The Nigerian stock market, tracked by the All-Share Index (ASI), concludes 2024 with an impressive 37.65% growth, marking its fifth consecutive year of gains. This performance highlights sustained bullish momentum and resilience in the face of economic challenges.
As of December 31, 2024, the All-Share Index achieves a market capitalization of ₦62.76 trillion, reflecting a significant increase of ₦21.8 trillion from ₦40.91 trillion at the end of 2023. Key sectors like Oil & Gas and Insurance drive this growth, recording annual gains of 159% and 123%, respectively, and pushing the index to record highs.
The index begins its recovery in 2020 after consecutive declines of 17.81% in 2018 and 14.60% in 2019. In 2020, it rebounds with a 50.03% gain, outperforming global benchmarks like the S&P 500 and FTSE 100, which post growth rates of 16.3% and 14.3%, respectively. The index sustains this upward momentum with annual gains of 6.07% in 2021, 19.98% in 2022, and 74,773 points by the close of 2023.
The ASI’s 2024 performance reflects a mix of sharp gains and periodic corrections:
- January Surge: The market surges by 35% in January, rising from 74,773 to 101,154 points, fueled by 19 billion shares traded. This marks the year’s strongest monthly performance and ranks as the second-best globally after Argentina’s Merval index.
- Mid-Year Fluctuations: The index dips to 99,980 points in February before climbing above 104,000 points in March. By April, recapitalization pressures in the financial sector reduce the index to 96,580 points.
- Fourth-Quarter Recovery: A turnaround begins in September, with the index crossing the 100,000-point mark by December and closing the year above 102,000 points, showcasing resilience and renewed investor confidence.
The fourth quarter continues to serve as a pivotal period for the All-Share Index. Since 2020, the index consistently recovers from mid-year challenges and experiences bullish momentum from October to December. In 2024, favorable earnings reports from large-cap and mid-cap stocks further boost market performance during this period.
The introduction of NGX Invest in July 2024—a digital platform simplifying Public Offerings and Rights Issues—paves the way for increased retail investor participation. Plans for blockchain-enabled innovations, announced at the 2024 Investor Summit, aim to streamline investment processes and enhance market accessibility. These initiatives position the Nigerian stock market for continued growth in 2025.
, concludes 2024 with an impressive 37.65% growth, marking its fifth consecutive year of gains. This performance highlights sustained bullish momentum and resilience in the face of economic challenges.){kind=link}