Ola Akinwunmi
The Nigerian stock market closed the year 2024 on a high note, with a remarkable 37.7% gain, outpacing the country’s inflation rate. The market capitalization of the 152 listed equities surged to N62.8 trillion, up from N40.9 trillion in the previous year.
Despite the country’s inflation rate rising to 34.6% in November, the stock market’s positive performance extended its streak of gains that began in 2020. The main equity index reached an all-time high earlier in the year, exceeding 105,000 basis points, before closing at 102,926 basis points on the last trading day of 2024.
The market’s growth was bolstered by two major listings during the year: Transcorp Power, an electricity provider spun off from the conglomerate Transnational Corporation of Nigeria (Transcorp), and another significant listing.
The Nigerian stock market’s resilience in the face of inflationary pressures is a testament to investors’ confidence in the country’s economic prospects.
Key highlight in the Nigerian stock market include 37.7% gain in 2024. Market capitalization surges to N62.8 trillion. Main equity index reaches all-time high, exceeding 105,000 basis pointsTwo major listings recorded during the year: Transcorp Power and other significant listings.
