STOCK MARKET GAINS N4.25TRN IN 2013


For four years running the Nigerian equity market has been on recovery process after the global meltdown that hit the world financial sector.
The equity market recorded an impressive growth in 2013 as the market capitalisation of stocks listed on the exchange added N4.252 trillion last year.
The market which opened the year with N8.974 trillion closed it with N13.226 trillion which is the highest so far in the history of the Nigerian Stock Exchange (NSE) representing 47.4 per cent growth.
Consequently, the All Share Index which is the barometer of the market movement gained 13,230.38 basis point or 47.2 per cent from 28,078.81 points it opened the year to close at 41,329.19 points.
All the NSE indices gain during the year as NSE 30 index appreciated by 42.7 per cent to close the year at 1,907.17, NSE Consumer Goods Index by 31.1 per cent to close at 1,100.25, NSE Banking Index by 31.9 per cent to close at 447.84, NSE Insurance Index by 29 per cent to close at 152.87. Also, the NSE Oil/Gas Index increased by 122.3 per cent to close at 339.88, NSE Lotus Islamic Index by 61.8 per cent to close at 2,863.12.
However, the analysts believe that the recovery will continue into 2014.
Speaking with Daily Trust, Managing Director of APT Securities and Funds Limited, Malam Kasimu Kurfi said the capital market has done very well in the year 2013.
He said it has consolidated the achievement for the year 2012 by confirming the success of the capital market reform initiated by the current management of the exchange.
“It has been two consecutive years of success. With over 40 per cent All Share Index gain it is a head of other economic indices.”
He believe that the success stories will reassure foreign investors about the market and may stay longer than before.
Another stockbroker, Mr. Tunde Oyediran said capital market activities for 2013 can be said to be impressive. as, he noted, some companies declared good dividend payout.
He believed that the recovery will continue in 2014.


Via Dailytrust
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