The Nigerian Stock Exchange (NGX) All-Share Index appreciated by 29.52% to close at 66,382.14 index points in the third quarter of 2023.
This development has pushed the market to its 15-year high on the back of strong positive sentiments.
Available statistics showed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading quarter at 51,251.06 index points at the beginning of trading in January 2023 and closed at 66,382.14 points at the end of the third quarter on September 30, gaining 15.131.08 basis points or 29.52%.
Further analysis revealed that activities on the Exchange, which opened the trading year at N27.915 trillion in market capitalisation, closed the quarter at N36,331 trillion, with a year-to-date gain of about N8.416 trillion.
Why we’ll continue investing in Nigeria’s economy – Skyline Group
ICC and Nigeria’s engagement with international courts
The NGX had during the period under review emerged as one of the best-performing exchanges in Africa during a 3-month duration.
According to African Markets, a website tracking the performance of exchanges in Africa, the Ghana Stock Exchange (+22.84%) emerged first while NGX (+19.33%) emerged second on the list, followed by the Malawi Stock Exchange (+15.79%).
The Managing Director of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe in a media chat said that a demographic shift has happened in the NGX in the last few years.
He said “We now have more local institutions and retail investors in the market than foreign portfolio investors. The reverse used to be the case, this shift has naturally reduced volatility in stock prices as the locals are likely to have more faith in the local market than foreigners. That’s why you see the NGX ASI continuing to rise despite all the uncertainties in the environment.”
The Managing Director of Crane Securities Limited, Mr Mike Eze said the result of the election, which brought President Bola Tinubu stabilised the market.
He said: “At the beginning of the year, there was so much tension and anxiety because of the election. When the election was over, investors saw that the tension did not lead to what was expected, it brought stability to the market.
On market outlook in Q4, the Chief Research Officer of InvestData Consulting Limited, Ambrose Omordion urged the new government to pursue transformation reforms and policies vigorously to sustain performance.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
