Stock Market Investors Garner N1.3trn Profit In Unbroken 11 Days’ Gain |

Stock Market Investors Garner N1.3trn Profit In Unbroken 11 Days’ Gain

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In what can be said to be a divergent pre-election year, the Nigerian stock market ended the last 11 trading days of 2022 with strong gains, as capitalisation gained N1.306 trillion.

In 11 unbroken days of unprecedented yuletide rally, a development, never seen in decades of the bourse existence.

Reviewing market performance for the period under review, the All Share Index (ASI) rose by 2,397.52 points, representing an increase of 4.91 per cent to close at 51,451.06 points on December 30, 2022 as against 48,853.54 points on December 13, 2022. While the overall market capitalisation value gained N1.306 trillion  to close at N27.915 trillion on December 30, 2022 from an opening of N26.609 trillion on December 14, 2022.

Speaking on the last trading day of the year, the CEO of Nigerian Exchange (NGX) Limited, Temi Popoola spoke about the Exchange’s impressive year, despite facing global macroeconomic challenges and volatility.

According to him, it is been a fantastic year for NGX, with a positive 19.98 per cent return, We have also seen several landmark listings in equity and fixed income, including BUA Foods and Geregu Power, which have played a key role in driving growth in the market this year.

The chairman of Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue said “despite global volatility, the Nigerian Exchange Limited (NGX) maintained its positive momentum in the first nine months of 2022, gaining N4.15 trillion to outshine global markets that have witnessed severe volatility.

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“The Nigerian All Share Index closed the first half of 2022 with a gain of about 21.17 per cent year to date (YTD) making it one of the best-performing stock markets in the world.”

Insights for the Nigerian Exchange in 2023, Onukwue noted that the continued increase in interest rates will further affect the Stock market as investors will turn to higher yields investible instruments.

He added that the Oil and Gas industry will continue to thrive with the expected increase in international oil price; Banking Sector in Nigeria will continue to flourish, as the growth of electronic transactions would further improve bottom lines.

He also said that the FMCG industry may struggle due to persistent inflation, and the reduction in purchasing power of consumers, saying that Foreign Portfolio Managers and Investors will maintain a “wait and see” until after the 2023 elections

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