Nigeria's Equity Market Sees First Gain Of The Week, Rises By 0.24%

NGX All-Share Index Gains By 3.08% In November As Investors Remain Confident

7 months ago
1 min read

In a surge of investor optimism, equities trading on the Nigerian Exchange Limited (NGX) concluded November on a high note, witnessing gains and achieving a milestones.

The bullish sentiment propelled the NGX All-Share Index to an unprecedented peak of 71,365.25 index points, marking a 3.08% increase from the previous month and reflecting a year-to-date return of 39.25%.

Investors showcased renewed confidence in listed corporations, signaling strong support for the market’s growth trajectory.

Speaking on the market’s performance, financial analyst James Okon noted, “The recent surge in the NGX All-Share Index reflects a robust investor sentiment, buoyed by positive policy changes and impressive corporate earnings. Investors are positioning themselves strategically to benefit from the evolving market dynamics.”

READ ALSO: ASI Hits 0.34% As Nigerian Market Capitalization Rises To Over N39 Trillion

A pivotal moment during the month was the listing of 4 billion ordinary shares of Mecure Industries Limited on the NGX growth board. This move injected a significant N11.84 billion into the market capitalization, underlining the attractiveness of the Nigerian capital market for both local and international investors.

“The listing of Mecure Industries Limited signifies a vote of confidence in the Nigerian market,” remarked CEO of a leading brokerage firm, Kate Johnson. “It not only amplifies liquidity but also opens new avenues for wealth creation and investment opportunities.”

Despite prevailing concerns about inflation, potential election impacts, and volatile economic factors, investor confidence remained resilient. The positive market sentiment was supported by President Bola Tinubu’s administration’s policy changes, such as the removal of fuel subsidies and the strategic handling of exchange rates, which further bolstered investor trust.

The trading month witnessed market performance, with the All-Share Index gaining 2,129 basis points or 3.08%, and market capitalization climbing from N38.038 trillion to N39.051 trillion.

This month-to-date gain of approximately N1.013 trillion underscores the robustness of investor activity and the market’s attractiveness.

As the Nigerian Exchange continues to ride the wave of positivity, experts anticipate sustained investor confidence and heightened trading activity, positioning the market for continued growth and potential wealth generation opportunities.

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Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.


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