Daba Markets Inc. (Daba Finance), a digital investment platform that connects investors to African capital markets, has partnered with Coronation Securities Limited and Coronation Asset Management Limited to offer eligible Daba users access to Nigerian capital market products.
The partnership, announced at a signing ceremony in Lagos on Wednesday, will combine Daba’s digital platform and international reach with Coronation’s knowledge of Nigeria’s capital market and investment products. Daba will serve as Coronation’s corporate client through a trust structure, providing a route for its users to access products and services, including local stocks, investment funds, securities trading, and investment research, that Coronation’s locally regulated businesses provide.
The partnership comes as Nigeria’s stock market continues its surge. The NGX ended August with an all-share index year-to-date return of 56.93%. However, the market’s boom has exposed the gap that foreign investors are participating far less in the current run than domestic investors.
The NGX’s July Domestic and Foreign Portfolio Investment Report showed that foreign transactions fell 29% between June and July, leaving foreign investors responsible for just 5.6% of total transactions during the month. Nigeria’s return to the FTSE Russell Frontier Market classification, an index that categorises national equity markets, puts the country back in a recognised group of investable markets tracked by global investors.
Originally published by TechCabal.