The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose from 30,557.20 to close at 31,721.76 while market capitalization gained N434 billion, rising from N11.395 trillion to N11.829 trillion at the end of February which is a 3.8 percent increment compared with a decline in January.
The 2019 General Election had its toll on the stock market as there was a decline compared to December 2018, investors were jittering due to several uncertainties surrounding the outcome of the polls. However, some investors felt the political uncertainties were reducing and this has benefitted the market, hence the appreciation in February.
The market operators are very optimistic that the market would perform better in the second half of 2019. Mrs. Toyin Sanni, Group Chief Executive Officer of Emerging Africa Capital Group, in an interview said “Investors will wait to see how the elections are accepted and confirm that there will be peace in the post-election period up till May 29, which will be the day the new government will be sworn into office,”.
“Nigeria remains an attractive because of its size, demographics because of the continued activities of SMEs which are the drivers of this economy, because of how we have embraced the digital economy as a people and a nation because we are still a resources-rich country. But investors would want to see that there is a stable government, there is peace and government is accepted by the people, investors will want to see they can expect the right economic policy and the policies will be implemented in a consistent manner,”.