Alex Omenye
In five trading days, from December 27, 2023, to January 3, 2024, the value of stocks listed on the NGX increased by around N2.063 trillion. This increase was accompanied by a 5.11% increase in the NGX All-Share Index.
Starting on December 27 at 73,768.64 points, this increasing trend reached a closing value of 77,537.57 points on January 3.
Additionally, the market capitalization of the NGX has grown, reaching N42.43 trillion on January 3 from N40.37 trillion on December 27, the first trading day following Christmas.
Despite the fact that the market gained 4.78% in December 2023, investor sentiment in the NGX has been positive since December 2023. But since the beginning of 2024, investors have been more optimistic because the market has increased by 3.7% in just two trading days.
Given the remarkable 45.9% return the exchange realized in 2023, the reasons behind this bullish run may be connected to heightened interest in the NGX.
Even if foreign portfolio involvement in the NGX reached a 13-month high in November 2023, the indications also point to a rise in foreign portfolio participation.
