The Nigerian stock market has seen impressive growth in the first quarter of 2024, despite facing economic challenges. According to data from the NGX, the market gained 39.8%, making it the second best-performing stock exchange in the region.
The NGX All Share Index (ASI), which tracks the performance of listed companies, started the year at 74,773.77 basis points and closed at 104,562.06 basis points by the end of March. This represents a significant increase of 39.84% in just three months.
Among the various indices on the exchange, the NGX Alternative Securities Market (ASeM) Index stood out as the top performer with a growth of 135.25% year-to-date. The Industrial Goods Index also showed strong growth, rising by 78.49% to close at 4,28441.20 basis points.
The Banking and Insurance indices saw more modest gains of 14.76% and 26.20% respectively, while the Consumer Goods Index increased by 43.66% to reach 1,610.80 basis points by the end of March.
Overall, the market capitalization of the Nigerian stock exchange reached N59.12 trillion by the end of March, marking a significant increase of N18.2 trillion or 44.49% from the beginning of the year.
This impressive performance showcases the resilience and potential of the Nigerian economy, attracting investors from around the globe. With continued growth and stability, the Nigerian stock market is poised to remain a key player in the global financial landscape.
