Despite rising inflationary pressure, increasing Monetary Policy Rate (MPR), and changes in the exchange rate, the Nigerian stock market grew by N18.2 trillion in the first 11 months of 2024.
The market is doing well because companies are making good profits and more foreign investors are getting involved. The Nigerian Exchange Limited All-Share Index (NGX ASI) has gone up by 30.4% since the start of the year, reaching 97,506.87 points on November 29, 2024.
The stock market’s growth is due to the addition of new companies, such as Transcorp Power Plc. and Aradel Holdings, along with the strong performance of well-established companies like Dangote Cement Plc., Airtel Africa Plc., and Seplat Energy Plc.
Analysts predict that the market might not do as well in 2024 as it did in 2023, when it grew by 45.90%. However, they anticipate that purchasing behavior will remain strong, fueled by December’s spending and the recent increase in the MPR by the CBN.
