The Nigerian stock market ends the first half of 2022 as one of the best in the world

The Nigerian All Share Index closed the first half of 2022 with a gain of around 21.17% year-to-date (YTD), making it one of the best performing equity markets in the world.

Global stock markets have faced a rout as investors react to higher interest rates as central banks prioritize fighting inflation over easy money.

In the United States, the S&P index, which measures the entire stock market, has fallen 20% this year. In Europe, London’s FTSE is down around 3% while Germany’s DAX is also down 19.3%. In Africa, the Johannesburg Stock Exchange is down 11% and Ghana around 8%. Kenya is down 16.9% and Egypt 10% in June 29, 2022.

Only very few countries have done better than Nigeria according to data from our The source.

NGX performance

As indicated, year to date June 30^e2022, the NGX All Share Index is up 21.17% as of June 30^e2022, down slightly from 21.51% as of May 31^st YTD.

• It is also the first time since 2018 that equities have posted a positive return in the first half.
• Despite a six-game losing streak, stocks have still posted a month-to-date loss in June, losing 0.28%.
• According to Nairametrics research data, around 64 stocks recorded gains in the first half of this year out of a total of 158 stocks on the NMRSIndex (Nairametrics Relevant Stock Index). 54 others have posted gains and the rest have remained stable at 0% return since the start of the year.
• In terms of sector performance (looking at July 1, 2022 stock market data), the oil and gas index was the best performer with a gain of 57.44% this year.
• Nigeria’s consumer goods index is also up 5.88% while the industrial goods index gained 7.21% in the first half.
• The banking and insurance index, often an indicator of the economy, lost 1.69% and 8.88% respectively.

Top Winners

The main gainers in the first half of the year did not fully reflect the overall performance of the index and included most penny stocks.

• In the first half of the year, Meyer Plc, Wema Bank, Academy Press and Unilever all topped the winners’ chart with over 150% gains.
• According to our data, 9 stocks gained more than 100% while a total of 52 stocks posted double-digit gains in the first half of 2022.
• Nairametrics expects stocks to perform weaker in the second half of this year.

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