In the exchange’s 39-year history, this year is ranked as the ninth (9th) most successful year after the Nigerian Exchange (NGX), for the first time in three (3) years closed on a 45.9% gain in its All Share Index (ASI) despite grappling with high inflation, a depreciating exchange rate, and ongoing security concerns. The NGX’s rally this year is its third-best showing in the last decade, only trailing the 50% rise in 2020 and 47% in 2013.
The NGX began the year at 51,251.06 points, before boasting of an exceptional growth rate of 45.90% in 2023. However, it hit a new all-time high on the final trading day of 2023, with the ASI appreciating by 0.36% to close at 74,773.77 points, a jump from the previous day’s 74,502.58 points.
As Nigeria’s financial market prepares to step into 2024, there’s a sense of cautious optimism among investors and analysts, although, with its resilience and potential, the Nigerian stock market’s ability to sustain this growth trajectory will be closely monitored.
