The Nigerian equities market demonstrated exceptional resilience in 2024, achieving a remarkable gain of N21.845 trillion despite economic headwinds such as high inflation and rising interest rates.
The All-Share Index (ASI) of the Nigerian Exchange (NGX) surged by 37.72% to close at 102,926.40 points, up from 74,773.77 points at the start of the year. This impressive rally solidified the Nigerian equities market as the second-best performing in Africa in 2024.
Market capitalization soared from N40.918 trillion to N62.763 trillion, reflecting strong investor sentiment fueled by new listings and sectoral growth. Key sector indices recorded significant gains:
- NGX Oil & Gas: 159.81%
- NGX Insurance: 107.64%
- NGX Consumer Goods: 52.20%
- NGX Industrial Goods: 31.47%
- NGX Banking: 21.80%
The year began with a bullish surge that saw the ASI cross the 100,000-point threshold in January, buoyed by positive spillover from 2023 and strategic market activity, including the mop-up of Dangote Cement shares. However, mid-year saw a shift in investor focus toward fixed-income securities due to rising yields prompted by the Central Bank of Nigeria’s aggressive rate hikes.
By November, the total value of domestic and foreign portfolio transactions reached N4.913 trillion, underscoring the market’s sustained activity. Despite intermittent challenges, the Nigerian equities market closed 2024 on a high note, cementing its role as a cornerstone of economic resilience.
