Domestic equity market close year in positive trend, gains N569bn

Nigeria’s equity market, Friday, closed the year in a bullish run, appreciating by N569 billion with All Share Index crossing 51 thousand mark.

The Nigerian Exchange (NGX) trading activities for the day showed that market capitalization of listed equities increased by 2.08 per cent to close at N27.966 trillion from N27.397 trillion reported the previous day.

The NGX All Share Index also appreciated by 1045.49 basis points to 51345.49 points from 50300.00 points recorded Thursday.

The volume of transactions during the day increased by 377.011 million, representing a growth of 76.87 per cent as investors traded 867.494 million shares valued at N7.153 billion in 3354 deals against 490.483 million shares worth N7.747 billion exchanged hands the previous day in 4480 deals.

However, Investment in the Nigerian Exchange   for the year indicated that between January and December 2022, local equity rose by N5.67 trillion to N27.966 trillion, representing an increase of 25.42 per cent from N22.297 trillion it opened for the year.

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The NGX index also took a positive trend within the period, appreciating by 8,631.05 basis points to 51345.49 points against 42714.44 points when it closed December 31, 2021.

Commenting on the market performance for the year, Chief Operating officer, Investdata Consulting Limited, Mr.  Ambrose Omordion said the nation’s stock market started the year on a bullish note, as market players reacted to unaudited impressive full year numbers of 2021 in the midst of relatively low interest rates and yield in the fixed income market that supported inflow of funds into the equity space at the first month of the year in expectation of corporate actions.

Omordion projected that the outlook for 2023 remain mixed, as the recovery is expected to continue on value and low price to earnings ratio in the midst of higher dividend yields and corporate actions, despite uncertainties surrounding 2023 general election which if successful will lead to financial market and economic reset that comes with reforms as the three presidential candidates are pro market and businessmen.