For The First Time Ever, Kenya Overtakes Nigeria In Stock Trading
For the first time in history, investors put more money in Kenya’s stock exchange more than in Nigeria’s stock exchange.
“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,” Bloomberg reported with the chart below.
“In Kenya, with an economy an eighth the size of Nigeria’s but set to grow almost 6 percent this year, the value rose 4.2 percent from August to $152 million,” the global business news platform said.
About this time last year, total value of stocks listed on the Nigerian Stock Exchange (NSE) fell by N3.255 trillion in twelve months, from September 30, 2014 to October 8, 2015. The situation has worsened over the period owing to poor liquidity in the country.
Thursday’s trading, October 6, 2016, recorded an All Share Index of 29,597.79 down –0.72%. Market capitalization closed at N10.16 trillion compared to yesterday’s market capitalization of N10.2 trillion, and Volume of shares traded was 342,604,114.00 units.