NGX 2023 boom earns investors massive payout in top stocks

The Nigerian Stock Exchange’s (NGX) 2023 performance is still much talked about amongst investors and capital market analysts in Nigeria, and the motivation to do it in 2024 has earned something of a “clarion call” from the investing public.

The flagship market  for raising long-term funds boasts the presence of billion-naira indigenous and foreign companies that rallied the market to hit record highs in 2023.

The presence of companies like Dangote Group and its affiliates, Bua Group, MTN Nigeria, UBA, Transcorp Hotels, and the more than 30 listed companies performed exceptionally well during the past year, and perhaps their performance will be an attraction for institutional and retail investors looking to acquire wealth, expand their current investment portfolio, or just hedge their investment against inflation and foreign exchange risk.

The record high of 76,000 bsp in the all-share index at the close of trading on the last day of trading shows the strength of buying power among Nigerians both at home and in diaspora, despite the several strong macroeconomic headwinds that characterised the early periods of President Bola Ahmed Tinubu’s administration.

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