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.
A statement said Absas’ advice followed the growing trend of data reliance in capital market participation and decision-making.
The statement read: “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 future trading desk.
Absa Securities CEO Akinkunmi Majaro said, “Market data is a valuable resource 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.
According to the statement, the importance of data for better participation in NGX was highlighted by NGX Managing Director Temi Popoola at an earlier workshop where he said NGX would continue to promote a high level of market transparency by allowing easy access to real-time quality market data to all market participants, including regulators.
He said he emphasized that market data such as trade prices, bids/offers and other trading information becomes the foundation for price discovery and investment strategies.
In line with Absas’ commitment to improving capital market performance, the bank said it has created an interactive online platform where updates on price movements, different portfolio options investment, global stock market data 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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