Stock Market Gains N806bn in 15 Days

• Stock Market Gains N806bn in 15 Days

Investors wealth in the Nigerian Stock Exchange increased as the nation’s equities market gained N806 billion in 15 days.

The market capitalisation of listed equities which stood at 11.38  trillion on January 31, rose to N12 trillion on February 12, and increased further to N12.2 trillion at the end of trading on Friday.

The All Share Index increased by 3.76 per cent to 32,715.20 basis points, moderating the year-to-date return to +4.09 per cent.

At the end of trading on the floor of Exchange, the volume and value of transactions improved by 49.68 per cent and 4.66 per cent, respectively.

Analysts at Meristem Securities Limited said the stock market had seen a mass re-entry of investors ahead of the 2019 elections.

According to them, the market’s gaining streak in recent days improved the confidence of investors, luring them back to the market.

They said, “The bourse sustained its rally from the previous week, which we believe has been on the back of mass re-entry into the market with investors locking positions ahead of the general elections and the relatively low prices many of the counters have been trading at.”

However, it is believed that the unexpected election postponement, which has disorganized business activities that fall under the period of the elections, would further weigh on the equities market as a result of a drop in investors confidence caused due to rising uncertainties ahead of the general elections.