Total turnover at the Nigerian equities market rode on the back of intense bargain-hunting to its highest in a decade.
The market performance was driven largely by increased transactions by institutional and individual Nigerian investors amid optimism that ongoing economic reforms would lead to improved returns.
Official report by the Nigerian Exchange (NGX) at the weekend indicated that total transactions at the equities market rose by 53.94 per cent to N3.578 trillion by the year ended December 31, 2023 as against N2.324 trillion recorded the previous year.
The previous highest turnover was in 2014 when the market recorded transactions worth N2.676 trillion. The lowest turnover was in 2016 with total transactions of N1.511 trillion. It had dropped from N2.168 trillion in 2020 to N1.899 trillion in 2021.
Transactions over the years included N1.928 trillion in 2019, N2.404 trillion in 2018, N2.543 trillion in 2017, N1.906 trillion in 2015 and N2.051 trillion in 2013.
The record surge in transactions’ value further underscored that the record-breaking price appreciation at the Nigerian market was underpinned by strong demand.