Nigeria stock market firms up in May, as trading hits 7.52bn shares

By Abimbola Fashakin, Lagos

Market capitalisation of the Nigerian Stock Exchange appreciated by N880 billion in the outgone month of May as value of shares held by investors in the various companies rose by that amount.

According to the Nigerian Stock Exchange, the market capitalisation, which was N8.621 trillion by April 29, went up to N9.501 trillion by the end of trading for May, which ended on Tuesday.

The Exchange’s All-Share Index also rose by 2,600.75 basis points or 10.377 per cent from 25,062.41 to 27,663.16 by yesterday, May 31, 2016.

Also, a turnover of 7.521 billion shares, worth N48.811 billion, were traded in 83,703 deals by investors on the floor of NSE for May.

The market in the month of May outperformed the other months in the year. In January, the stock market lost 16.50 per cent, gained by 1.31 per cent and 3.81 per cent in February and March, and lost about 1.74 per cent in April.

The gains recorded during the month is as a result of the implementation of the 2016 budget, the removal of petroleum subsidy and the  decision of the Monetary Policy Committee (MPC) to introduce some flexibility into the forex market.

 

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