The Nigerian Exchange all-share index (ASI) has appreciated
by 11 percent or 8,269 basis points year‐to-date, placing it second in the
world behind Argentina.
The development comes as Nigerian equities surpassed their
European, Middle Eastern, and African counterparts in 2024 — driven by pension
funds and institutional investors anticipating record profits from lenders
booking revaluation gains.
According to Bloomberg‘s report, compared with a less than 2 percent advance for the MSCI Emerging Markets (EMEA) Index over the same period, the NGX rose almost 60 percent in the past year.
Banking stocks have driven gains, with the banking index up
16 percent this year and 138.09 percent over the past 12 months.
So far in 2024, Access Holdings Plc is up 21 percent, while
Zenith Bank Plc is up 11.3 percent, and Guaranty Trust Holding Company is up by
14.3 percent.
The report noted that negative real yields on the nation’s
fixed-income securities have also made equities relatively more attractive in
the country.
‘MAJOR TIER-1 BANKS
JOIN TRILLIONAIRE CLUB’
In the present month, banks have sustained gains, with major
tier-1 banks crossing the N1 trillion naira market capitalisation mark.
On January 9, 2024, Access Holdings had surpassed the N1
trillion market capitalisation mark.
The market capitalisation of the United Bank for Africa
(UBA), on January 8, also hit N1.02 trillion, from the N990.07 billion traded
on January 5, 2023.
Also on January 9, FBN Holdings closed trading with a N1.02
trillion market capitalisation, rising from N933.27 billion after its share
value jumped from N26 (the previous day) to N28.6.
FBN Holdings had crossed the N1 trillion mark on December 6,
2023, for the first time, after recording N1.05 trillion market valuation from
N960.19 billion.
However, the bank exited the trillionaire stock list the
next day.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com