oando, Guarantee Trust bank, Zenith Bank, Transcorp, Dangote Cement and First Bank holdings.
Nigerian Breweries was the most actively traded equity on the exchange on Monday with a total of 33 contracts; followed by Guinness (12 contracts) and Ecobank Transnational (12 contracts).
The trading portal links all brokerages and traders in Nigeria, along with foreign investors who invest US$5 million a day through funds partners of the firm.
Via the platform, participators can see where funds are invested, which companies are doing well or not, and corporate events such as a takeovers, sell-off, buyouts, and Mergers and Acquisitions.
EDOZIE IFEBI & YINKA ABRAHAM
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