Equities Market Up 35.28% In January
Investors have continued to reap bountifully on the Nigerian Exchange Limited (NGX) as bold economic reforms of thegovernment have lifted the major market index by 35.28 percent (YtD) performance.
The 35.28 percent gain iin the NGXAll-Share Index comesthe 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 goodshas continued to trigger massive bargain hunting in large company shares.
This has pushed the key performance indices and stimulated activities in thea development that has led to the 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 35.28January 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 investorsbased on sentiment.
He stated that the emergence of President Bola Tinubu further energised the stockmarket participants his ability to rejig the economy and implement economy-friendly policies.