NGX gains N18.2trn despite economic challenges, rising interest rates

• Published On: 09 December 2024 at 20:14

The Nigerian equities market has shown resilience, with the Nigerian Exchange Limited listing N8.1 trillion in shares from January to November 2024, despite the country's economic downturn and higher interest rates.

The overall market capitalisation increased by N18.2 trillion, or 44.5%, to N59.107 trillion on November 29, 2024.

The All-Share Index closed on November 29, 2024, at 97,506.87 basis points, up 22,733.10 basis points, or 30.4%, from 74,773.77 basis points at the beginning of the year.

The N8.1 trillion in listings came from twenty companies, including ten financial institutions and two breweries, motivated by the desire to grow their businesses and meet the Central Bank of Nigeria's capital requirements.

While many of the banks that are already listed on the exchange raised capital through public offerings and rights issues, others did so through private placements and introduction listing.

The major listings by introduction included Aradel Holdings Plc, which listed N3.05 trillion, and Transcorp Power Plc, which listed N1.8 trillion in shares.

Haldane McCall Plc also listed 3.12 billion ordinary shares of 50 kobo each at N3.84 per share, for a market capitalisation of more than N11.99 billion.

When it comes to raising new capital, Nigerian Breweries Plc and International Breweries Plc led the brewery sector, followed by Guarantee Trust Holding Company Plc.