Nigerian Exchange Emerges Number One in Africa

The Nigerian Exchange (NGX) has secured its position as the number one exchange in Africa during the initial two months of 2024, with investors enjoying impressive returns of 33.70 per cent.

A recent statement from NGX showed its status as the best-performing exchange on the continent, surpassing competitors such as the Johannesburg Stock Exchange, the Egyptian Exchange (EGX 30) Index, and The Ghana Stock Exchange.

In January, NGX gained global recognition by being the world’s best-performing stock market in the first three weeks of the year, outperforming even Argentina, which came in second.

Between January and February, the market capitalization witnessed substantial growth, appreciating by N13.79 trillion.

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The market cap of listed equities began the year at N40.917 trillion and closed in February at N54.707 trillion.

Also, NGX’s All-Share Index, serving as the benchmark, concluded February at 99,980.30 points.

The above represents an impressive increase of 25,206.53 basis points or 33.71 per cent compared to the 74,773.77 points it opened at the beginning of the trading year.

Despite challenges such as rising insecurity, inflation, and volatile foreign exchange rates, the equity market demonstrated resilience and remarkable performance in the first two months of 2024.

While the market exhibited bullish trends in January, producing several N1 trillion-cap companies, it experienced a slowdown in February as bearish sentiments emerged.