The Nigerian Stock Exchange (NGX) All-Share Index has appreciated by 18.9% during the first half of this year, culminating in a closing figure of 60,108.86 index points.
POLITICS NIGERIA reports that this notable achievement marks the highest point reached in over 15 years since it soared to an impressive 63,016.6 points.
Financial analysts attribute this impressive rally to a combination of factors, including the implementation of favourable policies by President Bola Tinubu’s new administration, the harmonisation of various exchange rates, and the decision to float the naira. These measures have been pivotal in bolstering investor confidence and stimulating the stock market.
The Nigerian Exchange Limited (NGX) concluded the first half of the year positively, as equity trading exhibited a commendable performance. The NGX All-Share Index recorded a significant gain of 18.9%, settling at a remarkable 60,968.27 index points.
This achievement holds great significance, as it marks the index’s highest level in 15 years, a record not surpassed since March 5, 2008, when it reached an impressive 66,381.20 points.
June proved to be a promising month for the All-Share Index, witnessing a notable surge of 9.32%. This breakthrough brings an end to a four-year streak of losses experienced during this month and represents the stock market’s strongest monthly performance in approximately two and a half years.
Despite concerns surrounding rising inflation, interest rate hikes, and apprehension about the fallout from the 2023 general elections, investor confidence remained resolute, fostering increased buying activity in the market.
The positive sentiment exhibited by investors can be attributed to several factors, including the peaceful transition of power following the 2023 elections and the introduction of favourable policies by President Bola Tinubu’s administration.
Measures such as the removal of fuel subsidies, the streamlining of exchange rates, and the decision to float the naira have collectively contributed to strengthening investor trust and stimulating market growth.
