NGX Ranks Second in Africa as Market Capitalization Surges by N16.4 Trillion in Three Months

The Nigerian Exchange Limited (NGX) has witnessed a remarkable growth in its market capitalization, which increased by N16.4 trillion from June to August 31, 2023. This impressive performance has placed the NGX as the second-best-performing exchange market in Africa in the last quarter.

According to African Markets, a website that tracks the performance of exchanges in Africa, the NGX recorded a growth rate of 19.33% in the last three months, trailing behind the Ghana Stock Exchange, which topped the list with 22.84%. The Malawi Stock Exchange came third with 15.79%.

The NGX’s market capitalization, which measures the total value of all listed stocks, rose from N20.034 trillion at the beginning of June to N36.422 trillion on August 31, 2023, gaining N16.388 trillion.

Similarly, the All-Share Index (ASI), which measures the average performance of Nigerian stocks, increased from 64,337.52 points on August 3 to 66,548.99 points on August 31, gaining 2,211.47 points or 3.44%.

Cordros Research, a leading financial services firm in Nigeria, attributed the NGX’s resilience to the heightened investor optimism for domestic growth following the new administration’s enactment of long-awaited policies.

The research firm also noted that the NGX outperformed other emerging markets despite the challenges of high inflation, rising interest rates, and currency devaluation.

The NGX’s stellar performance in the last quarter reflects its potential as a leading exchange market in Africa and a viable destination for investors seeking attractive returns. The NGX offers a diverse range of products and services, including equities, bonds, derivatives, exchange-traded funds, and indices. The NGX also provides market data, technology solutions, and corporate governance services to its stakeholders.

The NGX is committed to enhancing its competitiveness and sustainability by implementing strategic initiatives and adhering to global best practices. The NGX aims to become Africa’s preferred exchange hub and contribute to Nigeria’s economic development.

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