NGX Emerges as World’s Best-Performing Stock Market in 2024

Capital Market Goes Green Ahead Of 2022 Corporate Earnings

In a remarkable turn of events, the Nigerian Exchange Limited (NGX) has established itself as the top-performing stock market globally during the first three weeks of 2024.

Closing at an impressive 94,538.12 points on January 19, 2024, NGX has exhibited a phenomenal year-to-date return of 26.43%, outshining its international counterparts.

Securing the second position is the S&P Merval Index, representing the Argentine Stock Exchange (BYMA), with a year-to-date return of 26.37%.

Performance Overview of Global Stock Markets (as of 19/01/2024)

  • MSCI Emerging Markets EMEA Index: -2.01% year-to-date performance.
  • FTSE/JSE All Africa Share Index: -5.50% year-to-date return.
  • GSE Composite Index: +0.77% year-to-date return.
  • S&P 500 Index: +2.04% year-to-date performance.
  • FTSE UK All-Share Index: -3.34% year-to-date return.
  • Nairobi Securities Exchange All-Share Index (NASI): +1.37% year-to-date return.


In 2023, NGX demonstrated exceptional performance, witnessing a 45.90% appreciation in its All-Share Index, concluding the year at 74,773.77 points.

Since the commencement of 2024, the market has experienced a further surge of 19,764.35 points, reaching an All-Share Index of 94,538.12.

Equities within the market have surged by approximately N10.82 trillion in 2024, propelling NGX’s market capitalization to close at N51.74 trillion ($57.36 billion), up from N40.92 trillion ($45.11 billion) recorded at the end of 2023.

This outstanding performance is credited to the robust showings of banking stocks, cement stocks, and other blue-chip stocks.

Notable year-to-date returns include Dangote Cement (+68.4%), BUA Cement (+53.1%), BUA Foods (+24.1%), and Geregu Power Plc (+17.1%). In the banking sector, standout performers include Wema Bank Plc (+114%), Unity Bank (+116%), Jaiz Bank (+77.8%), and Sterling Bank (+62.5%).

FUGAZ banks have also posted substantial gains in 2024, with FBN Holdings (+13%), UBA (+20.9%), GTCO Holdings (+8.89%), Access Holdings (+29.6%), and Zenith Bank (+16.4%).

Furthermore, the number of companies with Stocks Worth Over N1 trillion (SWOOTs) has increased from eight at the end of 2023 to twelve, with new additions including Access Holdings, United Bank for Africa, Transcorp Hotels, and Geregu Power.

Additionally, FBN Holdings and Dangote Sugar have crossed the N1 trillion market cap mark at various points in the year.