Global Market Overview: Mixed Optimism with UK and China Downturns
The global equities market continued its bullish streak in January 2024, marking its third consecutive month of positive performance. The MSCI World Index led the charge, surging 1.14% month-on-month (MoM), with other major indices following suit. However, the UK’s FTSE 100 and China’s SHCOMP bucked the trend, experiencing declines of 1.33% and 6.27% MoM, respectively.
Domestic Market: Starting the Year with the Bulls
The year 2024 began on a high note in the Nigerian Equities market, maintaining the upward trajectory observed last year. Consequently, the NGX All Share Index (ASI) surged beyond 100,000 points, reaching 101,154.13 points in January 2024, a notable ascent from the December 2023 closing figure of 74,773.77 points. This is following gains recorded in 18 out of 22 trading days in the month (vs. 14 out of 19 trading days in December 2023). In January, the trading sentiment remained predominantly positive, evidenced by a 96.19% MoM increase in average total volume and a 60.59% MoM rise in average total value, reaching 868.91mn units and NGN14.64bn, respectively. Overall, the equities market gained 35.28% on both a MoM basis and YtD basis (vs. 4.74% MoM and 45.90% YtD in December 2023).
Click here for full report.
