Bukola Oladiji
18 September 2006
The President of the Nigerian Stock Exchange, Dr Raymond C.Obieri has said that All Share Index appreciated by 99.2% has the market capitalization grew from N1.1trillion in 2003 to N4.9 trillion as at September 2006.
Speaking at the 45th annual general meeting of the Nigerian Stock Exchange in Lagos last week, Obieri saidthe market infrastructure remains sound and capable of meeting the growing needs of investors, issuers of securities and market intermediaries.
He said the stock market has improved remarkablysince the beginning of the year to the end of August as a total of 20.8 billion shares worth N273.2 billion were traded ontheExchange in contrast to 14.3 billion shares worth N150.6 billion recorded in the comparable period in 2005.
According to him, the Exchange has achieved growth in most performance indicators, adding that the All Share Index, which stood at 24,085.76 by December 2005, had by August 31,2006 improved to bring the appreciation to 37.45%,while the market capitalization that opened at N2.9trillion closed at record high N4.53trillion.
Obieri said the Exchange has been stablefollowing the introduction of the wholesale Dutch system[WDAS] in April 2006 by the CBN. Also, the foreign reserve position remained strong at $38billion by end of July 2006, up by 34.3% from the $28.3billion in December 2005.
He said so far, the Exchange has listed ten bonds, including the N150 billion five year federal government bond issued this month for local contractors' debts and the N75billionspecial four year federal government bond issued in August to settle pension arrears.
Be the first to Write a Comment!
Copyright © 2006 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
