Index Rises 35.4% as Equities Gain N2.4tn

01 Jan 2013

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NSE DG, Oscar Onyema

Nigerian equities rose to a 32-month high yesterday to close the year with a growth of 35.4 per cent, appreciating   from 20, 730.63 at the beginning of the year to 28,078.81.

Specifically, the ASI rose  0.76 per cent to cross the  28,000 points psychological level. Similarly, the market capitalisation added N67.858 billion to close at N8.974 trillion.

In all, the equities market gained N2.441 trillion in 2012, rising from N6.533 trillion to N8.974 trillion. Speaking on the trading floor yesterday to market the end of trading in 2012, the Chief Executive Officer of the NSE, Mr. Oscar Onyema, said “For the first time in two years, the NSE All-Share Index (ASI) and market capitalisation hit their highest. This is a good development that needs celebrating.”

While the ASI rose by   35.4 per cent, the market capitalisation of equities, which is a product of    prices and volume of shares, recorded a higher growth of 37.4 per cent.

The difference in market capitalisation and ASI resulted from the new and supplementary listings recorded in the market in 2012.

For instance, Austin Laz and Company Plc, Fortis Microfinance Bank Plc were the new listings recorded in the market while  there were about 12 supplementary listings.

Commenting on the market performance, the Chief Executive Officer, Lambeth   Trust & Investment Company Limited, Mr. David Andonri, said the Nigerian market closed as one of the best in the world in 2012.

“It has been a very wonderful year for the equities market. For all intent and purpose the secondary market appears to have stablised and recovered.

“We hope that the stability will continue into 2013. And we also hope that some of the challenges that have confronted the market like the dormancy of the primary market for equities and the dormancy of  the secondary market for bonds  will be surmounted  in 2013,” he said.

Tags: Business, Nigeria, Featured, Index, Equities

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