December 01, (THEWILL) – Equity investors raked in N18.1 trillion in the first eleven months of the year as investor confidence became more robust in the bouncing Nigerian stock exchange during the trading days.
The Nigerian stock market commenced 2024 with a strong 35.28 per cent growth in January, setting the tone for a year of mixed performance.
The listed equity market experienced alternating months of growth and decline, the steepest drops occurring in April (-6.06 per cent) and July (-2.28 per cent). Despite these setbacks, the market showed resilience with recoveries in March, May, June, and September.
In an impressive twist of events, the market closed positively in November, with N59,107 trillion posting a 44.45 per cent capitalization gain which points to a sustained bullish year-end.
The NGX All Share Index (NGX-ASI) grew by 30.4 per cent rising from 74,773.77 on December 29, 2023, to 97,506.87 as of November 29, 2024. This growth was driven by growing investor confidence and the listing of Transcorp Power Plc and Araded Holdings which raised market capitalisation and investor sentiment.
The Nigerian equity market saw a robust 39.84% growth in Q1 2024, rising from 74,773.77 to 104,562.06. However, the second and third quarters witnessed modest corrections, with declines of -4.31% in Q2 and -1.50 per cent in Q3.
Despite the smaller decline in Q3, investors are cautiously optimistic. They expect a modest bullish turnaround in Q4, encouraged by improving sentiment and probable policy adjustments.
On the last business day of November, the Nigerian equities market saw a significant decline in trading activity on November 29, 2024, as trading volume dropped by 18.5 per cent. A total of 515 million shares changed hands, down from 632 million in the previous session.
Among the day’s notable performers, HMCALL stood out as the top gainer, surging by an impressive 9.54 per cent. Close behind, ROYALEX gained 8.77 per cent, while SOVRENINS completed the top three with a solid 7.35 per cent increase.
On the downside, REGALINS emerged as the day’s biggest loser, shedding 9.80% of its value. LASACO trailed closely, dropping 9.75 per cent.
Notably, FBNH and HMCALL were the most actively traded stocks of the day, signaling sustained investor interest.
In summary, regarding the performance of NGX market indices, the benchmark NGX All-Share Index (ASI) shed 276.94 (-0.28 per cent) points to close at 97,506.87, representing a 1-week loss of 0.33 per cent, a 4-week gain of 0.08 per cent, and an overall year-to-date gain of 30.4 per cent.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
