The Nigerian capital market continues on its path of growth, as the All-Share Index (ASI) increased by 34.9% – from 28,078.81 recorded on 31 Dec. 2012 to 37,883.53 on 15 Nov. 2013, according to a statement pasted on the official website of the Central Bank of Nigeria (CBN).
The statement also said Market Capitalisation (MC) increased by 35.0%, from 8.97 trillion naira to 12.12 trillion naira, in the review period.
“Improved earnings and investor confidence in macroeconomic management and substantial portfolio inflows (as foreign investors took advantage of the favourable domestic economic environment) accounted for the upswing in capital market activities,” it explained.
The statement, which also reviewed some of the performances of the other sectors of the economy, noted that the National Bureau of Statistics (NBS) estimated that real Gross Domestic Product (GDP) grew by 6.81% in the third quarter of 2013, which was higher than the 6.18% in second quarter and 6.48% in the third quarter respectively.
Overall, growth for 2013 was projected at 6.87 %, up from 6.58 % in 2012, indicating that the economy remains on its steady growth trajectory.
The non-oil sector remained the major engine of growth, recording 7.95% compared with a decline of 0.53% for the oil sector in the third quarter of 2013.
Agriculture, wholesale and retail trade, as well as services continued to be the drivers of non-oil sector growth, contributing 2.50%, 1.96%, and 2.82%, respectively.