The Nigerian stock market has defied the economic hardship in the country as investors on the Nigeria Exchange, NGX reaped over N1.15 trillion in the month of September 2024.
Breakdown of trading for the September 2024 ended yesterday showed that the market capitalisation, which represents the total value of investment listed on the Exchange closed at N56.635 trillion, up from N555.477 trillion at the close of trading in August 2024.
In the same vein, another stock market major indicator, the NGX All Share Index, ASI, rose by 2.05% in the month under review to close yesterday at 98,558.79 points from 96,579.54 points in the month of August 2024.
The sectorial activities were also on the upbeat as NGX Mainboard Index grew by 0.9% to close at 4,832.03 points from 4,790.05 points.
The NGX 30 Index rose by 2.05% to close at 3,663.48 points from 3589.95 points. NGX Premium Index grew by 4.5% to close at 9.050.21 points from 8,661.24 points. The Banking Index grew by 10.2 % and also Pension Index up by 5.95 %.
The Year-to-Date returns went up 31.8%, as the total volume traded increased significantly by 134.1% to 1.86 billion units, valued at N111.58 billion, and exchanged in 10,583 deals.
Commenting on the investors’ fortune in September, Analysts at Investdata Consulting, stated: “Major investors in the stock knew that most stocks were undervalued and took advantage of it. The foreign investors also came into the market given improvement in foreign exchange. The current state of the market with likely continuation of trend or reversal has created opportunity to buy into real value and fairly priced companies as revealed by their half-year corporate numbers and price to earnings ratios ahead of their Q3 scorecards.”