Local Stock Market Gains N5.6trn As Market Capitalisation Hits N28trn In 2022

The Nigerian Exchange Limited market capitalisation rose to N28 trillion in 2022, recording a N5.6 trillion during the year, OduNews reports.

Despite the global economic risk, the Nigerian stock market’s capitalisation grew from N22.297tn as of January 4, 2022, to N27.915tn as of December 30, 2022.

In the period under review, the NGX All-Share Index grew by 19.98 per cent to 51,251.06 basis points amid volatility in stock markets across advanced countries caused by risk assets sell-offs by investors.

According to a Financial Times report quoted in the Institute of International Finance, the emerging markets were hit by a record streak of withdrawals by foreign investors, leading to cross-border outflows of $38bn between March and July.

Ghana joined Sri Lanka, Bangladesh, and Pakistan as countries that have indicated a lack of capacity to continue to service their debts.

While speaking on the market run in the period under review, the Chief Executive Officer of Wyoming Capital and Partners, Tajudeen Olayinka, said that the performance was driven largely by the availability of investible funds and impacts of inflation, while cautioning that more was needed considering the size of the Nigerian economy.