Investors net worth on the Nigerian Stock Exchange (NSE) appreciated by 3.45 per cent for the month of November, up from the 2.84 per cent achieved in October 2013.
The News Agency of Nigeria (NAN) reports that in the period under review, the All-Share Index grew by 1298 points to close at 38,920.85 points, compared with the 37,622.74 points achieved in October.
The market capitalisation rose to N796 billion or 6.83 per cent to close at N12.448 trillion, as against the N11.652 trillion posted in October.
The volume of shares traded increased by 35.47 per cent, as 9.51 billion shares worth N95.40 billion changed hands in 104,233 deals.
In October, investors sold 7.02 billion shares valued at N73.59 billion in 97,372 deals.
The Financial Services Sector emerged the toast of investors in the period under review, accounting for 5.06 billion shares worth N47.07 billion, traded in 51,295 deals.
Some capital market operators attributed the significant return on investment in November to the activities of market markers and the impressive third quarter results released by quoted companies.
Mr David Adonri, the Chief Executive Officer, Lambeth Trust & Investment, said that the promising third quarter results by some quoted companies in the period compelled investors’ to increase their stakes.
Adonri said that the anticipated higher market growth was, however, moderated by the Central Bank of Nigeria (CBN) tightening of monetary policy.
He also identified the listing of the Computer Warehouse Group shares as another driver of the market, during the period.
Mr Emma Ndu, a stockbroker with Mega Securities, attributed the overall growth to enhanced investor confidence in the capital market.
Ndu said that market makers helped in reducing the effect of the CBN tight monetary policy and the activities of profit takers in the market. (NAN)