Zedcrest acquires RMB's stockbroking business in Nigeria
TLDR
- Zedcrest, a Nigerian investment firm, acquires RMB Stockbrokers country unit for approximately ₦420 million ($280,000) to enhance service offerings and grant clients entry to Nigeria’s robust equity market.
- The acquisition aligns with Zedcrest's expansion strategy amidst Nigeria’s equity market growth of 45% last year despite challenges like inflation, exchange rate fluctuations, and major company delistings.
- Following the acquisition, RMB Nigeria Stockbrokers will be rebranded as Zedcrest Securities, solidifying Zedcrest's presence in the market.
Zedcrest, a Nigerian investment firm, has acquired the country unit of RMB Stockbrokers for an amount around ₦420 million ($280,000), according to a source familiar with the proceedings cited by TechCabal.
This acquisition is part of Zedcrest's strategy to expand its services and provide its clients with access to Nigeria’s equity market, which gained 45% last year despite inflation, exchange rate volaitility, and the delisting of major companies.
That growth came on the back of favorable government policies and strong quarterly performances by companies. As part of the acquisition, RMB Nigeria Stockbrokers will be rebranded as Zedcrest Securities.
Key Takeaways
In the first half of 2024, the Nigerian Exchange (NGX) advanced by 33.81% with the All-Share Index (ASI) closing at 100,057.49 points, rising significantly from its starting position of 74,773.77 points. While this growth is impressive, it is about 12.09 percentage points lower than the 45.9% growth recorded by the NGX in 2023. However, it is a 14.85 percentage point increase from the 18.96% growth posted in the first half of 2023. Year-on-year, the NGX grew by 64.11% in H1 2024, compared to the ASI closing at 60,968.27 at the end of H1 2023. The best-performing index in the first half of 2024 was the NGX ASeM Index, which surged by 135.25%. This growth was driven by the performance of Juli Plc, which gained over 1500% during the period.
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