The Nigerian Exchange Ltd. (NGX) has seen a remarkable gain of N15.25 trillion in market capitalization during the first five months of 2024, despite facing significant domestic and global economic challenges.<\/p>\n
In a recent report from Lagos, NGX attributed this record growth to investors’ sustained confidence in fundamentally strong companies listed on the exchange. The market capitalization surged to N56.172 trillion by the end of May 2024, up from N40.917 trillion at the start of the year, marking a 37.28 percent increase. Correspondingly, the NGX All-Share Index rose to 99,300.38 basis points, reflecting a 32.8 percent year-to-date (YTD) increase from 74,773.77 basis points at the end of 2023.<\/p>\n
This significant growth underscores the Nigerian stock market’s status as Africa’s top-performing stock exchange. The NGX highlighted its commitment to compliance, transparency, and a market-friendly environment, which has bolstered active participation from both local and international investors.<\/p>\n
The report detailed an unprecedented rally and robust buying interest in various sectors, particularly industrial goods, oil and gas, and consumer goods. This has spurred substantial bargain hunting in large-cap stocks.<\/p>\n
Specifically, the NGX Industrial Index experienced a notable YTD increase of 73.08 percent, reaching 4,694.42 basis points by May 2024. The NGX Consumer Goods Index also saw a 39.5 percent rise, closing at 1,564.19 basis points. A significant factor in the industrial sector’s growth was the performance of Dangote Cement Plc, whose stock price soared by 105.28 percent to N656.70 per share from N319.9 at the start of the year. Additionally, the NGX Oil\/Gas Index increased by 24.07 percent to 1,294.16 basis points, and the NGX Insurance Index grew by 14.17 percent to 367.23 basis points.<\/p>\n
In the backdrop of these market gains, Nigeria continues to grapple with rising inflation. At a recent Monetary Policy Committee (MPC) meeting, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso emphasized the committee’s commitment to achieving price stability through effective monetary policy measures. In April 2024, Nigeria’s headline inflation rate climbed to 33.69 percent, its highest since March 1996, marking the 16th consecutive month of rising inflation. This increase is partly attributed to the depreciation of the naira and the removal of fuel subsidies.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Nigerian Exchange Ltd. (NGX) has seen a remarkable gain of N15.25 trillion in market capitalization during the first five months of 2024, despite facing significant domestic and global economic challenges. In a recent report from Lagos, NGX attributed this record growth to investors’ sustained confidence in fundamentally strong companies listed on the exchange. The […]<\/p>\n","protected":false},"author":25,"featured_media":34033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-34031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34031"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34031\/revisions"}],"predecessor-version":[{"id":34045,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34031\/revisions\/34045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34033"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}