Mr. Madubuike called for quick passage of the 2014 Appropriation BillThe Nigerian Stock Exchange, NSE, opened on Monday on a sluggish note, as market capitalization declined marginally by about 3.67 per cent to about N13.265 trillion from about N13.275 trillion in 6,222 deals recorded at the close of trading on Friday.
But stockbrokers remained optimistic that the market growth would remain progressive irrespective of the slowdown in economic activities in recent times.
Total equities volume of 380.636,635 was valued at 4,468,132,730.93, with market All share index, ASI, declining by about -0.10 per cent from 41,480.62 to about 41,441.19 at the close of business on Monday.
Average market index point stood at about 41,584.50.
The banking sector, which had an index of about 437.77 on Friday, recorded a marginal rise by 1.99 per cent to about 438.16, while the consumer goods sub-sector index dropped from about 1,085.62 during the corresponding period to about 1,077.72, or by about 1.52 per cent.
The Association of Stockbroking Houses of Nigeria, ASHON acknowledged the growth in the Nigerian Stock market in 2013, attributing it to high expectations by investors’ for improved companies’ results.
The President of the Association, Emeka Madubuike, said on Monday that investors were increasing their stakes in the market in anticipation of higher dividends and better financial yields from companies they invested in.
Mr. Madubuike said he was optimistic that the market would continue to experience slow, but progressive growth irrespective of the slowdown in economic activities.
He said that the 47 per cent growth recorded by the Nigerian stock market in 2013 was a huge boost to the confidence of foreign and local investors.
With the Nigerian stock market emerging one of the best performing frontier markets in the world, he said the Federal Government and regulators should step up their games to pursue friendly policies to ensure sustainable growth and development.
Mr. Madubuike also called for quick passage of the 2014 Appropriation Bill to fast track economic activities and development.
Meanwhile, a turnover of 1.72 billion shares worth N22.44 billion were recorded in 29,600 deals on the Nigerian Stock Exchange, NSE last week.
These were against the two billion shares valued at N15.91 billion exchanged in 17,378 deals in the preceding week.
The financial services sector remained the most active with 1.19 billion shares worth N10.85 billion traded in 15,134 deals.
The oil and gas sector followed with a turnover of 182.28 million shares valued at N2.22 billion in 4,866 deals.
The conglomerates sector came third on the week’s activity chart, accounting for 124.13 million shares worth N665.14 million in 1,982 deals.
The NSE All-Share Index grew by 30.14 points or 0.07 per cent to close at 41,480.62 compared with 41,450.48 posted in the previous week.
Also, the market capitalisation appreciated by N10 billion, or 0.07 per cent to close at N13.275 trillion against the N13.265 trillion achieved in the preceding week.