Lagos – Investors on the Nigerian Stock Exchange (NSE) traded a turnover of 12.64 billion shares worth N58.64 billion in 62,016 deals in February.
Statistics released by the NSE on Thursday in Lagos indicated that the performance was up from 5.67 billion shares valued at N42.05 billion achieved in 67,479 deals in January.
The News Agency of Nigeria (NAN) reports that the data also showed that the turnover of shares traded inched by 122.93 per cent.
A further breakdown of the statistics indicated that the Financial Services sector emerged the most active, accounting for 7.16 billion shares valued at N58.64 billion, transacted in 62,016 deals.
The Consumer Goods sector came second on the month’s activity chart with an exchange of 3.47 billion shares worth N12.46 billion traded in 10,703 deals.
NAN reports that the market indices appreciated by 2.75 per cent against a loss of 16.50 per cent posted in January.
According to the data, the market capitalisation rose by N227 billion to close at N8.452 trillion as against N8.225 trillion achieved in January.
The NSE All-Share Index appreciated by 654.58 points or 2.75 per cent to close at 24.570.75 from 23,916.15 recorded in January due to price gain by some highly capitalised equities.
NAN also reports that Seplat recorded the highest gain during the month by 79.67 per cent or N154.75 to close at N349 per share against N194.25 achieved in January.
Conversely, Con Oil dropped in percentage terms by 29.55 per cent or N7.31 to close at N17.43 against the opening price of N24.74.
It (Con Oil) was trailed by Oando with a loss of 25.75 per cent or N1.03 to close at N2.97 when compared with N4 in January.
Commenting on the performances, the Managing Director, APT Securities and Funds Ltd., Malam Garba Kurfi, told NAN that the growth was due to improved audited results released by some quoted companies.
Kurfi said that investors’ anticipation of higher dividends for the financial year ended Dec. 31, 2015, contributed to the growth.
He said that the financial reports released in March would determine the market performance.
Kurfi said that the volume of shares traded would reduce due to developments at the Foreign Exchange Market.
“Being in the earnings season, future direction of the market will be determined by how impressive full year results of quoted companies are,’’ Kurfi told NAN.
The National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, said the growth was not very impressive due to the challenges in the country.
Nwosu said the market was a reflection of the economy, adding that government should come out with a clear economic blueprint to boost investors’ confidence. (NAN)