The Nigerian Exchange Limited (NGX) recorded 16.388 trillion gains from June to August 31.
The development comes as NGX trailed behind the Ghana Stock Exchange to emerge as the second-best-performing exchange market in Africa in the last three months.
A performance breakdown indicated that NGX’s market capitalization rose from N20,034 trillion at the beginning of June to N36,422 trillion on August 31.
African Markets, a website that tracks the performance of exchanges in Africa, said the Ghana Stock Exchange recorded +22.84 per cent to emerge the first. In comparison, the NGX recorded +19.33 per cent, followed by Malawi, which stood at +15.79 per cent.
The market capitalization, which opened the trading month of August at N35.011 trillion, closed the month at N36.422 trillion, hence gaining N1.41 trillion. On the other hand, the ASI, which is the broad index that measures the performance of Nigerian stocks, opened the trading month at 64,337.52 index points at the beginning of trading on August 3, 2023, and closed at 66,548.99 points at the end of the month on August 31, gaining 2,211.47 basis points or 3.44 per cent.
Giving perspective to the development, Cordros Research said the equities market resilience reflected heightened investor optimism for domestic growth with the new administration’s promulgation of long-needed policies.
The development is coming despite Nigeria’s soaring inflation rate, which stood at 24.08 per cent, 18.75 per cent rising interest rates and the foreign exchange rate crisis occasioned by the Naira floating, resulting in the Naira exchanging at N780 against the Dollar.