Investors in the Nigerian stock market bourse gained the sum of ₦14.44 trillion as the market closed for the month of January 2024.
Economic reforms from the federal government has been instrumental to gains recorded by investors on the Nigerian Exchange Limited (NGX)
These economic reforms have lifted the stock market capitalisation by ₦14.44 trillion in January 2024.
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The ₦14.44 trillion gain is coming on the backdrop of rising insecurity, inflation, other macroeconomic challenges, and global uncertainty.
Since the beginning of the year, the stock market has witnessed an unprecedented rally and buying interest.
Also, the financial services, consumer, and industrial goods sub-sector, has continued to trigger massive bargain hunting in large company shares.
You could say these factors stimulated activities in the market, a development that led to the stock market being rated as the best-performing in the world.
Market capitalisation stood at ₦55.358 trillion as of the close of trade in January 31, 2024.
This represents a growth of ₦14.44 trillion from ₦40.918 trillion it opened with for trading this year.
The NGX’s all-share index (ASI), hit a record high to close at 104,674.67 basis points January 29, 2024.
It opened the year at 74,773.77 basis on January 2, growing by 26,380.69 basis points or 35.28% to close January 31, 2024 at 101,154.46 basis points.
Sectoral Performance
This revealed that NGX Banking Index dropped by 3.4% to 866.93basis points from 897.20 basis points it opened this year.
The Consumer Goods Index closed at 1,394.05 basis points, representing an increase of 24% from 1,121.29 basis points it opened for trading in 2024..
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This growth in NGX industry Index was been influenced by soaring demand for Dangote Cement Plc stock.
