We Were Afraid Of Technology: Investors In The Stock Market Make Gain Of N897bn - SEC

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Against the backdrop caused by the lockdown of COVID-19 on businesses, the Nigerian economy in the stock market made a huge boost through remote trading on fintech to gain N897 billion during the last month of April.

 

The Federal Government in an effort to arrest the spread of COVID-19 global pandemic had lockdown Lagos, FCT and Ogun states for over a month.

Meanwhile, activities at the stock market opened the trading month on April 11 at N11.1 trillion market capitalisation and 21,300.47 in the index.

On April 30th, it closes at N11.997 and 23,021.01 index point and thus the gain translate to N897 or put it at 8.08 per cent growth.

The All-share index also grew by 1,720.54 points.

The index is a measure of the performance of the stock market and also how the prices of stocks have progress.

Consequently determines how investors either made gain or losses.

In a quest to maintain the integrity of the market and also for a continuation of the economic growth, the Nigerian Stock Exchange activated its business continuity plan since March 23.

The exchange had continued trading during normal hours and days through the provision of remote trading access for dealing member firms through FIX protocol and Virtual Private Network platforms.

According to, Mary Uduk, the Director-General of the Security and Exchange Commission the capital Market Community has put measures in place to avoid the market from crashing.

She said “The Nigerian Stock Exchange is continuing with trading.

The FMDQ and all the exchanges are actually continuing and everything is going well.

“In the past, we talked a lot about financial technology and how it has disrupted the market but now its COVID-19 that has so disrupted the market, disrupted everything the way it is and, therefore, as human beings, we have to adapt to be able to ensure that our lives continue and not allow COVID-19 to put our lives on hold, and therefore we are leveraging on technology.

She further explained, “Initially people were afraid of technology but right now, it has become a saving grace given the COVID-19.

“Most of us are leveraging technology.

We have put our Business Continuity Plan in the process; staffs are working remotely.

We are interacting with market operators.”

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