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The market capitalisation rose 5.56 per cent from N12.021 trillion at the beginning of November to N12.449 trillion at the end of the month, translating into a gain of N428 billion.
Measured by NSE All-Share Index (ASI), the market rose 3.45 per cent, from 37,622.74 to close at 38,920.85. Compared to October, the market recorded an improved performance in November as the market capitalisation added N368 billion. The index rose 2.84 per cent in October.
Year-to-date, the market capitalisation of the exchange has chalked up N3.479 trillion, while ASI has grown by 38.6 per cent.
Market operators said given the average monthly growth of 3.5 per cent, the ASI is likely to close 2013 by about 40 per cent, as against 34.5 per cent recorded in 2012.
Some investors have been reacting to the financial results of companies for the third quarter ended September 30, 2013, while others have been taking position ahead of the bright prospects in the market.
Besides, the market got a boost in the month under review, when the Computer Warehouse Group got listed in the information and communications technology (ICT) sector of the Nigerian bourse, the first listing this year.
The Chief Executive Officer of the NSE, Mr. Oscar Onyema, had said by the listing on the exchange, CWG had taken a strategic step to join the prestigious club of quoted companies in Nigeria.
“I commend them for this bold step. I use this opportunity to call on other firms in the ICT sector, which are undecided on whether to list their shares on the exchange, to make up their minds as there are significant benefits to be derived from being a listed company. These include continuity of the company way after the founder has retired, lower cost of long term funding, visibility, enhanced branding, diversified risk of ownership, and enhanced corporate governance among others,” he said.
Onyema noted that as one of the basic elements for ensuring a sound investment environment and maximising shareholder returns, the NSE has placed corporate governance on the front burner in recent years.
“We will continue to enforce our rules in a firm and fair manner in order to build a strong investment climate for Issuers and market participants,” Onyema said.