Kenya Beats Nigeria in Stock Trading For First Time
mudeerat olawunmi
Investors put more money into Kenyan stocks than Nigeria’s for the first time on record in September.
The value of shares traded on Nigeria’s exchange fell to $139 million, near the lowest since Bloomberg began compiling such data in 2009, as foreign investors shunned an economy battered by militant attacks on oil facilities and shortages of foreign-exchange.
In Kenya, with an economy an eighth the size of Nigeria’s but set to grow almost 6 per cent this year, the value rose 4.2 per cent from August to $152 million.
Meanwhile, Nigerian equities yesterday rebounded on resumed bargain hunting activities, as overall performance measures, NSE ASI and market capitalization, revved by 0.08 per cent each halting two days losing streak.
Consequently, the All-Share Index gained 22.5 basis points or 0.08 per cent to close at 28,031.90 basis points as against 28,009.40 recorded the previous day, while the market capitalization of equities appreciated by N8 billion or 0.08 per cent to close at N9.628 trillion from N9.620 trillion as market sentiment returned on green zone.
