Nigeria’s equity market is set to hit the highs of 2013-2014 era as it gains N1.5 trillion in two weeks.
The stock market is seeing a rapid growth, rising 3.4 percent to hit 36,740.77 while market capitalisation closed higher at N12.662 trillion.
This growth represents a 32-month high and should the market continue to record positive gains, the index would hit 37,000 points, a level that was last reached in November 2014.
This is fuelled by stability in the foreign exchange (forex) market that has led to an increase in the level of foreign portfolio investments (FPIs), a release of improved half year corporate results and relative increase in the number of domestic investors, a report by ThisDay Newspaper revealed.
“Year to date, the market has recorded a growth of 36.7 per cent. The market has remained uptick since July 6, leading to a gain of N1.529 trillion in capitalisation, growing from N11.133 trillion on July 6 to N12.662 trillion yesterday,” the report explained.