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Data relevant to improving stock market participation – Absa

Absa Nigeria, a pan-African bank with a strong footprint across the African continent, has advised stock market investors and stakeholders to prioritise market data in order to achieve success in the capital market.

A statement said Absa’s advice followed the increasing trend of data dependence in capital market participation and decision-making.

The statement said, “Globally, there is an increase in the reliance on market data as a tool for making sound financial decisions, and the Nigerian case is no different.

“A study carried out by Refinitiv in 2020 shows that 57 per cent of capital markets professionals expect to spend more time analysing data, and 74 per cent believe data analysis to be the most important skill that will be required to work on the future trading desk.”

The Chief Executive Officer, Absa Securities, Akinkunmi Majaro, said, “Market data is a valuable recourse for portfolio investors during a challenging cycle. Hence, capital market data is designed to provide market participants with in-depth knowledge of market conditions.

“Considering the various challenges besetting the global economy, these investors need accurate data to make informed investment decisions to avoid unfavourable market moves.”

According to the statement, the importance of data for improved participation at the NGX was highlighted by the Chief Executive Officer, NGX, Temi Popoola, at an earlier workshop where he stated that the NGX would continue to promote a high level of market transparency by enabling easy access to quality real-time market data to all market participants, including regulators.

It stated that he emphasised that market data such as transaction prices, bids/offers and other trading information became the bedrock for price discovery and investment strategies.

In line with Absa’s commitment to improving performance in the capital market, the bank said it had created an online interactive platform where updates on price movements, different investment portfolio options, data on the global stock market as well as exchange-traded funds were shared to help investors make informed trading and investment decisions and manage their financial future.

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