The Nigerian Exchange Limited (NGX) all-share index (ASI) returned 14.77 percent year-to-date despite three consecutive interest rate hikes by the Central Bank of Nigeria (CBN).
Analysis of daily trading data from the NGX showed.
Last week, the CBN raised its overnight monetary policy rate (MPR) after the monetary policy committee (MPC) meeting.
The development is coming despite plans by the CBN to curb rising inflation amid both local and global headwinds, Russian-Ukraine-induced supply chain disruptions; and the continued insecurity in the country.
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Despite the rate hikes, the market weathered the storm as listed companies continued to report strong earnings.
On the back of strong earnings reports from listed companies in the first half of the year and significant confidence elicited by domestic investors, the ASI posted a bullish run at the end of September.
Other indices such as the NGX main-board index, NGX AFR dividend yield index, NGX growth index and NGX MERI growth index have seen excellent returns YTD at 30.53 percent, 14.98 percent, 38.07 percent, and 20.97 percent, respectively.
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The NGX oil and gas index was the best performing sectoral index on a YTD basis at 47.63 percent correlating with a generally positive performance in oil firms globally amidst high oil prices.
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