ABSA Nigeria, a pan-African bank with a strong footprint on the African continent, advised stock market investors and stakeholders to prioritize market data in order to succeed in the capital market.

Absa’s advice follows the growing trend of data dependency in capital market participation and decision making. Globally, market data is increasingly relied upon as a tool to make sound financial decisions, and the Nigerian case is no different. Research by Refinitiv in 2020 shows that 57% of capital markets professionals expect to spend more time analyzing data, and 74% believe that analyzing data is the most important skill that will be needed to working on the futures trading desk.

According to Akinkunmi Majaro, CEO of Absa Securities, “Market data is a valuable recourse for portfolio investors during a difficult cycle. Therefore, financial market data is designed to provide market participants with in-depth knowledge of Market conditions Given the various challenges facing the global economy, these investors need accurate data to make informed investment decisions to avoid adverse market movements.

The importance of data for better participation in NGX was highlighted by Managing Director, NGX, Temi Popoola, (CFA) at a previous workshop where he said that NGX continues to promote a high level of transparency in the market by allowing easy access to quality real-time market data to all market participants, including regulators.

He pointed out that market data such as trade prices, bids/offers and other trading information has become the foundation for price discovery and investment strategies. In line with Absa’s commitment to improving capital market performance, the bank has created an interactive online platform where updates on price movements, different investment portfolio options, Global stock market data as well as exchange traded funds are shared to help investors. make informed trading and investment decisions and manage their financial future.

This follows NGX and MTN Nigeria Communications Plc (MTNN) signing a Memorandum of Understanding to further promote financial literacy and enhance retailer participation in the Nigerian capital market. The Absa online interactive platform and other initiatives such as the NGX and MTNN collaborative efforts will further strengthen the deployment of technology as a technology as a service to develop capital market solutions, enhance the development of capabilities and ultimately promote the use of data to improve capital market participation.


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