Investors trade 7bn shares worth N73.6bn

Nigerian Stock Exchange06 November 2013, Lagos – Transactions on the Nigerian Stock Exchange, NSE, improved considerably in October as investors traded 7.02 billion shares worth N73.59 billion in 97,372 deals.

This was against the 5.39 billion shares valued at N54.09 billion exchanged in 97,919 deals in September.

These statistics, obtained from NSE on Wednesday in Lagos, showed that the turnover in October improved by 30.24 per cent.

Similarly, the market capitalisation grew by N368 billion or 3.16 per cent from N11.652 trillion in September to N12.020 trillion in October.

The All-Share Index rose by 1037.66 basis points or 2.84 per cent to close at 37,622.74 from the 36,585.08 achieved in September.

The Financial Services sector remained the most active in October as the sector exchanged 5.13 billion shares worth N44.27 in 54,001 deals.

Mr David Adonri, the Chief Executive Officer, Lambeth Trust Investment Ltd., Lagos, attributed the growth to improved third quarter result by some companies.

Adonri said that the market would have experienced more growth if not for mixed third quarter results released by some quoted banks due to tight monetary policy.

“In November, third quarter corporate results will determine the direction of the capital market.

“Results of banks released so far have not been too spectacular, indicating that the tight monetary policy is already affecting the banks negatively,” Adonri said.

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