Investors’ net worth on the Nigerian Stock Exchange (NSE) appreciated by 4.84 per cent in July from 4.31 per cent achieved in June, the News Agency of Nigeria (NAN) reports.
Statistics from the NSE on Thursday showed that the All-Share Index increased in July by 1750.02 basis points to close at 37,914.33 as against 36,164.31 achieved in June.
The market capitalisation grew by N581 billion or 5.08 per cent to close at N12.007 trillion in contrast to the N11.426 trillion posted in June.
The volume of shares traded in July was 10.38 billion shares worth N74.94 billion transacted in 124,525 deals.
This was against the 9.74 billion shares valued at N146.91 billion traded in 135,782 deals in June.
The financial services sector emerged the toast of investors in the month.
The sector accounted for 4.62 billion shares worth N38.68 billion traded in 65,135 deals.
The Chief Executive Officer, Lambeth Trust & Investment, Lagos, Mr David Adonri, attributed the growth to impressive second quarter results by major quoted companies during the month.
Adonri said that the market would have recorded higher growth but for the tightening of the monetary policy by the Central Bank of Nigeria.
He said that the measure drove down the banking sector of the NSE and led to a weeklong profit-taking by speculative investors.
A stockbroker with the Mega Securities, Lagos, Mr Emma Ndu, attributed the growth to enhanced investor confidence in the equities market.
Ndu said that market makers helped to reduce the effect of the CBN monetary policy on the capital market.
