Nigeria Stock Market Ends Q3 2023 With a 29.52% Gain

The Nigerian Stock Exchange (NGX) All-Share Index gained 29.52% to close at 66,382.14 index points in Q3 2023. This growth has pushed the market to its 15-year high based on strong positive sentiments.

The statistics for the last trading week show that the All-Share Index opened the trading quarter at 51,251.06 index points at the start of trading in January 2023 and closed at 66,382.14 points at the end of Q3 2023, which showed that it gained 15.131.08 basic points or 29.52%. 

Activities on the Exchange showed that this trading year started with N27.915 trillion in market capitalization and closed at N36,331 trillion with a year-to-date (YTD) gain of N8.416 trillion. 

During this period, NGX emerged as one of the best-performing exchanges in Africa for 3 months.

According to African Markets, a website that tracks the performance of exchanges in Africa, it was reported that the Ghana Stock Exchange (+22.84%) topped the list, while the Nigeria Stock Exchange (+19.33%) came in second, followed by the Malawi Stock Exchange (+15.79%).

Speaking about the issue, the MD of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe, said the demographic shift that was witnessed has happened in the NGX in the last few years.

He said,

  • We now have more local institutions and retail investors in the market than foreign portfolio investors. The reverse used to be the case, this shift has naturally reduced volatility in stock prices as the locals are likely to have more faith in the local market than foreigners. That’s why you see the NGX ASI continuing to rise despite all the uncertainties in the environment.

The MD of Crane Securities Limited, Mr. Mike Eze, said that the declaration of Bola Tinubu as the President of Nigeria helped stabilize the market.

He said,

  • At the beginning of the year, there was so much tension and anxiety because of the election. When the election was over, investors saw that the tension did not lead to what was expected, it brought stability to the market.

On the market outlook in Q4, the Chief Research Officer of InvestData Consulting Limited, Ambrose Omordion, urged the new government to pursue transformation reforms and policies vigorously to sustain performance.

Be the first to comment!

You must login to comment

Related Posts