Nigerian Capital Market Update
Domestic Stock Market
The domestic equities market has been on an upward trajectory since the pronouncement of key policy changes by the new
administration
NGX ASI vs global indices, 2018 - June 2023
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
-10.00%
-20.00%
wwwwww
-30.00%
2018
2019
2020
2021
2022
H1 2023
18.96%
■ FTSE 100
■ Hang Seng
■ NGX ASI
FTSE JSE
■Nairobi ASI
■ EGX 30
■ S&P 500
18.93%
1
☐
The domestic equities market outperformed most of its peers in the West African market.
Investors had a positive reaction to the bold key policy changes by the government such as the removal of subsidy,
floating of the naira and the unification of the exchange rate windows which caused the market to rally positively
The global equities market experienced major improvements, with a few exceptions from the past year as investors see
positive returns on investments
Investor concerns over the Russian-Ukraine war, high inflation and other tensions have been gradually abated as several
governments set up measures to combat the fallout.
■ The FTSE 100 (1.07%), EGX 30 (21.01%), FTSE JSE (4.08%), S&P 500 (16.89%) all recorded positive returns while the
Nairobi ASI (-16.06%) and Hang Seng (- 4.37%) recorded positive returns
IPOs:
Purple real estate company offered 2bn ordinary shares
worth N10bn in an initial public offer (IPO). The shares
were quoted on NASD boosting the total market
capitalisation of the exchange to over N1trn as at H2 2022
Market capitalisation:
The market (NGX) recorded a N5.28 trillion increase as at
H1 2023 relative to December 2022.
Returns:
.The NGX also recorded an all-time high index since 2008
at 60,968 points in June 2023
PwC
The Nigerian Capital Market Update
August 2023
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