Business
Stockbrokers Attribute Market Growth To Impressive Q1 Results
Some capital market operators have attributed the recent rally in the capital market to impressive first quarter results of some firms.
They said in Lagos that the impressive results had increased local investors’ participation in the market.
The Managing Director of APT Securities and Funds Ltd., Malam Garba Kurfi, said that the growth was also driven by the reforms embarked on by the federal government.
According to Kurfi, the introduction of market making and prompt release of quarterly and audited results by companies have boosted investors’ confidence in the market.
The managing director of Compass Securities Ltd., Mr Emeka Madubuike, said that the market regulators and stockbrokers had ensured more transparency in transactions unlike in the past.
He said that the strong earnings of many quoted companies had made the Nigerian capital market one of the most rewarding markets in Africa.
Madubuike said that the trend would continue when more companies released their results, adding that the market would experience more activities with major development in political and economic areas.
A stockbroker with Mega Securities, Mr Emma Ndu, called for introduction of more reforms for sustainable growth of the market.
He said that there was the need for more investor education to increase participation of local investors.
Meanwhile, the NSE All-Share Index appreciated by 897.53 points or 2.49 per cent last week to close at 36,907.81 against the 36,010.28 recorded in the preceding week.
The market capitalisation rose by N285 billion or 2.47 per cent last week to close at N11.79 trillion against the N11.51 trillion achieved in the preceding week.
The price gainers’ chart indicated that Courteville Business Solutions led in percentage terms by 57.38 per cent or 35k to close at 96k per share.
Eterna followed with 45.56 per cent growth or N1.23 to close at N3.93, while UTC Nigeria improved by 41.54 per cent or 27k to close at 92k per share.
On the other hand, Okomu Oil Palm topped the losers’ chart by 49.35 per cent or N52.56 to close at N53.94 per share.