NGX starts 2024 with impressive surge in investors confidence

Alex Omenye
Alex Omenye

The Nigerian Exchange Limited concluded January 2024 with remarkable positivity in equities trading, driven by a surge in investor confidence towards listed corporations.

On January 24th, 2024, equity trading on NGX closed in the green, with the All-Share Index appreciating by 3% to surpass 100,000 index points, reaching 101,571.11 points. This milestone defies economic challenges like elevated inflation, a depreciating exchange rate, and persistent security concerns.

The optimistic trend led to discernible shifts in purchasing behavior, resulting in the All-Share Index closing at an impressive 101,154.46 index points by the month’s end, marking a substantial 35.3% rise from the previous year’s conclusion.

The year-to-date return of the NGX All-Share Index highlights its resilience at an impressive 35.3%. Before crossing 100,000 points, NGX had already established itself as the world’s best-performing stock market in the first three weeks of 2024, closing at 94,538.12 points on January 19, 2024.

Despite a remarkable year-to-date return of 26.43%, the NGX experienced massive sell-offs on January 30th and 31st, triggered by profit takings. For these two days, the NGX closed in the bearish zone, with the All-Share Index declining by a cumulative 3.36% to close at 101,154.46 points, reflecting a decline of 3,520 from the 104,674.67 points it closed at on Monday, January 29th.

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