The Nigerian Exchange (NGX) ends H1 2024 as Africa's top-performing stock market, achieving a 33.81% growth in its All-Share Index. This success highlights Nigeria's robust economic policies and investor confidence. The NGX outperformed other African and global markets, marking a significant milestone for Nigeria's financial sector.
The Nigerian Exchange (NGX) has emerged as the best-performing stock market in Africa for the first half of 2024, boasting an impressive 33.81% growth in its All-Share Index. This significant achievement places NGX ahead of other African stock markets during a period marked by a bullish global capital market trend.
Across the continent, stock exchanges recorded notable growth, with the Casablanca Stock Exchange rising by 9.99%, the Namibian Stock Exchange by 10.06%, and the Tunis Stock Exchange by 11.15%. The Egyptian Exchange saw an 11.54% increase, while the Dar es Salaam Stock Exchange and the Uganda Securities Exchange posted gains of 15.32% and 17.93%, respectively. The Nairobi Securities Exchange grew by 18.87%, the Ghana Stock Exchange by 22.34%, and the Lusaka Stock Exchange by 28.13%.
Global markets also experienced growth, with the NASDAQ Composite Index gaining 18.13%, the NYSE Composite Index 6.96%, and the London Stock Exchange 5.20%. The Hong Kong stock market saw a modest increase of 3.94%, despite a general decline over the past five years.
Analysts attribute the surge in the capital markets to anticipated benchmark interest rate cuts, which fueled increased market activity. In Nigeria, economic policies fostering investor confidence played a crucial role in the NGX's outstanding performance.
Abubakar Atiku Bagudu, Nigeria's Minister of Budget and Economic Planning, emphasized the importance of the NGX's growth for the nation's economy, stating, "This performance underscores the resilience and potential of Nigeria's financial markets."
Financial experts believe that this growth trend is sustainable, provided that the government continues to implement policies that promote market stability and investor confidence. However, they also caution against potential volatility, urging investors to remain vigilant.
As Nigeria celebrates this milestone, the focus now shifts to maintaining this momentum in the second half of the year, with market participants eagerly watching for new developments and opportunities.
