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NGX gains N18.2trn despite economic challenges, rising interest rates

Onwubuke Melvin
Onwubuke Melvin

The Nigerian equities market has demonstrated resilience, with the Nigerian Exchange Limited listing N8.1 trillion worth of shares from January to November 2024, despite the economic downturn and higher interest rates in Nigeria.

The overall market capitalization, which opened 2024 at N40.918 trillion, gained N18.2 trillion, or 44.5%, closing at N59.107 trillion on November 29, 2024.

The All-Share Index closed on November 29, 2024, at 97,506.87 basis points, marking an increase of 22,733.10 basis points, or 30.4%, from the 74,773.77 basis points at the start of the year.

The N8.1 trillion in listings came from twenty companies, including 10 financial institutions and two breweries, driven by the need to expand their businesses and meet the Central Bank of Nigeria’s minimum capital requirements.

While many of the banks already listed on the exchange raised capital through public offers and rights issues, others joined via private placements and listing by introduction.

The major listings by introduction included Aradel Holdings Plc, which listed N3.05 trillion, and Transcorp Power Plc, with N1.8 trillion worth of shares.

Haldane McCall Plc also listed 3.12 billion ordinary shares of 50 kobo each at N3.84 per share, resulting in a market capitalization of over N11.99 billion.

When it comes to raising fresh capital, Nigerian Breweries Plc and International Breweries Plc led the brewery sector, followed by Guaranty Trust Holding Company Plc (GTCO).


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