The majority of quoted securities in Nigeria outperformed their peers in Sub-Saharan Africa despite the country’s high inflation and negative economic indicators, with a month-to-date gain of 6.4% at the end of May 2023.
The Nigerian Exchange Limited (NGX) floor saw gains of N1.83 trillion for investors during the month under review, despite this.
Recall that the market fell by 1.9% and 0.8% in March and April, respectively, due to profit-taking by investors, uncertainty about the upcoming elections in February, and rising inflation.
However, a careful examination of the market data on the NGX website revealed that the NGX All Share Index (ASI), which started the trading month at 52,403.51, has since dropped to a level of 52,017.71 points, close the month at 55,769.28 points, rising by 6.42 per cent.
Also, market capitalisation increased by N1.833 trillion from an opening figure of N28.533 trillion to N30.366 trillion – the first time since March 2023.