In the past 24 months, investors at the Nigerian stock market earned N7.76 trillion in net capital gains.
It has been learned that Nigerian equities defied the COVID-19 scourge to sustain a two-year positive trend.
The equities are reported to have closed at the weekend with a two-year average return of 56.1 percent, equivalent to net capital gains of N7.76 trillion over two years.
Amidst the restrictions and global unrest due to the pandemic, the stock market built up a two-year successive rally, driven largely by domestic investments and recent renewal in foreign portfolio investments (FPIs).
The All Share Index (ASI) of the Nigerian Exchange (NGX), which is the benchmark index for the market, closed at weekend with an average return of 6.07 percent for 2021, equivalent to net capital gains of N N1.278 trillion.
According to the President of the Chartered Institute of Stockbrokers (CIS), Mr. Olatunde Amolegbe, two years of positive returns show that the market is reflecting its function as the barometer for the economy.
Amolegbe said: “We also expect the positive movement for the first half of 2022 on the back of good corporate performance, implementation of some part of the Petroleum Industry Act (PIA) and intense focus on infrastructural development and resultant increased capital by government and corporate entities.”
