Do you know that the Nigerian Exchange Limited (NGX) at about 39.84% had one of the best, if not the best, offer for investors in the first quarter of 2024.
This was achieved despite rising insecurity, double-digit inflation rate, a recent rise to 24.75% Monetary Policy Rate (MPR) among others.
The Nigerian Exchange Limited (NGX) at 39.84% year-till-date (YtD) gain, in the first quarter of 2024, offered investors the second best return in Africa.
This came on the back of the economic reforms embarked upon by the administration of President Bola Tinubu.
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According to available data, the exchange, in Q1, came ahead of other exchanges in Africa.
Only the Zimbabwe Stock Exchange (ZSE) All Share Index, was higher than the NGX at about 314.19% YtD growth.
The Nigerian Exchange Limited ASI, opened the year at 74,773.77bps, implying an increase of 39.84%, to close March 28, 2024 at 104,562.06bps.
In Q1, 2023, the overall market performance measured by NGX ASI rose by 5.11% to close at 54,232.34bps.
Since the beginning of 2024, the stock market has witnessed an unprecedented rally and increased buying interest.
Especially in the industrial goods, financial services, and consumer sub-sectors, which continued to trigger massive bargain hunting in large company shares.
In the period under review, NGX Alternative Securities Market (ASeM) Index gained 135.25% YtD to emerge as the best performing index.
It was followed by NGX Industrial Goods Index, which rose by 78.49% YtD to close Q1, 2024 at 4,28441.20bps.
The NGX Banking Index and NGX Insurance Index appreciated by 14.76 and 26.20 YTD, respectively.
Furthermore, the NGX Consumer Goods Index rose by 43.66% YtD to close March 28, 2024 at 1,610.80bps.
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As a result, there was a push in the key performance indices and interestingly stimulated activities in the market.
Also, this led to the rating of the exchange as the second best-performing in Africa, after the ZSE.
As of the close of trading March 2024, market capitalisation stood at ₦59.12 trillion.
A figure representing an increase of ₦18.2 trillion or 44.49% from ₦40.918 trillion it opened for trading this year.
