• Business - Market Data
  • Updated: February 01, 2024

NGX defies challenges, closes January 2024 strong, 35.3 per cent YTD surge

NGX defies challenges, closes January 2024 strong, 35.3 per

As a result of a major increase in investor trust in listed firms, equity trading on the Nigerian Exchange Limited (NGX) ended January 2024 on a positive note.

Defying the current economic challenges of high inflation, a declining currency rate, and ongoing security worries, this outstanding result represents a turning point in NGX's history.

There were noticeable changes in consumer behaviour as a result of the general confidence, and at the end of January, the All-Share Index had closed at a notable level of 101,154.46 points.

This amount is a notable 35.3% increase from the end of the previous year.

In addition, the NGX All-Share Index's remarkable 35.3% year-to-date (YTD) return highlights its tenacious nature.

The NGX All-Share Index increased by 0.57% to hit 102,149.93 points, surpassing 100,000 index points on Thursday, January 25, 2024.

Before hitting 100,000 points, the NGX reportedly established itself as the top-performing stock market globally in the first three weeks of 2024, ending the trading day on January 19, 2024, with a remarkable 94,538.12 points.

With an impressive 26.43% return so far this year, the NGX has surpassed its international peers.

With a year-to-date return of 26.37%, the S&P Merval Index, which represents the performance of the Argentine Stock Exchange (BYMA), comes in second.

Investor optimism on the market is being attributed to some things, including the administration of President Bola Tinubu's favourable policies, which include the elimination of fuel subsidies, the simplification of exchange rates, the floating of the naira, and investors' deliberate positioning and exploitation of the recently announced record earnings by quoted companies.

But on January 30 and January 31, significant sell-offs occurred at the NGX for the first time in 20 days as a result of profit-taking.

The All-Share Index dropped by 3.36% overall over the two days, closing at 101,154.46 points, down 3,520 from Monday's closing value of 104,674.67 points, which put the NGX in a negative zone.

The All-Share Index, the broad index used to gauge the performance of Nigerian stocks, therefore began trading on January 2, 2024, at 74,773.77 index points and ended the month on January 31, closing at 101,154.46 points, gaining 26,380.68 basis points, or 35.3%, according to Nairametrics.

More investigation showed that the Nigerian Exchange Limited (NGX), which began trading the month with a market capitalization of N40.917 trillion, ended the month with a value of N55.357 trillion, earning a gain of around N14.440 trillion so far this month.

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