The Nigerian stock market gained 39.8 per cent in the first quarter of 2024, becoming the second-best-performing stock amid economic headwinds.
This is according to March-ending data from NGX.
With the feat, NGX became the second-best-performing stock after the Zimbabwe Stock Exchange (ZSE) All Share Index, which had about 314.19 percent year-to-date growth.
Specifically, the NGX ASI, an indicator used to measure the performance of listed firms on the exchange, opened the year at 74,773.77 basis points, implying an increase of 39.84 percent, to close on March 28, 2024, at 104,562.06 basis points.
In the period under review, the NGX Alternative Securities Market (ASeM) Index gained 135.25 percent YtD to emerge as the best-performing index, followed by the NGX Industrial Goods Index, which rose by 78.49 percent YtD to close Q1 2024 at 4,28441.20 basis points.
The NGX Banking and NGX Insurance Index appreciated by 14.76 percent and 26.20 percent YTD, respectively. The NGX Consumer Goods Index also rose by 43.66 percent YtD to close on March 28, 2024, at 1,610.80 basis points.
Meanwhile, market capitalization stood at N59.12 trillion at the end of March, representing an increase of N18.2 trillion, or 44.49 percent, from the N40.918 trillion it opened for trading this year.