Investors have continued to reap bountifully on the Nigerian Exchange Limited (NGX) as bold economic reforms of the new government have lifted the major market index by 35.28 percent Year-till-Date (YtD) performance.
The 35.28 percent gain iin the NGXAll-Share Index comes 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, especially in the financial services, consumer, and industrial goods sub-sector, which has continued to trigger massive bargain hunting in large company shares.
This has pushed the key performance indices and stimulated activities in the mar ket, a development that has led to the rating of the stock market as the best-performing in the world.
As of the close of trading on January 2024, the NGX’s all-share index (ASI), an indicator used to measure the performance of listed firms on NGX, has hit a record high to close at 104,674.67 basis points on January 29, 2024.
It opened the year at 74,773.77 basis points on January 2, implying an increase of 26,380.69 basis points or 35.28 percent to close on January 31, 2024, at 101,154.46 basis points.
Consequently, market capitalisation stood at N55.358 trillion, representing a growth of N14.44 trillion or percent from N40.918 trillion it opened for trading this year.
Responding to market performance in January, the vice president of Highcap Securities Limited, Mr. David Adnori stated that investors are trading based on sentiment.
He stated that the emergence of President Bola Tinubu further energised the stock market since market participants have hope in his ability to rejig the economy and implement economy-friendly policies.
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