Stock market capitalisation hit N13 trillion in 2007 - SEC

26.02.2008

The total market capitalisation in the Nigerian Stock Exchange (NSE) rose to N13 trillion by the end of 2007, the Security and Exchange Commission (SEC) has said.

The commission said the rise was as a result of an upswing in activities with equities representing N10 trillion, compared to N2 trillion in 2004.

A performance report on the market made available to the News Agency of Nigeria (NAN) on Monday in Abuja showed that the stock index grew by 74.7 per cent in 2007.

The market experienced a surge in activities in the last three years by more than five times in total capital growth.

According to the report, liquidity has improved with trading value moving from N226 billion in 2004 to N2 trillion in 2007, an average of N172 billion monthly.

The report stated that the average trade of N172 billion in 2007 surpassed the entire trading value of 2003.

The report further stated that the average number of subscribers par issue was 4,200 in 2002 to 2005, but rose to 99, 000 in 2007.

“New issues approved grew from N195 billion in 2004 to N1. 3 trillion in 2007,” the report added.

Listing the performance of some of the companies, the report stated that First Bank Plc N100 billion public offer was 752 per cent subscribed, with 1.2 million subscription applications.

Dangote Flour Mills Plc N18.7 billion public offer was 621 per cent subscribed with more than 560,000 subscribers, while the Nigerian Aviation Handling Company Plc offer was 600 per cent subscribed.