Equity Market on a Steady Rise, Gains ₦4.2t in One Year

The equities section of the Nigerian Stock Exchange has been on a steady rise in the last one year, leading to a total appreciation of ₦4.6trillion as of Monday’s closing.

This represents a significant appreciation of 57% or ₦4.2trillion compared to the ₦7.417trillion, recorded at the beginning of the year, the steady climb in the market, which began towards the end of October 2012, largely continued into the year 2013, with the market capitalisation of the listed equities rising to ₦11.654trillion on Monday.

Between July 2012 and Monday, the NSE All-Share Index rose by 58% or 13,499.46 basis points to 36,800.68 basis points from 23,302.22 points recorded last year, the NSE-30 Index, which measures the performance of the top 30 equities on the Exchange, also rose by about 60% during the period under consideration. The performance of the Nigerian market was largely due to the sustained interest of foreign investors which is a significant increase when compared to the performance of major markets in the global economy.