Nigerian Exchange Records N2.032trn Growth in 7 Months
The nation’s equity market has recorded impressive growth in the first seven months of this year, appreciating by N2.032 trillion despite insecurity in the country and the Russian invasion of Ukraine, which slowed down the global economy.
Available data from Nigerian Exchange (NGX) showed that market capitalisation of listed equities which opened the year at N25.130 trillion appreciated by 8.08 per cent to close at N27.162 trillion on July 29, 2022.
The NGX All Share Index also grew by 3745.58 basis points to 50370.25 points from 46624.67 points it opened for the year.
The NGX trading result also showed that between March and July this year the market cap grew by N1.884 trillion or 7.45 per cent to N27.162 trillion from N25.278 trillion it closed in the first quarter while index up by 3465.77 basis points within the period to 50370.25 points.
Capital market operators attributed the performance of the market in the last seven months of the year to increased activities in most capitalised stocks.
They also said that the improved participation by local investors in the market and the strong earnings result from some quoted companies helped to buoy investor sentiment in the market.
The Managing Director of APT Securities and Funds Ltd, Mallam Garba Kurfi said that positive growth in most capital stocks contributed to the good performance of the market.
He explained that trading activities in Airtel Africa, MTN Nigeria, Dangote Cement and BUA CEMENT, which control over 70 per cent of the total market capitalisation, gained about 50 per cent during the period.
