Nigerian Exchange Tops Africa with 33.70% Gain

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“The Nigerian Exchange (NGX) has emerged as Africa’s leading exchange in the first two months of 2024, boasting an impressive 33.70 percent returns for investors.

A statement from the NGX on Tuesday revealed that the local bourse outperformed the Johannesburg Stock Exchange, Egyptian Exchange (EGX 30) Index, and The Ghana Stock Exchange during this period.

Earlier in January, the NGX clinched the title of the world’s best-performing stock market in the initial three weeks of 2024, surpassing Argentina, which secured the second spot. Investors have been drawn to the Nigerian market amid a dynamic economic landscape and shifting investor sentiments.

Tajudeen Olayinka, the Chief Executive Officer of Wyoming Capital and Partners, attributed the market’s performance to a repricing mode triggered by an interest rate hike and continued issuances of one-year Treasury bills with high effective yields surpassing 20 percent. As a result, there has been a noticeable shift towards the fixed-income market, impacting equity market dynamics.

Source: PUNCH

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