The NGX Alternative Securities Market (ASeM) Index exhibited exceptional performance, recording an impressive surge of 135.25% to emerge as the best-performing index during the quarter.
This is despite the backdrop of escalating inflation, prospective interest rate adjustments, and volatile exchange rates, investor confidence has displayed remarkable steadfastness. This unwavering assurance has, in turn, spurred heightened market activity and intensified buying engagements.
NGX Industrial Goods Index, followed with a growth of 78.49% YtD to close Q1, 2024 at 4,841.20 basis points.
The NGX Banking Index and NGX Insurance Index appreciated by 14.76% and 26.20% YTD, respectively. The NGX Consumer Goods Index also rose by 43.66% YTD to close on March 28, 2024, at 1,610.80 basis points.
These factors propelled key performance indicators and spurred market activities, resulting in the stock market being ranked as the second best-performing in Africa, trailing only behind the Zimbabwean exchange.
The NGX equity markets celebrated a resounding triumph at the end of the first quarter of 2024, propelled by a resurgence in investor confidence in listed companies.
This exceptional performance stands as a milestone in NGX’s, defying prevailing economic challenges such as elevated inflation, a depreciating exchange rate, and persistent security concerns.
The optimism manifested in discernible shifts in purchasing behaviour, culminating in the All-Share Index reaching a noteworthy close at 104,562.06 index points by the end of the quarter.
Moreover, the year-to-date (YTD) return of the NGX All-Share Index shows its resilience, standing at an impressive 39.84%.
Market performance
- Consequently, available statistics to the Nairametrics showed that the All-Share Index, which is the broad index that measures the performance of Nigerian stocks, opened the trading first quarter at 74,773.77 index points at the beginning of trading on January 2, 2024, and closed at 104,562.06 points at the end the month on March 28, gaining 29,788.29 basis points or 39.84%.
- Further analysis revealed that activities on the Nigerian Exchange Limited (NGX) which opened the trading quarter at N40.917 trillion in market capitalization at the beginning of trading, closed the quarter at N59.120 trillion, hence has earned a month-to-date gain of about N18.203 trillion.
ASeM Index performance
- As per data sourced from the Nigerian Exchange Limited and tracked by Nairametrics, standing out prominently among all other indices, the NGX Alternative Securities Market (ASeM) Index, surged by an impressive 135.25% or 865 basis points.
- It concluded the quarter at 1,504.55 index points, a significant ascent from the opening index of 639.55 at the commencement of January 2024.
What you should know
The Nigerian Stock Exchange Alternative Securities Market Index (NGX-ASeM) is an innovative platform for small and medium-sized enterprises (SMEs) to access the capital market for growth and development. NGX- offers SMEs a flexible, low-cost, and efficient solution to raise capital, providing investors with a new source of investment opportunities in emerging sectors.
The NGX-ASeM index tracks the performance of listed companies in sectors such as technology, healthcare, education, and renewable energy.
It provides up-to-date information on the growth and progress of SMEs in Nigeria and helps investors make informed decisions.