Q1 2024: NGX records 39.8% gains, becomes second best-performing stock in Africa


The Nigerian stock market gained 39.8 per in the first quarter of 2024, becoming the second best-performing stock amid economic headwinds.

This is according to March ending data by NGX.

With the feat, NGX became the second best-performing stock after the Zimbabwe Stock Exchange (ZSE) All Share Index, which had about 314.19 per cent Year-to-date growth.

Specifically, the NGX ASI, an indicator used to measure the performance of listed firms on the exchange, opened the year at 74,773.77 basis points, implying an increase of 39.84 per cent, to close on March 28, 2024, at 104,562.06 basis points.

In the period under review, the NGX Alternative Securities Market (ASeM) Index gained 135.25 per cent YtD to emerge as the best-performing index, followed by the NGX Industrial Goods Index, which rose by 78.49 per cent YtD to close Q1, 2024 at 4,28441.20 basis points.

The NGX Banking and NGX Insurance Index appreciated by 14.76 per cent and 26.20 per cent YTD, respectively. The NGX Consumer Goods Index also rose by 43.66 per cent YtD to close on March 28, 2024, at 1,610.80 basis points.

Meanwhile, market capitalisation stood at N59.12 trillion at the end of March, representing an increase of N18.2 trillion or 44.49 per cent from N40.918 trillion it opened for trading this year

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