Equity trading on the Nigerian Stock Exchange recorded a gain of N2.75tn in the last two months (September and October 2020) following investors’ high demand for undervalued stocks.
The PUNCH gathered that despite the #EndSARS protests and the attendant losses recorded by many businesses due to lootings carried out by hoodlums, investors were demanding the stocks of companies that were trading at low prices.
Also, findings showed that a sharp drop in fixed income yields, following further monetary easing by the Monetary Policy Committee drove smart money into the stock market.
Most stocks had hit all-time lows as investors dumped stocks over concerns about the crash in oil prices and the COVID-19 pandemic.
Enhanced by remote trading, the gradual easing of lockdown and monetary policies of the Federal Government, the equity market defied the negative impact of the continuous spread of CODIV-19 pandemic on the Nigerian economy as investors leveraged undervalued stocks.
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