Transactions volume in the first quarter of 2008 recorded a tremendous increase in the first quarter of 2008 as 68.55 billion shares valued at N990.4 billion changed hands, up from 26.2 billion shares valued at N335.62 exchanged in the same period in 2007. The transactions represent an increase of 161.65 per cent over the 2007 figure, due mainly to a combination of price appreciation and news listings, which led to an increase in market capitalisation to N12.12 trillion by the end of March from N10.18 trillion by end of December 2007.

According to the research group of Sterling Capital Markets, a subsidiary of Sterling Bank Group, while the Nigeria Stock Exchange's All-share index grew by 8.67 per cent in the first quarter of 2008, some equities recorded significant growth of over 900 per cent in terms of appreciation in the prices. For instance, Premier Paints Plc, a Chemical & Paints sub-sector company soared by 914.88 per cent, from price of N1.21 per share at the beginning of the quarter to N12.28, but the stock was inactive for several years, though it rode on capital market sentiments.

Also, Alumaco Plc appreciated by 768.97 per cent from N3.90 to close at N33.89, while Morison Industries Plc in the Healthcare sub-sectors close the year with a growth of N759.04 per cent, having appreciated from N2.71 to N23.28, which followed improvements in the activities of company which translated into better financial performance. Juli Plc, a company in the second tier sectors returned 714.55 per cent, while Arbico Plc in the Construction Sector had a return of 523.26 per cent.

Other companies in that category included Nigerian Enamelware Plc, which had a return of 45.7 per cent, while Grief Nigeria Plc returned 456.16 per cent in the review period.

Other were John Holt Plc, which records a capital appreciation of 339.42 per cent, while International Breweries Plc recorded 296.89 per cent moving from N2.57 to N10.20, following the injection of fresh funds by way of offer for subscription; and SCOA Nigeria Plc returned 288.77 per cent closing the quarter at N18 per share from N4.63 at the beginning of the quarter.