NGX tops Africa’s stock markets in H1 2024
The Nigerian Exchange has topped the stock market in Africa as the best-performing for the first half of 2024, with a 33.81 per cent growth in its All-Share Index. There was a general upward trend for capital markets across the world during the first half of 2024 as African stock markets had their fair share […]
ngx chairman, kwairanga
The Nigerian Exchange has topped the stock market in Africa as the best-performing for the first half of 2024, with a 33.81 per cent growth in its All-Share Index.
There was a general upward trend for capital markets across the world during the first half of 2024 as African stock markets had their fair share of growth in H1 2024.
The London Stock Exchange grew by 5.20 per cent during the same period, while the Hong Kong stock market grew by 3.94 per cent despite the overall decline in that market over the past five years.
In Africa, Nigeria topped the 10 best-performing stock markets in the first half of 2024.
Among the top 10 best performing stock markets are: Tunis Stock Exchange with +11.15 per cent; Egyptian Exchange – +11.54 per cent; Dar es Salaam Stock Exchange – +15.32 per cent; Uganda Securities Exchange – +17.93 per cent; Nairobi Securities Exchange – +18.87 per cent; Ghana Stock Exchange – +22.34 per cent; Lusaka Stock Exchange – +28.13 per cent and Nigerian Exchange with +33.81 per cent .
The NGX was one of the fastest-growing exchanges in the world in H1 2024, appreciating by 33.81 per cent during the period. The NGX All-Share Index closed the period at 100,057.49, from 74,773.77 at the start of the year.
In constant currency terms, the NGX’s market capitalisation increased by N15.7 trillion during the period, from N40.9 trillion to N56.6 trillion. However, in USD terms, the market capitalisation declined from $45.6 billion to $37.7 billion.
For the Lusaka Stock Exchange (LuSE), it gained 28.13 per cent in H1 2024, with its All-Share Index closing the period at 13,873.75, from 10,828.18, at the start of the year.
The Lusaka Stock Exchange has a market capitalization of $4.7 billion, with Shoprite Holdings making up almost half of the exchange’s total market capitalisation.
On its part, the Ghana Stock Exchange gained 22.34 per cent in H1 2024, with its composite index closing the period at 3,829.61, from 3,130.23 at the start of the year. The GSE has a market cap of $5.6 billion, with MTN Ghana being the largest company listed on the market.
The Nairobi Securities Exchange (NSE) gained 18.87 per cent in H1 2024, with its All-Share Index appreciating from 92.11 at the start of the year to 109.49 at the end of the period.
Since 2022, the NSE has been on a bearish run, declining by 23.4 per cent in 2022 and further by 27.7 per cent in 2023. In March 2024, the NSE All-Share Index hit its highest level since July 2023.
The Uganda Securities Exchange (USE) achieved a 17.93 per cent growth in H1 2024, with its All-Share Index closing at 1,028.93, from 872.5 at the start of the year.