AFRICANGLOBE – The Nigerian bourse continued its march towards new heights and outperformed other African markets by the end of July 2013.
Nigerian equities, among the best performing markets in 2012, have recorded a growth of about 35 percent by the end of July 2013. It managed to outperform other major African markets such as South Africa, Egypt, Zambia, Mauritius and Kenya.
It trailed only Ghana, which achieved an impressive return of around 61 percent. During the same period, Mauritius, South Africa and Egypt posted returns of 7.9 percent, 5.2 percent and 7.9 percent, respectively.
In the first seven months of 2013, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) has increased from 23,488.79 to 38,424.34 points. Its market capitalization has also surged from N7.476 trillion ($46.8 billion) to 12.169 trillion ($76 billion). Compared to the same period last year, the Nigerian market rose by 63 percent.
Market analysts believe that the Nigerian market will be able to maintain its positive momentum and continue to attract investors in remaining part of the year.
The market is expected to benefit from result announcements by major companies in the second quarter of this year. Even though bearish trend prevailed in June, the market still offers attractive returns in under-priced stocks.