Stocks trading on the Nigerian Stock Exchange (NSE) on Wednesday closed the month of September on the positive note with a gain of N812 billion.
In a sharp contrast to the record sell-off across global markets, Nigerian equities recorded positive, crossing 26,000 points for the first time since March 2020.
Boosted by remote trading, gradual ease of lockdown and monetary policies of the Federal Government, the equity market defied the negative impact of the continuous spread of CODIV-19 in the Nigerian economy as investors leveraged on undervalued stocks.
Investigation by our correspondent showed that activities on the stock market, which opened the trading month at N13.212 trillion in market capitalisation and 25,327.13 in index on September 1, hit N14.024 trillion and 26,831.76 index points on 30th of September, hence has earned monthly gain of about N812 billion or 6 per cent. The All-Share Index also grew by 1,504 basis points or six per cent.
The index measures the performance of the stock market and also reflects how prices of stocks have moved, which in turn determines how much investors made as gains or losses.