NGX Alternative Securities Market (ASeM) Index, during the first half of the year, showed an outstanding performance, surging by 135.25%.
Gatekeepers News reports that this made it the best-performing index despite rising inflation, potential interest rate adjustments, and fluctuating exchange rates.
Investor confidence remained strong, driving increased market activity and buying engagements.
Also, the listing of 7.5 billion shares at N240.00 per share on the Main Board of the Nigerian Exchange (NGX) boosted the overall market capitalization by N1.8 trillion.
However, the second quarter saw a decline, with returns falling to -4.31% due to policy announcements from the Central Bank of Nigeria (CBN) and a higher interest rate environment.
Still, the All-Share Index, which measures the performance of Nigerian stocks, gained 33.81% during the first half of the year, reflecting a positive market sentiment influenced by various factors, including policy changes by the administration and market movements.
The market capitalization of the Nigerian Exchange Limited (NGX) also saw significant growth, closing at N56.601 trillion at the end of the first half of 2024, marking a gain of around N15.684 trillion and illustrating a buoyant market.
Notably, the NGX Alternative Securities Market (ASeM) Index surged impressively by 135.25% or 865 basis points, ending the quarter at 1,504.55 index points, indicating substantial growth from the beginning of the year.
