The high demand for shares because of their low prices made the Nigerian stock market perform positively in the second quarter of the year, gaining N1.667 trillion despite the lockdown occasioned by the COVID-19 pandemic.
However, the stock market showed resilience, ending the Q2 with growth compared to a decline in the first quarter . The stock market gained N1.667 trillion in Q2 as the Nigerian Stock Exchange market capitalisation rose from N11.102 trillion to N12.769 trillion, as against a decline of N1.867 trillion in Q1.
According to a stockbroker, Mr. Ayo Oguntayo, “following the depreciation witnessed in the Q1, most stocks hit their record lows and offering a very attractive entry opportunities for discerning investors. So, when the Q2 began and there were limited investment windows, investors found the stock market as a place to invest.”
But for the decline of 3.0 per cent suffered in June, which was the last month of the Q2, the gain would have been higher. Investors in Ekocorps Plc are counting 41 per cent growth, just as those in Okomu Oil Palms Plc have gained about 39.2 per cent. AIICO Insurance Plc has recorded a growth of about 27.7 per cent, just as Beta Glass Plc has appreciated by 24 per cent.
NSE Chief Executive Officer, Mr. Oscar Onyema, recently said: “At the brink of the crisis, we received requests from investors seeking clarification on the exchange’s business continuity plans and our ability to keep the market open. This was clarified early enough as details of our robust response to COVID-19 were communicated to all stakeholders and we have enjoyed seamless remote operations since.
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