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Nigeria tops global stock market recovery

Nigerian Stock Exchange

By Omoh Gabriel, Business Editor

LAGOS—THE Nigerian Stock market recovery was, last week, tagged the top among emerging markets raising hope that those who lost money through share purchases during the global financial crisis have a chance of recovering their losses at the Nigeria Stock Exchange this year if they have not sold their shares at give away prices.

A research conducted by Fund Managers in Europe and published by Bloomberg said that stocks in the smallest emerging markets were beating their larger peers by the most in almost five years and Templeton Asset Management Limited’s Mark Mobius said they would continue to rally as consumer demand picked up. The Nigerian Stock Market was named as one of such top performers.

Hugh Young, who counts shares in Sri Lanka, Pakistan and Nigeria among the $232 billion of assets he helped to manage as head of equities at Aberdeen Asset Management Plc in Singapore said: “Given their gains, I would not say that we are finding screaming value in some of these markets now.”

The Nigerian capital market has grown by 33.26 per cent from the commencement of trading in 2010 till date, as investors enjoyed N1.66 trillion improvement on their investments at the Nigerian Stock Exchange.
In particular, analyses in the period under review, showed that the key performance indices, the All-share index and market capitalization, both rose within the period by 32 per cent and 33 per cent respectively, a record achievement by international bench mark.

The capitalization shot up to N6.649 trillion from N4.989 trillion recorded as at the open of trading in the year, while the index garnered 6,662.55 basis points to 27,489.72 points from 20,827.17 points.

Also significant improvement was recorded in all the major sectoral indices and blue chip index – the NSE 30 index. The NSE Food/Beverage index appreciated by 52.8 per cent to 804.78 points from 526.71 points at which it opened in the period under review.

The NSE Banking index rose by 35.81 per cent to 460.82 points from 339.32 points, NSE Oil/Gas index garnered 11.5 per cent to 321.15 points from 288.06 points at which it opened, while the NSE 30 index appreciated by 33.45 per cent to 1,104.93 points from 827.99 points at which it opened trading for the year.


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