The market capitalisation of the Nigerian Stock Exchange (NSE) rose N2.22 trillion or 17.10 percent in seven trading sessions with the market maintaining an upward trend since the beginning of 2020.
Data obtained on Sunday showed that the market capitalisation, which opened on Jan. 2 at N12.958 trillion rose by N2.22 trillion to close at N15.174 trillion on Jan. 10.
Also, the All-Share Index rose by 2,573.32 points or 9.59 percent during the period to close at 29,415.39, compared with the opening year index of 26,842.07.
The nation’s bourse posted 9.1 percent gain last week, the largest weekly return for two-years, to emerge the world’s best-performing stock market for the week, NAN reports.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd, attributed the growth to activities of investors who anticipate higher dividend yields.
“Local institutional investors and funds managers are taking advantage of the two consecutive years of decline to reposition their portfolios for the New Year expectations,” Omordion said.
He stated that investors were optimistic that the current economic recovery would likely to continue, thereby resulting in enhanced dividend yields higher than the prevailing money market rates.
Omordion added that the listing of BUA Cement of 33.86 billion ordinary shares at N35 per share contributed to the growth of the stock market.
He noted that rise in oil price in the global market due to the conflict between the United States of America and Iran contributed to the stock market trend.
