Stock Market Report: February figures show investors gained N198bn

By Post Nigeria March 2, 2015 10:37

Stock Market Report: February figures show investors gained N198bn

The Nigerian Stock Market closed the month of February positively as investors realised N198 billion in contrast to the N1.631 trillion lost in the month of January.

The market capitalization which represents the total value of shares traded on the Nigerian Stock Exchange, NSE, closed at N10.045 trillion on Friday which is distinctively different from the N9.847 trillion recorded on January 30, 2015.

Another significant performance indicator of the stock market, the All Share Index, ASI, increased by 1.83% which is 541.74 points from 29,562.07 points which it had opened for the month of February to close at 30,103.84 points last Friday.

The Banking index topped the gainers’ chart with a 10% increase while Oil& Gas and Lotus II indices added 8.13% and 7.53% respectively. The NSE 30 Industrials goods and insurance indices also gained 2.17%, 0.46% and 0.11& respectively.

This breakdown simply means that all the major NSE classified sectors contributed to the gain posted for the month.

Operators have credited the rebound recorded in the stock market in February to the closure of the Foreign Exchange, FOREX, market by the Central Bank of Nigeria, CBN, where the Naira was devalued to N198 to a dollar as well as investors taking advantage of the falling prices of shares.

The CBN had closed the Retail Dutch Auction System, RDAS, and Wholesale Dutch Auction System, WDAS, foreign exchange window; as a result, the interbank foreign exchange remained the only official foreign exchange market.

Additionally they attributed the gains to the traders taking role ahead of the announcement of the end year results companies.