The Nigerian stock market closed the month of February positive as investors recovered N198 billion in contrast to the N1.631 trillion lost in the month of January.
Specifically, the market capitalisation, which represents the total value of shares traded on the Nigerian Stock Exchange (NSE), closed at N10.045 trillion on Friday as against the N9.847 trillion recorded on January 30, 2015.
The All Share Index, another significance performance indicator of the stock market, increased by 541.74 points or 1.83 per cent from 29,562.07 points at which it opened for the month to close at 30,103.81 points last Friday.
All the major NSE classified sectors contributed to the gain posted for the month. The Banking index topped the gainers’ chart with a 10 per cent increase while the Oil & Gas and Lotus II indices added 8.13 per cent and 7.53 per cent respectively. The NSE 30, Industrials Goods and Insurance indices also gained 2.17 per cent, 0.46 per cent and 0.11 per cent respectively.
Operators had attributed the rebound recorded in the stock market in February to the closure of the Foreign Exchange (FOREX) market by the Central Bank of Nigeria (CBN) where the naira was devalued to N198 to a dollar as well as investors taking advantage of the falling prices of shares.
The CBN during the month closed both the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS) foreign exchange window, thereby leaving the interbank foreign exchange market as the only official foreign exchange market.
They also attributed the gains to the investors taking position ahead of the announcement of the end year results by companies.