Despite grappling with high inflation, a depreciating exchange rate, and ongoing security concerns, investors in Nigerian equities saw a windfall in 2023, accumulating net capital gains of approximately N13.003 trillion.
The Nigerian Exchange’s All-Share Index (ASI) surged by an impressive 45.90 per cent, closing the year at a remarkable 74,773.77 points. This performance ranks as the third-best in the past decade, following the 50 per cent rise in 2020 and 47 per cent in 2013.
“2023 has been a truly exceptional year for the financial markets, defying concerns about the impact of elections,” noted capital market analysts Cordros Capital Limited.
“We highlight that most of the gains recorded augment the bullish proceedings from upbeat corporate earnings, strong demand for blue-chip companies, and market action on Transnational Corporation,” emphasized Cordros Capital Limited
