NSE transactions dipped by 36.62% in March

The total shares traded on the Nigerian Stock Exchange in March dropped by 36.62 per cent, the News Agency of Nigeria reports.
Statistics released by the NSE on Tuesday in Lagos showed that investors traded 7.79 billion shares worth N83.59 billion in 92,958 deals during the month.
Transactions during the month were lower than the 12.29 billion shares valued at N99.34 billion traded in 104,578 deals in February.
A further breakdown of the market activities showed that the financial services sector remained the most active, accounting for 6.31 billion shares worth N46.04 billion traded in 52,945 deals.
NAN reports that the market capitalisation in March dipped by N261 billion to close at N12.446 trillion, against N12.707 trillion achieved in February.
Also, the NSE All-Share Index lost 810.88 points or 2.05 per cent to close at 38,748.01 from the 39,558.89 recorded in February.
David Adonri, the Chief Executive Officer, Lambeth Trust and Securities Limited, said that the decline experienced in March was due to market uncertainties, which led to sales pressure.
Adonri said that the equities market declined by 2.05 per cent due to investors’ anxiety over the fate of the naira.
Other factors included the reduction of exposure of institutional investors in the financial market.
He also attributed the market depression to tight monetary policies and suspension of the Central Bank of Nigeria Governor, Mallam Sanusi Lamido Sanusi, by the Federal Government.
Adonri said that the market would likely experience improved growth in April because of improved 2013 quoted companies results released into the market.
According to him, the market has reached its limit in reacting fully to tight monetary policy and suspension of the CBN governor.
Olaleye Williams, the Managing Director, GlobalView Consult and Investment Limited, attributed the downward trend to exit of foreign investors, whom he said were the major players in the market.
Williams said that decline in the nation’s foreign reserve contributed to the lull experienced in the equities market during the period under review.
He also said that the market would have recorded higher loss if not for improved 2013 results released by some companies.