Some capital market operators have attributed the current price rally on the nation's bourse to low returns being offered by money market instruments and the forbearance package to stock brokers.
They told the News Agency of Nigeria (NAN) in Lagos on Monday that investors' renewed confidence in equities was due to declining yields of treasury bills.
Alhaji Rasheed Yussuf, immediate past President, Association of Stockbroking Houses of Nigeria (ASHON), told NAN that investors were gradually moving funds from money market instruments to the capital market.
Yussuf said that margin loans resolution had boosted investors' confidence in the Nigerian Stock Exchange (NSE).
He, however, said that the market would experience mixed performance this week as investors were still "taking profits" to satisfy their needs during the Yuletide.
Mr Emeka Madubuike, President of ASHON, attributed the market growth to the introduction of market making activities, securities lending and short selling.
Madubuike said that market operators were working with the government to ensure speedy recovery of the market.
He called on retail investors to take advantage of the current market trend to increase their stakes.
Mr Sehinde Adenagbe, the Managing Director of Standard Union Securities Ltd., said that the market would continue to respond positively with the stockbrokers' forbearance package in place.
Adenagbe also said that the market needed liquidity to sustain the current growth.
"Speedy resolution of the privatisation exercise and the listing of multinationals on the Exchange will also help the market to rebound," he said.
Meanwhile, a review of market performance last week showed that the NSE All-Share Index appreciated by 1,013.82 points or 3.80 per cent close at 27,685.54.
Also, the market capitalisation of listed equities increased by 3.80 per cent or N323.94 billion to close at N8.846 trillion last week.
NAN reports that a turnover of 1.93 billion shares valued at N14.64 billion were recorded in 18,947 deals last week.
The Financial Services sector of the equities market was the most active with 1.57 billion shares valued at N10.55 billion exchanged in 14,207 deals.
Nestle Nigeria led the gainers table last week, appreciating by N49.95 per cent to close at N710 per share.
Nestle was trailed by Guinness Nigeria with a gain of N23.90 kobo to close at N265.00, while Nigerian Breweries appreciated by N21.45 to close at N165 per share.
On the losers' chart, PZ Cussons Nigeria topped the chart for the week, shedding N1.95 kobo to close at N27.05 kobo per share.
MRS Oil Nigeria followed with a loss of N1.25 kobo to close at N23.76 kobo, while DN Mayer depreciated by 75k to close at N27.05 per share.