Nigerian stocks rose by over 35% in January as investors gained $14bn
TLDR
- Nigerian Exchange (NGX) experienced positive sentiments in equities trading, with impressive gains and new record highs.
- The All-Shares Index (ASI) surged by 35.3% during the month, reaching 101,154.46 by the end of January.
- On January 18, the Lagos bourse ranked as the best-performing stock market globally, surpassing Argentina.
Equities trading at the Nigerian Exchange (NGX) experienced positive sentiments throughout last month, except for January 10 and 30, when profit-taking activities briefly dipped the market. The NGX set records during the month, reaching new heights amidst gains in large- and mid-capitalized stocks.
The NGX saw impressive gains, with the All-Shares Index (ASI) surging by 35.3%, reaching 101,154.46 by the end of the month. Data from the local bourse shows that during the month, the ASI rose from 74,773.77, which was its starting point on January 2.
On January 18, the Lagos bourse ranked as the best-performing stock market globally, surpassing that of Argentina, as the ASI appreciated by 2.38%, reaching a historic 90,063.25 points. Another historic milestone was reached on January 24, with the local bourse crossing the 100,000 basis points mark, as the ASI climbed to 101,571.11 bps, marking a 3% appreciation.
Points clés à retenir
Since the beginning of the year, the stock market has experienced an unprecedented rally and increased buying interest, particularly in the financial services, consumer, and industrial goods sub-sectors. This surge has triggered significant bargain-hunting in shares of large companies. Despite facing challenges such as rising insecurity, inflation, and global uncertainty, the market has seen substantial gains in market capitalization. Cumulatively, equity investors have gained N14.440 trillion (around $14 billion) as the local bourse's market capitalization closed January at N55.357 trillion, up from N40.917 trillion at the beginning of the year.
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