Nigerian Exchange Limited (NGX) equities trading ended November 2023 positively as the All-Share Index crossed 70,000 points for the first time.
According to available data at the close of work on Thursday, the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading month at 69.236.19 index points at the beginning of trading on November 1, 2023, and closed at 71.365.25 points at the end the month on November 30, gaining 2,129 basis points or 3.08 per cent.
An additional analysis showed that activities on the NGX, which opened the trading month at N38.038 trillion in market capitalization at the beginning of trading, closed the month at N39.051 trillion, hence earned a month-to-date gain of about N1.013 trillion.
The year-to-date (YTD) return of the NGX All-Share Index now stands at an impressive 39.25 per cent.
Despite ongoing concerns about escalating inflation, which increased to 27.33 per cent in October 2023, interest rate hikes to 18.75 per cent, volatile exchange rates, and the potential impacts of the 2023 general elections, investors’ confidence had remained unwavering.
The development had shut Investors’ confidence as President Bola Ahmed Tinubu’s administration began to take form.
Speaking on the development, David Adonri, Executive Vice Chairman of Hicap Securities Limited, said investors were in the earning season and that what investors would get from dividends was one of the factors that drove the demand for shares in the market during the period.
“Most companies, especially banks, released their half-year results during the quarter. The market normally sustains positive sentiment during the earning season”, he stated.
