December 29, (THEWILL) – The Nigerian equities market hit the peak of N40.91 trillion in market capitalisation at the close of trading on December 29, 2023 – the highest in its 63 years of existence. All Share Index also set a record of 74,773.77.
The performance resulted in a gain of N18 trillion year-to-date when compared with the N22.91 trillion the market opened with on January 4, 2023.
The All Share Index gained 19.98 percent in 2023 compared to 19.98 percent in 2022.
The Market Capitalisation and All Share Index were the highest since the establishment of the Nigerian Exchange in 1960.
The financial services sector dominated the market in volume atd deals while Transcorp Hotel and Transcorp Group recorded the highest returns year-to-date, followed by Dangote Cement and United Bank for Africa (UBA).
The Nigerian Exchange achieved the record high amid the nation’s highest inflationary trend (28.20 percent) and official exchange rate of N1,043.09 to a dollar as of December 28, 2023.
Nigeria’s benchmark exchange rate for the 2024 budget is N750 to a dollar.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
