The NGX Alternative Securities Market (ASeM) Index showed an exceptional performance, recording an impressive growth of 135.25 per cent to emerge as the best-performing index during the first half of the 2024.
NGX Industrial Goods Index, followed with a growth of 73.14 per cent Year to Date (YTD) to close first half year of 2024 at 4,696.04 basis points.
The NGX Consumer Goods Index also rose by 41.05 per cent YTD to close on June 28, 2024, at 1,581.55 basis points. NGX Oil/Gas Index appreciated by 38.12 per cent to close the half-year at 1,440.67 basis points.
The year-to-date (YTD) return of the NGX All-Share Index shows its resilience, standing at an impressive 33.81 per cent on Friday despite bearish trends witnessed in the market in second quarter of the year.
A review of the market showed the equities market recorded mixed performances in the first two quarters of 2024
The first quarter saw an impressive return of 39.84 per cent, driven by strong company earnings, positive dividend announcements and also propelled by the listing of Transcorp Power Plc, a subsidiary of Transcorp Plc on the NGX.
The company listed 7.5 billion shares at N240.00 per share by introduction on the Main Board of the Nigerian Exchange (NGX).
The power generation company’s listing boosted the overall NGX market capitalization by N1.8 trillion, just as its shares rose by 10 per cent on the first trading day.
The good performance of the market during the quarter according to capital market operators was a result of several factors, including favourable policies introduced by President Bola Tinubu’s administration such as the removal of fuel subsidies, streamlining of exchange rates and the floating of the naira.
